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Extra Space Storage

Extra Space Storage


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This is Chris Redgrave for Zions Bank Speaking on Business.

It started as a research project, studying existing self-storage facilities while Ken Woolley was a grad student at Stanford University. However, he had the entrepreneurial spirit which Utah is known across the U.S. for, and he decided he could do this himself. So, in 1977, he started his company Extra Space Storage when he opened his first facility in Billings, Montana. The ultimate goal was to build the business through acquiring land and then developing storage properties.

And it's worked out. Today, Extra Space Storage, headquartered in Utah, owns and operates 1,100 self-storage facilities in 35 states, the District of Columbia and Puerto Rico. Just over half of these properties are wholly owned, with others jointly owned and the rest carrying the Extra Space Storage facility name while being independently owned but operated by Extra Space. This gives Extra Space an opportunity to have size and scale, as well as the ability to eventually buy those properties to grow the business even more. They now have just under 3,000 employees throughout the U.S., 300 in Utah alone.

As for the Extra Space Storage facilities, company research has shown that customers typically want to have a clean facility and easy transactions, so the company doesn't focus on offering extra services. Instead, their focus is on offering secure storage facilities. And since the manager is on site, they get a storage expert who can help with any concerns they may have.

The true success story for Extra Space Storage is their growth, which has come mainly from acquisitions. Since going public in 2004, they've grown from 136 properties to 1,100. They're always focused on ways to expand the company and increase their footprint to more markets and more customers. They also focus on good management, keeping an eye on technology and finding new ways to attract customers.

As a community-focused organization, Zions Bank has been providing value to the communities in which we live and serve for over 140 years. Member FDIC.

For Zions Bank, I'm Chris Redgrave, speaking on business.

Extra Space Storage 2795 E. Cottonwood Pkwy, Ste. 400 Cottonwood Heights, UT 84121 866-840-2609 www.extraspace.com

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