Extra Space Storage NNN Property Lease

Extra Space Storage

Interested in selling your Extra Space Storage NNN property or Extra Space Storage ground lease property and was wondering what you can get for it in today’s changing market?

Contact us for a complimentary broker opinion of value for your off-market Extra Space Storage Extra Space Storage for sale or Extra Space Storage ground lease property for investment, specifically tailored to support your 1031 exchange requirements. This valuable assessment will provide you with the necessary clarity to make informed decisions regarding the sale of your Extra Space Storage NNN property or the inclusion of a Public Storage ground lease property in your investment portfolio. As specialists in working with 1031 exchange buyers seeking off-market Extra Space Storage, we are dedicated to delivering competitive offers with reduced fees to help you maximize your investment returns.

Number of locations

As of 2024, Extra Space Storage operates more than 3,740 self-storage facilities across the United States, making it one of the largest self-storage operators in the country.
Following its 2023 acquisition of Life Storage, the company now manages and owns over 270 million square feet of rentable storage space, serving millions of customers nationwide.

Revenue and income

Extra Space Storage is a publicly traded real estate investment trust (REIT) and provides full financial reporting.
In 2024, the company reported over $2.2 billion in total revenue and generated strong net operating income driven by high occupancy levels and operational efficiencies.
Revenue growth continues to be supported by demand for storage, portfolio expansion, and increased rental rates across major markets.

Future plans

Extra Space Storage is focused on a long-term strategic plan built around:

Portfolio expansion and acquisitions: Continued integration of Life Storage assets and additional strategic acquisitions across key U.S. markets.
New development and joint ventures: Investment in development partnerships and ground-up projects in high-growth regions.
Operational and technology advancements: Enhancing digital leasing, contactless rentals, and remote facility management systems.
Brand strengthening: Consolidating facility branding to streamline marketing and improve customer experience.
REIT leadership strategy: Maintaining a strong balance sheet to support long-term growth and shareholder returns.

Corporate vs. franchise

Extra Space Storage does not operate under a franchise model.
Instead, the company functions as a vertically integrated REIT that:
- Owns and manages its own facilities
- Operates properties through third-party management contracts
- Partners with real estate owners via joint ventures
Its management platform is one of the largest in the industry, overseeing thousands of properties on behalf of both the company and outside owners.

Additional information on Extra Space Storage properties

Founded in 1977 in Salt Lake City, Utah.
Headquarters are located in Salt Lake City, UT.
Publicly traded on the NYSE under the ticker EXR and part of the S&P 500 Index.
Following the Life Storage merger, it became the largest self-storage operator in the U.S. by number of locations.
Operates a robust third-party management platform with thousands of properties run under the Extra Space brand.
Focuses on modern, tech-enabled facilities with upgraded security, controlled access, and digital customer tools.
Maintains a strong financial position and industry reputation for innovation and operational efficiency.

Extra Space Storage History

Extra Space Storage was founded in 1977 by Kenneth Woolley in Salt Lake City, Utah, beginning with a small portfolio of self-storage properties that introduced a more organized, professionally managed approach to storage. As consumer demand for clean, secure, and conveniently located storage grew, the company steadily expanded throughout the 1980s and 1990s by acquiring facilities and forming strategic partnerships with independent operators.

A major period of growth came in the early 2000s as the company strengthened its national footprint through acquisitions and third-party management agreements. In 2004, Extra Space Storage completed its IPO, becoming a publicly traded REIT and gaining access to capital that accelerated nationwide expansion. Additional milestones include the acquisition of Storage USA in 2005, which significantly increased its scale and presence across major U.S. markets.

Today, Extra Space Storage operates over 3,500 locations and is one of the largest self-storage operators in the world. The company continues to lead the industry through advanced technology, digital rental systems, modern security features, sustainability initiatives, and an extensive third-party management platform—positioning Extra Space Storage as one of the most innovative and trusted brands in the self-storage sector.

Why Invest in Ground Lease and NNN Lease of Extra Space Storage?

Investing in Extra Space Storage ground lease or triple net (NNN) lease properties offers strong benefits for passive real estate investors due to the company’s large national footprint, strong financial performance, and reputation as one of the most efficient operators in the self-storage industry.

1) Extra Space Storage NNN Property Investment: Stable Income

Extra Space Storage is one of the largest self-storage companies in the United States, known for strong occupancy levels and consistent cash flow. Its nationwide portfolio and efficient operating model support reliable, long-term rental income for NNN property owners.

2) Extra Space Storage NNN Property Investment: Highly Established Tenant

Founded in 1977, Extra Space Storage has grown into a top-tier, publicly traded REIT (NYSE: EXR) with a strong balance sheet and proven financial performance. Its credit strength and decades of operational success reduce landlord risk and support dependable lease payments.

3) Extra Space Storage NNN Property Investment: Minimal Landlord Responsibilities

Under NNN or ground lease structures, Extra Space Storage typically assumes responsibility for property taxes, insurance, repairs, maintenance, and operating expenses. This creates a true passive investment with predictable income and virtually no day-to-day management required from the landlord.

4) Extra Space Storage NNN Property Investment: Long-Term, Favorable Lease Terms

Extra Space Storage leases often include long base terms—frequently 20–30 years—with built-in rental escalations. These favorable terms support stable cash flow growth and make these assets well-suited for investors completing a 1031 exchange or seeking long-term security.

5) Extra Space Storage NNN Property Investment: Strong Real Estate Fundamentals

Extra Space Storage facilities are located in high-demand residential markets, high-traffic corridors, and growing suburban areas where storage needs remain strong. The company’s strategic site selection and efficient operations help support long-term property appreciation and consistent investment performance.

Pros and Cons of Extra Space Storage Ground Lease and NNN Lease Investment

Pros:

Stable income due to Extra Space Storage’s strong national footprint and status as one of the largest self-storage operators in the U.S.
Reliable long-term tenant with strong credit as a publicly traded REIT (NYSE: EXR) known for consistent financial performance.
Minimal landlord responsibilities because the tenant typically covers property taxes, insurance, maintenance, and operational expenses under NNN or ground lease structures.
Long lease terms with scheduled rent escalations that provide predictable, growing income over time.
Properties are strategically located in high-demand residential and suburban markets, supporting long-term value stability and investor confidence.

Cons:

Lease renewal risk exists if Extra Space Storage chooses not to extend the lease after the initial term.
Performance may be affected by increasing competition in the self-storage sector or local oversupply.
Limited landlord control due to the passive nature of NNN and ground lease agreements.
Lower cap rates compared to weaker credit tenants because Extra Space Storage is a strong, financially stable REIT.
Property appreciation may fluctuate based on broader real estate market conditions and interest rate movements.

Just like any NNN investment, it’s essential to conduct thorough due diligence when evaluating Extra Space Storage properties. Reviewing the site location, local demand for self-storage, lease terms, and the financial performance of Extra Space Storage as a tenant will help ensure a sound investment decision.

Consulting with NNN real estate professionals and financial advisors can further support your analysis and help determine whether an Extra Space Storage ground lease or NNN property aligns with your long-term investment strategy and risk tolerance.

MarketWatch: Extra Space Storage