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{{Short description|Real estate investment trust headquartered in Williamsville, NY}}
{{Infobox company
{{Infobox company
| name = Life Storage
| name = Life Storage, Inc.
| logo = File:Life Storage logo.png
| logo = File:Life Storage logo.png
| former_name = Sovran Self Storage<br />(1982–2016)
| caption =
| type = [[Public company|Public]]
| type = [[Subsidiary]]
⚫
| founded = {{Start date and age|1982}} (as Sovran Self Storage)
| traded_as = {{NYSE|LSI}}<br>[[S&P 400|S&P 400 Component]]<ref name="sp400">{{cite web | date =19 August 2015 | url =http://www.prnewswire.com/news-releases/sovran-self-storage-set-to-join-the-sp-midcap-400-eplus-to-be-added-to-sp-smallcap-600-300131003.html| title=Sovran Self Storage Set to Join the S&P MidCap 400; ePlus to be Added to S&P SmallCap 600|accessdate =20 December 2016}}</ref>
| genre =
| founder =
⚫
| industry = [[Real estate investment trust]]
| fate =
| predecessor =
| successor =
⚫
| foundation = {{start date and age|1982}} (as Sovran Self Storage)
| founder =
| defunct =
| location_city =
| location_country =
| location = [[Williamsville, New York]], United States
| locations = 750 locations in 28 U.S. states
| area_served =
| key_people = Mark G. Barberio <small>([[Chairman]])</small><br/>Joseph V. Saffire <small>([[CEO]])</small><br/>Andrew J. Gregoire <small>([[Chief financial officer|CFO]])</small><br/> Edward F. Killeen <small>([[Chief operating officer|COO]])</small>
⚫
| industry = [[Real estate investment trust]], [[self storage]]
| products = [[Self storage]]
| products = [[Self storage]]
⚫
| website = {{URL|https://www.lifestorage.com}}
| services = {{flat list|
| parent = [[Extra Space Storage]]
*Storage facilities
| footnotes = <ref name=10K>{{cite web | url=https://www.sec.gov/ix?doc=/Archives/edgar/data/944314/000156459020006451/lsi-10k_20191231.htm | title=Life Storage, Inc. 2019 Form 10-K Annual Report | publisher=[[U.S. Securities and Exchange Commission]]}}</ref>
*rental trucks
*facility management
⚫
}}
| revenue ={{increase}}{{US$|550.850 million|link=yes}}<ref name="SEC">{{cite web |title=SEC Form 10K - Life Storage, Inc. 2018|url=https://www.sec.gov/Archives/edgar/data/944314/000156459019004470/lsi-10k_20181231.htm |website=SEC.gov |accessdate=30 May 2019}}</ref>
| operating_income = {{increase}}{{US$|274.095 million|link=yes}}<ref name="SEC"/>
| income_year = 2018
| revenue_year = 2018
| net_income_year = 2018
| assets_year = 2018
| equity_year = 2018
| net_income = {{increase}}{{US$|207.558 million|link=yes}}<ref name="SEC"/>
| aum =
| assets = {{increase}}{{US$|3.892 billion|link=yes}}<ref name="SEC"/>
| equity = {{increase}}{{US$|2.057 billion|link=yes}}<ref name="SEC"/>
| owner =
| num_employees =
⚫
| homepage = [https://www.lifestorage.com/ Official website]
}}
}}
'''Life Storage, Inc.''' was a [[real estate investment trust]] headquartered in [[Williamsville, New York]], that invested in [[self storage|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<ref>{{Cite news |date=July 20, 2023 |title=EXTRA SPACE STORAGE & LIFE STORAGE ANNOUNCE CLOSING OF MERGER |url=https://ir.extraspace.com/news-releases/news-release-details/extra-space-storage-life-storage-announce-closing-merger}}</ref>.
'''Life Storage''' (formerly '''Sovran Self Storage''' and formerly branded as '''Uncle Bob's Self Storage''') is a [[self storage]] company and [[real estate investment trust]] (REIT) based in [[Williamsville, New York|Williamsville]], [[New York (state)|New York]]. The company operates over 750 self storage locations throughout the [[United States]].<ref name="Sandaq">{{cite web |title=Life Storage, Inc. Announces Dividend on Common Stock |url=https://www.nasdaq.com/press-release/life-storage-inc-announces-dividend-on-common-stock-20190103-00951 |website=NASDAQ |accessdate=9 January 2019}}</ref> In 2016, the former Sovran Self Storage acquired LifeStorage LP<ref name="WSJ">{{cite news | last=Steele| first=Anne| title =Sovran to Acquire LifeStorage for $1.3 Billion, Sell Shares| newspaper =[[The Wall Street Journal]]| location = | pages = | language = | publisher = | date =19 May 2016 | url =https://www.wsj.com/articles/sovran-to-acquire-lifestorage-for-1-3-billion-sell-shares-1463654811| accessdate =10 December 2016}}</ref><ref name="REITcom">{{cite news | last=Borchersen-Keto| first=Sarah| title =Sovran Self Storage Agrees to Buy LifeStorage for $1.3 Billion | newspaper =| location = | pages = | language = | publisher =[[National Association of Real Estate Investment Trusts]] | date =19 May 2016 | url =https://www.reit.com/news/articles/sovran-self-storage-agrees-buy-lifestorage-13-billion| accessdate =10 December 2016}}</ref> and subsequently rebranded itself as "Life Storage."<ref name="CPE01">{{cite news | last=Murray| first=Barbra| title =Sovran, LifeStorage Become One | newspaper =| location = | pages = | language = | publisher =''Commercial Property Executive'' | date =20 July 2016 | url =https://www.cpexecutive.com/post/sovran-lifestorage-become-one/| accessdate =10 December 2016}}</ref> Each facility has also undergone a name change from Uncle Bob's Self Storage to Life Storage.<ref name="Bloom">{{cite news | last=Levitt| first=David M.| title =Sovran to Retire Uncle Bob’s Brand After $1.3 Billion Purchase | newspaper =| location = | pages = | language = | publisher =''[[Bloomberg Businessweek]]'' | date =18 July 2016 | url =https://www.bloomberg.com/news/articles/2016-07-18/sovran-pays-1-3-billion-for-lifestorage-self-storage-operator| accessdate =10 December 2016}}</ref> As of 2016, Life Storage is the fifth-largest self storage operator in the world.<ref name="CPE02">{{cite news | last=Murray| first=Barbra| title =Sovran, LifeStorage to Merge in $1.3B Deal | newspaper =| location = | pages = | language = | publisher =''Commercial Property Executive'' | date =20 May 2016 | url =https://www.cpexecutive.com/post/sovran-lifestorage-to-merge-in-1-3b-deal/| accessdate =10 December 2016}}</ref> It trades on the [[New York Stock Exchange]] using the ticker symbol LSI.<ref name="BNGamble">{{cite news | last=Robinson| first=David| title =Sovran hopes it’s [sic] name-change gamble pays off| newspaper =[[The Buffalo News]]| location = | pages = | language = | publisher = | date =23 July 2016 | url =http://buffalonews.com/2016/07/24/sovran-hopes-its-name-change-gamble-pays-off/| accessdate =10 December 2016}}</ref> In October of 2019, Life Storage made the decision to ban well known YouTube personality Jeremy Hales from there Ohio facilities based on unproven allegations by staff members that he was filming for his channel at one of their live auctions.

⚫
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 [[Boat|boats]], [[Car|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.<ref>{{cite news | url=https://www.insideselfstorage.com/products/facility-spotlight-uncle-bobs-self-storage-richmond-va | title=Facility in the Spotlight: Uncle Bob's Self Storage of Richmond, VA | work=[[Inside Self-Storage]] | date=January 27, 2010}}</ref><ref>{{cite news | url=https://www.insideselfstorage.com/reits/sovrans-uncle-bobs-chain-celebrates-25-years-self-storage-industry | title=Sovran's Uncle Bob’s Chain Celebrates 25 Years in Self-Storage Industry | work=[[Inside Self-Storage]] | date=July 1, 2010}}</ref>

==History==
==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 of the United States|East Coast]] over the next three years.<ref name="BNGamble" /><ref name="ISS1999">{{cite news | url=https://www.insideselfstorage.com/companies-and-products/1999-spotlight-top-operators | title=1999 Spotlight on Top Operators | work=[[Inside Self-Storage]] | date=April 1, 1999}}</ref><ref name="ISS2013">{{cite news | url=https://www.insideselfstorage.com/reits/inside-self-storage-releases-2013-top-operators-list | title=Inside Self-Storage Releases 2013 Top-Operators List | work=[[Inside Self-Storage]] | date =November 13, 2013}}</ref>

The first incarnation of the company, Sovran Self Storage, was founded in 1982 as a financial planning firm in [[Buffalo, New York]]. In 1985, the company opened its first self storage facility in [[Florida]] and had accumulated around 30 such facilities on the East Coast within three years.<ref name="BNGamble"/><ref name="ISS1999">{{cite news | last=| first=| title =1999 Spotlight on Top Operators | newspaper =| location = | pages = | language = | publisher =Inside Self-Storage | date =1 April 1999 | url =http://www.insideselfstorage.com/articles/1999/04/1999-spotlight-on-top-operators.aspx| accessdate =10 December 2016}}</ref><ref name="ISS2013">{{cite news | last=| first=| title =Inside Self-Storage Releases 2013 Top-Operators List | newspaper =| location = | pages = | language = | publisher =Inside Self-Storage | date =13 November 2013 | url =http://www.insideselfstorage.com/news/2013/09/inside-selfstorage-releases-2013-topoperators-list.aspx| accessdate =10 December 2016}}</ref> Over the course of the next decade, the company accumulated 62 self storage facilities throughout the United States, rebranding each to Uncle Bob's Self Storage under former [[CEO]] and [[Executive Chairman]], Robert J. Attea.<ref name="ISS1999"/>
⚫
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.<ref name="ISS1999" /> 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.<ref name="ISS1999" /><ref name="REITBook">{{cite book | last =Mullaney | first=John A. | title=REITs: Building Profits with Real Estate Investment Trusts | publisher=[[Wiley (publisher)|Wiley]] | url=https://books.google.com/books?id=_jMypRA6iGkC&pg=PA165 | isbn =978-0471193241 | date=October 15, 1997}}</ref> Five years later, the company operated facilities in 21 states.<ref name="NYT">{{cite news | url=https://www.nytimes.com/2007/03/08/garden/08storage.html | last=Gannon | first=Suzanne | title=Hooked on Storage | work=[[The New York Times]] | date=March 8, 2004 | url-access=subscription}}</ref>

⚫
The company completed its [[initial public offering]] on June 26, 1995 with 5.89 million shares. It began trading on the [[New York Stock Exchange]] under the ticker symbol, SSS. By the end of 1996, the company operated 111 self storage facilities in 15 East Coast states and Texas. By 1999, the number of facilities had increased to 222, all of which used the Uncle Bob's name.<ref name="ISS1999"/><ref name="REITBook">{{cite book | last =Mullaney | first =John A. | title =REITs: Building Profits with Real Estate Investment Trusts | publisher =[[John Wiley & Sons|Wiley]] | series = | volume = | edition = | date =15 October 1997 | location = | pages = | language = | url =https://books.google.com/books?id=_jMypRA6iGkC&pg=PA165&dq=%22sovran+self+storage%22&hl=en&sa=X&ved=0ahUKEwjd89724bPQAhUOHGMKHSBcDYUQ6AEIRzAD#v=onepage&q=%22sovran%20self%20storage%22&f=false | doi = | id = | isbn =978-0471193241 | mr = | zbl = | jfm = }}</ref> Five years later, the company operated facilities in 21 states.<ref name="NYT">{{cite news | last=Gannon| first=Suzanne| title =Hooked on Storage| newspaper =[[The New York Times]]| location = | pages = | language = | publisher = | date =8 March 2004 | url =https://www.nytimes.com/2007/03/08/garden/08storage.html| accessdate =10 December 2016}}</ref>
In 2012, David Rogers, the former [[CFO]], was appointed CEO, replacing Robert J. Attea, who remained Executive Chairman.<ref>{{cite news |last=Robinson |first=David |date=February 14, 2012 |title=Sovran makes shifts in top management |work=[[The Buffalo News]] |url=https://buffalonews.com/2012/02/14/sovran-makes-shifts-in-top-management/}}</ref> As of November 2013, the company operated 471 facilities in 25 states.<ref name="ISS2013" /> In the following years, the company continued to expand through acquisitions and rebranding efforts.<ref>{{cite news |date=January 11, 2014 |title=Sovran Self Storage buys 7 facilities in four states |work=[[The Buffalo News]] |url=http://buffalonews.com/2014/01/11/sovran-self-storage-buys-7-facilities-in-four-states/}}</ref><ref>{{cite news |last=Robinson |first=David |date=June 23, 2014 |title=Sovran pays $130 million to buy 19 self-storage facilities in 7 states |work=[[The Buffalo News]] |url=http://buffalonews.com/2014/06/23/sovran-pays-130-million-to-buy-19-self-storage-facilities-in-7-states/}}</ref> The company was added to the [[S&P 400]] [[stock market index]] in 2015.<ref>{{cite press release |url=https://www.prnewswire.com/news-releases/sovran-self-storage-set-to-join-the-sp-midcap-400-eplus-to-be-added-to-sp-smallcap-600-300131003.html |title=Sovran Self Storage Set to Join the S&P MidCap 400; ePlus to be Added to S&P SmallCap 600 |publisher=[[PR Newswire]] |date=August 19, 2015}}</ref> In 2016, the company acquired Life Storage LP for $1.3 billion,<ref>{{cite press release |url=https://www.businesswire.com/news/home/20160718005674/en/Sovran-Storage-Acquires-LifeStorage |title=Sovran Self Storage, Inc. Acquires LifeStorage |publisher=[[Business Wire]] |date=July 18, 2016}}</ref> giving it its first properties in [[Northern California]] and [[Las Vegas]].<ref>{{cite news |last=Steele |first=Anne |date=May 19, 2016 |title=Sovran to Acquire LifeStorage for $1.3 Billion, Sell Shares |work=[[The Wall Street Journal]] |url=https://www.wsj.com/articles/sovran-to-acquire-lifestorage-for-1-3-billion-sell-shares-1463654811 |url-access=subscription}}</ref><ref>{{cite news |last=Borchersen-Keto |first=Sarah |date=May 19, 2016 |title=Sovran Self Storage Agrees to Buy LifeStorage for $1.3 Billion |work=[[National Association of Real Estate Investment Trusts]] |url=https://www.reit.com/news/articles/sovran-self-storage-agrees-buy-lifestorage-13-billion}}</ref><ref>{{cite news |last=Murray |first=Barbra |date=May 20, 2016 |title=Sovran, LifeStorage to Merge in $1.3B Deal |work=Commercial Property Executive |url=https://www.cpexecutive.com/post/sovran-lifestorage-to-merge-in-1-3b-deal/}}</ref> Following this acquisition, the company rebranded its facilities from "Uncle Bob's Self Storage" to "Life Storage" and changed its name.<ref>{{cite press release | url=https://www.businesswire.com/news/home/20160815005545/en/Sovran-Storage-Rebrands-Begins-Trading-Life-Storage | title=Sovran Self Storage, Inc. Rebrands and Begins Trading as Life Storage, Inc. (LSI) | publisher=[[Business Wire]] | date=August 15, 2016}}</ref><ref>{{cite news | url=https://www.bizjournals.com/buffalo/news/2016/07/18/sovran-will-take-name-of-newly-acquired.html | title=Sovran will take name of newly acquired Life Storage (but HQ will remain in Williamsville) | first=Dan | last=Miner | work=[[American City Business Journals]] | date=July 18, 2016}}</ref><ref>{{cite news | url=https://www.cpexecutive.com/post/sovran-lifestorage-become-one/ | last=Murray | first=Barbra | title=Sovran, LifeStorage Become One | work=Commercial Property Executive | date=July 20, 2016}}</ref><ref name="Bloom">{{cite news | url=https://www.bloomberg.com/news/articles/2016-07-18/sovran-pays-1-3-billion-for-lifestorage-self-storage-operator | last=Levitt | first=David M. | title=Sovran to Retire Uncle Bob’s Brand After $1.3 Billion Purchase | work=[[Bloomberg News]] | date=July 18, 2016}}</ref><ref name="BNGamble">{{cite news | url=http://buffalonews.com/2016/07/24/sovran-hopes-its-name-change-gamble-pays-off/ | last=Robinson | first=David | title=Sovran hopes {{sic|i|t's|nolink=y}} name-change gamble pays off | work=[[The Buffalo News]] | date=July 23, 2016}}</ref><ref>{{cite news | url=https://www.bizjournals.com/buffalo/news/2016/09/02/uncle-bobs-signs-will-be-changed-to-life-storage.html | title=Uncle Bob's signs will be changed to Life Storage beginning next week | first=Dan | last=Miner | work=[[American City Business Journals]] | date=September 2, 2016}}</ref>

In 2012, former [[CFO]] David Rogers was appointed CEO of the company, replacing Robert J. Attea, who remained Executive Chairman.<ref name="BNRogers">{{cite news | last=Robinson| first=David| title =Sovran makes shifts in top management| newspaper =[[The Buffalo News]]| location = | pages = | language = | publisher = | date =14 February 2012 | url =http://buffalonews.com/2012/02/14/sovran-makes-shifts-in-top-management/| accessdate =10 December 2016}}</ref>
Throughout the following years, the company continued to grow and make strategic acquisitions, including properties in Wisconsin, Arizona, Nevada, and Tennessee.<ref>{{cite news |last=Lawder |first=Melanie |date=October 10, 2016 |title=Former Boston Store warehouse near 3rd Ward converted into storage facility |work=[[American City Business Journals]] |url=https://www.bizjournals.com/milwaukee/news/2016/10/10/former-boston-store-warehouse-near-3rd-ward.html}}</ref><ref>{{cite news |date=June 6, 2017 |title=Life Storage expands with property acquisitions in 3 states |work=[[American City Business Journals]] |url=https://www.bizjournals.com/buffalo/news/2017/06/06/life-storage-expands-with-property-acquisitions-in.html |url-access=subscription}}</ref> In 2019, Joseph Saffire replaced David Rogers as the company's CEO.<ref>{{cite news |last=Robinson |first=David |date=September 12, 2018 |title=Saffire to succeed Rogers as CEO at Life Storage |work=[[The Buffalo News]] |url=https://buffalonews.com/2018/09/12/saffire-to-succeed-rogers-as-ceo-at-life-storage/}}</ref><ref>{{cite news |last=Miner |first=Dan |date=September 12, 2018 |title=David Rogers will retire as CEO of Life Storage; be replaced by Joseph Saffire |work=[[American City Business Journals]] |url=https://www.bizjournals.com/buffalo/news/2018/09/12/david-rogers-will-retire-as-ceo-of-life-storage-be.html}}</ref> In the same year, the company acquired a property in Tampa and sold properties in Greensboro, North Carolina.<ref>{{cite news |last=McQuaid |first=Kevin |date=April 5, 2019 |title=Life Storage buys Tampa self-storage center to augment portfolio |work=Business Observer |url=https://www.businessobserverfl.com/article/life-storage-tampa-self-storage-buffalo-seminole-and-heights-skyview-advisors-ryan-clark}}</ref><ref>{{cite news |last=Moffett |first=Margaret |date=July 16, 2019 |title=Portfolio of Greensboro storage facilities sells for $12 million |work=[[American City Business Journals]] |url=https://www.bizjournals.com/triad/news/2019/07/16/portfolio-of-greensboro-storage-facilities-sells.html |url-access=subscription}}</ref>

At the end of 2013, the company operated around 478 facilities in 25 states.<ref name="ISS2013"/> It continued purchasing and operating facilities in a wide variety of markets including [[Chicago]], [[St. Louis]], Greater [[New York City]], [[Atlanta]], and others. By the end of 2014, the company operated over 500 facilities in 25 states.<ref name="BNJan14">{{cite news | last=| first=| title =Sovran Self Storage buys 7 facilities in four states| newspaper =[[The Buffalo News]]| location = | pages = | language = | publisher = | date =11 January 2014 | url =http://buffalonews.com/2014/01/11/sovran-self-storage-buys-7-facilities-in-four-states/| accessdate =10 December 2016}}</ref><ref name="BNJun14">{{cite news | last=Robinson| first=David| title =Sovran pays $130 million to buy 19 self-storage facilities in 7 states| newspaper =[[The Buffalo News]]| location = | pages = | language = | publisher = | date =23 June 2014 | url =http://buffalonews.com/2014/06/23/sovran-pays-130-million-to-buy-19-self-storage-facilities-in-7-states/| accessdate =10 December 2016}}</ref>
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.<ref>{{Cite web |author= |date= |title=Public Storage makes $11 billion hostile bid for Life Storage |url=https://www.reuters.com/business/public-storage-makes-11-billion-unsolicited-offer-life-storage-wsj-2023-02-05/ |access-date=5 February 2023 |work=Reuters}}</ref> In April, Life Storage agreed to be acquired by [[Extra Space Storage]] for $12.7&nbsp;billion.<ref name=acq-reuters>{{cite news |last=Thakur |first=Piyush |date=3 April 2023 |title=Extra Space to buy Life Storage for $12.7 bln in self-storage mega deal |url=https://www.reuters.com/markets/deals/extra-space-storage-combine-with-life-storage-127-bln-deal-wsj-2023-04-03/ |publisher=Reuters}}</ref> The acquisition completed in July and became the largest self-storage space operator by store count in the U.S.<ref>{{cite web |last=Stefanich |first=Logan |date=20 July 2023 |title=Utah-based Extra Space Storage merges with Life Storage in $12B deal |url=https://www.ksl.com/article/50690545/utah-based-extra-space-storage-merges-with-life-storage-in-12b-deal |website=KSL News}}</ref><ref name=acq-reuters />

In January 2016, the company acquired 30 self storage facilities for approximately $400 million, including eight in the [[Los Angeles]] area. This was the company's first foray into [[California]].<ref name="BNCali">{{cite news | last=Robinson| first=David| title =Sovran pushes into California after making $400 million in acquisitions| newspaper =[[The Buffalo News]]| location = | pages = | language = | publisher = | date =20 January 2016 | url =http://buffalonews.com/2016/01/20/sovran-pushes-into-california-after-making-400-million-in-acquisitions/| accessdate =10 December 2016}}</ref> In May 2016, Sovran Self Storage announced that it had agreed to purchase [[Roseville, California]]-based LifeStorage LP for $1.3 billion. The acquisition gave the company access to previously untapped markets like [[Northern California]] and [[Las Vegas]]. As a part of the agreement, Sovran took over 84 of LifeStorage's facilities.<ref name="Bloom"/>
In July 2016, the company announced that it would be rebranding all of its self storage facilities as Life Storage between August 2016 and early 2017. The company also changed its corporate name to Life Storage and began using the stock ticker symbol LSI. After the LifeStorage acquisition, the company maintained 650 facilities<ref name="BNGamble"/> which grew to over 750 by 2019.<ref name="Sandaq"/> Joseph Saffire replaced David Rogers as the company CEO in 2019.<ref>{{cite news |last1=Robinson |first1=David |title=Saffire to succeed Rogers as CEO at Life Storage |url=https://buffalonews.com/2018/09/12/saffire-to-succeed-rogers-as-ceo-at-life-storage/ |accessdate=30 May 2019 |publisher=The Buffalo News |date=12 September 2018}}</ref>
==Operations==
⚫
Life Storage operates over 750 self storage facilities in 28 U.S. states.<ref name="Sandaq"/> Its facilities contain units for both commercial and residential customers. In addition to its standard rental storage units, the company also offers units with [[climate control]] and its Dri-guard dehumidification system. There are also larger units for items like boats, cars, and other large property. Most facilities offer a variety of amenities and features, 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.<ref name="ISSFacility">{{cite news | last=| first=| title =Facility in the Spotlight: Uncle Bob's Self Storage of Richmond, VA| newspaper =| location = | pages = | language = | publisher =Inside Self-Storage | date =27 January 2010 | url =http://www.insideselfstorage.com/articles/2010/01/facility-in-the-spotlight-uncle-bob-s-self-storag.aspx| accessdate =10 December 2016}}</ref><ref name="ISS25">{{cite news | last=| first=| title =Sovran's Uncle Bob’s Chain Celebrates 25 Years in Self-Storage Industry| newspaper =| location = | pages = | language = | publisher =Inside Self-Storage | date =1 July 2010 | url =http://www.insideselfstorage.com/news/2010/07/sovran-s-uncle-bob-s-chain-celebrates-25-years-in.aspx| accessdate =10 December 2016}}</ref>
==References==
==References==
{{Reflist}}
{{reflist|2}}
==External links==
==External links==
*[https://www.lifestorage.com/ Official website]
*{{Official|https://www.lifestorage.com}}
{{Finance links historical
| name = Life Storage, Inc.
| symbol = LSI
| reuters = LSI.N
| bloomberg = LSI:US
| sec_cik = 944314
| yahoo = LSI
| google = LSI:NYSE
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}}


{{Authority control}}

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[[Category:1982 establishments in New York (state)]]
[[Category:1995 initial public offerings]]
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[[Category:Companies based in Erie County, New York]]
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[[Category:Companies formerly listed on the New York Stock Exchange]]
[[Category:Real estate companies established in 1982]]
[[Category:Real estate investment trusts of the United States]]
[[Category:Real estate investment trusts of the United States]]
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[[Category:Companies listed on the New York Stock Exchange]]
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[[Category:Companies based in Erie County, New York]]
[[Category:Storage companies]]
[[Category:Storage companies]]
[[Category:Real estate companies established in 1982]]
[[Category:2023 mergers and acquisitions]]
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[[Category:1982 establishments in New York (state)]]

Revision as of 16:35, 12 July 2024

Life Storage, Inc.
FormerlySovran Self Storage
(1982–2016)
Company typeSubsidiary
IndustryReal estate investment trust
Founded1982; 42 years ago (1982) (as Sovran Self Storage)
ProductsSelf storage
ParentExtra Space Storage
Websitewww.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].

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]

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. ^ a b Robinson, David (July 23, 2016). "Sovran hopes it's [sic] name-change gamble pays off". The Buffalo News.
  6. ^ a b c "1999 Spotlight on Top Operators". Inside Self-Storage. April 1, 1999.
  7. ^ a b "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. ^ a b 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.
  • Official website
    • Historical business data for Life Storage, Inc.:
    • SEC filings
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