Scott Stubbs, Executive Vice President and CFO Extra Space Storage Inc . (NYSE: EXR), appeared on the latest episode of Nareit’s REIT Report podcast. During the interview, Stubbs reflected on the professional and personal accomplishments and challenges associated with the REIT’s 2004 IPO and discussed opportunities for further growth.
Celebrating his 20th birthday in August. th In 2004, self-storage wasn’t considered a core asset class for a real estate investor, Stubbs said on the anniversary of the Extra Space IPO.
“At the time we were a little bit different and there were still some negative perceptions about self-storage. I think it took a while for people to understand that self-storage is a great asset class. It’s very stable. It’s institutional,” Stubbs said.
In addition to the long hours spent preparing for the IPO, Stubbs also struggled with personal challenges in 2004. His two-year-old daughter was diagnosed with Wilms tumor, a type of childhood cancer; her right kidney was removed, followed by 18 weeks of chemotherapy. She is doing well today, he said, and he offered coping tips for others going through similar challenges.
Meanwhile, Stubbs discussed future opportunities for Extra Space, noting that self-storage remains a fragmented business.
Stubbs said, “The larger companies own about 30% to 35% of the assets today, so I think there’s still a lot of opportunity to do more in the self-storage industry, whether it’s through management or ownership…Growth is still a huge opportunity for Extra Space, it’s in our DNA, that’s just who we are.”
