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{{Infobox company
{{Infobox company
| name = Life Storage
| name = Life Storage, Inc.
| logo = File:Life Storage logo.png
| logo = File:Life Storage logo.png
| type = [[Public company]]
| caption =
| traded_as = {{New York Stock Exchange|LSI}}<br>[[S&P 400]] component
| type = [[Public company|Public]]
| foundation = {{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 =
| location = [[Williamsville, New York]], United States
| fate =
| 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]]
| predecessor =
| industry = [[Real estate investment trust]]
| successor =
| products = [[Self storage]]
| foundation = {{start date and age|1982}} (as Sovran Self Storage)
| revenue = {{increase}} $574 million (2019)
| founder =
| net_income = {{increase}} $260 million (2019)
| defunct =
| assets = {{increase}} $4.232 billion (2019)
| location_city =
| equity = {{increase}} $2.132 billion (2019)
| location_country =
| num_employees = 1,943 (2019)
| location = [[Williamsville, New York]], United States
| homepage = {{URL|https://www.lifestorage.com/}}
| locations = 750 locations in 28 U.S. states
| footnotes = <ref name=10K>{{cite web | url=https://www.sec.gov/ix?doc=/Archives/edgar/data/944314/000156459020006451/lsi-10k_20191231.htm | title=Life Storage, Inc. 2019 Form 10-K Annual Report | publisher=[[U.S. Securities and Exchange Commission]]}}</ref>
| area_served =
| key_people = Mark G. Barberio <small>([[Chairman]])</small><br/>Joseph V. Saffire <small>([[CEO]])</small><br/>Andrew J. Gregoire <small>([[Chief financial officer|CFO]])</small><br/> Edward F. Killeen <small>([[Chief operating officer|COO]])</small>
| industry = [[Real estate investment trust]], [[self storage]]
| products = [[Self storage]]
| services = {{flat list|
*Storage facilities
*rental trucks
*facility management
}}
}}
| revenue ={{increase}}{{US$|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''' (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 magazine | last=Levitt| first=David M.| title =Sovran to Retire Uncle Bob’s Brand After $1.3 Billion Purchase | magazine =[[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>
'''Life Storage''' is a [[real estate investment trust]] headquartered in [[Williamsville, New York]] that invests in [[self storage]] units. 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>

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>

The company was previously known as Sovran Self Storage and Uncle Bob's Self Storage.

==History==
==History==
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 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"/>

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

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>
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"/>
As of November 2013, the company operated 471 facilities in 25 states.<ref name="ISS2013"/>
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 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 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>

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 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 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 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, 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 |newspaper=The Buffalo News |date=12 September 2018}}</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>
==Operations==

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>
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>

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|2}}
==External links==
==External links==
*[https://www.lifestorage.com/ Official website]
* {{Official website|https://www.lifestorage.com/}}


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

Revision as of 16:22, 10 April 2020

Life Storage, Inc.
Company typePublic company
NYSE: LSI
S&P 400 component
IndustryReal estate investment trust
Founded1982; 42 years ago (1982) (as Sovran Self Storage)
HeadquartersWilliamsville, New York, United States
Key people
Mark G. Barberio, Chairman
Joseph V. Saffire, CEO
Andrew J. Gregoire, CFO
Edward F. Killeen, COO
ProductsSelf storage
RevenueIncrease $574 million (2019)
Increase $260 million (2019)
Total assetsIncrease $4.232 billion (2019)
Total equityIncrease $2.132 billion (2019)
Number of employees
1,943 (2019)
Websitewww.lifestorage.com
Footnotes / references
[1]

Life Storage is a real estate investment trust headquartered in Williamsville, New York that invests in self storage units. As of December 31, 2019, the company owned interests in and/or operated 854 locations.[1] It is the 4th largest owner of self storage units in the United States[2] and the 4th largest self storage property manager.[3]

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.[4][5]

The company was previously known as Sovran Self Storage and Uncle Bob's Self Storage.

History

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 then accumulated around 30 such facilities on the East Coast within the next 3 years.[6][7][8] 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.[7]

On June 26, 1995, the company became a public company via an initial public offering.

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.[7][9] Five years later, the company operated facilities in 21 states.[10]

In 2012, former CFO David Rogers was appointed CEO of the company, replacing Robert J. Attea, who remained Executive Chairman.[11]

As of November 2013, the company operated 471 facilities in 25 states.[8]

In January 2014, the company acquired 7 facilities.[12]

In June 2014, the company acquired 19 properties for $130 million.[13]

In August 2015, the company was added the S&P 400 stock market index.[14]

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.[15]

In July 2016, Sovran Self Storage acquired LifeStorage LP for $1.3 billion.[16] The acquisition gave the company its first properties in Northern California and Las Vegas.[17][18][19]

In August 2016, the company rebranded its facilities from Uncle Bob's Self Storage to Life Storage and changed its name.[20][21][22][23][6][24]

In October 2016, the company converted a warehouse in Milwaukee into a storage facility.[25]

In June 2017, in a joint venture, the company acquired 18 properties in Arizona, Nevada, and Tennessee.[26]

Joseph Saffire replaced David Rogers as the company CEO in 2019.[27][28]

In April 2019, the company acquired a property in Tampa for $6.93 million.[29]

In July 2019, the company sold properties in Greensboro, North Carolina for $12 million.[30]

References

  1. ^ a b "Life Storage, Inc. 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ "Facility Owners". Inside Self-Storage.
  3. ^ "Facility-Management Companies". Inside Self-Storage.
  4. ^ "Facility in the Spotlight: Uncle Bob's Self Storage of Richmond, VA". Inside Self-Storage. January 27, 2010.
  5. ^ "Sovran's Uncle Bob's Chain Celebrates 25 Years in Self-Storage Industry". Inside Self-Storage. July 1, 2010.
  6. ^ a b Robinson, David (July 23, 2016). "Sovran hopes it's [sic] name-change gamble pays off". The Buffalo News.
  7. ^ a b c "1999 Spotlight on Top Operators". Inside Self-Storage. April 1, 1999.
  8. ^ a b "Inside Self-Storage Releases 2013 Top-Operators List". Inside Self-Storage. November 13, 2013.
  9. ^ Mullaney, John A. (October 15, 1997). REITs: Building Profits with Real Estate Investment Trusts. Wiley. ISBN 978-0471193241.
  10. ^ Gannon, Suzanne (March 8, 2004). "Hooked on Storage". The New York Times.
  11. ^ Robinson, David (February 14, 2012). "Sovran makes shifts in top management". The Buffalo News.
  12. ^ "Sovran Self Storage buys 7 facilities in four states". The Buffalo News. January 11, 2014.
  13. ^ Robinson, David (June 23, 2014). "Sovran pays $130 million to buy 19 self-storage facilities in 7 states". The Buffalo News.
  14. ^ "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.
  15. ^ Robinson, David (January 20, 2016). "Sovran pushes into California after making $400 million in acquisitions". The Buffalo News.
  16. ^ "Sovran Self Storage, Inc. Acquires LifeStorage" (Press release). Business Wire. July 18, 2016.
  17. ^ {{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}}
  18. ^ Borchersen-Keto, Sarah (May 19, 2016). "Sovran Self Storage Agrees to Buy LifeStorage for $1.3 Billion". National Association of Real Estate Investment Trusts.
  19. ^ Murray, Barbra (May 20, 2016). "Sovran, LifeStorage to Merge in $1.3B Deal". Commercial Property Executive.
  20. ^ "Sovran Self Storage, Inc. Rebrands and Begins Trading as Life Storage, Inc. (LSI)" (Press release). Business Wire. August 15, 2016.
  21. ^ Miner, Dan (July 18, 2016). "Sovran will take name of newly acquired Life Storage (but HQ will remain in Williamsville)". American City Business Journals.
  22. ^ Murray, Barbra (July 20, 2016). "Sovran, LifeStorage Become One". Commercial Property Executive.
  23. ^ Levitt, David M. (July 18, 2016). "Sovran to Retire Uncle Bob's Brand After $1.3 Billion Purchase". Bloomberg News.
  24. ^ Miner, Dan (September 2, 2016). "Uncle Bob's signs will be changed to Life Storage beginning next week". American City Business Journals.
  25. ^ Lawder, Melanie (October 10, 2016). "Former Boston Store warehouse near 3rd Ward converted into storage facility". American City Business Journals.
  26. ^ "Life Storage expands with property acquisitions in 3 states". American City Business Journals. June 6, 2017.
  27. ^ Robinson, David (September 12, 2018). "Saffire to succeed Rogers as CEO at Life Storage". The Buffalo News.
  28. ^ Miner, Dan (September 12, 2018). "David Rogers will retire as CEO of Life Storage; be replaced by Joseph Saffire". American City Business Journals.
  29. ^ McQuaid, Kevin (April 5, 2019). "Life Storage buys Tampa self-storage center to augment portfolio". Business Observer.
  30. ^ Moffett, Margaret (July 16, 2019). "Portfolio of Greensboro storage facilities sells for $12 million". American City Business Journals.
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