Joe Margolis, CEO of Extra Space Storage Inc. (NYSE: EXR), sat down for a video interview at Nareit’s REITweek: 2024 Investor Conference, held in New York from June 3-6. Margolis discussed key aspects of the company's latest earnings report and future priorities.
"We had tremendous growth in our third-party management platform and our bridge loan program," he said, highlighting that these successes reflect the company's ability to grow in all market environments.
When asked about priorities in the current challenging operating environment, Margolis explained that the company would focus on fundamentals, including capturing every lease, optimizing pricing, and maintaining smart expense control.
He also addressed common investor concerns about the potential impact of a weak housing market on self-storage demand. Margolis reassured investors by pointing out the diverse demand drivers for self-storage beyond housing and noted that Extra Space’s industry-leading occupancy at the end of the first quarter demonstrates this resilience.