Who Owns Extra Space Storage Company?

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Who Owns Extra Space Storage?

Understanding the ownership of a major company like Extra Space Storage Inc. is key to its strategy and market impact. A significant event, the 2023 merger with Life Storage, created the largest self-storage operator in the U.S.

Founded in 1977, Extra Space Storage Inc. has grown into a leading self-storage REIT. As of December 31, 2024, it operated over 4,000 stores across 42 states, boasting approximately 2.8 million units and 308.4 million square feet. By March 31, 2025, this expanded to 4,099 stores in 43 states and Washington, D.C., with 315.0 million square feet, solidifying its status as the largest operator in the nation. This growth trajectory offers insights into its Extra Space Storage Porter's Five Forces Analysis.

The ownership of Extra Space Storage Inc. is primarily distributed among public shareholders, institutional investors, and its founding entities. This structure reflects its status as a publicly traded company, with its shares listed on the New York Stock Exchange.

Extra Space Storage was established in 1977 by Kenneth Woolley, a real estate developer based in Salt Lake City, Utah. Woolley's initial foray into the self-storage sector was inspired by research conducted during his graduate studies at Stanford University. The company commenced operations with a modest portfolio of facilities in Utah, emphasizing clean, secure, and accessible storage solutions.

Founding Vision Kenneth Woolley founded Extra Space Storage with a focus on providing clean, secure, and convenient self-storage options. Early Operations The company began with a few facilities in Utah, laying the groundwork for its future expansion and success. Company Evolution Initially known as Extra Space, the company rebranded to Extra Space Storage in 1998, reflecting its growth and specialization. Strategic Partnerships Early associations included Hicks & Haas (The Los Angeles Company), followed by a merger with William Warren Group in 1993. Transition to Public Trading The company transitioned to Storage USA before its Initial Public Offering (IPO) in 1998, marking its entry into public markets. Founding Influence While specific initial equity details are not widely publicized, Kenneth Woolley's foundational efforts were crucial to the company's development.

The early success of Extra Space Storage was significantly driven by its commitment to providing clean, secure, and convenient storage solutions, establishing a strong reputation in the market. The company's history includes a significant merger with William Warren Group in 1993, which preceded its rebranding to Storage USA and its subsequent Initial Public Offering (IPO) in 1998. This IPO marked a pivotal moment, making Extra Space Storage a publicly traded entity and opening avenues for further expansion and investment. For a more detailed look at its journey, you can explore the Brief History of Extra Space Storage.

Key Milestones in Early Ownership

The formative years of Extra Space Storage were characterized by strategic growth and structural changes that laid the foundation for its current market position.

• Founded in 1977 by Kenneth Woolley.
• Initial focus on clean, secure, and convenient storage in Utah.
• Rebranded to Extra Space Storage in 1998.
• Merged with William Warren Group in 1993.
• Transitioned through Storage USA before its 1998 IPO.

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Extra Space Storage Inc. transitioned to a publicly traded entity on August 20, 2004, with its Initial Public Offering on the New York Stock Exchange under the ticker symbol 'EXR'. This marked a significant shift in its ownership structure, moving from private to public hands. Key acquisitions, such as the 2023 $12 billion purchase of Life Storage Inc., have further reshaped who owns Extra Space Storage and its market position.

As a publicly traded company, Extra Space Storage ownership is predominantly held by institutional investors, mutual funds, and index funds. As of July 16, 2025, a substantial number of institutional owners and shareholders, totaling 1,573, have filed with the SEC, collectively holding 248,671,328 shares. This indicates a broad base of ownership among large financial entities. The company's history of strategic acquisitions, including the significant 2023 purchase of Life Storage Inc., has not only expanded its operational scale but also influenced the distribution of Extra Space Storage stock among various stakeholders.

Key Shareholders and Ownership Breakdown

Institutional investors are the dominant force in Extra Space Storage ownership. As of March 5, 2025, institutions controlled a significant majority of the company's stock.

• Institutions own 93.05% of the company's stock (as of March 5, 2025).
• Insiders hold 1.08% of the company's stock (as of March 5, 2025).
• Major institutional shareholders include Vanguard Group Inc., BlackRock, Inc., Cohen & Steers, Inc., and State Street Corp.
• Approximately 65.12% of the company's stock is owned by institutional investors (as of July 11, 2025).
• The company's property ownership structure as of December 31, 2024, includes 49% wholly owned properties, 12% in joint ventures, and 39% managed through its ManagementPlus platform.

The evolution of Extra Space Storage ownership is a testament to its strategic growth and market consolidation. The company's decision to go public in 2004 initiated a new phase of ownership, making Extra Space Storage stock available to a wider investor base. The substantial acquisition of Life Storage Inc. in 2023, valued at $12 billion, was a pivotal moment, solidifying its position as the largest owner and operator in the self-storage sector. This move significantly boosted total revenues to $3,256.9 million in 2024, a 27.2% increase year-over-year. Understanding these ownership dynamics is crucial for investors and stakeholders interested in the company's strategic direction and market performance, as detailed in analyses like the Marketing Strategy of Extra Space Storage.

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The Board of Directors at Extra Space Storage Inc. is instrumental in guiding the company's strategic path and corporate governance. Kenneth M. Woolley, the company's founder, currently holds the position of Chairman of the Board, a role he has occupied since May 2018. His prior executive experience includes serving as Executive Chairman and CEO from the company's inception until March 2009.

The company's common stock, traded on the New York Stock Exchange under the ticker symbol 'EXR', operates under a one-share-one-vote system. There are no disclosed dual-class shares, golden shares, or founder shares that would grant disproportionate voting power to any single entity or individual beyond their equity stake. Detailed information regarding voting matters and director elections is available in the company's definitive proxy statements filed with the SEC. As of the latest available data, there have been no significant proxy battles or activist investor campaigns that have notably altered the company's decision-making processes.

Understanding Voting Power at Extra Space Storage

Extra Space Storage operates with a straightforward voting structure. Each share of common stock typically carries one vote, ensuring that ownership proportion dictates voting influence.

• Kenneth M. Woolley is the current Chairman of the Board.
• The company uses a one-share-one-vote system for its common stock.
• As of July 16, 2025, Spencer Kirk held 4.81% of the company's stock.
• The executive management and board collectively owned 1.5% of shares as of February 22, 2022.
• The company's stock is traded on the New York Stock Exchange (EXR).

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Over the last 3-5 years, Extra Space Storage Inc. has experienced significant shifts in its ownership structure, primarily due to strategic acquisitions and ongoing institutional investment. The company's position as the largest self-storage operator in the U.S. was solidified by the 2023 acquisition of Life Storage Inc., a deal valued at $12 billion.

The acquisition of Life Storage Inc. in 2023 significantly boosted the company's financial performance, leading to total revenues of $3,256.9 million in 2024, an increase of 27.2% year-over-year. This growth reflects the expanded operational footprint and market share gained from the merger. The company continues to grow its portfolio, adding 297 stores to its operating platform in 2024 and completing $153.8 million in wholly owned acquisitions in Q1 2025, which added 12 new properties. The third-party managed portfolio also saw expansion, with a net addition of 100 properties in Q1 2025, bringing the total to 1,675 stores.

Strategic Growth Initiatives

The company's strategy involves both direct acquisitions and managing third-party properties. This dual approach allows for flexible expansion and market penetration.

Investor Profile Trends

Institutional investors hold a dominant stake, indicating strong confidence in the company's market position and future prospects. Insider ownership remains a smaller but significant portion.

Financial Stability and Outlook

With nearly 90% of its debt at fixed rates, the company is well-positioned to manage interest rate volatility. CEO Joe Margolis anticipates an improving operating environment for 2025.

Future Development Plans

The company projects a decrease in new space development for 2025, with 567,000 square feet planned, a 33% reduction from 2024. This suggests a focus on optimizing existing assets and strategic new additions.

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