secwatch.observer — SEC 8-K summary
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Issuer:     Extra Space Storage Inc. (EXR)
CIK:        0001289490
Form:       8-K
Filed at:   2023-04-03T23:59:59+00:00
Accession:  0001193125-23-089776
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.85
Item codes: 1.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1289490/000119312523089776/0001193125-23-089776-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1289490/000119312523089776/d487333d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-089776

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer