Extra Space Storage Inc. is a fully integrated, self-administered, and self-managed real estate investment trust (REIT). The company focuses on owning, operating, managing, acquiring, developing, and redeveloping self-storage properties. Their primary assets are general partner and limited partner interests in the Operating Partnership. The company operates through two segments: self-storage operations and tenant reinsurance. The company's stores offer month-to-month rental of storage space for personal or business use. As of December 31, 2023, they owned and/or operated 3,714 stores in 42 states and Washington, D.C.

• Employees: 7,618 (as of December 31, 2023)
• Geographic Footprint: 42 states and Washington, D.C.
• Headquarters: Salt Lake City, Utah
• Founded: 2004
• Number of locations/facilities: 3,714 (as of December 31, 2023)
• Revenue: $2.56 billion (FY2023)
• Key Subsidiaries/Brands: Extra Space Storage LP

• CEO: Joseph D. Margolis
• CFO: P. Scott Stubbs
• Other Key Executives: Grace Kunde (Senior Vice President, Accounting and Finance)
• Board Chair: Kenneth M. Woolley

• Annual Revenue: $2.56 billion (FY2023)
• Net Income: $803.2 million (FY2023)
• Total Assets: $27.46 billion (as of December 31, 2023)
• Employees: 7,618 (as of December 31, 2023)
• Key Financial Highlights: Revenue increased by 33.1% year-over-year. Net income decreased by 6.7% year-over-year.

The company offers self-storage solutions and tenant reinsurance.

• Self-Storage Operations: Month-to-month rental of storage space for personal or business use.
• Tenant Reinsurance: Reinsurance of risks relating to the loss of goods stored by tenants in their stores.

The company operates in two distinct segments:

• Self-Storage Operations: Includes rental operations of wholly-owned stores.
• Tenant Reinsurance: Includes the reinsurance of risks relating to the loss of goods stored by tenants in their stores.

The company's primary business objectives are to maximize cash flow available for distribution to stockholders and to achieve sustainable long-term growth in cash flow per share. Their strategies include:

• Maximize the performance of their stores through strategic, efficient and proactive management.
• Acquire self-storage stores.
• Financing of their long-term growth strategies through a diverse capital optimization strategy.

The company is the largest self-storage operator in the United States. Key competitors include CubeSmart, National Storage Affiliates, and Public Storage.

• Market Position: Largest self-storage operator in the United States
• Key Competitors: CubeSmart, National Storage Affiliates, and Public Storage
• Industry Trends: The self-storage industry is a mature industry with average occupancies typically at or above 90%.

• Market Risks: Adverse changes in general economic conditions, the real estate industry, and the markets in which they operate. Competition from new and existing stores or other storage alternatives.
• Operational Risks: Failure to close pending acquisitions and developments on expected terms. The risk that Life Storage's business will not be fully integrated successfully.
• Financial Risks: Disruptions in credit and financial markets and resulting difficulties in raising capital or obtaining credit at reasonable rates. Changes in global financial markets and increased interest rates.
• Regulatory Risks: The impact of the regulatory environment as well as national, state, and local laws and regulations.