Extra Space Storage exceeds expectations in the pandemic-era

November 9, 2020 | John Egan | Sparefoot.com

For Extra Space Storage, anticipated headwinds from the coronavirus pandemic have shifted to tailwinds.

Joe Margolis, CEO of the Salt Lake City, UT-based self-storage REIT, said during the company’s Nov. 5 third-quarter earnings call that “tailwinds have proved stronger than we expected, while the headwinds have not been as significant or have not materialized.”

Margolis said rental volume continues to be healthy, while the number of people vacating units remains “muted.” Extra Space reported same-store occupancy of 95.9% as of Sept. 30, compared with 93.8% at the same point last year.

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