Extra Space Storage Inc.
Company History
Extra Space Storage History: Founding, Growth & Key Milestones
Founded 1977 in Salt Lake City, Utah
When was Extra Space Storage founded?
Extra Space Storage was founded in 1977 in Salt Lake City, Utah by Kenneth M. Woolley, making it 49 years old.
- Founded
- 1977
- Founding place
- Salt Lake City, Utah
- Founders
- Kenneth M. Woolley
- Headquarters today
- Salt Lake City (Cottonwood Heights), Utah
- Milestones documented
- 8 (1977–2026)
- Current CEO
- Joseph D. Margolis
- Acquisitions
- 3
| Year | Event |
|---|---|
| 1977 | Extra Space Storage founded |
| 2004 | NYSE initial public offering |
| 2005 | Storage USA acquisition |
| 2015 | SmartStop Self Storage acquisition |
| 2017 | Joe Margolis becomes CEO |
| 2023 | Life Storage merger closes |
| 2025 | FY2025 revenue of $3.378 billion |
| 2026 | CEO succession announced |
- Where was Extra Space Storage founded?
- Extra Space Storage was founded in Salt Lake City, Utah in 1977.
- Who founded Extra Space Storage?
- Extra Space Storage was founded by Kenneth M. Woolley.
- When did Extra Space Storage start?
- Extra Space Storage was founded in 1977.
- How old is Extra Space Storage?
- Extra Space Storage is 49 years old as of 2026.
Founding Story
Kenneth M. Woolley, a Stanford-trained business academic and real estate developer, founded Extra Space Storage in 1977. For more than two decades the company grew as a developer and operator of storage properties, often funded through private partnerships and institutional partners. It consolidated those holdings and listed on the New York Stock Exchange in August 2004.
Founders
Kenneth M. Woolley
Kenneth M. Woolley founded Extra Space Storage in 1977 after an academic career in business, including graduate study at Stanford. He built the company as a developer and operator of storage properties funded through private partnerships and institutional partners, led it to its 2004 NYSE listing, and later served as chairman of the board. (Exact birth year remains publicly undisclosed).
Key Milestones
Extra Space Storage founded
Kenneth M. Woolley founded the company as a developer and operator of self-storage properties.
Source: en.wikipedia.orgNYSE initial public offering
Extra Space listed on the New York Stock Exchange under the ticker EXR in August 2004 and began operating as a REIT.
Source: en.wikipedia.orgStorage USA acquisition
With Prudential Real Estate Investors, Extra Space acquired Storage USA, greatly expanding its national footprint.
Source: en.wikipedia.orgSmartStop Self Storage acquisition
Extra Space acquired SmartStop Self Storage in an all-cash deal of about $1.4 billion.
Source: en.wikipedia.orgJoe Margolis becomes CEO
Joseph D. Margolis succeeded Spencer F. Kirk as CEO on January 1, 2017.
Source: ir.extraspace.comLife Storage merger closes
Extra Space completed its all-stock acquisition of Life Storage in July 2023, becoming the largest U.S. self-storage operator by store count.
Source: en.wikipedia.orgFY2025 revenue of $3.378 billion
Extra Space reported $3.378 billion in revenue and $972.3 million in net income attributable to common stockholders, with 8,393 employees at year-end.
Source: sec.govCEO succession announced
Extra Space said President Noah Springer will become CEO on January 1, 2027, when Joe Margolis retires.
Source: ir.extraspace.comMajor Acquisitions
Life Storage
2023All-stock merger with a major rival to gain scale, especially in Sunbelt and Northeast markets.
SmartStop Self Storage
2015Added stores in coastal and high-barrier markets.
Storage USA (with Prudential)
2005Joint acquisition with Prudential Real Estate Investors to build national scale.
Keep researching Extra Space Storage
Extra Space Storage Company History FAQ
When was Extra Space Storage founded?
Extra Space Storage was founded in 1977 by Kenneth M. Woolley.
When did Extra Space Storage IPO?
Extra Space went public on the NYSE in August 2004 under the ticker EXR.
What were Extra Space's major acquisitions?
Key deals include Storage USA with Prudential in 2005, SmartStop Self Storage in 2015 and the all-stock Life Storage merger in July 2023.
How many stores does Extra Space have today?
As of June 30, 2026, Extra Space owned and/or operated 4,410 stores in 42 states and Washington, D.C.
How did Extra Space Storage start?
Extra Space Storage was founded in 1977 by Kenneth Woolley. He was a real estate developer who realized that self-storage was an incredibly resilient business model. He built his first facility in Billings, Montana, and slowly expanded across the West before taking the company public in 2004.
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