8-K
Extra Space Storage Inc. (EXR)
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
May 19, 2025
(Date of Report (Date of Earliest Event Reported))
EXTRA SPACE STORAGE INC.
(Exact Name of Registrant as Specified in Its Charter)
| Maryland | 001-32269 | 20-1076777 |
|---|---|---|
| (State or Other Jurisdiction<br>of Incorporation) | (Commission<br>File Number) | (IRS Employer<br>Identification Number) |
2795 East Cottonwood Parkway, Suite 300
Salt Lake City, Utah 84121
(Address of Principal Executive Offices)
(801) 365-4600
(Registrant’s Telephone Number, Including Area Code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934Title of each classTrading symbolName of each exchange on which registeredCommon Stock, $0.01 par valueEXRNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
| Emerging growth company | ☐ |
|---|---|
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
| --- | --- |
On May 19, 2025, Extra Space Storage Inc. (the “Company”) announced that P. Scott Stubbs, the Company’s Executive Vice President and Chief Financial Officer, will retire effective as of December 31, 2025. The Company also announced that, in connection with Mr. Stubbs’ planned retirement, the Company’s board of directors selected Jeff Norman, the Company’s current Senior Vice President of Capital Markets and Treasury, to succeed Mr. Stubbs as Executive Vice President, Chief Financial Officer. Mr. Norman will assume the responsibilities of Chief Financial Officer beginning July 1, 2025. Mr. Stubbs will remain a member of the Company’s Executive Committee until his retirement, and he will continue to work closely with Mr. Norman and the Company’s finance and accounting functions through December 31, 2025.
Mr. Norman, 44, has served as the Company’s Senior Vice President of Capital Markets and Treasury since January 2024. Mr. Norman previously served as the Company’s Senior Vice President, Capital Markets from July 2021 to December 2023 and Vice President, Investor Relations from July 2014 to June 2021. Mr. Norman served in other roles of increasing responsibility since joining the Company in 2012. Mr. Norman has played a central role in obtaining and maintaining the Company’s public credit ratings and has managed the Company’s risk management function since 2022. Prior to joining the Company, Mr. Norman served in roles of increasing responsibility for over eight years at Zions Bank’s National Real Estate Group. Mr. Norman holds a B.A. in Finance and an M.B.A. from the University of Utah.
Mr. Norman’s annual base salary will be $450,000 following his appointment as the Company’s Executive Vice President and Chief Financial Officer. Mr. Norman will receive a grant of restricted stock with a value equal to $300,000, effective July 1, 2025. In addition, he will remain eligible for an annual bonus, equity awards and other employee benefits in accordance with the Company’s executive compensation program.
| Item 7.01 | Regulation FD Disclosure |
|---|
On May 19, 2025, the Company issued a press release announcing Mr. Stubbs’ planned retirement and Mr. Norman’s appointment as the Company’s Executive Vice President and Chief Financial Officer. A copy of the press release is attached hereto as Exhibit 99.1. The information contained in Item 7.01 of this current report, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. Such information shall not be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
| Item 9.01 | Financial Statements and Exhibits |
|---|
(d) The following exhibit is furnished herewith:
| Exhibit<br>Number | Description of Exhibit |
|---|---|
| 99.1 | Press Release dated May 19, 2025 |
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| EXTRA SPACE STORAGE INC. | ||||
|---|---|---|---|---|
| Date: | May 19, 2025 | By | /s/ Gwyn McNeal | |
| Name: | Gwyn McNeal | |||
| Title: | Executive Vice President and Chief Legal Officer |
Document
Exhibit 99.1
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Extra Space Storage Inc. | |
|---|---|---|
| PHONE (801) 365-4600 | ||
| 2795 East Cottonwood Parkway, Suite 300 | ||
| Salt Lake City, Utah 84121 | ||
| www.extraspace.com | ||
| FOR IMMEDIATE RELEASE |
Extra Space Storage Inc. Announces Executive Leadership Transition
SALT LAKE CITY, May 19, 2025 — Extra Space Storage Inc. (NYSE: EXR) (the “Company”) announced today the planned succession for its Executive Vice President and Chief Financial Officer, P. Scott Stubbs, who will retire on December 31, 2025. Mr. Stubbs has spent 25 years in various roles with Extra Space Storage, most recently as the Chief Financial Officer since 2011. Mr. Stubbs has been instrumental in the Company’s success over the past decades as an integral member of the management team that has grown the company from fewer than 100 stores to more than 4,000 locations today.
The Board of Directors of Extra Space Storage has selected Jeff Norman, the Company’s current Senior Vice President of Capital Markets and Treasury, to succeed Mr. Stubbs as Executive Vice President, Chief Financial Officer. Mr. Norman will assume the responsibilities of Chief Financial Officer beginning July 1, 2025. Mr. Stubbs will remain a member of the Company’s Executive Committee until his retirement, and he will continue to work closely with Mr. Norman and the Company’s finance and accounting functions through December 31, 2025.
Mr. Norman has been with the Company since 2012 and has served on the Company’s senior management team since 2014, operating in various roles including Director of Financing, Vice President Investor Relations, and most recently as Senior Vice President of Capital Markets and Treasury. Mr. Norman was instrumental in establishing the Company’s bridge lending platform, Extra Space Capital, as well as its sustainability program. Mr. Norman was also central in obtaining and maintaining the Company’s public credit ratings and has managed the Company’s risk management function since 2022. Prior to joining the Company, Mr. Norman served for over eight years at Zions Bank’s National Real Estate Group in multiple roles concluding as a Vice President. Mr. Norman holds a Master’s in Business Administration and a Bachelor’s of Arts in Finance from the University of Utah.
“We congratulate Scott on his upcoming retirement and thank him for his tremendous contributions to Extra Space’s success for over 25 years,” commented Joe Margolis, Chief Executive Officer. “Scott has been a constant at Extra Space, advising all three of the Company’s CEO’s and acting as a key partner to our investors and bankers. Scott has been a significant contributor to our company’s strategy, growth, and the evolution of our solid balance sheet.”
“We are also excited to have Jeff Norman join the executive team, and we have full confidence in his ability to lead our accounting and finance functions,” Margolis said. “Jeff has been a primary contact for our investors, analysts and bankers for over a decade, and he has been intentionally prepared for this transition into his new role at Extra Space.”
The Extra Space Storage team, including Mr. Margolis, Mr. Stubbs, and Mr. Norman will be attending and presenting at the REITweek: 2025 Investor Conference in New York, NY on June 2-5, 2025. To schedule time to meet with the team, email investor.relations@extraspace.com.
About Extra Space Storage Inc.:
Extra Space Storage Inc., headquartered in Salt Lake City, Utah, is a fully integrated, self-administered and self-managed real estate investment trust, and a member of the S&P 500. As of March 31, 2025, the Company owned and/or operated 4,099 self-storage properties, which comprise approximately 2.8 million units and approximately 315.0 million square feet of rentable storage space operating under the Extra Space brand. The Company offers customers a wide selection of conveniently located and secure storage units across the country, including boat storage, RV storage and business storage. It is the largest operator of self-storage properties in the United States.
Forward-Looking Statements:
Certain information set forth in this release contains “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements include statements concerning the terms, timing and completion of the offering of securities by Extra Space and the operating partnership, including the anticipated use of proceeds therefrom. In some cases, forward-looking statements can be identified by terminology such as “believes,” “estimates,” “expects,” “may,” “will,” “should,” “anticipates,” or “intends,” or the negative of such terms or other comparable terminology, or by discussions of strategy. All forward-looking statements are based upon our current expectations and various assumptions. Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them, but there can be no assurance that management's expectations, beliefs and projections will result or be achieved. There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in or contemplated by this release. Such risks and uncertainties include without limitation those associated with market risks and uncertainties and the satisfaction of customary closing conditions for an offering of securities, as well as the risks referenced in the “Risk Factors” section included in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. All forward-looking statements apply only as of the date of this release. We undertake no obligation to publicly update or revise forward-looking statements which may be made to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.
For Information:
Jared Conley
Extra Space Storage Inc.
(801) 365-1759