Life Storage

Last updated
Life Storage, Inc.
FormerlySovran Self Storage
(1982–2016)
Company type Subsidiary
Industry Real estate investment trust
Founded1982;42 years ago (1982) (as Sovran Self Storage)
Products Self storage
Parent Extra Space Storage
Website www.lifestorage.com
Footnotes /references
[1]

Life Storage, Inc. was a real estate investment trust headquartered in Williamsville, New York, that invested in self-storage units. The company was previously known as Sovran Self Storage and Uncle Bob's Self Storage. The company completed a merger with Extra Space Storage in July 2023. [2]

Contents

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. [3] [4]

History

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. [5] [6] [7]

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. [6] 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. [6] [8] Five years later, the company operated facilities in 21 states. [9]

In 2012, David Rogers, the former CFO, was appointed CEO, replacing Robert J. Attea, who remained Executive Chairman. [10] As of November 2013, the company operated 471 facilities in 25 states. [7] In the following years, the company continued to expand through acquisitions and rebranding efforts. [11] [12] The company was added to the S&P 400 stock market index in 2015. [13] In 2016, the company acquired Life Storage LP for $1.3 billion, [14] giving it its first properties in Northern California and Las Vegas. [15] [16] [17] Following this acquisition, the company rebranded its facilities from "Uncle Bob's Self Storage" to "Life Storage" and changed its name. [18] [19] [20] [21] [5] [22]

Throughout the following years, the company continued to grow and make strategic acquisitions, including properties in Wisconsin, Arizona, Nevada, and Tennessee. [23] [24] In 2019, Joseph Saffire replaced David Rogers as the company's CEO. [25] [26] In the same year, the company acquired a property in Tampa and sold properties in Greensboro, North Carolina. [27] [28]

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. [29] In April, Life Storage agreed to be acquired by Extra Space Storage for $12.7 billion. [30] The acquisition completed in July and became the largest self-storage space operator by store count in the U.S. [31] [30]

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References

  1. ↑ "Life Storage, Inc. 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ↑ "EXTRA SPACE STORAGE & LIFE STORAGE ANNOUNCE CLOSING OF MERGER". July 20, 2023.
  3. ↑ "Facility in the Spotlight: Uncle Bob's Self Storage of Richmond, VA". Inside Self-Storage . January 27, 2010.
  4. ↑ "Sovran's Uncle Bob's Chain Celebrates 25 Years in Self-Storage Industry". Inside Self-Storage . July 1, 2010.
  5. 1 2 Robinson, David (July 23, 2016). "Sovran hopes it's[sic] name-change gamble pays off". The Buffalo News .
  6. 1 2 3 "1999 Spotlight on Top Operators". Inside Self-Storage . April 1, 1999.
  7. 1 2 "Inside Self-Storage Releases 2013 Top-Operators List". Inside Self-Storage . November 13, 2013.
  8. ↑ Mullaney, John A. (October 15, 1997). REITs: Building Profits with Real Estate Investment Trusts. Wiley. ISBN   978-0471193241.
  9. ↑ Gannon, Suzanne (March 8, 2004). "Hooked on Storage" . The New York Times .
  10. ↑ Robinson, David (February 14, 2012). "Sovran makes shifts in top management". The Buffalo News .
  11. ↑ "Sovran Self Storage buys 7 facilities in four states". The Buffalo News . January 11, 2014.
  12. ↑ Robinson, David (June 23, 2014). "Sovran pays $130 million to buy 19 self-storage facilities in 7 states". The Buffalo News .
  13. ↑ "Sovran Self Storage Set to Join the S&P MidCap 400; ePlus to be Added to S&P SmallCap 600" (Press release). PR Newswire. August 19, 2015.
  14. ↑ "Sovran Self Storage, Inc. Acquires LifeStorage" (Press release). Business Wire. July 18, 2016.
  15. ↑ Steele, Anne (May 19, 2016). "Sovran to Acquire LifeStorage for $1.3 Billion, Sell Shares" . The Wall Street Journal .
  16. ↑ Borchersen-Keto, Sarah (May 19, 2016). "Sovran Self Storage Agrees to Buy LifeStorage for $1.3 Billion". National Association of Real Estate Investment Trusts .
  17. ↑ Murray, Barbra (May 20, 2016). "Sovran, LifeStorage to Merge in $1.3B Deal". Commercial Property Executive.
  18. ↑ "Sovran Self Storage, Inc. Rebrands and Begins Trading as Life Storage, Inc. (LSI)" (Press release). Business Wire. August 15, 2016.
  19. ↑ Miner, Dan (July 18, 2016). "Sovran will take name of newly acquired Life Storage (but HQ will remain in Williamsville)". American City Business Journals .
  20. ↑ Murray, Barbra (July 20, 2016). "Sovran, LifeStorage Become One". Commercial Property Executive.
  21. ↑ Levitt, David M. (July 18, 2016). "Sovran to Retire Uncle Bob's Brand After $1.3 Billion Purchase". Bloomberg News .
  22. ↑ Miner, Dan (September 2, 2016). "Uncle Bob's signs will be changed to Life Storage beginning next week". American City Business Journals .
  23. ↑ Lawder, Melanie (October 10, 2016). "Former Boston Store warehouse near 3rd Ward converted into storage facility". American City Business Journals .
  24. ↑ "Life Storage expands with property acquisitions in 3 states" . American City Business Journals . June 6, 2017.
  25. ↑ Robinson, David (September 12, 2018). "Saffire to succeed Rogers as CEO at Life Storage". The Buffalo News .
  26. ↑ Miner, Dan (September 12, 2018). "David Rogers will retire as CEO of Life Storage; be replaced by Joseph Saffire". American City Business Journals .
  27. ↑ McQuaid, Kevin (April 5, 2019). "Life Storage buys Tampa self-storage center to augment portfolio". Business Observer.
  28. ↑ Moffett, Margaret (July 16, 2019). "Portfolio of Greensboro storage facilities sells for $12 million" . American City Business Journals .
  29. ↑ "Public Storage makes $11 billion hostile bid for Life Storage". Reuters. Retrieved 5 February 2023.
  30. 1 2 Thakur, Piyush (3 April 2023). "Extra Space to buy Life Storage for $12.7 bln in self-storage mega deal". Reuters.
  31. ↑ Stefanich, Logan (20 July 2023). "Utah-based Extra Space Storage merges with Life Storage in $12B deal". KSL News.
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