What are the Top 10 Self-Storage Companies in the United States?
Right now, self-storage is one of the fastest growing real estate sectors in the United States, with construction and development spending consistently growing over the last 10 years. In fact, nearly 10% of all American households rent self-storage, not to mention a wide array of commercial clients. Currently, there are over 50,000 self-storage facilities around the country, consisting of approximately 1.7 billion square feet of space. In this article, we’ll first discuss the top 6 self-storage firms in the U.S., which collectively hold 18% of the self-storage real estate in America. Each of these firms is publicly traded, with several of them being operated as REITs, or real estate investment trusts. We’ll then round out the article by discussing the remaining four top 10 self-storage firms, each of which is privately owned.
1. Public Storage
As the largest owner of self-storage facilities in the United States, Public Storage has more than 2,400 locations throughout North America and Europe. Like many large self-storage firms, Public Storage is organized as a REIT, and, as of 2016, held approximately $10.13 billion in assets, while generating $1.46 billion in income. Public Storage is headquartered in Glendale, California, and currently has 5,500 employees. In addition to self-storage, the company owns shares in office properties and operates several other subsidiary businesses. Ronald L. Havner Jr. currently serves as the company’s CEO.
2. ExtraSpace Storage
Extra Space Storage is the second largest owner of self-storage real estate in the United States. Just like Public Storage, the company is a real estate investment trust (REIT). Extra Space owns 1,647 self-storage locations in 39 states, Washington, D.C., and Puerto Rico. In 2018, Extra Space had assets totaling $7.847 billion, and generated a net income of $447.0 million. The firm currently has more than 3,650 employees, and is well-known for its climate controlled storage units. The company is headquartered in Salt Lake City, Utah, and is currently lead by CEO Joe Margolis.
While the name U-Haul may be ubiquitous in the world of self-storage, the company actually ranks third on our list of largest self-storage property owners in the U.S. Currently headquartered in Phoenix Arizona, U-Haul is one of the oldest companies on this list, having been founded by Leonard Shoen back in 1945. As most people are aware, much of U-Haul’s success involves renting out trucks and trailers, but self-storage facilities are still a major factor in their business model. The company generated about $3.6 billion in revenue during 2018, and currently has around 18,000 employees, the largest workforce of any self-storage firm in the country. U-Haul is headquartered in Ridgefield, Washington, and is still run by the Shoen family, with Joe Shoen holding the position of President and CEO and Mark Shoen holding the position of Vice President.
CubeSmart is one of the newest self-storage owners and operators on this list, having been founded in only 2004. CubeSmart is a REIT, and was originally named U-Store-It Trust, but was renamed CubeSmart in 2011. Unlike most other large self-storage firms, CubeSmart also manages self-storage properties for third-party owners. Currently, the firm owns 490 self-storage facilities while managing 582 properties for other owners, for a total of 1,072 locations around the U.S. CubeSmart generated more than $116 million in revenue in 2018, and is headquartered in Malvern, Pennsylvania. The firm is currently lead by President and CEO Christopher Marr.
5. Life Storage
As the fourth largest self-storage firm in the country, Life Storage has over 750 locations around the U.S. The current firm was created from the 2016 merger of Sovran Self Storage and Uncle Bob's Self Storage, two large, national firms. Life Storage is headquartered in Williamsville, New York. In 2017, the company held $3.876 billion in assets and generated more than $529 million in revenue.
6. National Storage Affiliates
National Storage Affiliates is one of the fastest growing large companies in the self-storage sector, having first been listed on the S&P 600 just this year. The firm focuses on owning and operating facilities in some of the highest growth markets in the U.S., and currently owns more than 700 facilities across the country, totaling an impressive 45 million square feet. National Storage Affiliates is headquartered by Greenwood Village, Colorado, and is currently headed by Founder and CEO Arlen D. Nordhagen.
StorageMart was founded by Gordon Burnham in 1999, and is currently one of the largest independent, privately-held storage firms in the United States. The company currently owns and operates 16 million square feet of storage spread throughout 204 facilities in the U.S., the U.K., and Canada. StorageMart is headquartered in Columbia, Missouri, and is currently headed by CEO Mike Burnam and President Cris Burnam.
8. Prime Storage Group
Prime Storage Group is another large, independent storage company, which currently owns and operates 13.5 million square feet of storage througout the U.S., spread over 210 facilities. According to the company’s website, it searches for highly attractive off-market deals in high-barrier-to-entry, undersupplied markets, in order to maximize investor returns. Prime Storage Group is headquartered in Saratoga Springs, New York and is currently headed by owner and founder Bob Moser.
9. SmartShop Asset Management
SmartShop Asset Management was founded in 2015, making it one of the newest companies on this list. As of 2018, firm had 9.975 million square feet of storage space, spread over 135 facilities. In addition to owning and managing storage facilities, SmartShop is also heavily invested in seniors and student housing projects througout the United States. The company is headquartered in Ladera Ranch, CA and is currently headed by owner and founder H. Michael Schwartz.
9. Metro Storage, LLC
Metro Storage, LLC, is the 10th largest self-storage owner in the United States. As of 2018, the company owned more than 8.6 million square feet of storage space, spread over 132 facilities. In addition to owning and managing self-storage facilities, Metro Storage is highly involved in self-storage development, and owns international self-storage facilities in countries including Brazil, Guatemala, and Costa Rica. The firm is headquartered in Lake Forest, Illinois and is currently headed by co-CEOs K. Blair Nagel and Matthew M. Nagel.