Extra Space Storage was recently named one of Utah’s fastest-growing companies in the annual Fast 50 list released by Utah Business. Companies recognized among the Utah Business Fast 50 are highlighted for their achievements in entrepreneurship, innovation, and revenue growth. Extra Space Storage came in at #29.
The self storage organization has continued to see incredible growth year after year, now operating over 1,900 self storage properties throughout the U.S., which comprises of approximately 143 million square feet of rentable storage space. The company has also reached $1.3 billion in annual revenue.
“Our whole business has been built on creating and nurturing partnerships with great people and institutions, and growing together. This has been true of our relationship with joint venture partners, shareholders, lenders and third-party management customers,” said Matt Herrington, COO and EVP at Extra Space Storage.
According to Herrington, Extra Space Storage delivered the highest ten-year total return to shareholders of any public real estate company, as well as the 11th highest return out of any company in the S&P 500 for the period ending December 31, 2019.
“While we get excited by expanding our national footprint, we want to avoid growing simply for growth’s sake. We are a public company, so we are more interested in growing profitably. Fortunately, we have been able to do that,” Herrington added.
Extra Space Storage, which was also named one of Glassdoor’s Best Places to Work in 2020, has had an interesting year. Like many U.S. companies, the self storage organization had to quickly adjust its standard procedures and move to a work-from-home setup for most of its employees to accommodate COVID-19 changes. Nevertheless, the company embraced innovation and adapted quickly.
“We have had to rely heavily on innovation to overcome these challenges, including a new online leasing platform and other adaptations to attract and support new customers without having as much one-on-one contact,” Herrington explained. “Fortunately, our innovative culture has always embraced technology, and we have been able to continue to grow despite these headwinds.”
All Fast 50 winners and their rankings will be featured in the September 2020 issue of Utah Business Magazine.