Steady Occupancy and Improved New Customer Rates
Near-record occupancy levels were maintained, and the rate gap to new customers improved from negative 9% in Q3 to negative 6% by year-end 2024.
Growth in Third-Party Management Program
The third-party management program grew by 114 net new stores in Q4, with a total of 238 net new managed stores for the year, marking the best year for third-party growth excluding Life Storage merger gains.
Strategic Investments and Capital Allocation
Invested $950 million in joint ventures and other investments, with $610 million in Q4 alone. Bridge loan origination totaled $980 million for the year.
Rebranding to Extra Space
Concluded dual-brand test, resulting in marketing savings and increased rental activity, with former Life Storage stores expected to outperform legacy Extra Space properties in 2025.
Strong Financial Position
Completed $300 million and $350 million bond reopenings, initiated a $1 billion commercial paper program, enabling lower borrowing costs.