Self-storage real estate investment trust Extra Space Storage (NYSE:EXR) appears to be phasing out the title of Chief Operating Officer.
On Thursday, Extra Space announced that COO Karl Haas has decided to retire from his post at the end of this year. At that time, Haas will be appointed to the Company's Board of Directors. Haas will take possession of the board seat currently occupied by Hugh W. Horne, who will be retiring from the board on Dec. 31.
When all this happens, Extra Space says it will promote eight-year Extra Space veteran Samrat Sondhi to the position of Senior Vice President Operations. In a filing with the SEC, Extra Space noted that Sondhi's salary is currently $275,000 per year. The filing made no mention of any pay raise accompanying his promotion.
In unrelated news, Extra Space disclosed that on Thursday it completed a previously announced acquisition of 19 California storage properties from All Aboard Mini Storage. Extra Space paid $195.1 million for these properties. It intends to finalize the purchase of one last All Aboard property for approximately $11.0 million in the fourth quarter of this year.