Real estate investment trust CubeSmart (NYSE:CUBE) has appointed Christopher P. Marr to succeed Dean Jernigan as the company's CEO, the company announced in a press release, released on February 20th, 2013. Marr is due to step in to the position on January 1st, 2014, a day after Jernigan retires.
CubeSmart is a real estate investment trust that has been operating in the self-storage space since 2004. The Pennsylvania-based company is one of the leaders in the sector in the US, owning or managing 515 self-storage facilities across the country. The REIT also operates the CubeSmart Network , which consist of about 800 additional facilities. According to the 2012 Self Storage Almanac, CubeSmart is amongst the four largest operators in the US. It's also ranked the fourth-largest US operator of self-storage facilities in the Top-Operators List' of industry website Inside Self-Storage.
CubeSmart has spent most of its years of operation under the leadership of Jernigan, who has served as CEO since 2006. But with Jernigan, aged 66, retiring at the end of the year, the company is turning to another industry veteran Christopher Marr.
Changing of the guard
Mr. Marr has a significant experience in the self-storage industry, having been a REIT executive for more than 18 years. Currently he occupies several high-profile roles at CubeSmart, acting as the company's president, chief operating officer and chief investment officer. He joined the trust as chief financial officer, having occupied the same position at Brandywine Realty Trust, a publically traded office real estate investment trust, from 2002 to 2006. He was also SFO of self-storage REIT Storage USA Inc. from 1998 to 2002.
Marr said that he is excited about the company's prospects, opining that CubeSmart is well-positioned to be a leader in the self-storage space.
The company expressed believe in Marr's ability to lead the company. Board chairman William M. Diefenderfer III called him a natural leader and a strategic thinker who has broad experience in all facets of the self-storage business and a strong public company track record. He also expressed the board's confidence that the transition will be seamless.
The board also acknowledges the contribution Dean Jernigan has made to CubeSmart and his role in building a solid foundation for future growth. We are fortunate to have not one, but two of the self-storage industry's most experienced executives, said Diefenderfer.