Extra Space Becomes Largest Self-Storage Operator | MSM

SALT LAKE CITY, UTAH, July 20, 2023. Extra Space Storage (NYSE: EXR) finalized a merger with Life Storage. This deal adds 1,200 new properties to Extra Space, bringing the new combined company store count to 3,500 locations across 43 states. This deal makes Extra Space the largest self-storage operator by store count and square footage managed. The combined entity will be the 8^th largest REIT on the MSCI U.S. REIT Index with an enterprise value of approximately $46 billion.

The deal was an all-stock transaction. Under the terms of the agreement, Life Storage shareholders received 0.8950 of an Extra Space share for each Life Storage share they owned, representing a total consideration of approximately [$1X.X] billion dollars.

“We’re growing our company by 50% in one day. It’s very exciting,” said Noah Springer, Extra Space Chief Strategy Officer. “We couldn’t have done it without the hard work of our dedicated team. It’s amazing what the Extra Space team combined with the new team members from Life Storage have already been able to accomplish. I am excited to see all that we can achieve moving forward.”

Extra Space now operates approximately 270 million square feet of rentable space, serving over two million customers. The company has plans to keep growing aggressively. Even as the largest self-storage company, it still only owns 13% of the highly fragmented self-storage market.

“The future is bright for Extra Space Storage,” said Joe Margolis, Extra Space Storage CEO. “This is another great step in our growth history. This business combination creates a very strong company that will have outsized operational and external growth opportunities through scale efficiencies, enhanced diversification, greater data analytics, expanded industry relationship, and more.”

Extra Space Storage plans to continue to operate storage facilities under the Life Storage brand, adding Life Storage to their portfolio of brands that include Storage Express (smaller, remote storage facilities) and Bargold (storage units in apartment complexes).

About Extra Space Storage Inc.:

Extra Space Storage Inc., headquartered in Salt Lake City, is a fully integrated, self-administered and self-managed real estate investment trust, and a member of the S&P 500.  As of March 31, 2023, Extra Space owned and/or operated 2,388 self-storage properties, which comprise approximately 1.7 million units and approximately 180.0 million square feet of rentable storage space. With the completed merger, Extra Space now has over 3,500 locations under the Extra Space, Life Storage and Storage Express brands, and it is the largest operator of self-storage properties in the United States.

For more information, please visit www.extraspace.com.

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Read more about the early days of the Extra Space and Life Storage merger on MSM.