Christopher P. Marr has been named the successor to Dean Jernigan as chief executive officer of CubeSmart, a self-storage real estate investment trust (REIT), beginning Jan. 1, 2014. Marr currently serves as the companys president, chief operating officer and chief investment officer. Jernigan will retire Dec. 31.
"We are at an important point in the evolution of the self-storage industry," Marr said. "Scale and sophistication provide greater competitive advantages than ever before, and CubeSmart is well-positioned to be a leader in the sector. In the years ahead, we have a clear path to maximize shareholder value through disciplined internal and external growth initiatives. I am excited about the future of our company and am honored by the confidence placed in me to lead us forward."
A self-storage industry veteran, Marr has more than 18 years of REIT executive-management experience. He is credited with repositioning CubeSmarts property portfolio and has overseen advancements across all functions of the company. Marr joined CubeSmart in 2006 as chief financial officer (CFO), after serving in the same role for Brandywine Realty Trust, a publicly traded office REIT, from 2002 to 2006. He was CFO of self-storage REIT Storage USA Inc. from 1998 to 2002.
"The board recognizes Dean's tremendous leadership in transforming the company and building a secure foundation for future growth. We are fortunate to have not one, but two of the self-storage industry's most experienced executives, said William M. Diefenderfer III, board chairman. Chris is a natural leader and a strategic thinker. He has broad experience in all facets of the self-storage business and a strong public company track record. The board recognizes that succession is among its top responsibilities and is very confident in a seamless transition."
"My tenure as CEO has been exceedingly rewarding," Jernigan said. "I am proud of our many accomplishments over the past seven years, as we have completely transformed this company's operational infrastructure, property portfolio, balance sheet and culture. However, I am most proud of the extraordinary team of people that we have at CubeSmart. I have had the great fortune of working with Chris for nearly 20 years, and I cannot think of a more fully prepared, capable and deserving person to lead CubeSmart into its next phase of profitability and growth."
CubeSmart owns or manages 515 self-storage facilities nationwide and operates the CubeSmart Network, which consists of approximately 800 additional facilities. According to the Inside Self-Storage Top-Operators List, the company is the fourth largest operator of self-storage facilities in the United States.