Extra Space Storage Innovates Real Estate Financing with Jason Robinson

In episode eight of the Inside Extra Space Storage podcast, McKall Morris talks with Jason Robinson, Vice President of Bridge Loans at Extra Space Storage, about how the bridge loan program works and why the company’s operating experience and data support its underwriting approach. Robinson also shares his perspective on building partner trust, navigating a more competitive lending market, and choosing culture and mentorship throughout his career in commercial real estate lending.

Transcript & Chapters

00:00 — About Inside Extra Space Storage Podcast

Robinson: The bridge loan program here at Extra Space has been around since 2018. I think we did one or two loans that year. Then over the last five or six years, we've done a couple of billion dollars in loans.

Morris: On Inside Extra Space Storage, we sit down with the experts building, operating, and scaling Extra Space Storage to not only be the world's largest self storage operator, but one of the most trusted names in the industry. If you care about where Extra Space and the self storage industry is headed, you're in the right place.

00:33 — Jason Robinson Explains Bridge Loans

Morris: Welcome to Inside Extra Space Storage. We have Jason with us today. Jason Robinson is the Vice President of Bridge Loans at Extra Space. Let’s start with the basic question: What is a bridge loan?

Robinson: The bridge loan program at Extra Space has been around since 2018. There are many reasons someone might want a bridge loan, but we focus on two main uses.

Robinson: The first is for a developer who gets a construction loan, builds a facility, and then needs to move beyond that construction phase. Construction loans typically have higher interest rates, so the sooner you can get out of those, the better the economics of the deal can be.

Robinson: We can step in at certificate of occupancy, when the building is complete and opens on our platform. Our bridge loan can pay off the construction loan and, if there are enough proceeds, provide capital for other needs, such as paying back investors.

Robinson: Our interest rates are typically lower than construction-loan rates, and we can lock in a three-year term with extension options. That loan can be in place through the full lease-up process.

Morris: So, in that scenario, a bridge loan is bridging the time frame between construction and stabilization.

Robinson: Exactly.

02:27 — Extra Space Storage’s Data Advantage in Underwriting

Morris: Is Extra Space’s expertise as an operator part of what makes this possible? You have the data to underwrite that period between opening and stabilization in a way other lenders may not.

Robinson: Exactly. What really drives it for us is the data and the amount of data we have. That helps us with underwriting, making sure we are projecting performance correctly, and getting a partner the right loan for the right time frame.

02:57 — How the Market Shifted from Construction to Acquisition Financing

Morris: You said development is the main use case. What is the second way people are using the program?

Robinson: Historically, development loans have been the type of loan we have done the most of. But construction starts are down, so there are not as many opportunities in that area.

Robinson: The other opportunity is with people buying existing facilities that may be underperforming for one reason or another. Instead of bridging the gap from construction to a permanent phase, we can bridge the gap from underperformance to market-level performance.

Robinson: A facility may not have had Extra Space as an operator, or it may need operational improvements. Based on current economic and market factors, those are the opportunities we are seeing more of right now.

04:02 — Building Trust & Transparency with Partners

Morris: This is an offering for our partners at Extra Space. We have always been partner-forward, including through our third-party management program. Who is using the bridge loan program? Are they existing partners, new partners, or both?

Robinson: We are seeing it two ways. A lot of it is with existing partners who are already working with Extra Space from a management standpoint. They may see that we have additional tools available that they did not know about.

Robinson: We are trying to make it as easy as possible to work with us. Whether we are managing a property or a partner is looking for financing, we want to have useful options available if they want that convenience and simplicity.

Morris: That creates a win-win for our partners. What makes a good business partner?

Robinson: Trust is probably at the top of the list. From both a management and lending standpoint, trust comes from transparency. We want partners to understand how we view the world and know that what is important to them is important to us.

Robinson: Everyone in this industry is trying to be successful and make the most of their investments. Our goal is to help our partners do that because when they are successful, we feel successful as well.

Morris: Trust is easy to say but hard to execute. It takes time and relationship-building.

Robinson: It does. Execution is a big part of gaining trust. Whether we commit to fund a loan in a specific time frame or make another promise, we have to do what we say we are going to do. That is where trust is built.

06:28 — Execution & Cross-Department Collaboration

Morris: You have a small bridge lending team, but you also work with the broader Extra Space team, including Accounting and Partner Services. How do you coordinate with all those groups in a way that supports the execution you are talking about?

Robinson: Collaboration is one of the unique things I have seen at Extra Space. I grew up professionally in traditional banking and commercial lending, and here you have to communicate well with Revenue Management, Financial Planning and Analysis, Partner Services, and other teams.

Robinson: Many of us are in the same building, on the same floor or only a few floors apart. We are regularly chatting, working through issues, and staying involved with our partners from start to finish.

Robinson: It is a collaborative, communicative effort. It takes time, but it is well worth it.

07:38 — Robinson’s Career Path From Banking to Self Storage

Morris: You brought up your background, so let’s dive into that. Before you came to Extra Space, you were in banking. Is that right?

Robinson: Yes. I worked at Zions Bank for about 13 years, and then I was with a larger national bank for seven years. My career has always been in commercial real estate lending in some capacity. Self storage was not the main focus, but it was part of the products we looked at.

Morris: What brought you to Extra Space?

Robinson: A couple of people I worked with in the past were already here, including Jeff Norman, who many people know as our chief financial officer. When I started at Zions Bank right out of college, I was a credit analyst supporting Jeff. We had a senior and junior loan-officer structure, and that was my first introduction to the professional world.

Robinson: Years later, we had lunch and talked about our careers and where we were. At the time, there was an opportunity to move over to Extra Space.

Robinson: I had enjoyed the lending and highly regulated banking environment, but it was refreshing to come here and be a little more autonomous, creative, and innovative.

09:30 — Why Innovation & Company Culture Thrives at Extra Space Storage

Morris: People might not immediately think of bridge lending as innovative, but the product has evolved in ways that serve our partners.

Robinson: That is something our partners appreciate. We can be flexible in how we originate loans, and we can work quickly. Banks and other lenders can be more process-driven because they have to be, but we can be more nimble and responsive to what a partner needs.

Morris: What is your favorite thing about working at Extra Space and being part of the culture?

Robinson: Two things stand out. The first is innovation: being forward-looking and always trying to find ways to improve. Not just for Extra Space, but for our partners as well. We are always looking for creative ways to help all of us be successful.

Robinson: The other thing is the people. There are a lot of smart people here who are also genuinely good to work with. When we get together at partner conferences with teammates and partners, it is a great group of people.

11:12 — Working with a Diverse Partner Portfolio

Morris: We have more than 400 partnerships, ranging from people who own one store to large organizations that own many locations. How do you approach working with those different partners and personalities?

Robinson: It really is unique. We have partners with one store on our platform, and that is all they want to do. That is great. We also have partners with hundreds of facilities on our platform.

Robinson: The important thing is getting to know them on an individual level: what their needs are, what they are looking to do in the self storage space, and how we can be part of that with them.

Robinson: Partner conferences are helpful because they give us a chance to build those relationships. Phone calls are great, but face-to-face interaction matters. Partners also come out in the fall to go through budgets, and those are opportunities to get to know them better and make sure we are meeting their needs.

13:02 — Bridge Loans Closed in 45 Days

Morris: Can you share a project example that helps illustrate what the program can do for a partner?

Robinson: One recent example involved what I would call a semi-stabilized deal. In addition to the two main areas we discussed, we have started trying to do more deals where the property has a smaller gap to bridge and is closer to stabilization.

Robinson: We recently lowered our interest-rate spreads for those types of deals. It is the same core product, but it allows us to serve a different part of the market.

Robinson: At a partner conference, we spoke with a partner who was working with an insurance company to finance the purchase of a few properties. The process was taking a long time, and there were parts of the loan documents they were not happy with. We started talking about whether Extra Space could help with the financing.

Robinson: We closed a loan for the partner to purchase three properties. They had a tight window, and we were able to get it done in about 45 days from approval to closing.

Morris: That seems fast to me. What is a normal time frame?

Robinson: Typically, 45 to 60 days after a deal gets approved is what you see. So we moved quickly and got it done in the time frame they needed.

Morris: It gave that partner an opportunity to grow in the way they wanted to.

Robinson: Exactly. It was a good success story for both the partner and our team.

15:31 — Future of Bridge Lending & Market Competition

Morris: The program started in 2018 and has expanded significantly. You have now completed more than $3 billion in loans. Where do you see the future of bridge lending at Extra Space?

Robinson: It comes back to innovation, creativity, and being nimble. Interest rates may have stabilized a little, but there are more lenders in the market now. It has become more competitive, especially in self storage.

Robinson: When we launched this program five or six years ago, we were the only ones doing this in self storage. Now, a handful of competitors are trying to replicate the model, along with debt funds and other lenders entering the market.

Robinson: That competition shows self storage is a great place to be, but it does make things more challenging. Our focus is to keep finding ways to provide services that are useful to partners, whether that means lowering spreads, finding ways to provide more proceeds, or making other adjustments.

Morris: Bridge lending has a unique place in Extra Space’s investment strategy. There will be cycles when we use it more and periods when we use it less.

Robinson: Exactly. There will be times when we do more loans and times when we do fewer. That is okay. We want to be ready whenever the product is needed.

17:57 — Innovation Opportunities Beyond Loans

Morris: The program feels customer-focused. Are there opportunities with partners beyond loans that you are keeping an eye on?

Robinson: We are always brainstorming other things we could be doing. We look at ways to remove challenges or roadblocks and talk through what it would take to make an idea happen.

Robinson: That is one thing about this company: we will always be innovative and constantly look for ways to provide better services. We have had a few ideas recently that we go back and forth on, and when the time is right, we may make some changes.

Morris: It feels like that drives so much of the thought process across our teams.

Robinson: We also want to make it easy to work with us. The easier it is to work together, the better the experience is going to be.

19:24 — Why Robinson Chose Culture Over Compensation

Morris: Looking back to when you were 18 and choosing a degree and career path, what advice would you give yourself about building a fulfilling career?

Robinson: I have been through a couple of difficult periods in lending, particularly the 2008 financial crisis. I stayed through some of the hard times after that at Zions Bank, and I think that benefited me.

Robinson: A lot of people change jobs for compensation, location, or other reasons. But there is something to be said for staying at a place longer than some people may think is reasonable and sticking through some of the harder times.

Robinson: I could have moved every two or three years for more money. Money is important, but for me, culture and people have been more valuable. There are workplaces where no amount of money can make the experience enjoyable.

Robinson: My advice is to look for a place where you are valued, where your input matters, and where you like the people you work with. Feeling valued is not always just about compensation. In the end, the people and culture are what stay with you.

Morris: The team you work with has such an impact. Those are the people you see every day.

Robinson: Even when the conversation is difficult, it makes a difference to work with people who listen. Jeff Norman, Zach Dickens, who I report to, and many others here have that quality. It is great to work for and with people like that.

22:56 — The Importance of Mentorship in Commercial Lending

Morris: How has mentorship been important in your career, and what is your philosophy on mentoring others at Extra Space?

Robinson: Mentorship is great. Jeff Norman has been a good mentor to me for nearly 20 years, since we first started working together. You form relationships with people who have been successful in their careers, and it is valuable to have someone you can bounce ideas off of, especially when the lending space becomes more challenging.

Robinson: For people who work with me, especially those earlier in their careers, I hope I am emulating that same example. I want to have an open-door approach. Come talk to me about your career at Extra Space, or even about something you are considering outside the company. We want people to be happy, because that is when they are most successful.

Robinson: I try to be positive and encouraging and look for ways to help. I really enjoy that.

Morris: That kind of leadership and mentorship feels common at Extra Space. People really want others to have fulfilling careers and reach their potential.

Robinson: I agree. You are never left without opportunities here if you want them. Whether it is leadership development programs, mentorship, or other ways to get involved, there are many opportunities to grow.

25:20 — Robinson’s Advice to Anyone Considering a Switch from Banking

Morris: Any final words about bridge lending or the loan program at Extra Space?

Robinson: If someone has an opportunity to finance a new project or is looking for bridge financing to get them to permanent financing, reach out to us. We love to underwrite these deals, and we have a great team here.

Robinson: We take pride in our work and would love to be your lender. If we have a product that does not work for you, let’s have a conversation and see whether we can come up with one that does.

Morris: Thank you so much for your time and for joining us.

Robinson: I appreciate having this conversation.

Morris: And thank you to everyone who listened. Please subscribe, listen to our other episodes, and join us again soon.

About the Host and Guest

Jason Robinson, Vice President of Bridge Loans

Jason Robinson joined Extra Space Storage in 2024 as Vice President of Bridge Loans. He leads the team responsible for originating and managing the company’s bridge loan portfolio, including loan performance, risk, and partner relationships throughout the lending process. Robinson brings more than 20 years of commercial real estate lending experience to the role. Before joining Extra Space, he spent 13 years at Zions Bank and later led a team at Morgan Stanley responsible for underwriting and managing commercial real estate loans for ultra-high-net-worth clients.

McKall Morris, Director of Corporate Communications

McKall Morris is the Corporate Communications Director at Extra Space Storage. She joined the company in March 2019 after several years in the airline industry. Since joining Extra Space, Morris has played a key role in advancing internal and external communications initiatives, helping shape how the company is represented across all channels. She holds a Bachelor's degree in Communications from Brigham Young University and an MBA from the University of Utah.

To learn more about Extra Space Storage, visit our investor site, or explore the next step in your career by viewing current job openings. This transcript was auto-generated and edited, including paraphrasing for readability. For the full conversation and exact quotes, listen to the complete episode on YouTube, Apple, or Spotify.