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{{short description|Investment trust headquartered in Williamsville, NY}}
{{Short description|Real estate investment trust headquartered in Williamsville, NY}}
{{Infobox company
{{Infobox company
| name = Life Storage, Inc.
| name = Life Storage, Inc.
| logo = File:Life Storage logo.png
| logo = File:Life Storage logo.png
| former_name = Sovran Self Storage<br />(1982–2016)
| type = [[Public company]]
| type = [[Subsidiary]]
| traded_as = {{New York Stock Exchange|LSI}}<br>[[S&P 400]] component
| foundation = {{start date and age|1982}} (as Sovran Self Storage)
| founded = {{Start date and age|1982}} (as Sovran Self Storage)
| founder =
| founder =
⚫
| industry = [[Real estate investment trust]]
| location = [[Williamsville, New York]], United States
| products = [[Self storage]]
| key_people = Mark G. Barberio, [[Chairman]]<br>Joseph V. Saffire, [[CEO]]<br>Andrew J. Gregoire, [[Chief financial officer|CFO]]<br>Edward F. Killeen, [[Chief operating officer|COO]]
⚫
| website = {{URL|https://www.lifestorage.com}}
⚫
| industry = [[Real estate investment trust]]
| products = [[Self storage]]
| parent = [[Extra Space Storage]]
⚫
| 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>
| revenue = {{increase}} $574 million (2019)
| net_income = {{increase}} $260 million (2019)
| assets = {{increase}} $4.232 billion (2019)
| equity = {{increase}} $2.132 billion (2019)
| num_employees = 1,943 (2019)
⚫
| homepage = {{URL|https://www.lifestorage.com/}}
⚫
| 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>
}}
}}
'''Life Storage''' 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 December 31, 2019, the company owned interests in and/or operated 854 locations.<ref name=10K/> It is the 4th largest owner of self storage units in the United States<ref>{{cite web | url=http://buyersguide.insideselfstorage.com/guides/top-ops/default.aspx?ft=1 | title=Facility Owners | publisher=[[Inside Self-Storage]]}}</ref> and the 4th largest self storage [[property manager]].<ref>{{Cite web | url=http://buyersguide.insideselfstorage.com/guides/top-ops/default.aspx?ft=2 | title=Facility-Management Companies | publisher=[[Inside Self-Storage]]}}</ref>
'''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>.


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>{{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>
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]].


⚫
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>
⚫
In 1985, the company opened its first self storage facility in [[Florida]] and then accumulated around 30 such facilities on the East Coast within the next 3 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> 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"/>


⚫
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>
On June 26, 1995, the company became a [[public company]] via an [[initial public offering]].


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>
⚫
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=[[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>
In 2012, former [[CFO]] David Rogers was appointed CEO of the company, replacing Robert J. Attea, who remained Executive Chairman.<ref>{{cite news | url=https://buffalonews.com/2012/02/14/sovran-makes-shifts-in-top-management/ | last=Robinson | first=David | title =Sovran makes shifts in top management| work=[[The Buffalo News]] | date=February 14, 2012}}</ref>
As of November 2013, the company operated 471 facilities in 25 states.<ref name="ISS2013"/>


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 2014, the company acquired 7 facilities.<ref>{{cite news | url=http://buffalonews.com/2014/01/11/sovran-self-storage-buys-7-facilities-in-four-states/ | title=Sovran Self Storage buys 7 facilities in four states | work=[[The Buffalo News]] | date=January 11, 2014}}</ref>


In June 2014, the company acquired 19 properties for $130 million.<ref>{{cite news | url=http://buffalonews.com/2014/06/23/sovran-pays-130-million-to-buy-19-self-storage-facilities-in-7-states/ | last=Robinson | first=David | title=Sovran pays $130 million to buy 19 self-storage facilities in 7 states | work=[[The Buffalo News]] | date=June 23, 2014}}</ref>

In August 2015, the company was added the [[S&P 400]] [[stock market index]].<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 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>{{cite news | url =http://buffalonews.com/2016/01/20/sovran-pushes-into-california-after-making-400-million-in-acquisitions/ | last=Robinson | first=David | title=Sovran pushes into California after making $400 million in acquisitions | work=[[The Buffalo News]] | date=January 20, 2016}}</ref>

In July 2016, Sovran Self Storage acquired LifeStorage 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> The acquisition gave the company its first properties in [[Northern California]] and [[Las Vegas]].<ref>{{cite news | url=https://www.wsj.com/articles/sovran-to-acquire-lifestorage-for-1-3-billion-sell-shares-1463654811 | last=Steele | first=Anne | title=Sovran to Acquire LifeStorage for $1.3 Billion, Sell Shares | work=[[The Wall Street Journal]] | date=May 19, 2016 | url-access=subscription}}</ref><ref>{{cite news | url =https://www.reit.com/news/articles/sovran-self-storage-agrees-buy-lifestorage-13-billion | last=Borchersen-Keto | first=Sarah | title=Sovran Self Storage Agrees to Buy LifeStorage for $1.3 Billion | work=[[National Association of Real Estate Investment Trusts]] | date=May 19, 2016}}</ref><ref>{{cite news | url=https://www.cpexecutive.com/post/sovran-lifestorage-to-merge-in-1-3b-deal/ | last=Murray | first=Barbra | title=Sovran, LifeStorage to Merge in $1.3B Deal | work=Commercial Property Executive | date=May 20, 2016}}</ref>

⚫
In August 2016, 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 it’s [sic] 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 October 2016, the company converted a warehouse in [[Milwaukee]] into a storage facility.<ref>{{cite news | url=https://www.bizjournals.com/milwaukee/news/2016/10/10/former-boston-store-warehouse-near-3rd-ward.html | title=Former Boston Store warehouse near 3rd Ward converted into storage facility | first=Melanie | last=Lawder | work=[[American City Business Journals]] | date=October 10, 2016}}</ref>

In June 2017, in a joint venture, the company acquired 18 properties in Arizona, Nevada, and Tennessee.<ref>{{cite news | url=https://www.bizjournals.com/buffalo/news/2017/06/06/life-storage-expands-with-property-acquisitions-in.html | title=Life Storage expands with property acquisitions in 3 states | work=[[American City Business Journals]] | date=June 6, 2017 | url-access=subscription}}</ref>

Joseph Saffire replaced David Rogers as the company CEO in 2019.<ref>{{cite news | last=Robinson | first=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/ | work=[[The Buffalo News]] | date=September 12, 2018}}</ref><ref>{{cite news | url=https://www.bizjournals.com/buffalo/news/2018/09/12/david-rogers-will-retire-as-ceo-of-life-storage-be.html | title=David Rogers will retire as CEO of Life Storage; be replaced by Joseph Saffire | first=Dan | last=Miner | work=[[American City Business Journals]] | date=September 12, 2018}}</ref>

In April 2019, the company acquired a property in Tampa for $6.93 million.<ref>{{cite news | url=https://www.businessobserverfl.com/article/life-storage-tampa-self-storage-buffalo-seminole-and-heights-skyview-advisors-ryan-clark | title=Life Storage buys Tampa self-storage center to augment portfolio | first= Kevin | last=McQuaid | work=Business Observer | date=April 5, 2019}}</ref>

In July 2019, the company sold properties in [[Greensboro, North Carolina]] for $12 million.<ref>{{cite news | url=https://www.bizjournals.com/triad/news/2019/07/16/portfolio-of-greensboro-storage-facilities-sells.html | title=Portfolio of Greensboro storage facilities sells for $12 million | first=Margaret | last=Moffett | work=[[American City Business Journals]] | date=July 16, 2019 | url-access=subscription}}</ref>
==References==
==References==
{{Reflist}}
{{Reflist}}
==External links==
==External links==
* {{Official website|https://www.lifestorage.com/}}
*{{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
}}

{{Authority control}}


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

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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