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Extra Space Storage acquires 1,200 new properties, becomes the nation’s largest self-storage company

Salt Lake City—Extra Space Storage (NYSE: EXR) has finalized a merger and acquisition of Life Storage, a New York based self-storage company. This deal makes Extra Space the largest self-storage operator by store count, adding over 1,200 new locations, bringing the new combined company store count to 3,500 properties across 43 states. The transaction is the largest acquisition by a Utah headquartered company closing at approximately $12 billion dollars. 

“We’re growing our portfolio by 50% in one day. It’s very exciting,” said Noah Springer, Extra Space Chief Strategy Officer. “We couldn’t have done it without the hard work of our dedicated team. It’s amazing what the team here in Salt Lake City combined with the new team members in Buffalo have been able to accomplish already. I am looking forward to seeing what we accomplish together moving forward.” 

Extra Space Storage, headquartered in Salt Lake City, now has over 7,500 employees. The company expects significant growth opportunities for the team following this increase in store count. 

Prior to this transaction, Extra Space Storage was already the largest publicly traded company in Utah by market cap. Now it has cemented that space, with a new market cap of approximately $34 billion dollars. The company has an enterprise value of approximately $46 billion and is the 8th largest REIT on the MSCI U.S. REIT Index. Extra Space will operate approximately 270 million square feet of rentable space, serving over two million customers and has plans to keep aggressively growing. Even as the largest self-storage company, it still only owns 13% of the highly fragmented self-storage market.

“The future is bright for Extra Space Storage,” said Joe Margolis, Extra Space Storage CEO. “This is another great step in our growth history. This business combination creates a very strong company that will have outsized operational and external growth opportunities through scale efficiencies, enhanced diversification, greater data analytics, expanded industry relationship, and more.” 

Extra Space Storage plans to continue to operate storage facilities under the Life Storage brand, adding Life Storage to their portfolio of brands that include Storage Express (smaller, remote storage facilities) and Bargold (storage units in apartment complexes).

About Extra Space Storage Inc.:

Extra Space Storage Inc., headquartered in Salt Lake City, is a fully integrated, self-administered and self-managed real estate investment trust, and a member of the S&P 500.  As of March 31, 2023, Extra Space owned and/or operated 2,388 self-storage properties, which comprise approximately 1.7 million units and approximately 180.0 million square feet of rentable storage space. With the completed merger, Extra Space now has over 3,500 locations under the Extra Space, Life Storage and Storage Express brands, and it is the largest operator of self-storage properties in the United States.  For more information, please visit www.extraspace.com.