SALT
LAKE CITY and BUFFALO,
N.Y., July 18, 2023 /PRNewswire/ -- Extra Space
Storage Inc. (NYSE: EXR) ("Extra Space" or "EXR") and Life Storage,
Inc. (NYSE: LSI) ("Life Storage" or "LSI") today announced that
Extra Space stockholders and Life Storage stockholders have voted,
separately, to approve the proposed merger at their respective
special meetings held virtually today, July
18, 2023.
According to the results of the Extra Space Special Meeting of
Stockholders, more than 99.9 percent of votes cast at the meeting –
approximately 90.3 percent of the outstanding shares of Extra Space
common stock as of the record date – were voted in favor of the
issuance of Extra Space common stock in connection with the merger.
The final voting results of the Extra Space Special Meeting of
Stockholders will be filed as part of a Form 8-K with the U.S.
Securities and Exchange Commission.
According to the results of the Life Storage Special Meeting of
Stockholders, more than 99.7 percent of votes cast at the meeting –
approximately 83.4 percent of the outstanding shares of Life
Storage common stock as of the record date – were voted in favor of
approving the merger agreement and the transactions contemplated
thereby, including the merger. The final voting results of the Life
Storage Special Meeting of Stockholders will be filed as part of a
Form 8-K with the U.S. Securities and Exchange Commission.
Upon consummation of the merger, Life Storage stockholders will
receive 0.895 of a newly-issued share of Extra Space common stock
for each share of Life Storage common stock they own immediately
prior to the effective time of the merger. The transaction is
expected to close on July 20, 2023
subject to the satisfaction or waiver of customary closing
conditions.
About Extra Space
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 offering customers conveniently located and secure
storage units across the country, including boat storage, RV
storage and business storage. Extra Space is the second largest
owner and/or operator of self-storage properties in the United States and is the largest
self-storage management company in the United States.
About Life Storage
Life Storage, Inc. is a self-administered and self-managed
equity REIT that is in the business of acquiring and managing
self-storage facilities. Located in Buffalo, New York, Life Storage operates more
than 1,200 storage facilities in 37 states and the District of Columbia. Life Storage serves both
residential and commercial storage customers with storage units
rented by month. Life Storage consistently provides responsive
service to more than 690,000 customers, making it a leader in the
industry. For more information visit
http://invest.lifestorage.com/.
Forward-Looking Statements
The statements in this communication that are not historical
facts are forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. These
forward-looking statements are based on current expectations,
estimates and projections about the industry and markets in
which EXR and LSI operate as well as beliefs and assumptions
of EXR and LSI. Such statements involve uncertainties that could
significantly impact EXR's or LSI's financial results. Words
such as "expects," "anticipates," "intends," "plans," "believes,"
"seeks," and "estimates," including variations of such words and
similar expressions, are intended to identify such forward-looking
statements, which generally are not historical in nature. All
statements that address operating performance, events or
developments that EXR or LSI expects or anticipates will occur
in the future — including statements relating to any possible
transaction between EXR and LSI, acquisition and development
activity, disposition activity, general conditions in the
geographic areas where EXR or LSI operate, timing and amount of
dividend payments and EXR's and LSI's respective debt, capital
structure and financial position — are forward-looking statements.
These statements are not guarantees of future performance and
involve certain risks, uncertainties and assumptions that are
difficult to predict. Although EXR and LSI believe the
expectations reflected in any forward-looking statements are based
on reasonable assumptions, neither EXR nor LSI can give assurance
that its expectations will be attained and, therefore, actual
outcomes and results may differ materially from what is expressed
or forecasted in such forward-looking statements. Some of the
factors that may affect outcomes and results include, but are not
limited to: (i) EXR's and LSI's ability to complete the proposed
transaction on the proposed terms or on the anticipated timeline,
or at all, including satisfaction of other closing conditions to
consummate the proposed transaction; (ii) the occurrence of any
event, change or other circumstance that could give rise to the
termination of the merger agreement relating to the proposed
transaction; (iii) risks related to diverting the attention of EXR
and LSI management from ongoing business operations; (iv) failure
to realize the expected benefits of the proposed transaction; (v)
significant transaction costs and/or unknown or inestimable
liabilities; (vi) the risk of shareholder litigation in connection
with the proposed transaction, including resulting expense or
delay; (vii) the risk that LSI's business will not be integrated
successfully or that such integration may be more difficult,
time-consuming or costly than expected; (viii) risks related to
future opportunities and plans for the combined company, including
the uncertainty of expected future financial performance and
results of the combined company following completion of the
proposed transaction; (ix) the effect of the announcement of the
proposed transaction on the ability of EXR and LSI to operate their
respective businesses and retain and hire key personnel and to
maintain favorable business relationships; (x) risks related to the
market value of the EXR common stock to be issued in the proposed
transaction; (xi) other risks related to the completion of the
proposed transaction and actions related thereto; (xii) national,
international, regional and local economic and political climates
and conditions; (xiii) changes in global financial markets and
interest rates; (xiv) increased or unanticipated competition for
EXR's or LSI's properties; (xv) risks associated with acquisitions,
dispositions and development of properties, including increased
development costs due to additional regulatory requirements related
to climate change; (xvi) maintenance of Real Estate Investment
Trust status, tax structuring and changes in income tax laws and
rates; (xvii) availability of financing and capital, the levels of
debt that EXR and LSI maintain and their credit ratings; (xviii)
environmental uncertainties, including risks of natural disasters;
(xix) risks related to the coronavirus pandemic; and (xx) those
additional factors discussed under Part I, Item 1A. Risk Factors in
EXR's and LSI's respective Annual Reports on Form 10-K for the year
ended December 31, 2022.
Neither EXR nor LSI undertakes any duty to update any
forward-looking statements appearing in this communication except
as may be required by law.
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SOURCE Extra Space Storage Inc.