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. Prior to joining the company, Mr. Rogers spent seven years as an accountant and systems analyst in both the public and private sectors.
In this exclusive Wall Street Transcript 3,400 word interview, part of the Best CEO Interviews of 2018 Report, David Rogers details his development of this high dividend payer and the strategy behind growing this income stream for investors.
“We continued as a private company till 1995, at which point we had about 62 stores. Remarkably, that was big enough to attract Wall Street’s attention, and we were a big fish in a little pond, as it turned out. And we had the platforms, we had the experience, and we had the know-how to go out and take the company public and grow it.
In 1995, we went public as Sovran Self Storage, and our trade name was Uncle Bob’s Self Storage. And then, from that point on, from 1995 through 2015, those 20 years, we grew to about 600 some stores, entered new markets out west, Texas and Phoenix, continued to grow as one of the leaders in the industry and had a pretty good run, did very well.
In 2014, we entered markets like Westchester County and all around New York, Chicago and Miami, and some bigger markets…”
Life Storage has developed its formula for growth for the future:
“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…”
Read this and the rest of the Best CEO Interviews in the Wall Street Transcript.
Life Storage Co-Founder and CEO David L. Rogers Details How to Make a Good Storage Company Great
August 20, 2018
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