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]

Life Storage, Inc.

Formerly	Sovran Self Storage (1982–2016)
Company type	Defunct
Industry	Real estate investment trust
Founded	1982; 43 years ago (1982) (as Sovran Self Storage)
Defunct	July 20, 2023; 2 years ago (2023-07-20)
Headquarters	United States
Products	Self storage

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][5]

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.^[5] 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.^[5][6] Five years later, the company operated facilities in 21 states.^[7]

In 2012, David Rogers, the former CFO, was appointed CEO, replacing Robert J. Attea, who remained Executive Chairman.^[8] As of November 2013, the company operated 471 facilities in 25 states.^[9]

In July 2016, the company acquired Life Storage LP for $1.3 billion,^[10] giving it its first properties in Northern California and Las Vegas.^[11][12][13]

In August 2016, the company rebranded its facilities from "Uncle Bob's Self Storage" to "Life Storage" and changed its name.^{[4][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]}

Small property acquisitions

In 2014, the company made 2 small portfolio acquisitions.^[29][30]

In 2016 and 2017, the company acquired properties in Wisconsin, Arizona, Nevada, and Tennessee.^[31][32][33]

In 2019, the company acquired a property in Tampa and sold properties in Greensboro, North Carolina.^[34][35]