If you are a real estate investment trust (REIT) that is involved in the self storage industry you have to be feeling pretty good about yourself. According to recent reports, those involved in self storage have done better than all other REIT’s on a year to date basis as well as 12-month trailing results. Extra Space Storage is one of those REITs, and they are not taking this success lying down.
While it might be easy for Extra Space Storage, the No 2 self storage company in the United States with 854 self storage facilities across 34 states, to sit back and enjoy its success, they are still actively pursuing ways in which they can improve the company.
One such way is going to involve a change in personnel, more specifically to the executive team. Executive vice president and CFO Kent W. Christensen have come to agreement with the company that his services shall be terminated. Taking over for him will be Scott Stubbs, a longtime member of the senior management team and former senior vice president of accounting.
The more notable change comes at the head of the company. A familiar face will be coming back to sit at the head of the table in the third quarter of 2012—Kenneth M. Woolley. As one of the founders of the company, current member of the board, and a former Chairman of the Board and Chief Executive Officer, Woolley is expected to be able to come right in and continue building on the company’s current success. He will be returning fresh from completing a three-year mission for the Church of Jesus Christ of Latter-day Saints.
"We are excited to have Ken rejoin the team. For 13 years Ken and I have worked side-by-side to make Extra Space Storage a leader in the self-storage industry and a respected public REIT. Ken has been instrumental in both our growth and strategic direction and we look forward to Ken's return and to his continued contributions to our success," Spencer Kirk, current CEO and a member of the board stated.
A more recent change occurred on the company’s website; more of an addition to it. The company launched a new blog last month, www.extraspace.com/blog. The intent is to entertain readers enough to keep them coming back while teaching them about the self storage industry at the same time.
"…We hope this blog will give readers a humorous, yet practical way to learn about storage and see why Extra Space Storage is the right choice when looking for a storage provider," said James Overturf, Senior Vice President of Marketing for Extra Space Storage.
Sources Used:
“Extra Space Storage(R) Announces Executive Restructuring.” MarketWatch; 07 December 2011.
“Self-Storage Shines as Top-Performing REIT Sector in 2011.” Inside Self Storage; 06 December 2011.
“Extra Space Storage(R) Announces Launch of Storage Blog.” MarketWatch; 29 November 2011.