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Extra Space CEO nominee highlights scale and efficiency as growth drivers
Extra Space said same-store revenue rose 2.4% in the second quarter, with the increase tied to operational efficiency.
Extra Space Storage President Noah Springer, who is set to become CEO at the start of 2027, said leadership continuity at the REIT is about carrying forward what works while still pushing for innovation, according to an interview with REIT Report featured by Nareit.
Springer pointed to scale, data, and operational efficiency as key elements supporting the company’s performance. He also noted that once customers are in Extra Space’s facilities, vacate rates are historically low, and said demand for storage remains steady as the supply environment continues to improve.
In the second quarter, same-store revenue grew 2.4%, and Springer attributed the gain to strong operational efficiency. He added that the company has multiple paths for growth, including acquisitions, lending to partners, expanding its third-party management platform, and buying back stock.
Springer also said he wants Extra Space to stay ahead of technology changes, particularly AI, which he views as a driver for both customer interactions and operational efficiency.