Life Storage

Life Storage is a real estate investment trust headquartered in Williamsville, New York that invests in self storage units. The company was previously known as Sovran Self Storage and Uncle Bob's Self Storage. As of December 31, 2019, the company owned interests in and/or operated 854 locations.[1] It is the 4th largest owner of self storage units in the United States[2] and the 4th largest self storage property manager.[3]

Life Storage, Inc.
TypePublic company
NYSE: LSI
S&P 400 component
IndustryReal estate investment trust
Founded1982 (1982) (as Sovran Self Storage)
HeadquartersWilliamsville, New York, United States
Key people
Mark G. Barberio, Chairman
Joseph V. Saffire, CEO
Andrew J. Gregoire, CFO
Edward F. Killeen, COO
ProductsSelf storage
Revenue $574 million (2019)
$260 million (2019)
Total assets $4.232 billion (2019)
Total equity $2.132 billion (2019)
Number of employees
1,943 (2019)
Websitewww.lifestorage.com
Footnotes / references
[1]

In addition to its standard rental storage units, the company also offers units with climate control and its Dri-guard dehumidification system. There are also larger units for items like boats, cars, and other large property. Most facilities offer a variety of amenities and features, keypad security systems that restrict floor access to approved users or property access to customers only, security systems that monitor activity on the facility grounds, free truck use, and moving and storage merchandise. Some facilities also offer individual door alarms, intercom systems, and conference rooms for business meetings.[4][5]

History

The first incarnation of the company, Sovran Self Storage, was founded in 1982 as a financial planning firm in Buffalo, New York.

In 1985, the company opened its first self storage facility in Florida and then accumulated around 30 such facilities on the East Coast within the next 3 years.[6][7][8] Over the course of the next decade, the company accumulated 62 self storage facilities throughout the United States, rebranding each to Uncle Bob's Self Storage under former CEO and Executive Chairman, Robert J. Attea.[7]

On June 26, 1995, the company became a public company via an initial public offering.

By the end of 1996, the company operated 111 self storage facilities in 15 East Coast states and Texas. By 1999, the number of facilities had increased to 222, all of which used the Uncle Bob's name.[7][9] Five years later, the company operated facilities in 21 states.[10]

In 2012, former CFO David Rogers was appointed CEO of the company, replacing Robert J. Attea, who remained Executive Chairman.[11]

As of November 2013, the company operated 471 facilities in 25 states.[8]

In January 2014, the company acquired 7 facilities.[12]

In June 2014, the company acquired 19 properties for $130 million.[13]

In August 2015, the company was added the S&P 400 stock market index.[14]

In January 2016, the company acquired 30 self storage facilities for approximately $400 million, including eight in the Los Angeles area. This was the company's first foray into California.[15]

In July 2016, Sovran Self Storage acquired LifeStorage LP for $1.3 billion.[16] The acquisition gave the company its first properties in Northern California and Las Vegas.[17][18][19]

In August 2016, the company rebranded its facilities from Uncle Bob's Self Storage to Life Storage and changed its name.[20][21][22][23][6][24]

In October 2016, the company converted a warehouse in Milwaukee into a storage facility.[25]

In June 2017, in a joint venture, the company acquired 18 properties in Arizona, Nevada, and Tennessee.[26]

Joseph Saffire replaced David Rogers as the company CEO in 2019.[27][28]

In April 2019, the company acquired a property in Tampa for $6.93 million.[29]

In July 2019, the company sold properties in Greensboro, North Carolina for $12 million.[30]

References
  1. "Life Storage, Inc. 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. "Facility Owners". Inside Self-Storage.
  3. "Facility-Management Companies". Inside Self-Storage.
  4. "Facility in the Spotlight: Uncle Bob's Self Storage of Richmond, VA". Inside Self-Storage. January 27, 2010.
  5. "Sovran's Uncle Bob's Chain Celebrates 25 Years in Self-Storage Industry". Inside Self-Storage. July 1, 2010.
  6. Robinson, David (July 23, 2016). "Sovran hopes it's [sic] name-change gamble pays off". The Buffalo News.
  7. "1999 Spotlight on Top Operators". Inside Self-Storage. April 1, 1999.
  8. "Inside Self-Storage Releases 2013 Top-Operators List". Inside Self-Storage. November 13, 2013.
  9. Mullaney, John A. (October 15, 1997). REITs: Building Profits with Real Estate Investment Trusts. Wiley. ISBN 978-0471193241.
  10. Gannon, Suzanne (March 8, 2004). "Hooked on Storage". The New York Times.
  11. Robinson, David (February 14, 2012). "Sovran makes shifts in top management". The Buffalo News.
  12. "Sovran Self Storage buys 7 facilities in four states". The Buffalo News. January 11, 2014.
  13. Robinson, David (June 23, 2014). "Sovran pays $130 million to buy 19 self-storage facilities in 7 states". The Buffalo News.
  14. "Sovran Self Storage Set to Join the S&P MidCap 400; ePlus to be Added to S&P SmallCap 600" (Press release). PR Newswire. August 19, 2015.
  15. Robinson, David (January 20, 2016). "Sovran pushes into California after making $400 million in acquisitions". The Buffalo News.
  16. "Sovran Self Storage, Inc. Acquires LifeStorage" (Press release). Business Wire. July 18, 2016.
  17. Steele, Anne (May 19, 2016). "Sovran to Acquire LifeStorage for $1.3 Billion, Sell Shares". The Wall Street Journal.
  18. Borchersen-Keto, Sarah (May 19, 2016). "Sovran Self Storage Agrees to Buy LifeStorage for $1.3 Billion". National Association of Real Estate Investment Trusts.
  19. Murray, Barbra (May 20, 2016). "Sovran, LifeStorage to Merge in $1.3B Deal". Commercial Property Executive.
  20. "Sovran Self Storage, Inc. Rebrands and Begins Trading as Life Storage, Inc. (LSI)" (Press release). Business Wire. August 15, 2016.
  21. Miner, Dan (July 18, 2016). "Sovran will take name of newly acquired Life Storage (but HQ will remain in Williamsville)". American City Business Journals.
  22. Murray, Barbra (July 20, 2016). "Sovran, LifeStorage Become One". Commercial Property Executive.
  23. Levitt, David M. (July 18, 2016). "Sovran to Retire Uncle Bob's Brand After $1.3 Billion Purchase". Bloomberg News.
  24. Miner, Dan (September 2, 2016). "Uncle Bob's signs will be changed to Life Storage beginning next week". American City Business Journals.
  25. Lawder, Melanie (October 10, 2016). "Former Boston Store warehouse near 3rd Ward converted into storage facility". American City Business Journals.
  26. "Life Storage expands with property acquisitions in 3 states". American City Business Journals. June 6, 2017.
  27. Robinson, David (September 12, 2018). "Saffire to succeed Rogers as CEO at Life Storage". The Buffalo News.
  28. Miner, Dan (September 12, 2018). "David Rogers will retire as CEO of Life Storage; be replaced by Joseph Saffire". American City Business Journals.
  29. McQuaid, Kevin (April 5, 2019). "Life Storage buys Tampa self-storage center to augment portfolio". Business Observer.
  30. Moffett, Margaret (July 16, 2019). "Portfolio of Greensboro storage facilities sells for $12 million". American City Business Journals.
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