8-KLeadership ChangesRegulation FDExhibits & Filings

Extra Space Storage Inc. 8-K Report, Executive Changes (Jul 8, 2015)

Filed July 8, 2015For Securities:EXR

Summary

This Form 8-K filing by Extra Space Storage Inc. (EXR) on July 8, 2015, primarily details significant executive and board changes. The company announced the appointment of Joseph D. Margolis as its new Chief Investment Officer (CIO), a role he will assume immediately. Mr. Margolis, previously a director since 2005, brings extensive experience from real estate investment firms. His compensation package includes a base salary, bonus potential, restricted stock grants, and stock options. Furthermore, the filing announces the appointment of Gary B. Sabin to the board of directors. Mr. Sabin has a robust background in the REIT sector, having founded and led several real estate companies. Additionally, Charles L. Allen will transition from his role as Executive Vice President and CIO to focus exclusively on strategy and complex transaction execution. These changes indicate a strategic strengthening of the company's investment and executive leadership teams.

Key Highlights

  • 1Appointment of Joseph D. Margolis as Chief Investment Officer (CIO), effective immediately.
  • 2Mr. Margolis, a former board member, brings significant real estate investment experience.
  • 3Mr. Margolis' compensation includes a $500,000 base salary, bonus potential, restricted stock, and stock options.
  • 4Appointment of Gary B. Sabin to the Board of Directors, bringing extensive REIT industry experience.
  • 5Charles L. Allen transitions from CIO to an Executive Vice President role focused on strategy and complex transactions.
  • 6The filing announces these changes via a press release dated July 7, 2015.

Frequently Asked Questions

Joseph D. Margolis has been appointed as the new Chief Investment Officer (CIO) of Extra Space Storage Inc., effective immediately.

Mr. Margolis, 54, previously served as Senior Managing Director and Partner at Penzance Properties and was a co-founding partner of Arsenal Real Estate Funds. He has also been a member of Extra Space Storage's board of directors since February 2005.

Gary B. Sabin, 60, has been appointed to the Board of Directors. He currently serves as Chairman and CEO of Excel Trust, Inc. and has extensive experience in the real estate industry, particularly within the REIT sector.

Charles L. Allen will transition from his role as Executive Vice President and CIO to an Executive Vice President position, focusing on strategy and the execution of complex transactions, including operating partnership unit acquisitions.