Life Storage

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Life Storage, Inc.
FormerlySovran Self Storage
(1982–2016)
Company typeDefunct
IndustryReal estate investment trust
Founded1982; 43 years ago (1982) (as Sovran Self Storage)
DefunctJuly 20, 2023; 2 years ago (2023-07-20)
Headquarters
United States Edit this on Wikidata
ProductsSelf storage

Life Storage, Inc. (formerly Sovran Self Storage and Uncle Bob's Self Storage) was a real estate investment trust headquartered in Williamsville, New York, that invested in self storage units. In July 2023, the company was acquired by Extra Space Storage.[1][2][3]

History

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The company was founded as a financial planning firm in Buffalo, New York in 1982. In 1985, the company entered the self-storage industry by opening its first facility in Florida, accumulating around 30 facilities along the East Coast of the United States over the next three years.[4][5]

During the next decade, the company acquired 62 self-storage facilities in the United States, and rebranded each one to "Uncle Bob's Self Storage" under the leadership of former CEO and Executive Chairman, Robert J. Attea.[5] 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. It grew to 222 facilities by 1999, all of which used "Uncle Bob's" name.[5][6] Five years later, the company operated facilities in 21 states.[7]

In 2012, David Rogers, the former CFO, was appointed CEO, replacing Robert J. Attea, who remained Executive Chairman.[8] As of November 2013, the company operated 471 facilities in 25 states.[9]

In July 2016, the company acquired Life Storage LP for $1.3 billion,[10] giving it its first properties in Northern California and Las Vegas.[11][12][13]

In August 2016, the company rebranded its facilities from "Uncle Bob's Self Storage" to "Life Storage" and changed its name.[4][14][15][16][17][18][19]

In 2019, Joseph Saffire replaced David Rogers as the CEO of the company.[20][21]

In December 2021, the company formed a joint venture with Heitman LLC to invest in self storage properties.[22][23]

In July 2023, the company was acquired by Extra Space Storage for $12.7 billion after it outbid an $11 billion offer from Public Storage.[24][25][26][27][28]

Small property acquisitions

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In 2014, the company made 2 small portfolio acquisitions.[29][30]

In 2016 and 2017, the company acquired properties in Wisconsin, Arizona, Nevada, and Tennessee.[31][32][33]

In 2019, the company acquired a property in Tampa and sold properties in Greensboro, North Carolina.[34][35]

References

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  1. ^ "EXTRA SPACE STORAGE & LIFE STORAGE ANNOUNCE CLOSING OF MERGER" (Press release). July 20, 2023.
  2. ^ "Facility in the Spotlight: Uncle Bob's Self Storage of Richmond, VA". Inside Self-Storage. January 27, 2010.
  3. ^ "Sovran's Uncle Bob's Chain Celebrates 25 Years in Self-Storage Industry". Inside Self-Storage. July 1, 2010.
  4. ^ a b Robinson, David (July 23, 2016). "Sovran hopes it's [sic] name-change gamble pays off". The Buffalo News.
  5. ^ a b c "1999 Spotlight on Top Operators". Inside Self-Storage. April 1, 1999.
  6. ^ Mullaney, John A. (October 15, 1997). REITs: Building Profits with Real Estate Investment Trusts. Wiley. ISBN 978-0471193241.
  7. ^ Gannon, Suzanne (March 8, 2004). "Hooked on Storage". The New York Times.
  8. ^ Robinson, David (February 14, 2012). "Sovran makes shifts in top management". The Buffalo News.
  9. ^ "Inside Self-Storage Releases 2013 Top-Operators List". Inside Self-Storage. November 13, 2013.
  10. ^ "Sovran Self Storage, Inc. Acquires LifeStorage". Reuters. July 18, 2016.
  11. ^ Steele, Anne (May 19, 2016). "Sovran to Acquire LifeStorage for $1.3 Billion, Sell Shares". The Wall Street Journal.
  12. ^ Borchersen-Keto, Sarah (May 19, 2016). "Sovran Self Storage Agrees to Buy LifeStorage for $1.3 Billion". National Association of Real Estate Investment Trusts.
  13. ^ Murray, Barbra (May 20, 2016). "Sovran, LifeStorage to Merge in $1.3B Deal". Commercial Property Executive.
  14. ^ Behrens, Poppy (July 20, 2016). "Sovran Self Storage, Inc. to Rebrand as Life Storage". Modern Storage Media.
  15. ^ Miner, Dan (July 18, 2016). "Sovran will take name of newly acquired Life Storage (but HQ will remain in Williamsville)". American City Business Journals.
  16. ^ Murray, Barbra (July 20, 2016). "Sovran, LifeStorage Become One". Commercial Property Executive.
  17. ^ Levitt, David M. (July 18, 2016). "Sovran to Retire Uncle Bob's Brand After $1.3 Billion Purchase". Bloomberg News.
  18. ^ Miner, Dan (September 2, 2016). "Uncle Bob's signs will be changed to Life Storage beginning next week". American City Business Journals.
  19. ^ Borchersen-Keto, Sarah (August 22, 2016). "Life Storage Phasing Out REIT's Uncle Bob Brand". National Association of Real Estate Investment Trusts.
  20. ^ Robinson, David (September 12, 2018). "Saffire to succeed Rogers as CEO at Life Storage". The Buffalo News.
  21. ^ Miner, Dan (September 12, 2018). "David Rogers will retire as CEO of Life Storage; be replaced by Joseph Saffire". American City Business Journals.
  22. ^ "Heitman Acquires Diversified US Self-Storage Portfolio" (Press release). Heitman LLC. December 9, 2021.
  23. ^ "Heitman/Life Storage Joint Venture Acquires 13 Self-Storage Facilities in 7 States". Inside Self-Storage. December 14, 2021.
  24. ^ Hu, Krystal; Sen, Anirban; Nidumolu, Jahnavi (February 5, 2023). "Public Storage makes $11 billion hostile bid for Life Storage". Reuters.
  25. ^ Thakur, Piyush (April 3, 2023). "Extra Space to buy Life Storage for $12.7 bln in self-storage mega deal". Reuters.
  26. ^ Stefanich, Logan (July 20, 2023). "Utah-based Extra Space Storage merges with Life Storage in $12B deal". KSL-TV.
  27. ^ Bunny, Lian (July 17, 2024). "One year later, Extra Space exec talks Life Storage merger". American City Business Journals.
  28. ^ "Extra Space Storage & Life Storage Announce Closing of Merger" (Press release). PR Newswire. July 20, 2023.
  29. ^ "Sovran Self Storage buys 7 facilities in four states". The Buffalo News. January 11, 2014.
  30. ^ Robinson, David (June 23, 2014). "Sovran pays $130 million to buy 19 self-storage facilities in 7 states". The Buffalo News.
  31. ^ Lawder, Melanie (October 10, 2016). "Former Boston Store warehouse near 3rd Ward converted into storage facility". American City Business Journals.
  32. ^ "Life Storage expands with property acquisitions in 3 states". American City Business Journals. June 6, 2017.
  33. ^ "Life Storage Inc announces acquisition of 18 properties through a joint venture". Reuters. June 5, 2017.
  34. ^ McQuaid, Kevin (April 5, 2019). "Life Storage buys Tampa self-storage center to augment portfolio". Business Observer.
  35. ^ Moffett, Margaret (July 16, 2019). "Portfolio of Greensboro storage facilities sells for $12 million". American City Business Journals.