SALT LAKE, UT—Extra Space Storage Inc. as completed a realignment of its executive team. Charles Allen, the company's executive vice president and chief investment officer, will step down as CIO. Allen will continue in his duties as an EVP, focusing on strategy and execution of complex transactions, including acquisitions involving operating partnership units. He has been part of the company's management team since 1998, and has served as general counsel, chief legal officer and CIO. The company has appointed Joseph Margolis, as the new CIO effective immediately.
Margolis has served as a member of the company's board of directors since February 2005 and will resign from the board in connection with joining the company as CIO. From 2011 until his appointment as the Extra Space's CIO, Margolis served as senior managing director and partner at Penzance Properties in the Washington, D.C. metro area. Previously, he was a co-founding partner of Arsenal Real Estate Funds from 2004 through 2011. Before forming Arsenal, Margolis held senior positions at Prudential Real Estate Investors from 1992 to 2004 in portfolio management, capital markets and as General Counsel. He is a graduate of Harvard College and Columbia University School of Law.
On July 3 Extra Space appointed Gary Sabin to its board of directors. Sabin has served as chairman and CEO of Excel Trust, Inc., a retail focused REIT, since its formation in December 2009. Since October 2003, Sabin has served as chairman, CEO and president of Excel Realty Holdings. Sabin received a master's degree in management from Stanford University as a Sloan Fellow and a bachelor of science in finance from Brigham Young University.
"Charley Allen has been a key executive over the past 17 years," commented Spencer Kirk, Extra Space's CEO. "He was instrumental in taking Extra Space public, and he played a key role in the acquisition of Storage USA. Charley has been integral to the development of our national portfolio, with over 1,000 stores added under his leadership as CLO and CIO. Clearly, we are excited to welcome Joe Margolis to our executive team and Gary Sabin to our board, both of whom bring a wealth of expertise to the company."
Extra Space Storage Inc., headquartered in Salt Lake City, is a fully integrated, self-administered and self-managed real estate investment trust. The company owns and/or operated 1,146 self-storage properties in 35 states, Washington, D.C. and Puerto Rico.