Extra Space Storage owns and operates self-storage facilities across the United States, renting storage units to individuals and businesses needing extra space for belongings, inventory or equipment. As a real estate investment trust, the company distributes most of its taxable income to shareholders as dividends, with self-storage generating relatively stable, recurring rental income from a large base of individual unit leases. Self-storage demand tends to be driven by life events like moving, downsizing, divorce and business needs, giving it somewhat different demand drivers than other commercial real estate categories tied more directly to broader economic activity. Extra Space Storage has grown both through developing new storage facilities and acquiring existing properties, including through a merger with Life Storage that expanded its portfolio and geographic footprint significantly.