Dear Fellow Shareholders,
On April 1, 2009, I completed my tenure as chairman and chief executive officer of Extra Space Storage. Since building our first self-storage property in 1977, Extra Space Storage has grown into the second-largest self-storage company in the country and the world.
As you know, I have accepted an opportunity to serve a mission in Moscow, Russia for the Church of Jesus Christ of Latter-day Saints. Though I will not be involved in the day-to-day operations of the Company’s business, I will continue to serve on the board of directors and will be in frequent contact with the management team.
The invitation to serve this mission came as a surprise, as this assignment is one for which I did not lobby or apply. My decision to accept the invitation to serve was made easier when I considered the strong team that we have assembled at Extra Space Storage.
I have the utmost confidence in our new CEO, Spencer F. Kirk, who has the full and enthusiastic support of our executive team and board of directors. Spencer joined the company in 1998 and has served as our president since 2007. He and I have worked side-by-side to bring Extra Space Storage to its leadership position in the self-storage industry. As the company’s largest private shareholder, Spencer is clearly focused on building shareholder value, and you will find him to be a forward-thinking, innovative and transparent CEO who will serve our shareholders well.
As I look back on my time leading Extra Space Storage, I am especially proud of the strength and continuity of our management team and the commitment of our employees. Today, we remain well positioned to continue advancing our company, our performance and our market share. These are difficult financial times, but I believe our company will continue to succeed by focusing on the best people, the best properties and the best processes.
For more than three decades, it has been my privilege to serve this company and you, our shareholders. As I embark on the next chapter of my life, I would like to thank you for your support over the years. I look forward to remaining an active member of the Company’s board of directors as Extra Space Storage continues to lead the self-storage marketplace into the future.
Sincerely,
Kenneth M. Woolley
