Formerly | Sovran Self Storage (1982–2016) |
---|---|
Type | Subsidiary |
| |
Industry | Real estate investment trust |
Founded | 1982 | (as Sovran Self Storage)
Headquarters | Williamsville, New York, U.S. |
Key people | Mark G. Barberio (Chairman) Joseph V. Saffire (CEO) Andrew J. Gregoire (CFO) Edward F. Killeen (COO) |
Products | Self storage |
Revenue | US$574 million (2019) |
US$260 million (2019) | |
Total assets | US$4.232 billion (2019) |
Total equity | US$2.132 billion (2019) |
Number of employees | 2,241 (December 31, 2021) |
Parent | Extra Space Storage |
Website | www |
Footnotes /references [1] |
Life Storage, Inc. is a real estate investment trust headquartered in Williamsville, New York, that invests in self-storage units. The company was previously known as Sovran Self Storage and Uncle Bob's Self Storage. As of February 2023, the company had over 1,100 facilities in 37 states. [2] It is the 4th largest owner of self-storage units in the United States [3] and the 4th largest self-storage property manager. [4]
In addition to its standard rental storage units, the company also offers units with climate control and dehumidification systems. There are also larger units for items like boats, cars, and other large properties. Most facilities offer a variety of amenities and features, including keypad security systems that restrict floor access to approved users or property access to customers only, security systems that monitor activity on the facility grounds, free truck use, and moving and storage merchandise. Some facilities also offer individual door alarms, intercom systems, and conference rooms for business meetings. [5] [6]
The origins of Life Storage, formerly known as Sovran Self Storage, can be traced back to 1982, when it was founded as a financial planning firm in Buffalo, New York. Three years later, in 1985, the company entered the self-storage industry by opening its first facility in Florida, eventually accumulating around 30 such facilities along the East Coast over the next three years. [7] [8] [9]
Throughout the next decade, the company continued to expand, accumulating 62 self-storage facilities across the United States, and rebranding each one to "Uncle Bob's Self Storage" under the leadership of former CEO and Executive Chairman, Robert J. Attea. [8] 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, eventually growing to 222 facilities by 1999, all of which used "Uncle Bob's" name. [8] [10] Five years later, the company operated facilities in 21 states. [11]
In 2012, David Rogers, the former CFO, was appointed CEO, replacing Robert J. Attea, who remained Executive Chairman. [12] As of November 2013, the company operated 471 facilities in 25 states. [9] In the following years, the company continued to expand through acquisitions and rebranding efforts. [13] [14] The company was added to the S&P 400 stock market index in 2015. [15] In 2016, the company acquired Life Storage LP for $1.3 billion, [16] giving it its first properties in Northern California and Las Vegas. [17] [18] [19] Following this acquisition, the company rebranded its facilities from "Uncle Bob's Self Storage" to "Life Storage" and changed its name. [20] [21] [22] [23] [7] [24]
Throughout the following years, the company continued to grow and make strategic acquisitions, including properties in Wisconsin, Arizona, Nevada, and Tennessee. [25] [26] In 2019, Joseph Saffire replaced David Rogers as the company's CEO. [27] [28] In the same year, the company acquired a property in Tampa and sold properties in Greensboro, North Carolina. [29] [30]
In February 2023, Public Storage announced a proposed acquisition offer of $11 billion for Life Storage. The move represents a ramped-up effort by Public Storage to acquire its smaller competitor, following the rejection of an earlier bid. [31] In April, Life Storage agreed to be acquired by Extra Space Storage for $12.7 billion. [32] The acquisition completed in July and became the largest self-storage space operator by store count in the U.S. [33] [32]
Micron Technology, Inc. is an American producer of computer memory and computer data storage including dynamic random-access memory, flash memory, and USB flash drives. It is headquartered in Boise, Idaho. Its consumer products, including the Ballistix line of memory modules, are marketed under the Crucial brand. Micron and Intel together created IM Flash Technologies, which produced NAND flash memory. It owned Lexar between 2006 and 2017.
Nucor Corporation is an American producer of steel and related products based in Charlotte, North Carolina. It is the largest steel producer in the United States, the largest "mini-mill" steelmaker, and the biggest recycler of scrap in North America. As of 2021, Nucor is the 15th-largest steel producer in the world.
Public Storage is an American international self storage company headquartered in Glendale, California, that is run as a real estate investment trust (REIT). It is the largest brand of self-storage services in the US. In 2008, it was the largest of four publicly traded storage REITs. There are more than 2,200 Public Storage self-storage locations in the US, Canada and Europe. It also owns 42 percent of an office parks subsidiary, sells packing supplies, and provides other services. As a REIT, it is owned by real estate investors, who receive more than 90 percent of the company's profits as a return-on-investment.
Simon Property Group, Inc. is an American real estate investment trust that invests in shopping malls, outlet centers, and community/lifestyle centers. It is the largest owner of shopping malls in the United States and is headquartered in Indianapolis, Indiana. Worldwide, it owns interests in 232 properties as of 2021.
Perrigo Company plc is an American Irish–registered manufacturer of private label over-the-counter pharmaceuticals, and while 70% of Perrigo's net sales are from the U.S. healthcare system, Perrigo is legally headquartered in Ireland for tax purposes, which accounts for 0.60% of net sales. In 2013, Perrigo completed the sixth-largest US corporate tax inversion in history when it reregistered its tax status to Ireland to avoid U.S. corporate taxes. Perrigo maintains its corporate headquarters in Grand Rapids, Michigan, within Michigan State University's Grand Rapids Innovation Park.
KLA Corporation is an American capital equipment company based in Milpitas, California. It supplies process control and yield management systems for the semiconductor industry and other related nanoelectronics industries. The company's products and services are intended for all phases of wafer, reticle, integrated circuit (IC) and packaging production, from research and development to final volume manufacturing.
Saputo Inc. is a Canadian dairy company based in Montreal, Quebec, founded in 1954 by the Saputo family. It produces, markets, and distributes a wide array of dairy products, including cheese, fluid milk, extended shelf-life milk and cream products, cultured products and dairy ingredients and is one of the top ten dairy processors in the world.
ABM Industries Inc. is a facility management provider in the United States. ABM was founded in 1909 by Morris Rosenberg in San Francisco, California, as a single-person window washing business. As of 2013, the company has over 130,000 employees, over 350 offices, and various international locations.
Allen & Company LLC is an American privately held boutique investment bank based at 711 Fifth Avenue, New York. The firm specializes in real estate, technology, media and entertainment.
Actavis Generics is a global pharmaceutical company focused on acquiring, developing, manufacturing and marketing branded pharmaceuticals, generic and over-the-counter medicines, and biologic products. Actavis has a commercial presence across approximately 100 countries. The company has global headquarters in Dublin, Ireland and administrative headquarters in Parsippany-Troy Hills, New Jersey, United States.
Extra Space Storage is a real estate investment trust headquartered in Salt Lake City, UT that invests in self storage facilities. The company rents storage units, including climate controlled units, drive-up units, lockers, boat storage, RV storage and business storage under the brands Extra Space Storage, Life Storage, and Storage Express. As of July 20, 2023 the company owned and/or operated over 3,500 locations in 43 states, and Washington, D.C. comprising approximately 270 million square feet of net rentable space. It is the largest owner of self storage units in the United States and the largest self storage property manager.
Broadcom Inc. is an American multinational designer, developer, manufacturer, and global supplier of a wide range of semiconductor and infrastructure software products. Broadcom's product offerings serve the data center, networking, software, broadband, wireless, storage, and industrial markets. As of 2022, some 78 percent of Broadcom's revenue was coming from its semiconductor-based products and 22 percent from its infrastructure software products and services.
Iron Mountain Inc. is an American enterprise information management services company founded in 1951 and headquartered in Boston, Massachusetts. Its records management, information destruction, and data backup and recovery services are supplied to more than 220,000 customers in 58 countries throughout North America, Europe, Latin America, Africa, Asia, and Australia. As of 2020 over 94% of Fortune 1000 companies use Iron Mountain's services to store and manage their information in some capacity.
Viterra began as a Canadian grain handling business, the nation's largest grain handler, with its historic formative roots in prairie grain-handling cooperatives, among them the iconic Saskatchewan Wheat Pool. Viterra Inc grew into a global agri-business with operations in Canada, the United States, Australia, New Zealand and China. Viterra operated three distinct, inter-related businesses: Grain Handling & Marketing, Agri-Products and Processing, enabling it to generate earnings at various points on the food production chain from field to the table. Following its $6.1-billion acquisition by Glencore International, on 1 January 2013, Viterra was merged with Glencore purchaser, 8115222 Canada Inc., headquartered in Rotterdam, the Netherlands.
Prologis, Inc. is a real estate investment trust headquartered in San Francisco, California that invests in logistics facilities. The company was formed through the merger of AMB Property Corporation and Prologis in June 2011, which made Prologis the largest industrial real estate company in the world. As of December 2022, the company owned 5,495 buildings comprising about 1.2 billion square feet in 19 countries across North America, Latin America, Europe, and Asia. According to The Economist, its business strategy is focused on warehouses that are located close to huge urban areas where land is scarce. It serves about 6,600 tenants. Prologis began to expand its non-real estate business, Essentials, in 2022, offering customers solar power, racking systems, forklifts, generators, and EV charging infrastructure. and other logistics tech equipment for purchase.
StorageMart is a chain of self-storage facilities headquartered in Columbia, Missouri that operates facilities across the USA, Canada and the UK. StorageMart was founded in 1999 by Gordon Burnam, who had been involved in the self-storage industry since 1974.
Welltower Inc. is a real estate investment trust that invests in healthcare infrastructure. Based on its 2021 revenue, it ranked 630th on the 2021 Fortune 1000, and is a component of the S&P 500. As of early 2021, the firm had an enterprise value of $50 billion and is the world's largest healthcare real estate investment trust.
Brookfield Property Partners L.P. is a global commercial real estate firm that is a publicly traded limited partnership and a subsidiary of Brookfield Asset Management, an alternative asset management company. Its portfolio includes properties in the office, multi-family residential, retail, hospitality, and logistics industries throughout North America, Europe, and Australia. Its subsidiary Brookfield Properties is responsible for the management of these facilities.
Lineage Logistics is an international warehousing and logistics management company and an industrial real estate investment trust (REIT) owned by Bay Grove, LLC. Entering international markets in 2017, it grew into the world's largest refrigerated warehousing company, acquiring, by 2021, 72 other cold-chain storage companies and handling more than eight percent of the global food supply. Lineage operates over 350 facilities with over 17,000 employees in 15 countries across North America, South America, Europe, Asia, Australia and New Zealand.
Stor-Age, or Stor-Age Property REIT Limited, is a South African public company based in Cape Town. The company is a real estate investment trust that owns, acquires, develops and manages self-storage assets in metropolitan areas across South Africa and the United Kingdom. Stor-Age is the largest self-storage property fund in South Africa and has been listed on the Johannesburg Stock Exchange since 2015. The company currently has 86 self-storage properties located across South Africa and the UK.
with over 1,100 facilities in 37 states.