Life Storage

Life Storage
Public
Traded as NYSE: LSI
S&P 400 Component[1]
Industry Real estate investment trust
Founded 1982 (1982) (as Sovran Self Storage)
Headquarters Williamsville, New York, United States
Key people
 Robert J. Attea (Chairman)
Kenneth F. Myszka (President)
David Rogers (CEO)
Andrew Gregoire (CFO)
Paul Powell (CIO)
Edward Killeen (COO)
Products Self storage
Services
  • Storage facilities
  • rental trucks
  • facility management
Website Official website

Life Storage (formerly Sovran Self Storage and formerly branded as Uncle Bob's Self Storage) is a self storage company and real estate investment trust (REIT) based in Williamsville, New York. The company operates over 650 self storage locations throughout the United States.[2][3][4] In 2016, the former Sovran Self Storage acquired LifeStorage LP[5][6] and subsequently rebranded itself as "Life Storage."[7] Each facility has also undergone a name change from Uncle Bob's Self Storage to Life Storage.[2][3][4] As of 2016, Life Storage is the fifth-largest self storage operator in the world.[8] It trades on the New York Stock Exchange using the ticker symbol LSI.[2]

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 had accumulated around 30 such facilities on the East Coast within three years.[2][9][10] 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.[9]

The company completed its initial public offering on June 26, 1995 with 5.89 million shares. It began trading on the New York Stock Exchange under the ticker symbol, SSS. 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.[9][11] Five years later, the company operated facilities in 21 states.[12]

In 2012, former CFO David Rogers was appointed CEO of the company, replacing Robert J. Attea, who remained Executive Chairman.[13]

At the end of 2013, the company operated around 478 facilities in 25 states.[10] It continued purchasing and operating facilities in a wide variety of markets including Chicago, St. Louis, Greater New York City, Atlanta, and others. By the end of 2014, the company operated over 500 facilities in 25 states.[14][15]

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.[16] In May 2016, Sovran Self Storage announced that it had agreed to purchase Roseville, California-based LifeStorage LP for $1.3 billion. The acquisition gave the company access to previously untapped markets like Northern California and Las Vegas. As a part of the agreement, Sovran took over 84 of LifeStorage's facilities.[3][5][6]

In July 2016, the company announced that it would be rebranding all of its self storage facilities as Life Storage between August 2016 and early 2017. The company also changed its corporate name to Life Storage and began using the stock ticker symbol LSI. After the LifeStorage acquisition, the company maintained 650 facilities in 29 states.[2][3][4][8]

Operation

Life Storage operates over 650 self storage facilities in 29 states across the United States.[8] Its facilities contain units for both commercial and residential customers. 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.[17][18]

References

  1. ↑ "Sovran Self Storage Set to Join the S&P MidCap 400; ePlus to be Added to S&P SmallCap 600". 19 August 2015. Retrieved 20 December 2016.
  2. 1 2 3 4 5 Robinson, David (23 July 2016). "Sovran hopes it’s [sic] name-change gamble pays off". The Buffalo News. Retrieved 10 December 2016.
  3. 1 2 3 4 Levitt, David M. (18 July 2016). "Sovran to Retire Uncle Bob’s Brand After $1.3 Billion Purchase". Bloomberg Businessweek. Retrieved 10 December 2016.
  4. 1 2 3 Feser, Katherine (29 July 2016). "Sovran says so long to Uncle Bob's Self Storage name". Houston Chronicle. Retrieved 10 December 2016.
  5. 1 2 Steele, Anne (19 May 2016). "Sovran to Acquire LifeStorage for $1.3 Billion, Sell Shares". The Wall Street Journal. Retrieved 10 December 2016.
  6. 1 2 Borchersen-Keto, Sarah (19 May 2016). "Sovran Self Storage Agrees to Buy LifeStorage for $1.3 Billion". National Association of Real Estate Investment Trusts. Retrieved 10 December 2016.
  7. ↑ Murray, Barbra (20 July 2016). "Sovran, LifeStorage Become One". Commercial Property Executive. Retrieved 10 December 2016.
  8. 1 2 3 Murray, Barbra (20 May 2016). "Sovran, LifeStorage to Merge in $1.3B Deal". Commercial Property Executive. Retrieved 10 December 2016.
  9. 1 2 3 "1999 Spotlight on Top Operators". Inside Self-Storage. 1 April 1999. Retrieved 10 December 2016.
  10. 1 2 "Inside Self-Storage Releases 2013 Top-Operators List". Inside Self-Storage. 13 November 2013. Retrieved 10 December 2016.
  11. ↑ Mullaney, John A. (15 October 1997). REITs: Building Profits with Real Estate Investment Trusts. Wiley. ISBN 978-0471193241.
  12. ↑ Gannon, Suzanne (8 March 2004). "Hooked on Storage". The New York Times. Retrieved 10 December 2016.
  13. ↑ Robinson, David (14 February 2012). "Sovran makes shifts in top management". The Buffalo News. Retrieved 10 December 2016.
  14. ↑ "Sovran Self Storage buys 7 facilities in four states". The Buffalo News. 11 January 2014. Retrieved 10 December 2016.
  15. ↑ Robinson, David (23 June 2014). "Sovran pays $130 million to buy 19 self-storage facilities in 7 states". The Buffalo News. Retrieved 10 December 2016.
  16. ↑ Robinson, David (20 January 2016). "Sovran pushes into California after making $400 million in acquisitions". The Buffalo News. Retrieved 10 December 2016.
  17. ↑ "Facility in the Spotlight: Uncle Bob's Self Storage of Richmond, VA". Inside Self-Storage. 27 January 2010. Retrieved 10 December 2016.
  18. ↑ "Sovran's Uncle Bob’s Chain Celebrates 25 Years in Self-Storage Industry". Inside Self-Storage. 1 July 2010. Retrieved 10 December 2016.
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