Q&A with Extra Space Storage President Noah Springer

Over his 20-year career at Extra Space Storage, President Noah Springer has played a pivotal role in the company's evolution and success. In this Q&A, he reflects on his path, the development of the industry‑leading ManagementPlus platform, and the lessons that have shaped his leadership.

How did your career path lead you to Extra Space Storage?

Upon graduating from the University of Utah, I began interviewing for different jobs. I went through a series of interviews for a company that, unfortunately, ended up hiring someone else. Eventually, I was hired by Zions Bank to work in their fixed-income trading department. My plan was to stay there for a few years and return to school for a graduate degree, but one day, out of the blue, it was interrupted. I received a call from the hiring manager at the initial company I interviewed with. Even though they hadn't hired me, he had remembered me, and he had a friend who was looking for an acquisitions analyst. His friend happened to be Ken Woolley, Jr. The rest is history.

What is the best advice you've received in your career?

The concept of the inverted pyramid. This idea was preached by Spencer Kirk, Extra Space Storage's previous CEO. The idea is that it is human nature to put the company at the bottom of the pyramid, your department in the middle, and yourself—naturally the most important—at the top. While this might serve the individual well in the short term, the company will suffer in the long term if we all act as individuals, looking out only for ourselves.

The inverted pyramid places the individual at the bottom, then the department, and finally the company at the top. If we all place the company first, above ourselves and our department, eventually it will all flow back to the individual. While this view takes more time, the individual benefits far outweigh the effort of putting yourself ahead of the company's needs.

Which experience(s) in your career influenced who you are today?

Early in my career at Extra Space Storage, I was introduced to the concept of an FOK or Friend of Ken. These were friends of Ken Woolley who had known him for many years—some even since high school. Extra Space Storage managed sites for many of these individuals, who often felt entitled to whatever they wanted because of their special relationship with our founder. Because I was new and the lowest person on the totem pole, I was tasked with dealing with many of the FOKs because no one else wanted to.

I quickly realized that there are many opportunities available where others see problems. I learned that every owner has a story and isn't as difficult as others may think. They just want their issues heard and addressed. We can learn a lot from our partners and work together to find solutions to their problems. Eventually, these FOKs turned into some of our best and most long-term management partners, and I hope that someday they call themselves FONs!

What has been the most challenging aspect of your career?

Living in the moment and getting today's job done instead of wanting tomorrow's opportunities. I have always been ambitious and have a tough time being satisfied with my current state. While those personality traits can be strengths, they can also prove difficult to manage over a long career. I like to ride bicycles, and when I ride long distances, I have to force myself to focus on the next pedal turn, not the distance to the finish line. The same applies to my career—I remind myself to do the best job on what I am working on today instead of thinking, "If I had my next job, what would I be doing?"

What has been the most fulfilling aspect of your career?

It has been very fulfilling to see the growth of Extra Space Storage as it has become such a great company. I love telling people I work at Extra Space Storage, and they know who we are! It's fun to think back to when we were small and unknown and see how far we have come, and now how other companies want to be like us. Many years ago, storage would not have been considered an investment-grade real asset class by other large real estate companies, banks, and investment firms. Today, many are envious of what we have built.

Describe your most successful endeavor with Extra Space Storage.

Starting ManagementPlus has been both successful and fulfilling. In 2008, a small handful of us decided to really push third-party management and see if it could turn into a major contributor to our company. In a few years, it became the largest third-party management platform in the industry with over 500 stores. We are now bringing on hundreds of stores each year, but this was not always the case. There were many quarters in which we added very few, if any, new stores. It has been exciting and challenging to work through the ups and downs of growing this platform. I have always wanted to be an entrepreneur and have been very happy that Extra Space Storage has given me the opportunity to be one within the safety of a great company.

What advice would you give to future Extra Space Storage leaders?

Run toward your problems. It might feel better to pretend that you don't have imperfections or don't make mistakes, but you are wrong. Identify what is broken and fix it. When you, your department, or our company makes a mistake, own it and come back with a solution. Find solutions, and others will respect you, and you will gain respect for yourself instead of pretending that you are perfect.

This article is part of an ongoing series of interviews with Extra Space Storage (NYSE: EXR) team members. Noah Springer is the President of Extra Space Storage.