Extra Space Storage, Life Storage combine to form preeminent storage operator

Extra Space Storage and Life Storage have entered into a definitive merger agreement by which Extra Space will acquire Life Storage in an all-stock transaction.

The transaction brings together two industry-leading platforms, and the combined company is expected to have a pro forma equity market capitalization of about $36 billion and total enterprise value of about $47 billion.

Extra Space and Life Storage shareholders are expected to own about 65 percent and 35 percent of the combined company, respectively.  The respective boards of directors of both Extra Space and Life Storage have unanimously approved the transaction.

“The business combination is highly synergistic, creating an even stronger combined company that will drive long-term, outsized operational and external growth opportunities through scale efficiencies, higher retained cash flow, data analytics, third-party management relationships and more,” said Joe Margolis, Extra Space CEO.

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