Companies · EXR
Extra Space Storage
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Updated Aug 24, 2026
EXR CEO Joseph Margolis to retire Dec 31, 2026; President Noah Springer to assume role Jan 1, 2027.
Extra Space Storage announced an orderly leadership transition with 4+ months' notice, moving internal President Noah Springer into the CEO role effective January 1, 2027, while current CEO Joseph Margolis retires and transitions to advisory status. Springer has 20 years of tenure at EXR, including leadership of the Management Plus third-party platform (nearly 2,000 locations) and oversees operations, HR, construction, and asset management. Under Margolis' decade-long tenure (2017-2026), EXR scaled from ~100 million rentable square feet to 341 million, grew market cap from $9 billion to $30 billion, and tripled annual revenue from $1.1 billion to $3.5 billion. The board characterized this as a planned succession following deliberate long-term planning, with Margolis remaining CEO through year-end to ensure continuity.
Tone: neutralRevenue
$3.4B
EXR 10-K · FY 2025
Employees
8,393
Revenue FY2024
$3.3B
Founded
1977
Profile
EXR 10-K Item 1 · Feb 20, 2026Extra Space Storage is the largest self-storage REIT in the United States, owning, operating, and managing self-storage properties across 43 states and Washington D.C. The company derives revenue from wholly-owned store rentals, third-party management fees, tenant reinsurance, and a bridge lending program. Its scale — over 4,200 stores and nearly 330 million net rentable square feet — underpins a platform with meaningful economies in marketing, technology, and operations.
Read filing description ↓ Collapse description ↑
We are a fully integrated, self-administered and self-managed real estate investment trust ('REIT') formed as a Maryland corporation on April 30, 2004. We were formed to continue the business of Extra Space Storage LLC and its subsidiaries, which had engaged in the self-storage business since 1977. Substantially all of our business is conducted through Extra Space Storage LP (the 'Operating Partnership'). As of December 31, 2025, we owned and/or operated 4,281 stores in 43 states, and Washington, D.C., comprising approximately 330.4 million square feet of net rentable space in approximately 2.9 million units. Our primary assets are general partner and limited partner interests in the Operating Partnership. Stores offer month-to-month rental of storage space for personal or business use. We own, operate, manage, provide lending for, acquire, develop and redevelop self-storage properties. We also operate a tenant reinsurance business, reinsuring risks relating to the loss of goods stored by tenants in our stores. As of December 31, 2025, we managed 1,856 stores for third party owners. Our management business enables us to generate increased revenues through management fees as well as expand our geographic footprint, data sophistication and scale with little capital investment. We have a bridge lending program, under which we provide financing to third party self storage owners for operating properties that we manage. As of December 31, 2025, the total balance of bridge loans receivable was $1.5 billion. We operate in two distinct segments: (1) self-storage operations; and (2) tenant reinsurance.
Primary products
- Self-storage unit rentals
- Tenant reinsurance
- Third-party store management
- Bridge lending program
- Preferred stock investments in other self-storage companies
Business segments
End markets
Geographies
Named competitors
“We are the largest self-storage operator in the United States.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues increased from approximately $3.26 billion in 2024 to approximately $3.38 billion in 2025, driven by growth in property rental, tenant reinsurance, and management fees.
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