Joseph Margolis on financial performance
From Extra Space Storage Inc ($EXR) Q1 2025 Earnings Call · · Castify Earnings Call
“Our core FFO of $2 per share represents a 2% increase year-over-year. Same store occupancy remained at historically high levels, ending the quarter at 93.4%. This represents an improvement of 100 basis points from the first quarter 2024 and 10 basis points from the previous quarter and drove positive same store revenue growth of 0.3%.”
On , Joseph Margolis, Chief Executive Officer & Director at Extra Space Storage, spoke about financial performance during Extra Space Storage Inc ($EXR) Q1 2025 Earnings Call on Castify Earnings Call.
About Joseph Margolis
In a May 2026 podcast, Extra Space Storage CEO Joe Margolis discussed the company's first-quarter performance and the broader self-storage industry. Margolis described the quarter as "a home run" and stated that Extra Space "led the industry in revenue growth" and beat Wall Street consensus on all metrics. He explained that the company held its guidance steady despite the outperformance due to factors such as the upcoming leasing season and macroeconomic risks including war, high gas prices, inflation, and low consumer confidence, which he said the company did not predict. Margolis characterized the current period as a "recovery period" for storage, noting that while the industry experienced "unprecedented" growth during COVID, it has since faced "three years of a down cycle that's flattish to slightly positive." He emphasized that the company's goal is to "make money for shareholders" through accretive growth rather than pursuing size for its own sake, and that scale is an advantage "but not at the cost of overbidding." Margolis also shared advice on negotiation, stating that one must "figure out in the negotiation is what's important to the other side" to create a deal where both parties feel they have won.