8-KLeadership ChangesExhibits & Filings

Extra Space Storage Inc. 8-K Report, Executive Changes (Sep 12, 2007)

Filed September 12, 2007For Securities:EXR

Summary

Extra Space Storage Inc. (EXR) announced a significant leadership change via an 8-K filing on September 12, 2007. Effective September 6, 2007, Spencer F. Kirk was appointed President of the company. In this role, Mr. Kirk will report directly to the Chairman and CEO, Kenneth M. Woolley, and will be responsible for overseeing key business operations including field operations and corporate finance. This appointment signals a potential shift in operational management and strategic direction for the company. Mr. Kirk brings nearly a decade of experience within the Extra Space Storage organization, having previously served as Executive Vice President and a Director since the company's IPO in 2004. His compensation package includes a base salary of $350,000, eligibility for a year-end bonus, and a stock option grant of 75,000 shares. Investors should note potential related-party transactions involving entities where Mr. Kirk holds ownership interests, as disclosed in previous filings and reiterated in this report.

Key Highlights

  • 1Spencer F. Kirk appointed President, effective September 6, 2007.
  • 2Mr. Kirk will report directly to Chairman and CEO Kenneth M. Woolley.
  • 3He will oversee business operations, including field operations and corporate finance.
  • 4Mr. Kirk has nearly 10 years of experience with Extra Space Storage and its predecessor.
  • 5His compensation includes a $350,000 base salary, bonus potential, and 75,000 stock options.
  • 6The filing reiterates disclosures of Mr. Kirk's ownership interests in related party entities with prior year transactions.

Frequently Asked Questions

This 8-K filing announces the appointment of Spencer F. Kirk as the new President of Extra Space Storage Inc. and details his role, compensation, and background.

As President, Mr. Kirk will report to the CEO and will be responsible for overseeing business operations, including field operations and corporate finance for the company.

Mr. Kirk will receive a base salary of $350,000, is eligible for a year-end bonus determined by the Compensation Committee, and has been granted 75,000 stock options under the company's Long-Term Incentive Compensation Plan.

The filing notes that Mr. Kirk owns interests in related party entities (Centershift, Extra Space Development, SpenAero, L.C.) that have engaged in transactions with Extra Space Storage. These are disclosed as per previous filings, and investors should be aware of these relationships.