Life Storage Acquisition

Storage industry greets its new largest operator. On April 3, Extra Space Storage announced an all-stock acquisition of Life Storage valued at approximately $12.4 billion. The latter REIT previously made headlines in February, after rejecting an unsolicited $11 billion offer from Public Storage. This bid prompted Life Storage to privately court other opportunities during the following months. The transaction is expected to close in the second half of 2023, at which point Extra Space will surpass Public Storage as the nation’s largest self-storage operator by both number of facilities and net rentable square footage.