Life Storage COO David Dodman Adds CFO Role
Buffalo, NY, July 11, 2023–(BUSINESS WIRE)–Life Storage, Inc. (NYSE: LSI) (the “Company”), a self-storage real estate investment trust (REIT), today announced with great regret that its Financial Officer, Alexander Gress, announced that Mr. He was a police officer who died suddenly on July 9, 2023. At his 50th year, Mr. Gress was left with his wife Jennifer and his three children.
“We are devastated by the tragic passing of Alex Gress,” said CEO Joseph Sapphire. “Alex has been a great leader and a great financial mind who has demonstrated an incredible level of integrity, passion and dedication to his colleagues and our business. He has made significant contributions to Storage, but none could be more significant than his role in the pending merger with Xtra.” “Space Storage. On behalf of the entire Life Storage family, as a colleague, “And most of all, as a friend, we will miss him. Our hearts go out to Alex’s family during this difficult time.”
Mr. Greth has been a passionate supporter of his local West New York community over the past decade, holding leadership roles at First Niagara Financial Group, Keybank, 43 North and Life Storage. He spent considerable time and energy advocating for positive change in local organizations, including serving on the Canisius High School Board of Trustees. To carry on his legacy, Mr. Gress’ family established the Alex Gress Scholarship Fund to support local students. Interested parties can donate to the Alex Gress Scholarship Fund c/o Canisius High School, 1180 Delaware Ave., Buffalo, NY 14209.
The Board has appointed Life Storage’s Chief Operating Officer, David Dodman, as Chief Financial Officer, effective immediately. In addition to his new role as CFO, Dodman will continue to serve as COO.
Dodman has been COO of Life Storage since 2022 and has served as Senior Vice President of Strategic Planning and Investor Relations since joining the company in 2018. Mr. Dodman has comprehensive knowledge of risk, regulatory compliance and auditing issues and a strong track record of implementing new features to improve financial business performance. Prior to joining Life Storage, he held various corporate strategy, M&A and operational roles at KeyBank, First Niagara Financial Group, Lockheed Martin Corporation, Legg Mason and Stifel Financial.
About Life Storage Co.:
Life Storage, Inc. is a self-managed equity REIT whose business is the acquisition and management of self-storage facilities. Based in Buffalo, New York, the company operates more than 1,200 of his storage facilities in 37 states and the District of Columbia. We offer monthly rental storage units 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/.
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 reflect our current expectations, estimates and projections regarding the industries and markets in which Extra Space Storage Inc. (“EXR”) and Life Storage, Inc. (“LSI”) operate and Based on our beliefs and assumptions. EXR and LSI. 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 predicts 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. Results and factors that may affect results include, but are not limited to: (i) EXR and LSI’s ability to complete any proposed transaction, or in accordance with the proposed terms or anticipated schedule; Ensuring shareholder approval and satisfaction of other closing conditions necessary to 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, the level of debt maintained by EXR and LSI, and their 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 in EXR and LSI’s Annual Reports on Form 10-K for the Year Ending December 31, 2022 and Quarterly Reports on Form 10-Q for the Quarter Ending March 31, 2023, and Respectively other risks as described in the filing. Neither EXR nor LSI undertakes any obligation to update any forward-looking statements contained in this communication, except as required by law.
Additional information about the proposed deal and where to find it:
In connection with the proposed merger, EXR filed a registration statement on Form S-4 with the Securities and Exchange Commission (“SEC”) on May 23, 2023. It contains a document that serves as an EXR prospectus and a joint prospectus. Powers of Attorney for EXR and LSI (“Joint Powers of Attorney/Prospectus”). Each party also plans to file other relevant documents with the SEC regarding the proposed transaction. Form S-4 became effective June 6, 2023. INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Recommended. EXR and LSI will begin mailing the definitive joint proxy/prospectus to shareholders around June 7, 2023. Investors and security holders may obtain free copies of the joint proxy/prospectus and other relevant documents filed with the SEC by EXR and LSI. SEC website (www.sec.gov). Copies of EXR’s filings with the SEC may be obtained free of charge from EXR’s website at www.extraspace.com or by contacting EXR’s Investor Relations at email@example.com. Copies of LSI’s filings with the SEC may be obtained free of charge from LSI’s website at www.lifestorage.com or by contacting LSI’s Investor Relations at (716) 633-1850 or firstname.lastname@example.org. .
EXR and LSI and their respective directors, executive officers, other management and employees may be considered participants in the solicitation of proxy with respect to the proposed transaction. Information about EXR’s directors and executive officers is available in his EXR proxy statement for his 2023 Annual Meeting filed with the SEC on April 4, 2023. Information about LSI’s directors and executive officers is available in the LSI Power of Attorney. 2023 Annual Meeting, which was filed with the SEC on April 13, 2023. Additional information about participants in the proxy solicitation and a description of their direct and indirect interests in holding or otherwise in securities may be found in the prospectus and other documents filed with the SEC in connection with the joint proxy statement/proposed transaction. Related Documents. Investors should read the joint proxy statement/prospectus carefully before making any voting or investment decisions. Investors may obtain free copies of these documents from EXR and LSI as described above.
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Andrew Siegel / Lucas Peirce