Every business knows when they are doing a good job. There are indicators such as efficient and productive business processes, increased revenue, and positive feedback from satisfied customers. So it’s nice when you get a pat on the back for a job well done – especially when it comes in the form of a write-up in Forbes.com.
Can we toot our own horn for a moment?
Founded in 1977, Extra Space Storage is the second largest self storage REIT (Real Estate Investment Trust) in the United States. They own 854 facilities in 34 states and Washington, D.C. Extra Space acquired 72 new properties in 2011 alone. It has 550,000 units that have a total of 60 million square feet. It has corporate offices and a national call center in Utah and regional offices in California, Connecticut, Florida, Maryland, Massachusetts, New Jersey, New York, and Texas.
Extra Space Storage is a leader in changing the perception of how self storage customers view storage facilities – not just a place to store items that are rarely used but instead a safe, customer-oriented facility for maintaining and accessing valued personal and business possessions. Customers have become focused on value-based products which has turned them into astute customers for self-storage facilities. These customers recognize the value of renting from reliable nationally-recognized storage operators.
Extra Space Storage builds its brand around increased efficiencies of scale, exceptional customer service, and providing strategic value to its diverse customer base. Not only does it earn money for its investors, but it knows how to make and keep customers happy.
This customer satisfaction provides Extra Space Storage shareholders and investors with impressive results. As reported in the Forbes article, Extra Space increased same-store revenue and net operating income by 4.9% and 7.3% respectively as compared to the same period in 2010. It has increased its corporate occupancy rate to 89.1% up from 85.7% last year. This occupancy level is the highest rate in the company’s history.
Extra Space has indicated its resiliency in a fluctuating economy. Forbes.com indicated that Extra Space is expected to continue to grow its sustainable income model and that it has “extraordinary prospects” for growth. They indicated that if you have Extra Space in your portfolio, that you could watch it grow “while you sleep well at night.”
Thanks, Forbes, for the kind words and vote of confidence.
Sources Used:
"Sleep Well At Night With This Sustainable Self-Storage RETI." Forbes.com; 14 November 2011.
"Extra Space Storage: Weather Economic Storms With a Strong Anchor REIT." Seeking Alpha; 28 June 2011.