Alex Murphy's questions to Extra Space Storage Inc (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.