by Winnie Hsiu
January 4, 2012 11:03 AM
As our readers have probably noticed, we report about what is happening around the United States - and even the world - in the self storage industry. We report what is in the news with many other businesses and how they are doing. It is interesting to note the growth and improvements that other facilities are making.
It is with great pride that I report about Extra Space Storage. It is always good to be able to report the news concerning the company.
2011 was a good year for the company. During the 4th quarter of 2011, Extra Space Storage acquired 28 additional self storage properties. They are located in New York, Rhode Island, Massachusetts, New Jersey, Illinois, California, and Florida.
Nineteen of these properties were from a previously announced acquisition of a portfolio based in California. Twenty-five came from two separate portfolios. An additional portfolio of six properties was purchased from a joint venture in which the Company held a 10% equity interest. By the end of2011, the company had acquired a total of 55 properties in 17 different states.
Spencer F. Kirk, the Company's Chairman and Chief Executive Officer, stated, "Extra Space Storage is a growth-oriented company and these acquisitions demonstrate that we continue to be a disciplined buyer of assets that enhance our best-in-class portfolio. We are excited by the quality, location and growth potential of the acquisitions we made in 2011."
Like Mr. Kirk said, these acquisitions follow the Extra Space Storage mission statement that says one of the company's purposes is sustainable growth. They are doing a good job of this sustainable growth as can be seen from their purchasing and expanding record over the past 30 years. They have gone from a small beginning to where they now own or operate 870 self storage properties in 34 states and Washington, D.C.
Their properties include over 550,000 units and over 59 million square feet of rentable space. These numbers will significantly increase with the addition of these new 28 facilities.
Based on their past record, I predict that their growth will be solid and steady for years to come.
Sources Used:
"Extra Space Storage(R) Announces Acquisition of 28 Properties for $128 Million in Fourth Quarter of 2011." Marketwire; 3 January 2012.
Extra Space Storage.