Joe Margolis, CEO of Extra Space Storage (NYSE: EXR), sat down for a video interview during Nareit’s REITworld: 2025 Annual Conference in Dallas on December 8-11.
Margolis emphasized that while self-storage may appear straightforward, technology underpins nearly every aspect of Extra Space’s operations. The company has invested heavily in proprietary systems, including a point-of-sale platform used across all stores, a pricing model that reprices roughly 2.8 million units nightly, and a bidding algorithm that manages hundreds of thousands of Google search terms each day. Extra Space is also exploring how artificial intelligence can further enhance these tools.
“Self-storage may seem like a very simple property type, but technology is really key to all of our operations,” he said.
On the demand side, Margolis described a stable environment with shifting customer drivers. While move-related demand has softened, it has been offset by customers who simply need more space. Length of stay is increasing, and bad debt levels remain historically low, below 2%.
Growth decisions, Margolis noted, are guided by discipline and shareholder returns.
“All growth needs to be strategic, needs to be in the long-term interests of a company, and needs to be accretive,” he said, adding that flexible, capital-light structures help position Extra Space to grow across market cycles.