Jenny's questions to Extra Space Storage Inc (EXR) leadership • Q3 2024
Question
Jenny, on for Ronald Kamdem, asked about the magnitude of existing customer rate increases (ECRIs) for both pools and whether the company's focus will remain on occupancy over pricing.
Answer
CEO Joseph Margolis confirmed that both the LSI and EXR pools are now on the same ECRI program, with no difference in pace or amount. He reiterated that the company's primary goal is optimizing long-term revenue, and while current data supports leaning into occupancy, this strategy is dynamic and will be adjusted as market conditions change.