Extra Space Storage Inc., one of four publicly traded U.S. self-storage real estate investment trusts (REIT), has acquired 19 California facilities from All Aboard Mini Storage for $195.1 million. The REIT also announced the retirement of Karl Haas, executive vice president and chief operating officer, effective Dec. 31.
Extra Space previously announced its intent to buy the All Aboard properties. The company expects to purchase one remaining All Aboard location by the end of the fourth quarter for approximately $11 million.
Haas has spent 25 years in the self-storage industry and will serve on the Extra Space board of directors following his retirement. Samrat Sondhi will be become senior vice president of operations on Dec. 31, effectively replacing Haas. Sondhi has been a member of the company's senior management team for eight years, operating in various roles including divisional vice president and senior vice president of revenue management.
Sondhi served as Storage USA’s vice president of revenue management for two years before Extra Space purchased the company in July 2005. Prior to joining Storage USA, Sondhi worked as a consultant with financial advisory firm Deloitte Consulting.
Extra Space also announced the resignation of Hugh W. Horne from the board of directors effective on Dec. 31. Horne is leaving to pursue other interests, company officials said.
Headquartered in Salt Lake City, Extra Space owns or operates 974 self-storage properties in 35 states; Washington, D.C.; and Puerto Rico. The company’s properties comprise approximately 649,000 units and 71 million square feet of rentable space.