Life Storage

Life Storage, Inc. (formerly Sovran Self Storage and Uncle Bob's Self Storage) was a real estate investment trust headquartered in Williamsville, New York, that invested in self storage units. In July 2023, the company was acquired by Extra Space Storage.[1][2][3]

History

The company was founded as a financial planning firm in Buffalo, New York in 1982. In 1985, the company entered the self-storage industry by opening its first facility in Florida, accumulating around 30 facilities along the East Coast of the United States over the next three years.[4]

During the next decade, the company acquired 62 self-storage facilities in the United States, and rebranded each one to "Uncle Bob's Self Storage" under the leadership of former CEO and Executive Chairman, Robert J. Attea.[4] In 1995, the company became a public company through an initial public offering. By the end of 1996, the company operated 111 self-storage facilities in 15 states along the East Coast and Texas. It grew to 222 facilities by 1999, all of which used "Uncle Bob's" name.[4][5] Five years later, the company operated facilities in 21 states.[6]

In 2012, David Rogers, the former CFO, was appointed CEO, replacing Robert J. Attea, who remained Executive Chairman.[7] As of November 2013, the company operated 471 facilities in 25 states.[8]

In July 2016, the company acquired Life Storage LP for $1.3 billion,[9] giving it its first properties in Northern California and Las Vegas.[10][11][12]

In August 2016, the company rebranded its facilities from "Uncle Bob's Self Storage" to "Life Storage" and changed its name.[13][14][15][16][17][18][19]

In 2019, Joseph Saffire replaced David Rogers as the CEO of the company.[20][21]

In December 2021, the company formed a joint venture with Heitman LLC to invest in self storage properties.[22][23]

In July 2023, the company was acquired by Extra Space Storage for $12.7 billion after it outbid an $11 billion offer from Public Storage.[24][25][26][27][28]