Life Storage, Inc. is a

real estate investment trust A real estate investment trust (REIT) is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of commercial real estate, including office and apartment buildings, warehouses, hospitals, shopping cente ...

headquartered in

Williamsville, New York Williamsville is a village in Erie County, New York, United States. The population was 5,423 at the 2020 census. The village is named after Jonas Williams, an early settler. It is part of the Buffalo–Niagara Falls Metropolitan Statistical ...

, that invests in

self-storage Self storage (a shorthand for "self-service storage," and also known as "device storage") is an industry that rents storage space (such as rooms, lockers, containers, and/or outdoor space), also known as "storage units," to tenants, usually on ...

units. The company was previously known as Sovran Self Storage and Uncle Bob's Self Storage. As of February 2023, the company had over 1,100 facilities in 37 states. It is the 4th largest owner of self-storage units in the United States and the 4th largest self-storage

property manager A property manager or estate manager is a person or firm charged with operating a real estate property for a fee when the owner is unable to attend to such details personally or is not interested in doing so. The property may be individual title o ...

. In addition to its standard rental storage units, the company also offers units with

climate control Heating, ventilation, and air conditioning (HVAC) is the use of various technologies to control the temperature, humidity, and purity of the air in an enclosed space. Its goal is to provide thermal comfort and acceptable indoor air quality. HV ...

and dehumidification systems. There are also larger units for items like

boats A boat is a watercraft of a large range of types and sizes, but generally smaller than a ship, which is distinguished by its larger size, shape, cargo or passenger capacity, or its ability to carry boats. Small boats are typically found on inl ...

cars A car or automobile is a motor vehicle with wheels. Most definitions of ''cars'' say that they run primarily on roads, seat one to eight people, have four wheels, and mainly transport people instead of goods. The year 1886 is regarded as t ...

, and other large properties. Most facilities offer a variety of amenities and features, including 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.

History

The origins of Life Storage, formerly known as Sovran Self Storage, can be traced back to 1982, when it was founded as a financial planning firm in

Buffalo, New York Buffalo is the second-largest city in the U.S. state of New York (behind only New York City) and the seat of Erie County. It is at the eastern end of Lake Erie, at the head of the Niagara River, and is across the Canadian border from South ...

. Three years later, in 1985, the company entered the self-storage industry by opening its first facility in

Florida Florida is a state located in the Southeastern region of the United States. Florida is bordered to the west by the Gulf of Mexico, to the northwest by Alabama, to the north by Georgia, to the east by the Bahamas and Atlantic Ocean, and to ...

, eventually accumulating around 30 such facilities along the

East Coast East Coast may refer to: Entertainment * East Coast hip hop, a subgenre of hip hop * East Coast (ASAP Ferg song), "East Coast" (ASAP Ferg song), 2017 * East Coast (Saves the Day song), "East Coast" (Saves the Day song), 2004 * East Coast FM, a ra ...

over the next three years. Throughout the next decade, the company continued to expand, accumulating 62 self-storage facilities across the United States, and rebranding each one to "Uncle Bob's Self Storage" under the leadership of former

CEO A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...

and

Executive Chairman The chairperson, also chairman, chairwoman or chair, is the presiding officer of an organized group such as a board, committee, or deliberative assembly. The person holding the office, who is typically elected or appointed by members of the grou ...

, Robert J. Attea. In 1995, the company became a

public company A public company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange (l ...

through an

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...

. By the end of 1996, the company operated 111 self-storage facilities in 15 states along the East Coast and Texas, eventually growing to 222 facilities by 1999, all of which used "Uncle Bob's" name. Five years later, the company operated facilities in 21 states. In 2012, David Rogers, the former

CFO The chief financial officer (CFO) is an officer of a company or organization that is assigned the primary responsibility for managing the company's finances, including financial planning, management of financial risks, record-keeping, and financ ...

, was appointed CEO, replacing Robert J. Attea, who remained Executive Chairman. As of November 2013, the company operated 471 facilities in 25 states. In the following years, the company continued to expand through acquisitions and rebranding efforts. The company was added to the

S&P 400 The S&P MidCap 400 Index, more commonly known as the S&P 400, is a stock market index from S&P Dow Jones Indices. The index serves as a gauge for the U.S. mid-cap equities sector and is the most widely followed mid-cap index. To be included in ...

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in 2015. In 2016, the company acquired Life Storage LP for $1.3 billion, giving it its first properties in

Northern California Northern California (colloquially known as NorCal) is a geographic and cultural region that generally comprises the northern portion of the U.S. state of California. Spanning the state's northernmost 48 counties, its main population centers incl ...

and

Las Vegas Las Vegas (; Spanish for "The Meadows"), often known simply as Vegas, is the 25th-most populous city in the United States, the most populous city in the state of Nevada, and the county seat of Clark County. The city anchors the Las Vegas ...

. Following this acquisition, the company rebranded its facilities from "Uncle Bob's Self Storage" to "Life Storage" and changed its name. Throughout the following years, the company continued to grow and make strategic acquisitions, including properties in Wisconsin, Arizona, Nevada, and Tennessee. In 2019, Joseph Saffire replaced David Rogers as the company's CEO. In the same year, the company acquired a property in Tampa and sold properties in Greensboro, North Carolina. In February 2023,

Public Storage Public Storage is an American international self storage Self storage (a shorthand for "self-service storage," and also known as "device storage") is an industry that rents storage space (such as rooms, lockers, containers, and/or outdoor ...

announced a proposed acquisition offer of $11 billion for Life Storage. The move represents a ramped-up effort by Public Storage to acquire its smaller competitor, following the rejection of an earlier bid.

References

External links

* {{Authority control 1982 establishments in New York (state) 1995 initial public offerings Companies based in Erie County, New York Companies listed on the New York Stock Exchange Real estate companies established in 1982 Real estate investment trusts of the United States Storage companies