Extra Space to acquire Life Storage in all-stock deal valued at ~$145.82/share

Extra Space Storage Inc.

Life Storage shareholders receive 0.8950 EXR share per LSI share; total consideration ~$145.82/share based on EXR close 3/31/23.
Combined company pro forma equity market cap ~$36B, enterprise value ~$47B; EXR shareholders own ~65%, LSI ~35%.
Boards unanimously approved; expected closing H2 2023, subject to shareholder approvals, regulatory conditions.
Termination fees: Life Storage pays $371M; Extra Space pays $761M under specified circumstances.
Extra Space CEO Joe Margolis highlights operational synergies, scale efficiencies, data analytics, third-party management.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.98

Extra Space Storage Inc. entered into Agreement and Plan of Merger with Life Storage, Inc. and Life Storage LP (effective 2023-04-02).

Action: entry
Agreement: merger
Counterparty: Life Storage, Inc. and Life Storage LP
Effective: 2023-04-02

Exact text from the filing

On April 2, 2023, Extra Space Storage Inc., a Maryland corporation (“Extra Space”) and Extra Space Storage LP, a Delaware limited partnership (“Extra Space OP”) entered into an Agreement and Plan of Merger (the “Merger Agreement”) by and among Extra Space, Extra Space OP, Eros Merger Sub, LLC, a Delaware limited liability company and a wholly owned subsidiary of Extra Space (“Eros Merger Sub”), Eros OP Merger Sub, LLC, a Delaware limited liability company and a wholly owned subsidiary of Extra Space OP (“Eros OP Merger Sub” and, together with Extra Space, Extra Space OP and Eros Merger Sub, the “Extra Space Parties”), Life Storage, Inc., a Maryland corporation (“Life Storage”), and Life Storage LP, a Delaware limited partnership (“Life Storage OP” and, together with Life Storage, the “Life Storage Parties”).

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Extra Space Storage Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-089776

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