Starting next year, a new CEO will be at the helm of Extra Space Storage.

Joe Margolis, the company’s chief investment officer since July 2015, will replace outgoing CEO Spencer Kirk effective January 1, 2017.

Kirk, who has been in the CEO position since 2009, will remain on the company’s board of directors and focus “significant attention” to his non-profit foundation, Kirk Humanitarian.

“I am grateful to have worked with a dedicated team and we should all be proud of what we are building together. Having worked with Joe for nearly two decades, I am confident that we share a common vision for the continued growth of Extra Space,” Kirk said in an official statement.

Margolis has held a position on the Salt Lake City, UT-based REIT’s board since 2005. Prior to becoming CIO in 2015, Margolis served as senior managing director and partner at Penance Properties in Washington D.C. He is a graduate of Harvard College and Columbia University School of Law.

“I look forward to leading a team that will continue the Extra Space legacy of consistently delivering a great product to our customers, providing an enriching workplace for our fellow team members, and striving to execute on our strategy to enhance shareholder value over the long term,” Margolis said in a statement.






Alexander Harris