12 Best Warehouse and Self-Storage Stocks to Buy Now

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6. Extra Space Storage Inc. (NYSE:EXR)

Number of Hedge Fund Holders: 28

Extra Space Storage Inc. (NYSE:EXR) is a real estate investment trust (REIT) that owns and operates self-storage properties. As the largest operator of self-storage properties in the United States, the company’s portfolio includes more than 3,800 self-storage stores totaling over 296 million square feet of rentable storage space. Extra Space Storage Inc. (NYSE:EXR) offers a wide range of conveniently located and secure storage units across the US, including boat storage, RV storage, and business storage.

In July 2023, Extra Space Storage Inc. (NYSE:EXR) merged with Life Storage to create the largest storage operator in the United States. With this merger, the company is on track to unlock at least $100 million in annual synergies and deliver strong financial performance in the future. In August 2024, Extra Space Storage Inc. (NYSE:EXR) started rebranding Life Storage stores as Extra Space Storage facilities. The company expects to see the complete benefits of a single brand soon.

The company is also focused on expanding its store network. In Q3 2024, Extra Space Storage Inc. (NYSE:EXR) added 63 third-party managed stores, resulting in a net addition of 38 stores. On the acquisition side, the company had invested $334 million in wholly-owned and joint venture acquisitions year-to-date by the end of Q3 2024.

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