On Monday (July 8), Woolley stepped down as the REIT’s chief investment officer, according to a filing with the U.S. Securities and Exchange Commission (SEC). Woolley retains his other role at Extra Space—executive chairman—and remains involved in the REIT’s day-to-day business.
The company tapped Charles Allen, its chief legal officer, to succeed Woolley as chief investment officer. On top of that, Allen still is an executive vice president.
Taking over for Allen as chief legal officer is Gwyn McNeal. McNeal was vice president of legal operations and now is senior vice president and chief legal officer.
As Allen settles into his new position as chief investment officer, he’ll surely be relying on advice from colleagues like Woolley and Extra Space CEO Spencer Kirk.
In 2008, Woolley shared with the New York Times one of the biggest lessons he’s learned about investing in real estate: “You make money when you buy, not when you sell. It’s all about buying at the right time.”
Along those lines, Kirk said recently that his company would be a “competitive bidder” for any self-storage portfolios going up for sale this year. In 2012, Extra Space bought 91 self-storage properties for a little more than $700 million.
In discussing the company’s first-quarter earnings for 2013, Kirk said Extra Space wants to take a “disciplined” and “selective” approach toward acquisitions. The company has earmarked $150 million for acquisitions this year. Kirk told Wall Street analysts that in terms of self-storage acquisitions, “there’s an incredible amount of money chasing too few opportunities.”
Although Woolley no longer is chief investment officer, he’s still be an important voice in discussions about Extra Space’s investment strategy.
An Extra Space report filed in April with the SEC said Woolley “has extensive experience in the industry and an in-depth understanding of the elements of our business that impact our strategy.”
Woolley is one of seven members of the Extra Space board of directors. In 2012, his corporate compensation, including salary and stock, added up to slightly more than $1 million. As of April, he owned nearly 1.4 million shares of Extra Space stock.
Woolley rejoined Extra Space as executive chairman and chief investment officer in July 2012. He had resigned as chairman and CEO effective April 1, 2009, to serve a three-year volunteer mission with the Church of Jesus Christ of Latter-day Saints (Mormon). Woolley had held the chairman and CEO positions since Extra Space Storage was founded in 1977.
Nearly 1,000 Facilities
Extra Space, based in Salt Lake City, went public in 2004. It is one of four publicly traded self-storage REITs. The others are Public Storage Inc., Sovran Self Storage Inc. (Uncle Bob’s) and CubeSmart.
Extra Space owns or operates 965 self-storage facilities in 35 states, the District of Columbia and Puerto Rico. The properties comprise about 640,000 units and more than 70 million square feet of rentable storage space, making it the country’s second-largest self-storage operator behind Public Storage.
In 2012, Extra Space posted revenue of $383.7 million.
Images courtesy of extraspace.com, huntsman.usu.edu, reit.com