graphic graphic

2020 Annual Report

Innovating for a better tomorrow

People

“Our people rose to the challenges of 2020, and with adaptability and resilience they continued to help our customers to a better tomorrow. We have always said our people and culture are a key differentiator for Extra Space, and this past year is evidence of that.”

Extra Space is the best place to work in the self-storage industry. We work continually to evolve and improve our employee experience because we believe that if we have the best people, we will produce the best results. This focus on building a deep, diverse talent pool at Extra Space is not only about executing today but having the right people in place to ensure excellent execution for tomorrow. As a result, we focus on learning and development at all levels of the company and providing a career path, not just a job.

Graphic
graphic graphic

  • Glassdoor
    Best Place to Work 2020 (#90 out of 1 million+ Companies)”

  • Forbes
    America's best employers for diversity 2020

  • Utah Business
    best companies to work for 2020

Our executive management team has an average tenure of 17 years with Extra Space Storage, and succession plans are emphasized at every level of management. We have a track record of well-executed management transitions allowing us to seamlessly adapt to change. Our management team’s style has been praised by employees for its transparency, its encouragement of work life balance, and its ability to drive the team to bring their best selves to work. Our executive team has consistently been recognized on Wall Street for providing excellent “bang for the buck” when comparing compensation to total shareholder return.

Our focus on top talent, is true at all levels of the company. From our call center, to our stores, to our store support center, we want the best people in every position we can find, and we want those people engaged and happy to stay at Extra Space. In our most recent employee engagement survey, we had an overall engagement rating of 85 of 100 with 86% of employees reporting that they were satisfied with their job at Extra Space.

DIVERSITY AND INCLUSION

Extra Space has always prioritized diversity and inclusion among employees, but in 2018 we decided to formalize our commitment to Diversity and Inclusion with a commitment statement, and by implementing a Diversity and Inclusion committee to steer the company’s continued improvement.

In 2020, the Diversity and Inclusion committee formed subcommittees focused on education, employee resource groups, and community social involvement to continue to drive the many initiatives Extra Space had started. Their work earned Extra Space a spot on Forbes’ list of Best Employers for Diversity.

“This is such important work, not only for Extra Space, but for the wider impact this can have on society. I am so proud to be a part of this company, which is leading the pack in Diversity and Inclusion and reaping the social and financial benefits of making space for everyone at the table.” – Store Manager in Kingston, NY

Our culture and values

Ask any employee at Extra Space about what makes Extra Space successful and they’ll point to our company culture and our company values. Our five values – Integrity, Excellence, Innovation, Teamwork and Passion – are at the center of everything we do. They steer the way we work, interact with customers, and behave in our communities. Our Company compass is a guide that gives direction to our strategy. Learn more about our company culture here.

joseph's photo scott's photo zach's photo matt's photo samrat's photo noah's photo Gwyn's photo

Joseph Margolis

Chief Executive Officer

Joseph D. Margolis has served as our Chief Executive Officer since January 1, 2017. Previously, he served as our Executive Vice President and Chief Investment Officer (“CIO”) from July 2015 until December 31, 2016. Mr. Margolis served as a member of our board of directors from February 2005 until July 2015. From 2011 until July 2015, he also was Senior Managing Director and Partner at Penzance Properties, a vertically integrated owner, operator and developer of office and other properties in the Washington, D.C. metro area. Previously, Mr. Margolis was a co-founding partner of Arsenal Real Estate Funds, a private real estate investment management firm, from 2004 through 2011. Before forming Arsenal in 2004, Mr. Margolis held senior positions from 1992 to 2004 at Prudential Real Estate Investors in portfolio management, capital markets and as General Counsel. Before that, Mr. Margolis worked for The Prudential Insurance Company of America as in-house real estate counsel from 1988 through 1992, and as a real estate associate at the law firm of Nutter, McClennen & Fish from 1986 through 1988. Mr. Margolis is a graduate of Harvard College and Columbia University School of Law.

Scott Stubbs

Executive Vice President & Chief Financial Officer

P. Scott Stubbs has served as our Chief Financial Officer since December 2011. He served as the Company’s Senior Vice President Finance and Accounting since our inception, and the Corporate Controller of our predecessor beginning in December 2000. Prior to joining our predecessor, Mr. Stubbs served as Chief Financial Officer of the Lyon Company from June 2000 through December 2000. From 1995 through 2000, he served as the U.S. Controller of Critchley Inc. and from November 1992 through June 1995, he worked at Neilson, Ellgren, Durkin & Co. as a consultant. Mr. Stubbs is a licensed CPA and holds a B.S. and a Masters in Accountancy from Brigham Young University. Mr. Stubbs currently serves as a member of the board of directors of ZAGG Inc. and as the audit committee chairman.

Zach Dickens

Executive Vice President and Chief Investment Officer

Zach Dickens has been with Extra Space Storage since 2002. He has served in various roles in the real estate department beginning as an analyst to his present role as Chief Investment Officer for the company. Having closed over $5 billion in real estate transactions during his tenure, Mr. Dickens has been instrumental in structuring transactions with Extra Space Storage’s partners and growing the company’s bridge lending program. Prior to joining Extra Space Storage, Mr. Dickens oversaw a technical support team at eBay where he worked in the Half.com unit. Mr. Dickens has a Master of International Management from Thunderbird School of Global Management, has an M.B.A from Arizona State University and a bachelors in Russian Language from the University of Utah.

Matt Herrington

Executive Vice President and Chief Operations Officer

Matt Herrington joined the Company’s executive team as Chief Operating Officer in June 2020. Mr. Herrington has been a member of the Company’s senior management team for over a decade, most recently serving as the Senior Vice President of Operations for five years, responsible for Company operations in the western United States including approximately 900 locations. Mr. Herrington has been with the Company since 2007 in various roles including Divisional Vice President and Senior District Manager being deeply involved in the company’s operation. Mr. Herrington holds a Master's of Science in Management from Baker University and a Bachelor's in Business Administration from the University of Nebraska - Kearney.

Gwyn McNeal

Executive Vice President & Chief Legal Officer

Gwyn G. McNeal has served as Chief Legal Officer since July 2013. Ms. McNeal has been with the Company for more than 12 years. Prior to her current role she was the Vice President and Associate General Counsel of the Company, providing legal support to the Company’s operations team along with overseeing litigation, employment law matters and intellectual property. Ms. McNeal began her career practicing law with Latham & Watkins LLP, San Diego from 1992 to 2000. She then served as General Counsel for 3form, Inc. from 2000 to 2003. Prior to joining the Company, Ms. McNeal represented the Company as external counsel with Nelson Christensen & Helsten. Ms. McNeal holds a B.A. from Brigham Young University and a J.D. from the University of Southern California.

Samrat Sondhi

Executive Vice President and Chief Marketing Officer

Samrat Sondhi has served as a member of the Company’s executive team since January 2014, previously holding the position of Chief Operations Officer before becoming the Chief Marketing Officer in June 2020. Prior to that, Mr. Sondhi served on the Company’s senior management team for eight years in a variety of roles including Divisional Vice President covering core markets across the United States, and Senior Vice President of Revenue Management where he played a key role in the evolution of pricing strategy and execution for the self-storage industry. Prior to joining the Company, Mr. Sondhi served as the Vice President of Revenue Management for Storage USA for two years. Prior to joining Storage USA, Mr. Sondhi worked as a consultant with Deloitte Consulting from 2001 to 2002. Mr. Sondhi holds an M.B.A. degree from Carnegie Mellon University and a B.S. in electronics from Pune University, India.

Noah Springer

Executive Vice President and Chief Strategy and Partnership Officer

Noah Springer joined Extra Space Storage in 2006, after several years in the banking industry. His initial responsibility was to acquire the third-party managed contracts from the newly acquired Storage USA portfolio. Mr. Springer then helped create Management Plus Extra Space Storage’s third-party management platform. Management Plus has become the sector’s largest third-party management portfolio and now has over 700 properties under management. In addition to overseeing Management Plus, Mr. Springer leads the Asset Management and Construction efforts at Extra Space which includes all value-add projects, commercial revenues, and joint ventures. Mr. Springer has a Finance degree and an MBA from the University of Utah.