Focus on the REITs Part I: Extra Space
Ever want to know more about Extra Space Storage? Here’s the scoop.
Extra Space Storage® Inc. is one of the big dog REITs, or Real Estate Investment Trusts. Extra Space is thirty years old and has been involved in the self storage industry since the very beginning. They own, develop, acquire and operate third-party managed self storage facilities. They are the second largest operator of self storage in the U.S. and the largest management company.
Extra Space Storage’s mission is maintainable growth. They work on focusing on the following:
- Customer satisfaction
- Providing a great service
- Having beneficial partnerships
- Enhancing value for shareholders
- Working on a business growth model
- Making their company a desirable place to work
The Extra Space ManagementPlus Platforms focuses on all parts of your business such as Marketing, Revenue Management, Technology and Operations. Their Marketing programs focuses on national, regional and local levels and drives traffic to your property through internet advertising, a contact center and national accounts. Their Revenue Management is a blend of adjusting unit pricing, discounting and unit rates all when the time is right. Their Technology reports focus on maximizing a property’s revenue through exception reports, auto reconciliation and a digital cockpit that allows complete web-based management. Their operations staff is one of the best in the industry and focuses on effective hiring techniques, motivating employees to decrease turnover, an award-winning training program as well as efficient accounting. This is all so an investor can “experience less hassle while maximizing revenue.”
They own and/or manage 870 self storage facilities, over 550,000 units and 59 million square feet of rentable space. They are headquartered in Salt Lake City, Utah but also have additional offices in Connecticut, Florida, Massachusetts, California, New Jersey, New York, Maryland and Texas.
For more info on Extra Space, check out their website.
Source: Extra Space Storage Inc.