David Rogers, the co-founder and longtime CEO of self-storage real estate investment trust (REIT) and property-management firm Life Storage Inc., will step down on March 1, though he’ll remain on the board of directors. Rogers will be replaced by Joseph Saffire, who joined the REIT in November as chief investment officer, according to a press release.
Under Rogers, Life Storage nearly doubled its revenue and funds from operations from 2013 to 2017, a source reported.
"The board of directors would like to thank Dave for his significant contributions to the company over the past 35 years as a co-founder, 17 as [chief financial officer] and, for the past seven years, as CEO,” said Mark Barberio, company chair. “We are pleased that he will continue to provide his knowledge, perspective, and passion as a member of our board.”
Saffire came to Life Storage after 25 years in commercial banking, including leadership roles at First Niagara Financial Group Inc., HSBC Holdings PLC and Wells Fargo & Co. As a member of the REIT’s senior management team, he has been integral in executing the company’s operational, investment, acquisition and capital-markets strategy, officials said.
"We are excited for Joe to transition to the role of CEO. He brings a wealth of leadership, relationship, real estate, and capital-markets skills to this position, and he has been a great fit since joining us last year,” Barberio said. “We believe Joe, along with the rest of our talented and experienced team, will continue to successfully serve our customers, grow our portfolio, and build our company’s shareholder value.”
"Joe has proven to be an incredible asset to our company, working extremely well with the entire management team and all of our stakeholders,” added Rogers. “His efforts to advance our real estate investment and third-party management strategies and operations have better positioned Life Storage for further growth. I look forward to collaborating with him over the next six months to ensure a smooth transition, and with my fellow board members to position Life Storage for continued success.”
"It is an absolute honor to lead Life Storage through our next phase of growth. I look forward to continuing to work side by side with this incredible customer-focused, hard-working, collaborative and innovative team,” Saffire said.
Based in Buffalo, Life Storage operates more than 700 self-storage facilities in 28 states under the Life Storage and Uncle Bob’s brands. Its portfolio of owned and managed facilities comprises more than 50 million square feet.