Life Storage

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search
Life Storage, Inc.
FormerlySovran Self Storage
(1982–2016)
Company typeDefunct
IndustryReal estate investment trust
Founded1982; 44 years ago (1982) (as Sovran Self Storage)
DefunctJuly 20, 2023; 2 years ago (2023-07-20)
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

[edit | edit source]

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

[edit | edit source]

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

[edit | edit source]
  1. ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
  2. ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
  3. ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
  4. ^ a b Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
  5. ^ a b c Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
  6. ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
  7. ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
  8. ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
  9. ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
  10. ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
  11. ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
  12. ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
  13. ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
  14. ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
  15. ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
  16. ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
  17. ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
  18. ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
  19. ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
  20. ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
  21. ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
  22. ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
  23. ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
  24. ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
  25. ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
  26. ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
  27. ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
  28. ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
  29. ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
  30. ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
  31. ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
  32. ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
  33. ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
  34. ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
  35. ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).

Lua error in Module:Authority_control at line 153: attempt to index field 'wikibase' (a nil value).

Retrieved from "http://70.231.62.181/index.php?title=Life_Storage&oldid=17124681"