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SALT LAKE CITY - Extra Space Storage Inc. (NYSE:EXR), a prominent player in the Specialized REITs industry with a market capitalization of $32.2 billion and an impressive 22-year track record of consistent dividend payments, announced a forthcoming change in its executive leadership. According to InvestingPro analysis, the company currently maintains a "GREAT" financial health score of 3.11, though it trades above its Fair Value. Jeff Norman, currently serving as Senior Vice President of Capital Markets and Treasury, will take over as Executive Vice President and Chief Financial Officer effective July 1, 2025. He succeeds P. Scott Stubbs, who will retire at the end of the year after a notable 25-year tenure with the company.
The transition comes as Extra Space Storage has expanded its operations significantly under Stubbs’ financial guidance, growing from fewer than 100 locations to over 4,000 self-storage properties nationwide. The company’s strong performance is reflected in its 15.3% revenue growth over the last twelve months and attractive 4.27% dividend yield. During his time as CFO since 2011, Stubbs has been a pivotal figure in the company’s strategy and the development of a robust balance sheet, evidenced by liquid assets exceeding short-term obligations. Discover more detailed insights and 8 additional key ProTips with InvestingPro.
Norman, who joined Extra Space Storage in 2012, has been a key player in the company’s senior management team since 2014. His contributions include establishing the company’s bridge lending platform and spearheading its sustainability program. He has also played a central role in managing the company’s risk since 2022 and has been pivotal in maintaining the company’s public credit ratings.
CEO Joe Margolis expressed confidence in Norman’s capabilities to lead the finance and accounting functions and praised Stubbs for his substantial contributions to the company’s success. Margolis noted that Norman has been intentionally prepared for his new role, having been a primary contact for investors, analysts, and bankers for over a decade.
Extra Space Storage, which is a member of the S&P 500, operates a vast network of storage units offering various services, including boat, RV, and business storage. The company’s executive team, including Margolis, Stubbs, and Norman, will be present at the REITweek: 2025 Investor Conference in New York from June 2-5, 2025.
This leadership transition is based on a press release statement and reflects the company’s ongoing commitment to strategic growth and executive planning. The information provided does not imply any endorsement of claims or projections for the future performance of Extra Space Storage.
In other recent news, Extra Space Storage reported stronger-than-expected earnings for the first quarter of 2025. The company posted an earnings per share (EPS) of $1.28, surpassing analysts’ forecast of $1.04. However, revenue slightly missed expectations, coming in at $820 million against a projected $823.9 million. Despite this minor revenue shortfall, the company maintained its full-year guidance for funds from operations (FFO) and increased its acquisition guidance to $600 million.
KeyBanc Capital Markets maintained an Overweight rating for Extra Space Storage, with a price target of $178.00, citing the company’s robust performance amid challenging conditions. The firm emphasized the significance of the integration of the Life Storage (LSI) portfolio, which is expected to continue positively influencing revenue growth. Occupancy rates improved by 120 basis points year-over-year, and street rate trends showed positive momentum.
Extra Space Storage’s strategic initiatives, including the expansion of its third-party management platform, were highlighted as key drivers of growth. The company reported a 2% year-over-year increase in core FFO per share to $2.00, despite a slight decline in same-store net operating income due to rising uncontrollable expenses. Analysts noted that the company’s pricing recovery could help narrow the rate gap with LSI portfolios, further supporting future revenue growth.
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