Joe Margolis, CEO at Extra Space Storage Inc. (NYSE: EXR), sat down for a video interview during Nareit’s REITweek: 2025 Investor Conference in New York City June 2-5.
“Self-storage is a need-based product, and different economic conditions create different needs in different ways…to date we haven’t seen any change in customer behavior,” Margolis said. He added that customers are still very resilient, with low levels of bad debt, and high customer satisfaction scores.
Margolis also noted that the REIT has a prudent level of debt, laddered maturities, and access to a range of capital sources. “We feel we’re in good shape to take advantage of whatever opportunities come up.”
Margolis added that self-storage is a micro market, with individual markets influenced by local supply. He pointed out that the REIT has a broadly diversified portfolio to take advantage of conditions in a range of markets.