Life Storage

{{Short description|Real estate investment trust headquartered in Williamsville, NY}}

{{Infobox company

| name = Life Storage, Inc.

| logo = Life Storage Logo.svg

| former_name = Sovran Self Storage
(1982–2016)

| type = Subsidiary

| founded = {{Start date and age|1982}} (as Sovran Self Storage)

| founder =

| industry = Real estate investment trust

| products = Self storage

| website = {{URL|https://www.lifestorage.com}}

| parent = Extra Space Storage

| footnotes = {{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}}

}}

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.{{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}}

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.{{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}}{{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}}

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.{{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}}{{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}}

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. 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.{{cite book | last =Mullaney | first=John A. | title=REITs: Building Profits with Real Estate Investment Trusts | publisher=Wiley | url=https://books.google.com/books?id=_jMypRA6iGkC&pg=PA165 | isbn =978-0471193241 | date=October 15, 1997}} Five years later, the company operated facilities in 21 states.{{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}}

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

Throughout the following years, the company continued to grow and make strategic acquisitions, including properties in Wisconsin, Arizona, Nevada, and Tennessee.{{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}}{{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}} In 2019, Joseph Saffire replaced David Rogers as the company's CEO.{{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/}}{{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}} In the same year, the company acquired a property in Tampa and sold properties in Greensboro, North Carolina.{{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}}{{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}}

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