Self-storage real estate investment trusts (REIT) Extra Space Storage Inc. and Public Storage Inc. released their annual sustainability reports for 2020 and 2021, respectively. Both highlight recent accomplishments and future goals. The full publications are available on each company’s website.
Extra Space celebrated 10 years of solar-energy production, with more than 31 gigawatt hours of power produced in 2020 at more than 400 locations. The company invested $20 million in solar panels, with 111 new installations last year. The effort led to significant reductions in year-over-year energy and water consumption, at 9.4% and 6.3% respectively, as well as greenhouse-gas emissions at 7%, according to a press release.
Extra Space has been recognized for its ESG (environmental, social and governance) efforts by Global Real Estate Sustainability Benchmark, JUST Capital and S&P Global Inc. The REIT also received a “Leader in the Light” award this year from the National Association of Real Estate Investment Trusts, and was named “America’s Best Employers for Diversity 2020” by “Forbes.”
“As one of the largest storage operators, we are future-focused as we take an innovative approach to ESG that enables us to maintain responsible performance in an everchanging world,” said Extra Space CEO Joe Margolis. “Our sustainability report not only shows our future directives and goals, but gives tangible evidence of our committed actions over the last 10 years. Our focus on constant improvement and our commitment to our core values guides us as we continue to improve Extra Space Storage.”
At Public Storage, an engaged and diverse team, innovative and sustainable operations, and financial fortitude are positioning the company for long-term growth and resilience, according to a press release. Its sustainability efforts have included reducing energy and water consumption, carbon emissions, and waste production by 12%, on average, in 2020 relative to 2019. This was accomplished through LED-lighting conversions, solar-power installations and low-water irrigation upgrades, the release stated.
“Our more than 2,600 properties and 5,400 employees are serving our customers and communities with a focus on transforming the customer experience through innovation, growing through acquisitions and development, and enhancing the resilience of our properties and our company,” said Public Storage CEO Joe Russell. “We are pleased to share our progress, commitments and outlook in the 2021 Sustainability Report.”
Headquartered in Salt Lake City, Extra Space operates 1,969 self-storage stores comprising 153.4 million square feet in 1.4 million units.
Headquartered in Glendale, California, Public Storage has interests in 2,563 self-storage facilities in 38 states, with 176 million net rentable square feet in the United States. It also has a 35% common-equity interest in Shurgard Self-Storage SA, which owns 243 facilities in seven Western European nations.
Sources:
Extra Space Storage, Extra Space Storage Publishes Sustainability Report
Public Storage, Public Storage Releases 2021 Sustainability Report
