Extra Space Storage Inc., a self-storage real estate investment trust (REIT) and third-party management firm, has realigned its executive team and board of directors. Charles L. Allen is stepping down from his post as chief investment officer (CIO), but will remain the company’s executive vice president. He’ll focus on strategy and execution of complex transactions, including acquisitions involving operating partnership units. Allen has been part of the Extra Space management team since 1998, serving as CIO, chief legal officer (CLO) and general counsel.

“Charley has been a key executive over the past 17 years,” said CEO Spencer F. Kirk. “He was instrumental in taking Extra Space public, and he played a key role in the acquisition of Storage USA. Charley has been integral to the development of our national portfolio, with over 1,000 stores added under his leadership as CLO and CIO.”

Joseph D. Margolis has been appointed as the company’s CIO, effective immediately. Margolis will resign from the Extra Space board, on which he’s served since 2005, as well as the board’s audit committee and the compensation, nominating and governance committee.

Before joining Extra Space, Margolis was the senior managing director and partner for investment firm Penzance Management LLC in Washington, D.C., for nearly five years. Prior to that, he was a co-founding partner in 2004 of Arsenal Real Estate Funds, a private-equity real estate investment company. He also previously held senior positions at Prudential Real Estate Investors in portfolio management, capital markets and as general counsel. Margolis is a graduate of Harvard College and Columbia Law School.

Extra Space also appointed Gary B. Sabin to its board. Sabin served as CEO and chairman of Excel Trust Inc., a retail-focused REIT, since its formation in December 2009. From 2003 to 2009, he was CEO, chairman and president of Excel Realty Holdings LLC. Sabin also served as CEO and co-chairman of Price Legacy Corp. For more than 35 years, he’s been active in diverse aspects of the real estate industry. He received a master's degree in management from Stanford University in the Sloan Fellows program and a bachelor’s of science in finance from Brigham Young University.

“Clearly, we are excited to welcome Joe to our executive team and Gary to our board, both of whom bring a wealth of expertise to the company,” Kirk said.

Headquartered in Salt Lake City, Extra Space currently owns or operates 1,146 self-storage properties in 35 states; Washington, D.C.; and Puerto Rico. The company’s properties comprise approximately 775,000 units and 85 million square feet of rentable space.

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