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Analyst
Salil Mehta
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q2 (7 quarters; questions recorded in 6).
- Questions
- 11on tracked calls
- Challenge rate
- 18%2 of 11 questions
- Companies
- 2questioned at least once
- Reporting periods
- 6with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 11 of 11 questions from 2 companies
EXRExtra Space Storage7 questions · 4 reporting periods · 1 of 7 challenging
Calendar 2026 Q1
how sustainable or how far can we expect this positive pricing momentum to continue without the lack of the housing market recovery?
Show response
Joe said it's both easier comps and steady demand with reduced supply (two sides of same coin). Jeff added original guidance assumed flat housing market, any housing improvement would be incremental tailwind. Recovery possible without it, just at flatter slope.
are you guys perhaps looking at any market specifically that are, for us, recovering better than average
Show response
Joe said targeting acquisitions by market is difficult in practice, cold-calling owners in desired markets yields aggressive pricing. Need to be more reactive to what's available. Historical attempts at market-targeting haven't had much success.
Calendar 2025 Q4
what are like the top, I guess, macroeconomic drivers outside of home sales that you guys view could help provide a catalyst for the storage industry?
Show response
Joe highlighted job growth as most correlated factor, Sunbelt overexposure expected to benefit from outsized future job growth. Also cited continued incremental reduction in new supply deliveries.
Have you guys been able to see any, I guess, tangible changes in customer behavior or patterns as a result
Show response
Joe said EXR's pre-existing disclosure already met requirements. New law just specifies font/color/placement. No effect on California leasing activity. Creates more of a level playing field.
Calendar 2025 Q2
It looks like Sun Belt areas, which have been kind of beaten up, they look to finally be turning the corner and achieving some sort of stabilization. Does this ring true?
Show response
Jeff gave theoretical answer, highly tied to individual market supply dynamics and absorption rates. Noted these are micro markets smaller than MSAs with varying conditions.
with move-in rates roughly flat to positive, would I be correct in asserting that net decrease to ECRIs? Or could this perhaps be attributed from the rent restrictions in L.A.?
Show response
Jeff clarified the drag is primarily from move-out roll-down (vacating customers at higher rates), not ECRI changes. ECRI has been pretty constant year-over-year.
Calendar 2024 Q4
can you guys provide some color on, you know, how ECRI has trended and, you know, where do you guys see them going into the future?
Show response
Joe provided detailed ECRI defense: NPS scores high, relief requests unchanged, control-group vacate comparison steady. ECRI amount driven by gap to market rate, not aggression level.
PSAPublic Storage4 questions · 2 reporting periods · 1 of 4 challenging
Calendar 2026 Q2
can you perhaps highlight if this has led to any changes in terms of your ECRI program?
Show response
Boyle said strategy is unchanged and explained the mechanism, higher move-in rents lower the replacement-cost input and should lift ECRI over time.
Can you just walk us through what you’re seeing in these markets and why are they continuing to lag?
Show response
Boyle conceded Sunbelt revenues stay negative through 2026 into 2027 but argued sequential absorption is underway; he did not dispute the cited declines.
Calendar 2025 Q1
do you guys have any updates on the rent restrictions that we're seeing in L.A.
Show response
Tom confirmed fire-related state of emergency in place until beginning of 2026. Impact estimated at 100bps same-store revenue, back-half weighted.
Do you guys have any optimism there will be like some return to normalcy for peak leasing this year?
Show response
Joe stated base case does not embed a traditional peak leasing season uplift, consistent with muted existing home sale activity seen in 2024.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| EXR Extra Space Storage | 7 | 14%1 of 7 questions |
| PSA Public Storage | 4 | 25%1 of 4 questions |
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q4 | 1 | 0%none of 1 question | 1 |
| 2025 Q1 | 2 | 0%none of 2 questions | 1 |
| 2025 Q2 | 2 | 0%none of 2 questions | 1 |
| 2025 Q3 | No questions recorded | — | — |
| 2025 Q4 | 2 | 0%none of 2 questions | 1 |
| 2026 Q1 | 2 | 50%1 of 2 questions | 1 |
| 2026 Q2 | 2 | 50%1 of 2 questions | 1 |
- 2024 Q41 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q12 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q22 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q3No questions recorded
- 2025 Q42 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2026 Q12 questions · challenge rate 50% (1 of 2 questions) · 1 company
- 2026 Q22 questions · challenge rate 50% (1 of 2 questions) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Pricing4
- Demand4
- Revenue Growth3
- Macroeconomic3
- Regulation Policy3
- Competitive Dynamics2
- M&A1