Extra Space Storage Inc. and its subsidiaries (Extra Space) ( NYSE: EXR) announced today that it has completed the acquisition of multiple entities doing business as Storage Express, which own 107 remote storage properties across Indiana, Ohio, Illinois and Kentucky. The acquisition includes all Storage Express assets, including trademarks, contracts, licenses, intellectual property and 14 future development sites. Total consideration for the acquisition was approximately $590.0 million. The company also purchased E-Tracker, a storage software operating platform, which supports Storage Express locations, as well as Bargold Storage Systems, LLC, which was acquired by Extra Space in June 2022.
“We are excited about the merger of these two great companies and the expansion of our national portfolio and operating platform,” commented Joe Margolis, Chief Executive Officer of Extra Space Storage. “In addition to increased scale, this acquisition provides a new growth channel for Extra Space Storage to add smaller, remote-managed stores in both new and existing markets through acquisition and third-party management. I want to thank the employees of both companies for their hard work and strong execution on this transaction.”
The company also announced today that its board of directors appointed Jefferson Shreve to the board, effective immediately. Mr. Shreve is the founder and owner of Storage Express and currently is serving as the chairman of the Self-Storage Association (SSA) Board of Directors. He earned his Bachelor of Arts from Indiana University, his MBA from Purdue’s Krannert School and his Master of Arts from the University of London.
“I want to welcome Jefferson Shreve to the Extra Space Storage board. Jefferson has been a pioneer in remote managed storage strategies, and we are excited to add his deep industry expertise as a director,” commented Ken Woolley, Chairman of the Extra Space Storage board of directors. The transaction was funded in part by the issuance of $125.0 million in operating partnership units, with the balance in cash drawn from its credit facilities.
