Extra Space Storage to merge with Life Storage in $12.7 bln deal - source (updated)

Life Storage

03/04/2023 11:19

(Changes sourcing, adds details and background)
       April 3 (Reuters) - Real estate investment trust (REIT)
Extra Space Storage Inc  EXR.N  will combine with smaller peer
Life Storage Inc  LSI.N  in a $12.7 billion deal, a source
familiar with the matter told Reuters on Monday.
    The all-stock deal will be for an implied price of $145.82
per Life Storage share, the source added.
    News of the merger comes at a time when demand for
self-storage properties diminishes after a COVID-induced surge,
as people have started returning to big cities.
    The Wall Street Journal earlier reported news of the deal.
    Life Storage shares were up 5.3% at $138 in light premarket
trading.

 (Reporting by Pratyush Thakur in Bengaluru and Anirban Sen in
New York; Editing by Rashmi Aich)
 ((pratyush.thakur@thomsonreuters.com;))