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Acquisitions
Extra Space Storage® is an active buyer of storage properties. In 2007 Extra Space Storage purchased over $360 million worth of storage properties. Nearly 50% of these properties were 3rd party managed properties. As the management company, Extra Space Storage is the logical buyer, closes quickly with cash and can accommodate sellers with difficult tax situations by using company stock.
Joint Venture Development
Extra Space Storage is actively looking for strategic partners to develop storage properties. In many cases, Extra Space Storage can provide a majority of the equity and utilize the public REIT structure to ensure excellent terms on financing.
Effective Hiring Process
Extra Space Storage has a very structured hiring process that strives to eliminate turnover and costly mis-hires. Background and drug checks both contribute to better employees and less turnover. With the use of an Applicant Tracking System based on job-related behaviors and by pre-screening candidates, we are confident that our personnel are highly qualified to perform their respective duties.
Motivated Employees
Our employee turnover is one of the lowest in the industry. Our executive team averages 15 years of experience in the self storage industry and spends a great deal of their time in the field visiting properties and holding town hall meetings. This face to face time contributes to our low turn over and strong tenure.
Training
On average, newly hired property managers receive 170 hours of training within their first nine months of employment. In 2007, our online training program won major awards from Learn.com and Bersin & Associates. Our proprietary Learning Management System combines Web-based and in-person training tools to enhance employee knowledge and skills. Continual manager training allows our property employees to stay knowledgeable and motivated to grow within the company and increase their skill sets.
Scale
As a publicly traded company on the NYSE, (ticker: EXR) Extra Space operates the country’s second largest portfolio of self-storage properties. This significant scale over our competitors gives Extra Space Storage and its partner’s greater pricing power, superior operating efficiencies and reduced per property operating costs. Economies of scale allow us to execute national TV advertising programs and enhance our position on the Internet at a lower cost. The national presence of Extra Space Storage assists in our partners receiving financing for their storage properties.
Operations
Coupled with the most experienced and highly trained District Managers in the industry, our standardized operating procedures and auditing standards reduce risk and maximize property performance.
Accounting
With more than 35 property accountants, the depth of our staff allows our accounting processes to function efficiently and without interruption in a timely and accurate manner. We have a variety of financial and operational reports available to owners, all of which are accessible online.
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