Episode Details

I sit down with Ken Woolley, the visionary Founder of Extra Space Storage, for a masterclass in industry history and leadership philosophy. Ken has been in the self-storage game for 56 years, witnessing the asset class transform from niche "garage rentals" into a mainstream institutional power player .

Ken shares incredible stories from the early days, including his time as a management consultant in Boston and his 1973 study of the only 26 storage properties in Los Angeles . We discuss the current "tight spot" the industry finds itself in with cap rate shifts and excess supply, and why he remains bullish on the long-term demand driven by American consumerism .

Key Takeaways from this Episode:

Historical Context: How storage has evolved from $5/sq. ft. hard costs and 14% interest rates in the early 80s to the complex developments of today .

The "Win-Win" Business Model: Why Ken rejected the idea that business is divided into "screwers and screwees," choosing instead to lead with kindness and partnership