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    Alex Murphy

    Vice President and Equity Research Analyst at Truist Securities

    Alex Murphy is a Vice President and Equity Research Analyst at Truist Securities, specializing in the coverage of the healthcare and life sciences sectors. He provides research and analysis on a portfolio of public and private healthcare companies, delivering actionable insights for institutional investors. With over 15 years of finance experience and an MBA from the University of North Texas, Murphy began his career in 2010 and has built a reputation for data-driven investment strategies and strong analytical performance. He holds FINRA Series 7 and Series 63 licenses, maintaining high compliance standards in his professional practice.

    Alex Murphy's questions to Extra Space Storage (EXR) leadership

    Alex Murphy's questions to Extra Space Storage (EXR) leadership • Q2 2025

    Question

    Alex Murphy asked what specific levers management is considering to improve property-level margins, given the context of flat same-store revenue and a decline in NOI.

    Answer

    EVP & CFO Jeff Norman identified the expense side as the primary lever, anticipating normalization after a high first half. He also mentioned that improving revenue provides opportunities for margin expansion, citing marketing spend as a measurable lever they can adjust to maximize returns.

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