Life Storage Explained

Life Storage, Inc.
Former Name:Sovran Self Storage
(1982–2016)
Industry:Real estate investment trust
Type:Defunct
Founded: (as Sovran Self Storage)
Products:Self 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

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]

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.[4] 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.[4] [5] Five years later, the company operated facilities in 21 states.[6]

In 2012, David Rogers, the former CFO, was appointed CEO, replacing Robert J. Attea, who remained Executive Chairman.[7] As of November 2013, the company operated 471 facilities in 25 states.[8]

In July 2016, the company acquired Life Storage LP for $1.3 billion,[9] giving it its first properties in Northern California and Las Vegas.[10] [11] [12]

In August 2016, the company rebranded its facilities from "Uncle Bob's Self Storage" to "Life Storage" and changed its name.[13] [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

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]

Notes and References

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

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