salt lake city and Buffalo, New York, July 18, 2023 /PRNewswire/ — Extra Space Storage Inc. (NYSE: EXR) (“Extra Space” or “EXR”) and Life Storage, Inc. (NYSE: LSI) (“Life Storage” or “LSI”) today announced that Extra Space shareholders and Life Storage shareholders individually voted to approve the merger proposal at their respective special general meetings held virtually today. July 18, 2023.
According to the results of the Extra Space Special Shareholders’ Meeting, more than 99.9% of the votes cast at the meeting (approximately 90.3% of the outstanding shares of Xtra Space common stock as of the record date) were for the merger-related Xtra Space common stock. The final voting results of the Extra Space Special Shareholders Meeting will be filed with the U.S. Securities and Exchange Commission as part of Form 8-K.
According to the results of the Life Storage Special Shareholders Meeting, more than 99.7 percent of the votes cast at the meeting (approximately 83.4 percent of the outstanding shares of Life Storage common stock as of the record date) voted in favor of approving the merger. Contracts and transactions contemplated by them (including mergers). The final voting results of the Life Storage Special Shareholders Meeting will be filed with the U.S. Securities and Exchange Commission as part of Form 8-K.
Upon completion of the merger, Life Storage stockholders will receive 0.895 shares of newly issued Extra Space common stock for each share of Life Storage common stock owned immediately prior to the effective date of the merger.The transaction is expected to close in the next day July 20, 2023 Subject to meeting or being waived from the normal exit conditions.
About extra space
Extra Space Storage Inc., headquartered at salt lake cityis a fully integrated, self-administered real estate investment trust and member of the S&P 500. March 31, 2023, 2,388 self-storage facilities owned and/or operated by Extra Space, comprising approximately 1.7 million units and approximately 180 million square feet of rentable storage space, including boat storage, RV storage, business , offers conveniently located secure storage units to customers nationwide. Storage. Extra Space is the second largest owner and/or operator of self-storage facilities. usa is the largest self-storage management company in the United States.
About life storage
Life Storage, Inc. is a self-managed equity REIT whose business is the acquisition and management of self-storage facilities.is in Buffalo, New YorkLife Storage operates more than 1,200 storage facilities in 37 states. District of Columbia. Life Storage offers storage units rented on a monthly basis to both residential and commercial storage customers. Life Storage is an industry leader, providing consistently responsive service to over 690,000 customers. For more information, please visit http://invest.lifestorage.com/.
Forward-Looking Statements
Statements in this communication that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 (as amended) and Section 21E of the Securities Exchange Act of 1934 (as amended). These forward-looking statements are based on EXR’s and LSI’s current expectations, estimates and projections regarding the industries and markets in which they operate and on his EXR and LSI’s beliefs and assumptions. Such statements involve uncertainties that could materially affect the financial results of EXR or LSI. Words such as “expect”, “anticipate”, “intend”, “plan”, “believe”, “seek”, “estimate”, including variations of such words and similar expressions, It is intended to identify forward-looking statements. , generally not of a historical nature. All statements regarding operating performance, events or developments that EXR or LSI expects or anticipates to occur in the future. This includes statements regarding any and all transactions, acquisition and development activities, disposal activities, and general conditions of geographic regions that may occur between EXR and LSI. The operations of EXR or LSI, the timing and amount of dividend payments, the respective liabilities, capital structure and financial condition of EXR and LSI are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although EXR and LSI believe that the expectations reflected in forward-looking statements are based on reasonable assumptions, neither EXR nor LSI can give any assurance that such expectations will be achieved. Actual performance or results may differ materially from those expressed or projected. Such forward-looking statements. Factors that may affect performance or results include, but are not limited to: (i) EXR’s and LSI’s ability to complete the proposed transaction in accordance with the proposed terms or anticipated schedule, or including the satisfaction of other closing conditions; Complete the proposed transaction. (ii) the occurrence of events, changes or other circumstances that may cause termination of the merger agreement in connection with the proposed transaction; (iii) the risks associated with diverting the attention of EXR and LSI management from continuing business operations; (iv) failing to realize the expected benefits of the proposed transaction; (v) significant transaction costs and/or unknown or unestimable liabilities; (vi) the risk of shareholder litigation in connection with the proposed transaction, including any resulting costs and delays; (vii) the risk that LSI’s business will not be successfully integrated, or that such integration may be more difficult, time-consuming or costly than anticipated; (viii) risks associated with the future opportunities and plans of the combined company, including uncertainties regarding expected future financial performance and the performance of the combined company after the completion of the proposed transaction; (ix) the impact of the announcement of the proposed transaction on the ability of EXR and LSI to operate their respective businesses, retain and employ key personnel, and maintain good business relationships; (x) the risks associated with the market price of EXR common stock to be issued in the proposed transaction; (xi) other risks associated with the completion of the proposed transaction and related conduct; (xii) national, international, regional and local economic and political climates and conditions; (xiii) changes in global financial markets and interest rates; (xiv) increased or unanticipated competition for EXR’s or LSI’s assets; (xv) risks associated with the acquisition, disposal and development of real estate, including increased development costs due to additional regulatory requirements related to climate change; (xvi) maintenance of real estate investment trust status, tax mechanisms, and changes to income tax laws and rates; (xvii) funding and capital availability, levels of debt maintained by EXR and LSI, and credit ratings; (xviii) environmental uncertainties, including risks of natural disasters; (xix) risks associated with the coronavirus pandemic; (xx) Additional elements described in Part I, Item 1A. Risk Factors for Form 10-K Annual Reports for End Years of EXR and LSI, respectively December 31, 2022. Neither EXR nor LSI undertakes any obligation to update any forward-looking statements contained in this communication, except as required by law.
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Source Extra Space Storage Co., Ltd.
