Extra Space files pro forma financials for $14.7B Life Storage merger; expected H2 2023 close

Extra Space Storage Inc.

Merger consideration $14.7B: $11.4B in Extra Space equity plus $3.1B debt assumption and $161M transaction costs.
Exchange ratio fixed at 0.895 Extra Space shares per Life Storage share; combined ownership 65% EXR, 35% LSI.
Pro forma combined net income $201.8M (Q1 2023) and $917.1M (FY 2022); no synergy savings included.
Deal accounted as asset acquisition under ASC 805-50; purchase price allocation preliminary.
Annual general & administrative cost savings expected but not reflected in pro forma statements.

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