Extra Space Storage is celebrating its 20th anniversary as a publicly traded company (NYSE: EXR). The self-storage giant began trading on the New York Stock Exchange on August 20, 2004, following its initial public offering.
At the time of the IPO, Extra Space had 450 employees, operated 160 properties in 20 states, and had a market cap value of around $700 million. Twenty years later, Extra Space is an S&P 500 listed company with 7,500 employees, operating 3,812 properties in 42 states and is one of the most valuable REITs with a market cap of approximately $35 billion.
"I am grateful to be celebrating 20 years of Extra Space as a publicly traded company," said Scott Stubbs, Extra Space Storage CFO. "I was involved in the IPO in 2004, and as I reflect on the last 20 years, I am inspired by what the team has been able to accomplish. The journey the past two decades has been challenging and a lot of fun and I am excited to see what the next 20 years holds for Extra Space."
Since its 2004 IPO, the company has continued to grow and expand the self-storage available to customers. Extra Space now serves over 2.2 million customers across the United States – an approximately 3,100 percent increase since 2004 – remaining focused on the goal of providing the most convenient, secure, and professional storage solution.
"Looking ahead, Extra Space will maintain its focus on long-term success and sustainable growth. We will continue to deliver to shareholders the value they've come to expect from our company," Stubbs said. "I know we have the best team in place to continue our success. I am grateful for our employees and their commitment to excellence that has led us here and will continue to lead us forward."
Further Reading:
Who's Who In Self-Storage: Joe Margolis, CEO of Extra Space