by John Stevens
July 15, 2011 10:28 AM
Extra Space Storage Inc. is continuing to build its strength in the marketplace and recently announced it has entered into an agreement with an affiliate of W. P. Carey & Co. LLC to assume management of 19 self storage assets recently purchased by CPA®:17 - Global, one of W. P. Carey's publicly held non-traded REIT affiliates.
The 19 properties, located in Southern California and Hawaii, will be managed by Extra Space Storage and all will be reflagged and rebranded as Extra Space Storage properties.
"We are excited to strengthen our existing relationship with W. P. Carey while at the same time continue to grow the Extra Space Storage brand," said Karl Haas, Executive Vice President and Chief Operating Officer for Extra Space Storage. "An expanded footprint in these markets solidifies our ability to provide best-in-class efficiencies in online marketing, revenue management and property operations."
In the United States, Extra Space Storage Inc., headquartered in Salt Lake City, is a fully integrated, self-administered and self-managed real estate investment trust that owns and/or operates 820 self storage properties in 34 states and Washington, D.C. The company's properties comprise approximately 525,000 units and more than 57 million square feet of rentable storage space offering customers conveniently located and secure storage solutions, including boat storage, RV storage and business storage. Extra Space Storage is the second-largest owner and/or operator of self-storage properties and is the largest self storage management company in the United States.
With the addition of the W. P. Carey assets, Extra Space Storage will have 180 properties under management. Extra Space Storage has been a leader in the storage industry for more than 30 years. Since expanding to third party management, Extra Space Storage has become the largest self storage management company in the country.
"We have been actively investing in storage since 2004 and have been very pleased with the way our self storage properties performed throughout the recent downturn," said Liz Raun Schlesinger, Director for W. P. Carey & Co. LLC. "This acquisition was particularly attractive because the properties are well located in markets with good demographics and strong barriers to entry. We selected Extra Space Storage to manage these properties because they have widely recognized 'best in class' online marketing and revenue management systems and managed to increase tenant rent throughout the recession without significant loss in occupancy."
Sources Used:
“Extra Space Storage Announces Management Agreement for 19 Properties With W.P. Carey.” MarketWire.com. July 6, 2011. http://finance.yahoo.com/news/Extra-Space-StorageR-iw-1672970802.html?x=0&.v=1