> ## Content Index > Fetch the complete content index at: https://www.bullished.co/llms.txt > Use this file to discover other available public pages before exploring further. # Extra Space's Incoming CEO Springer Rules Out New Strategy: 'Nothing' Changes On Jan. 1 - URL: https://www.bullished.co/extra-spaces-incoming-ceo-springer-rules-out-new-strategy-nothing-changes-on-jan-1-ce116ed3/ - Published: 2026-10-28T18:52:01.000Z - Updated: 2026-10-28T18:52:01.000Z - Description: Noah Springer takes over from Joe Margolis on January 1, 2027, and told analysts property-level NOI is his top priority. - Author: Matteo Parrino - Tags: Earnings, EXR, Industry: Real Estate Noah Springer, who becomes CEO of [Extra Space Storage](https://www.bullished.co/tag/exr/) on [January 1, 2027](https://www.prnewswire.com/news-releases/extra-space-storage-inc-reports-2026-third-quarter-results-302921164.html?ref=bullished.co), told analysts on the company's earnings call Wednesday that the handover "doesn't call for a new direction." Springer, now president, made the pledge on the third-quarter call that was Joe Margolis's last as CEO. ## One promise, no magic trick Extra Space, a real estate investment trust that owns, operates and manages self-storage properties, is not changing course, Springer said. His pledge: operate better than anyone in the industry and grow in a way that compounds value per share. Asked by an Evercore ISI analyst about his first priorities, Springer said he would not "bring some magic trick" and that nothing visible on January 1 would signal a different direction. He called property-level net operating income his number one operating priority and said the biggest lever sits in the portfolio the company already owns, after meetings with all 25 divisional vice presidents and nearly all of 244 district managers. On capital, he said acquisitions, loans, expansions, partner investments and buybacks compete for money. "Every dollar competes," he said, and the aim is growth in FFO per share, not growth for its own sake. He said the executive team averages 19 years at the company, which he believes is the longest-tenured leadership group in the sector. ## Margolis's scorecard and a strong quarter Margolis said owned or managed stores rose from 1,427 at the end of 2016 to more than 4,400, and third-party management grew from 411 stores to nearly 2,000\. Core FFO per share more than doubled from $3.70 in 2016 to $8.21 last year, he said, and shareholders earned a sector-leading total return of roughly 170% since the start of 2017\. He also cited the 2023 merger with Life Storage, which he valued at $15 billion, and a bridge lending program built to more than $3.5 billion of loans. Springer said third-quarter core FFO was [$2.17 per share](https://www.sec.gov/Archives/edgar/data/1289490/000128949026000061/q32026ex991earningsrelease.htm?ref=bullished.co), up 4.3% from a year ago, with same-store revenue up 2.7% and same-store expenses down 1.8%. [Same-store NOI rose 4.6%](https://finance.yahoo.com/real-estate/articles/exrs-q3-core-ffo-improves-142900970.html?.tsrc=rss&ref=bullished.co) and occupancy ended at 94%. CFO Jeff Norman said the company raised full-year core FFO guidance for the second time this year, to [$8.40 to $8.50 per share](https://seekingalpha.com/news/4658381-extra-space-storage-ffo-of-2%5F17-beats-by-0%5F07-revenue-of-889%5F7m-beats-by-139%5F17m?ref=bullished.co) from $8.25 to $8.40\. It also lifted acquisitions guidance to $400 million from $300 million. ## Continuity built into the handover Springer said he has been at the company more than 20 years and started the third-party management business, which now handles almost 2,000 stores for other owners. Margolis said he has worked with Springer for over 11 years and that the board and executive team back him. Norman said the recovery owes more to moderating new supply than to stronger demand, which he called steady. Springer's stated yardstick is plain: he said he wants to be judged on performance, starting when he takes over on January 1, 2027. ### Sources - [EXR's Q3 Core FFO Improves on Strong Same-Store NOI, Outlook Raised](https://finance.yahoo.com/real-estate/articles/exrs-q3-core-ffo-improves-142900970.html?.tsrc=rss&ref=bullished.co) — Yahoo Finance - [Extra Space Storage (EXR) Reports Q3 Earnings: What Key Metrics Have to Say](https://finance.yahoo.com/markets/stocks/articles/extra-space-storage-exr-reports-233002204.html?ref=bullished.co) — Yahoo Finance - [Extra Space Storage FFO of $2.17 beats by $0.07, revenue of $889.7M beats by $139.17M (EXR:NYSE)](https://seekingalpha.com/news/4658381-extra-space-storage-ffo-of-2%5F17-beats-by-0%5F07-revenue-of-889%5F7m-beats-by-139%5F17m?ref=bullished.co) — seekingalpha.com - [Document](https://www.sec.gov/Archives/edgar/data/1289490/000128949026000061/q32026ex991earningsrelease.htm?ref=bullished.co) — sec.gov - [Extra Space Storage Inc. Reports 2026 Third Quarter Results](https://www.prnewswire.com/news-releases/extra-space-storage-inc-reports-2026-third-quarter-results-302921164.html?ref=bullished.co) — prnewswire.com ### More on Extra Space Storage - [Extra Space Storage Lifts 2026 Core FFO Outlook To $8.40-$8.50 As Store Costs Fall](https://www.bullished.co/extra-space-storage-lifts-2026-core-ffo-outlook-to-8-40-8-50-as-store-costs-fall-206901d3/) [All Extra Space Storage (EXR) coverage →](https://www.bullished.co/tag/exr/)