--- schema_version: "secwatch.filing_event.v1" accession: "0001193125-23-190116" form_type: "8-K" ticker: "EXR" cik: "0001289490" company_name: "Extra Space Storage Inc." filed_at: "2023-07-20T23:59:59+00:00" generated_at: "2026-06-13T05:27:53.412857+00:00" event_type: "m_and_a" sentiment: "positive" materiality_score: 0.9 calibrated_materiality_score: 0.9 confidence: "high" source: SEC EDGAR --- # Extra Space Storage closes Life Storage merger, creating largest U.S. storage operator with ~$46B EV ## Summary - Life Storage shareholders receive 0.895 EXR shares per share; Merger closed July 20, 2023. - Combined company: 3,500+ locations, 270M sq ft, 2M+ customers, ~$46B enterprise value. - Expects at least $100M in annual run-rate operating synergies; accretive to Core FFO in first year. - Extra Space board expands from 10 to 13; adds three Life Storage directors: Saffire, Barberio, Harnett. - Issued ~1.67M Extra Space OP units valued at ~$249.5M to former Life Storage unitholders. ## SEC filing metadata - accession: 0001193125-23-190116 - form_type: 8-K - ticker: EXR - cik: 0001289490 - company_name: Extra Space Storage Inc. - filed_at: 2023-07-20T23:59:59+00:00 - event_type: m_and_a - sentiment: positive - materiality_score: 0.9 - calibrated_materiality_score: 0.9 - confidence: high - sec_items: 2.01, 3.02, 5.02, 7.01, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1289490/000119312523190116/0001193125-23-190116-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1289490/000119312523190116/d395569d8k.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001193125-23-190116 - JSON: https://secwatch.observer/filing/0001193125-23-190116.json - Plain text: https://secwatch.observer/filing/0001193125-23-190116.txt ## Key facts - Executive change Mark G. Barberio was appointed as Director at Extra Space Storage Inc.. - Action: appointed - Role: Director source text: Extra Space increased the size of its board of directors from ten members to thirteen members and appointed Joseph V. Saffire, Mark G. Barberio and Susan Harnett to the Extra Space board of directors evidence_url: https://www.sec.gov/Archives/edgar/data/1289490/000119312523190116/0001193125-23-190116-index.htm - Executive change Joseph V. Saffire was appointed as Director at Extra Space Storage Inc.. - Action: appointed - Role: Director source text: Extra Space increased the size of its board of directors from ten members to thirteen members and appointed Joseph V. Saffire, Mark G. Barberio and Susan Harnett to the Extra Space board of directors evidence_url: https://www.sec.gov/Archives/edgar/data/1289490/000119312523190116/0001193125-23-190116-index.htm - Executive change Susan Harnett was appointed as Director at Extra Space Storage Inc.. - Action: appointed - Role: Director source text: Extra Space increased the size of its board of directors from ten members to thirteen members and appointed Joseph V. Saffire, Mark G. Barberio and Susan Harnett to the Extra Space board of directors evidence_url: https://www.sec.gov/Archives/edgar/data/1289490/000119312523190116/0001193125-23-190116-index.htm - M&A Transactions Extra Space Storage Inc. completed an acquisition involving Life Storage, Inc. for 0.895 shares of Extra Space Common Stock per share of Life Storage Common Stock (closed 2023-07-20). - Action: acquisition - Counterparty: Life Storage, Inc. - Consideration: 0.895 shares of Extra Space Common Stock per share of Life Storage Common Stock - Closing: 2023-07-20 source text: ace 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 (“Life Storage”), and Life Storage LP, a Delaware limited partnership (“Life Storage OP” and, together with Life Storage, the “Life Storage Parties”), as amended on May 18, 2023 (the “Merger Agreement”). evidence_url: https://www.sec.gov/Archives/edgar/data/1289490/000119312523190116/0001193125-23-190116-index.htm - M&A Transactions Extra Space Storage Inc. completed an acquisition involving Life Storage, Inc. for 0.895 shares of Extra Space Common Stock per share of Life Storage Common Stock (closed 2023-07-20). - Action: acquisition - Counterparty: Life Storage, Inc. - Consideration: 0.895 shares of Extra Space Common Stock per share of Life Storage Common Stock - Closing: 2023-07-20 source text: Pursuant to the terms of the Merger Agreement, on July 20, 2023, at the Company Merger Effective Time, each share of common stock, par value $0.01 per share, of Life Storage ("Life Storage Common Stock") issued and outstanding as of immediately prior to the Company Merger Effective Time (other than shares of Life Storage Common Stock owned by any of the Life Storage Parties, the Extra Space Parties or any of their respective wholly owned subsidiaries, which were canceled) was automatically converted into the right to receive 0.895 (the "Exchange Ratio") of a validly issued, fully paid and non-assessable share of common stock, par value $0.01 per share, of Extra Space ("Extra Space Common Stock") (the "Merger Consideration"), together with cash in lieu of fractional shares, without interest, but subject to any withholding required under applicable law, upon the terms and subject to the conditions set forth in the Merger Agreement. evidence_url: https://www.sec.gov/Archives/edgar/data/1289490/000119312523190116/0001193125-23-190116-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.