Life Storage

Last updated
Life Storage, Inc.
FormerlySovran Self Storage
(1982–2016)
Company typeDefunct
Industry Real estate investment trust
Founded1982;43 years ago (1982) (as Sovran Self Storage)
DefunctJuly 20, 2023;2 years ago (2023-07-20)
Headquarters
United States  OOjs UI icon edit-ltr-progressive.svg
Products Self storage

Life Storage, Inc. (formerly Sovran Self Storage and Uncle Bob's Self Storage) was a real estate investment trust headquartered in Williamsville, New York, that invested in self storage units. In July 2023, the company was acquired by Extra Space Storage. [1] [2] [3]

Contents

History

The company was founded as a financial planning firm in Buffalo, New York in 1982. In 1985, the company entered the self-storage industry by opening its first facility in Florida, accumulating around 30 facilities along the East Coast of the United States over the next three years. [4] [5]

During the next decade, the company acquired 62 self-storage facilities in the United States, and rebranded each one to "Uncle Bob's Self Storage" under the leadership of former CEO and Executive Chairman, Robert J. Attea. [5] In 1995, the company became a public company through an initial public offering. By the end of 1996, the company operated 111 self-storage facilities in 15 states along the East Coast and Texas. It grew to 222 facilities by 1999, all of which used "Uncle Bob's" name. [5] [6] Five years later, the company operated facilities in 21 states. [7]

In 2012, David Rogers, the former CFO, was appointed CEO, replacing Robert J. Attea, who remained Executive Chairman. [8] As of November 2013, the company operated 471 facilities in 25 states. [9]

In July 2016, the company acquired Life Storage LP for $1.3 billion, [10] giving it its first properties in Northern California and Las Vegas. [11] [12] [13]

In August 2016, the company rebranded its facilities from "Uncle Bob's Self Storage" to "Life Storage" and changed its name. [4] [14] [15] [16] [17] [18] [19]

In 2019, Joseph Saffire replaced David Rogers as the CEO of the company. [20] [21]

In December 2021, the company formed a joint venture with Heitman LLC to invest in self storage properties. [22] [23]

In July 2023, the company was acquired by Extra Space Storage for $12.7 billion after it outbid an $11 billion offer from Public Storage. [24] [25] [26] [27] [28]

Small property acquisitions

In 2014, the company made 2 small portfolio acquisitions. [29] [30]

In 2016 and 2017, the company acquired properties in Wisconsin, Arizona, Nevada, and Tennessee. [31] [32] [33]

In 2019, the company acquired a property in Tampa and sold properties in Greensboro, North Carolina. [34] [35]

References

  1. "EXTRA SPACE STORAGE & LIFE STORAGE ANNOUNCE CLOSING OF MERGER" (Press release). July 20, 2023.
  2. "Facility in the Spotlight: Uncle Bob's Self Storage of Richmond, VA". Inside Self-Storage . January 27, 2010.
  3. "Sovran's Uncle Bob's Chain Celebrates 25 Years in Self-Storage Industry". Inside Self-Storage . July 1, 2010.
  4. 1 2 Robinson, David (July 23, 2016). "Sovran hopes it's[sic] name-change gamble pays off" . The Buffalo News .
  5. 1 2 3 "1999 Spotlight on Top Operators". Inside Self-Storage . April 1, 1999.
  6. Mullaney, John A. (October 15, 1997). REITs: Building Profits with Real Estate Investment Trusts. Wiley. ISBN   978-0471193241.
  7. Gannon, Suzanne (March 8, 2004). "Hooked on Storage" . The New York Times .
  8. Robinson, David (February 14, 2012). "Sovran makes shifts in top management" . The Buffalo News .
  9. "Inside Self-Storage Releases 2013 Top-Operators List" . Inside Self-Storage . November 13, 2013.
  10. "Sovran Self Storage, Inc. Acquires LifeStorage". Reuters . July 18, 2016.
  11. Steele, Anne (May 19, 2016). "Sovran to Acquire LifeStorage for $1.3 Billion, Sell Shares" . The Wall Street Journal .
  12. Borchersen-Keto, Sarah (May 19, 2016). "Sovran Self Storage Agrees to Buy LifeStorage for $1.3 Billion". National Association of Real Estate Investment Trusts .
  13. Murray, Barbra (May 20, 2016). "Sovran, LifeStorage to Merge in $1.3B Deal". Commercial Property Executive.
  14. Behrens, Poppy (July 20, 2016). "Sovran Self Storage, Inc. to Rebrand as Life Storage". Modern Storage Media.
  15. Miner, Dan (July 18, 2016). "Sovran will take name of newly acquired Life Storage (but HQ will remain in Williamsville)" . American City Business Journals .
  16. Murray, Barbra (July 20, 2016). "Sovran, LifeStorage Become One". Commercial Property Executive.
  17. Levitt, David M. (July 18, 2016). "Sovran to Retire Uncle Bob's Brand After $1.3 Billion Purchase" . Bloomberg News .
  18. Miner, Dan (September 2, 2016). "Uncle Bob's signs will be changed to Life Storage beginning next week" . American City Business Journals .
  19. Borchersen-Keto, Sarah (August 22, 2016). "Life Storage Phasing Out REIT's Uncle Bob Brand". National Association of Real Estate Investment Trusts .
  20. Robinson, David (September 12, 2018). "Saffire to succeed Rogers as CEO at Life Storage". The Buffalo News .
  21. Miner, Dan (September 12, 2018). "David Rogers will retire as CEO of Life Storage; be replaced by Joseph Saffire" . American City Business Journals .
  22. "Heitman Acquires Diversified US Self-Storage Portfolio" (Press release). Heitman LLC. December 9, 2021.
  23. "Heitman/Life Storage Joint Venture Acquires 13 Self-Storage Facilities in 7 States". Inside Self-Storage . December 14, 2021.
  24. Hu, Krystal; Sen, Anirban; Nidumolu, Jahnavi (February 5, 2023). "Public Storage makes $11 billion hostile bid for Life Storage". Reuters .
  25. Thakur, Piyush (April 3, 2023). "Extra Space to buy Life Storage for $12.7 bln in self-storage mega deal". Reuters .
  26. Stefanich, Logan (July 20, 2023). "Utah-based Extra Space Storage merges with Life Storage in $12B deal". KSL-TV .
  27. Bunny, Lian (July 17, 2024). "One year later, Extra Space exec talks Life Storage merger" . American City Business Journals .
  28. "Extra Space Storage & Life Storage Announce Closing of Merger" (Press release). PR Newswire. July 20, 2023.
  29. "Sovran Self Storage buys 7 facilities in four states" . The Buffalo News . January 11, 2014.
  30. Robinson, David (June 23, 2014). "Sovran pays $130 million to buy 19 self-storage facilities in 7 states" . The Buffalo News .
  31. Lawder, Melanie (October 10, 2016). "Former Boston Store warehouse near 3rd Ward converted into storage facility" . American City Business Journals .
  32. "Life Storage expands with property acquisitions in 3 states" . American City Business Journals . June 6, 2017.
  33. "Life Storage Inc announces acquisition of 18 properties through a joint venture". Reuters . June 5, 2017.
  34. McQuaid, Kevin (April 5, 2019). "Life Storage buys Tampa self-storage center to augment portfolio". Business Observer.
  35. Moffett, Margaret (July 16, 2019). "Portfolio of Greensboro storage facilities sells for $12 million" . American City Business Journals .