Life Storage, Inc.

Life Storage, Inc., formerly known as Sovran Self Storage and Uncle Bob's Self Storage, was a self-administered and self-managed real estate investment trust (REIT) headquartered in Williamsville, New York. Established in 1982, the company grew into a prominent player in the self-storage industry, operating over 1,150 storage facilities across 37 states and the District of Columbia by 2023. Life Storage served both residential and commercial customers with month-to-month rental options, catering to over 675,000 customers with a focus on responsive service and innovation. The company expanded through strategic acquisitions in states like Wisconsin, Arizona, Nevada, and Tennessee, and in 2019, Joseph Saffire succeeded David Rogers as CEO. On July 20, 2023, Life Storage was acquired by Extra Space Storage, Inc. in an all-stock transaction, marking the end of its independent operations and integrating its portfolio into Extra Space's national platform.

Business/Product Breakdown

Life Storage specialized in acquiring and managing self-storage facilities, offering a range of unit sizes and specialized options, including climate-controlled units with dehumidification systems and larger spaces for boats, cars, and other oversized items. Its facilities featured amenities such as keypad security systems, individual door alarms, intercoms, free truck use, and conference rooms for business meetings, enhancing customer convenience and security. With a portfolio exceeding 1,198 properties (758 wholly owned, 141 joint venture, and 299 third-party managed), the company provided affordable and secure storage solutions, emphasizing a customer-centric approach. Revenue was generated through rental income from its diverse unit offerings, supplemented by ancillary services like moving merchandise sales. Following its acquisition by Extra Space Storage, Life Storage's operations were absorbed, with many facilities retaining the Life Storage brand under Extra Space's management, though the company no longer operates as a standalone entity.