Extra Space Storage management check
EXR · Real Estate · Self-Storage REITs · CEO Joseph D. Margolis
Filings as of
3 good · 2 to watch · 1 flagged, across the seven questions below.
- Watch
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $136, against $138 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.98 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Watch
What does the CEO cost owners?
1.4% of net income$14.2m of reported pay in fiscal 2025, against $1.0bn of net income.
- n/a
Do they own the stock?
No recent CEO filingLight activity: no buys, $495k sold in six months.
- Flag
Are owners being diluted?
Share count growingDiluted shares changed +11.9% a year over the last three fiscal years. Stock-based pay was 27.4% of revenue in the latest year.
- Good
Is leadership stable?
4 leadership filings in 3 yearsCEO in the pay table: Joseph D. Margolis. 4 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Real Estate.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 48 | 45 | |
| Pay for performance | 99 | 86 | |
| CEO cost | 38 | 23 | |
| Skin in the game | — | — | 32 |
| Dilution | 0 | 23 | |
| Stable leadership | 100 | 85 | |
| Clean books | 100 | 100 |
Closest peers
Others in Self-Storage REITs, by management score. Extra Space Storage is 12th of 29 in its sector.
- 50PSAPublic Storage80
- 211VICIVici Properties68
- 238BXPBXP, Inc.65
- 247EXRExtra Space Storage64
- 276ORealty Income63
- 281INVHInvitation Homes63
Pay versus performance
From the proxy statement filed April 1, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Joseph D. Margolis | $14.2m | $6.2m | $3.7m | $136 | $138 | $1.0bn |
| 2024 | — | $12.7m | $8.1m | $3.8m | $149 | $134 | $900.2m |
| 2023 | — | $12.3m | $13.3m | $3.6m | $154 | $123 | $850.5m |
| 2022 | — | $11.6m | $822k | $2.9m | $135 | $108 | $921.2m |
| 2021 | — | $7.3m | $30.3m | $1.8m | $201 | $143 | $877.8m |
The board says pay is tied most to Core FFO per Share. Its other key measures: Relative Total Stockholder Return Ranking to the S&P 500 REITs (plus publicly traded storage REITs), Same-Store Property Net Operating Income.
Insiders and the CEO's stake
Joseph D Margolis (Chief Executive Officer) held 83,757 shares directly after their latest Form 4 on Aug 4, 2026.
Light activity: no buys, $495k sold in six months.
- SoldGwyn Goodson McNealEVP/Chief Legal Officer$495kJun 11, 2026
Leadership and governance on file
- Aug 24, 2026Leadership change8-K 5.02
- Jan 5, 2026Leadership change8-K 5.02
- May 23, 2025Leadership change8-K 5.02
- May 19, 2025Leadership change8-K 5.02
- Jul 20, 2023Leadership change8-K 5.02
- Sep 16, 2022Leadership change8-K 5.02
Latest shareholder vote results: May 15, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $5.4bn returned to owners in buybacks and dividends, 125% of net income, and $129.7m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $66.3m | $83.9m | $102.0m | $120.9m | $129.5m |
| Net income | $827.6m | $860.7m | $803.2m | $854.7m | $974.0m |
| Stock-based pay | $17.3m | $21.4m | $26.5m | $29.0m | $35.5m |
| Buybacks | $0 | $63.0m | $0 | $0 | $149.5m |
| Dividends | $601.0m | $805.3m | $1.0bn | $1.4bn | $1.4bn |
| Diluted shares | 140m | 142m | 169m | 212m | 212m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.