Joseph D. Margolis became the Chief Executive Officer of Extra Space Storage Inc.(NYSE: EXR) in January 2017. In his exclusive interview with the Wall Street Transcript, Mr. Margolis calls upon his 40 years of real estate investment experience to detail his strategy for this company.
Extra Space has been aggressive in game changing acquisitions: “…in 2005 we acquired Storage USA, which had 458 stores and was three or four times our size. It was really the mouse eating the elephant in some respects, but it was another transformative event for the company. In 2015 we had another large transaction; we acquired the seventh-largest storage company called SmartStop Self Storage.”
Another successful strategy is the management of non-owned facilities: “…today we’ve grown that to the largest third-party management business in the country.”
Mr. Margolis also keeps his focus on his market: “Fifty-seven percent of our customers are female, and all of our customers, but particularly our female customers, want to walk into a place that is clean, safe, well-lit and secure. They want to be met by a retail sales clerk, if you will, who’s dressed appropriately, who stands up, shakes their hand, greets them by name and provides them excellent customer service…And we want to be in retail locations. We don’t want to be next to the dump; we want to be next to Wal-Mart [Wal-Mart Stores (NYSE:WMT)]. ”
To see the future growth strategy for Mr. Margolis’ business, read the entire interview at the Wall Street Transcript.
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