---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-089776"
form_type: "8-K"
ticker: "EXR"
cik: "0001289490"
company_name: "Extra Space Storage Inc."
filed_at: "2023-04-03T23:59:59+00:00"
generated_at: "2026-06-17T06:49:18.494755+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-23-089776
- form_type: 8-K
- ticker: EXR
- cik: 0001289490
- company_name: Extra Space Storage Inc.
- filed_at: 2023-04-03T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1289490/000119312523089776/0001193125-23-089776-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1289490/000119312523089776/d487333d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-089776
- JSON: https://secwatch.observer/filing/0001193125-23-089776.json
- Plain text: https://secwatch.observer/filing/0001193125-23-089776.txt

## Key facts
- Material Agreements
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1289490/000119312523089776/0001193125-23-089776-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.