Salt Lake City-based Extra Space Storage Inc. (NYSE: EXR) announced the completion of its acquisition and merger with Life Storage Inc.
The $12.7 billion, all-stock transaction creates the nation’s largest storage operator, with more than 3,500 locations, approximately 270 million square feet of rentable storage space, and over two million customers. Extra Space Storage said the combined entity will be among the largest REITs in the MSCI U.S. REIT Index.
In connection with the completion of the merger, the Extra Space board has expanded from 10 to 13 directors with the addition of three directors designated by Life Storage: Mark G. Barberio, Joseph V. Saffire and Susan Harnett.
“We are prepared for the smooth integration of Life Storage, and we believe this combination gives the combined company an even more formidable portfolio, team, and platform, with over 3,500 stores across 43 states,” said Extra Space Storage CEO Joe Margolis. “We are confident we will achieve at least $100 million in underwritten annual run-rate synergies, and that we will unlock additional synergies resulting from our increased scale.”
