Join me for a powerful conversation with Noah Springer, Chief Strategic Officer of Extra Space Storage. Noah takes us back to his roots on a small farm in Central Illinois and shares the "life-defining moment" that sent him on a mission trip to Guatemala at 19, an experience that instilled a self-confidence he credits for his success.

We trace his career from trading bonds at a bank to joining Extra Space in 2005 just before the company's massive growth. Noah stresses that the company is "built on values", with integrity and the Golden Rule at its core. He is open about the highly-debated COVID-era pricing strategy, explaining that it was driven by a need to adjust prices that had been suppressed by emergency regulations.

Noah discusses his role in the company's $3 billion bridge lending program, which was created as an opportunity to support industry partners who needed capital. Finally, he shares the profound personal motivation that pushes him to take on ultra-endurance races: realizing how blessed he is, he feels a duty to "push as hard as I can" for those who have not had the same chance.

Takeaways:

• Noah Springer joined Extra Space in 2005 just as the company purchased Storage USA, propelling it to the second-largest operator.

• The company's massive growth is credited to a commitment to its core culture and values that prioritize honesty and integrity.

• Noah emphasizes that Extra Space operates with a revenue strategy over an occupancy strategy, aiming for the highest revenue possible.

• The controversial increase in ECRIs (Estimated Completion Return Intervals) after COVID was a result of states of emergency pausing pricing and the need to bring old tenants up to a price that made sense.

• Extra Space created its bridge lending program to fill a gap in the market and create long-term partnerships, lending over $3 billion.

• His personal drive for ultra-endurance sports is fueled by a desire to push hard because he realizes he's won the "lottery by being born here".

• Extra Space's focus is on listening to the market and using its partners to determine what to add to the business.

Connect with Thaddeus Campbell:

• Email: [email protected]

• Website: https://s3.partners/

• LinkedIn: https://www.linkedin.com/in/itsthadcampbell/

Connect with Noah Springer:

• Email: [email protected]

• Website: https://www.extraspace.com

This episode was brought to you by: https://www.kiwiconstruction.com/