At the end of 2017, our geographically diversified portfolio consisted of 1,483 stores spread across 39 states which enabled us to replace individual market volatility with steady nationwide returns. The collective contribution of many primary and secondary markets, reduces risk and provides consistent cash flow for our shareholders.
Our ownership structure also equips Extra Space Storage for continued growth regardless of market conditions.Read More >>
With properties that are wholly-owned, held in joint-venture, or managed on behalf of third parties, we have access to multiple types of capital that are more attractive during different stages of a real estate cycle.
The growth of our portfolio through accretive acquisitions, new joint ventures and the expansion of our third-party management program were key contributors to our success in 2017. We work to create additional value at acquired sites once they are added to our platform through increasing occupancy, rates and length of customer stay. Rebranding and redevelopment initiatives further solidified the portfolio by keeping stores relevant, competitive and consistent with our brand.
We are committed to being good corporate citizens. This includes our ongoing efforts to improve the sustainability of our operations by installing solar panels, retrofitting properties with high-efficiency lighting systems, and replacing fixtures with energy-saving bulbs. To date, we have performed lighting retrofits at 351 Extra Space Storage stores in 27 states—the equivalent in CO2 savings of removing 15,000 cars from the roads, based on U.S. Environmental Protection Agency metrics. We have also completed solar installations at 221 locations in 13 states—saving enough energy to power 9,828 homes for a year— and added charging stations for electric cars at select facilities.
Our sustainability efforts have been recognized having received LEED Gold Certification at 16 of our stores, and we continue to look for ways to make our facilities more efficient. We are committed to using recycled materials in the products we sell in our stores- from cardboard boxes to packing supplies, we seek to use products containing recycled materials - and find ways to reduce our carbon footprint.