Life Storage is a real estate investment trust headquartered in Williamsville, New York that invests in self storage units. The company was previously known as Sovran Self Storage and Uncle Bob's Self Storage. As of December 31, 2019, the company owned interests in and/or operated 854 locations. It is the 4th largest owner of self storage units in the United States and the 4th largest self storage property manager. 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.
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 then accumulated around 30 such facilities on the East Coast within the next 3 years. 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. On June 26, 1995, the company became a public company via an initial public offering. 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. Five years later, the company operated facilities in 21 states. In 2012, former CFODavid Rogers was appointed CEO of the company, replacing Robert J. Attea, who remained Executive Chairman. As of November 2013, the company operated 471 facilities in 25 states. In January 2014, the company acquired 7 facilities. In June 2014, the company acquired 19 properties for $130 million. In August 2015, the company was added the S&P 400stock market index. 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. In July 2016, Sovran Self Storage acquired LifeStorage LP for $1.3 billion. The acquisition gave the company its first properties in Northern California and Las Vegas. In August 2016, the company rebranded its facilities from Uncle Bob's Self Storage to Life Storage and changed its name. In October 2016, the company converted a warehouse in Milwaukee into a storage facility. In June 2017, in a joint venture, the company acquired 18 properties in Arizona, Nevada, and Tennessee. Joseph Saffire replaced David Rogers as the company CEO in 2019. In April 2019, the company acquired a property in Tampa for $6.93 million. In July 2019, the company sold properties in Greensboro, North Carolina for $12 million.
