Extra Space Storage Announces Changes

Posted on Aug 30 2013 - 5:01pm by Holly Robinson

Extra Space Storage Inc. has lots of news today! Changes in their management and new purchases of facilities.

They announced today that there will be a change in the company’s management team.  Effective December 31, 2013, Karl Haas, the Company’s Executive Vice President and Chief Operating Officer, will retire.

Hass has been with Extra Space Storage since July 2005. His responsibilities have been to oversee the day-to-day operations of their self storage properties. Prior to working with Extra Space Storage, Hass served as the Executive Vice President of Operations for Storage USA. He has spent 25 years in the self storage industry and is a valued and highly respected member of the Company’s executive team.

Following his retirement, the Company will appoint Mr. Haas to their Board of Directors. He will join Kenneth Woolley, Anthony Fanticola, Spencer Kirk, Joseph Margolis, Roger Porter, and Fred Skousen.

Samrat Sondhi will be appointed Senior Vice President over Operations effective upon Mr. Haas’ retirement. Sondhi has been a member of the Company’s senior management team for eight years. He has covered core markets throughout the United States and was the Senior Vice President Revenue Management. He played a significant role in the development of the pricing strategy. Sondhi worked as a consultant with Deloitte Consulting before he joined Extra Space Storage.

In addition to Hass retiring, Hugh W. Horne tendered his resignation from the Company’s Board of Directors effective December 31, 2013 to pursue other interests.

Besides the changes in management, Extra Space Storage has added to their portfolio. Effective today, they completed the purchase of 19 self storage facilities in California. These facilities were under the All Aboard Mini Storage brand. The approximate purchase price was $195 million, inclusive of defeasance related costs. They anticipate purchasing the one remaining All Aboard property by the end of the fourth quarter this year. Purchase price for that facility will be approximately $11 million, inclusive of defeasance related costs.

Extra Space Storage, Inc. is headquartered in Salt Lake City, Utah. They own and/or operate 974 self storage properties in 35 states, Washington, D.C., and in Puerto Rico. They have around 649,000 rental units and more than 71 million square rentable storage space. They are the second-largest owner and/or operator of self storage properties and the largest self storage management company in the United States.

Sources Used:

Extra Space Storage Announces Executive Restructuring and the Purchase of 19 All Aboard Mini Storage Properties.”  Yahoo! Finance; 29 August 2013.

Extra Space Storage.