Life Storage
Real estate investment trust headquartered in Williamsville, NY
From Wikipedia, the free encyclopedia
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]
(1982–2016)
 | |
| Formerly | Sovran Self Storage (1982–2016) |
|---|---|
| Company type | Defunct |
| Industry | Real estate investment trust |
| Founded | 1982 (as Sovran Self Storage) |
| Defunct | July 20, 2023 |
| Headquarters | United States  |
| Products | Self storage |
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][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
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]