Incoming Extra Space CEO Says REIT’s Growth Slowing to Sustainable Level

Joe Margolis, chief investment officer, executive vice president and incoming CEO of Extra Space Storage Inc. (NYSE: EXR), joined REIT.com for a video interview at REITWorld 2016: NAREIT’s Annual Convention for All Things REIT at the JW Marriott Phoenix Desert Ridge.

Margolis joined Extra Space in 2015 and will succeed Spencer Kirk as CEO of the company at the beginning of 2017.

Margolis commented on the transition process, joking that he and Kirk have been “joined at the hip for about 18 months now.”

Looking ahead, Margolis said Extra Space continues to see opportunity to consolidate a fragmented industry and bring a “superior operating platform” to the self-storage sector. Challenges also lie ahead, according to Margolis.

“We’ve had a fantastic run, growing at unsustainable rates. Our growth is starting to naturally decline to more sustainable, historic levels. We need to make sure that folks understand that that’s the case,” Margolis said.