LIFE STORAGE LP: M&A transaction — Life Storage completes merger with Extra Space; shareholders receive 0.895 EXR shares per share

LIFE STORAGE LP

Each Life Storage share converted into 0.895 shares of Extra Space common stock; stock to be delisted from NYSE.
Combined entity has ~3,500 locations, 270M sq ft rentable space, enterprise value ~$46B, largest U.S. storage operator.
Expected to achieve at least $100M in annual run-rate operating synergies from G&A, property expenses, and revenue improvements.
Life Storage directors resign; three Life Storage designees (Barberio, Saffire, Harnett) join Extra Space board.
Life Storage executives eligible for transaction bonus plan with $15M aggregate cap for excise tax gross-up; David Dodman remains officer for limited period.

item 2.01 item 3.01 item 3.03 item 5.01 item 5.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

LIFE STORAGE LP underwent a change of control involving Extra Space Storage Inc. (closed 2023-07-20).

Action: change of control
Counterparty: Extra Space Storage Inc.
Closing: 2023-07-20

Exact text from the filing

This Current Report on Form 8-K is being filed in connection with the consummation on July 20, 2023 (the “Closing Date”) of the transactions contemplated by that certain Agreement and Plan of Merger, dated as of April 2, 2023, by and among Extra Space Storage Inc., a Maryland corporation (“Extra Space”), Extra Space Storage LP, a Delaware limited partnership (“Extra Space OP”), Eros Merger Sub, LLC, a Delaware limited liability company and a wholly owned subsidiary of Extra Space (“Extra Space Merger Sub”), Eros OP Merger Sub, LLC, a Delaware limited liability company and a wholly owned subsidiary of Extra Space OP (“Extra Space OP Merger Sub” and, together with Extra Space, Extra Space OP and Extra Space Merger Sub, the “Extra Space Parties”), Life Storage, Inc., a Maryland corporation (the “Company”), and Life Storage LP, a Delaware limited partnership (“Life Storage OP” and, together with the Company, the “Life Storage Parties”), as amended on May 18, 2023 (the “Merger Agreement”).

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Source: SEC EDGAR

accession 0001193125-23-190113

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