Extra Space Storage Inc. announced that President Noah Springer will become chief executive officer on January 1, 2027, succeeding current CEO Joe Margolis, who will retire at the end of 2026 and serve as an adviser to the Board of Directors. The transition was unanimously approved by the Board after a long-term succession planning process. Margolis will remain CEO through December 31, 2026, working with Springer and the Board on the handover. Springer joined Extra Space in 2006, became Chief Strategy and Partnership Officer in 2020 and was promoted to President on January 1, 2026. He developed and led Management Plus, the storage sector's largest, fastest-growing and most profitable third-party management platform, with almost 2,000 locations, and has overseen asset management, construction and development, human resources and operations. Margolis began working with Extra Space in 1998, joined its Board in 2005, became Chief Investment Officer in 2015 and was named CEO in 2017. During his tenure, the company expanded from about 100 million to more than 340 million rentable square feet, grew market capitalization from approximately $9 billion to $30 billion, and increased annual revenue from $1.1 billion to $3.5 billion. The company also expanded its store count from 1,400 to more than 4,400 under Margolis's leadership and completed transactions including the acquisition of Storage Express and its merger with Life Storage. Extra Space Storage, a self-administered and self-managed REIT (real estate investment trust), owned and/or operated 4,410 stores in 42 states and Washington, D.C., as of June 30, 2026.