David L. Rogers is a Co-Founder of Life Storage, Inc., and serves as the company’s Chief Executive Officer, a position he has held since 2012. Before assuming his current role, Mr. Rogers served as the company’s Chief Financial Officer and Secretary from 1995 to February 2012, Vice President of Finance of the company’s predecessor from 1988 to 1995, and Controller and Due Diligence Officer from 1984 to 1988. In this 3,400 word exclusive interview with the CEO David Rogers, the Wall Street Transcripts exposes the interesting growth story of this storage building operator.
The Life Storage story is actually a multi-faceted business strategy that is rapidly growing the business: “We like to be, let’s say, in the top 75 MSAs of the country. We like to have larger stores, what we call at least second generation, but more commonly of late — the last five years or so — third generation, which are multistory, climate control, excellent security, look very unlike your father’s self- storage. They are more prone to look like apartments or office buildings than storage and pretty much in more dense areas than we had experienced in the past. We really upgraded the quality of our portfolio with the last 250 or so stores that we’ve acquired since 2012, again, focusing on denser markets, newer stores, bigger stores.”
New growth prospects have been provided by both a variety of acquisitions in key markets and also new business development:
“We’re working on a program right now that we will be announcing soon that we call Rent Now, so right online, the customer can reserve your unit, get your gate code, get your unit number, get your lock, get your lease — everything right from computer to storage without having to go through the rental process at the counter. So there are things that we’re doing on the technology front that are helpful, in addition to the traditional real estate…Certainly, the properties we bought in 2016 and 2017 are providing some real outsized growth to us.”
Get all the details by reading the entire 3,400 word interview in the Wall Street Transcript.
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