Extra Space Storage will change chief executives on Jan. 1, 2027, with President Noah Springer set to succeed Joe Margolis, who will retire at year-end and remain on as an adviser to the board.
The move comes after a decade in which the company expanded sharply under Margolis. Extra Space said its store count increased from 1,400 to more than 4,400 over the past 10 years, a gain of more than 3,000 locations. During that span, rentable square footage climbed from about 100 million to more than 340 million square feet, while annual revenue rose from $1.1 billion to $3.5 billion.
Market value also increased substantially under Margolis, with the company saying its market capitalization grew from roughly $9 billion to $30 billion. The company said it delivered the highest 10-year total shareholder return in the storage sector during his tenure.
Springer has been with Extra Space since 2006, became chief strategy and partnership officer in 2020, and was promoted to president on Jan. 1, 2026. He led the company’s third-party management platform, Management Plus, which now has almost 2,000 locations and is described by the company as the storage sector’s largest, fastest growing and most profitable third-party management platform.
Extra Space said that as of June 30, 2026, it owned and/or operated 4,410 self-storage stores across 42 states and Washington, D.C., representing about 3.0 million units and 341.0 million square feet of rentable space. As a result of these announcements, the company's shares have moved 0.29% on the market, and are now trading at a price of $147.24. For the full picture, make sure to review Extra Space Storage's 8-K report.
