Extra Space Storage weighs offer for rival Life Storage - Bloomberg News (updated)

Life Storage

22/03/2023 17:51

(adds shares, background)
       March 22 (Reuters) - 
    Self-storage properties operator Extra Space Storage Inc
 EXR.N  is considering making an offer for rival Life Storage
Inc  LSI.N , Bloomberg News reported on Wednesday, citing people
familiar with the matter.
    Shares of real estate investment trust (REIT) Life Storage
were up nearly 2% in afternoon trade, whereas Extra Space
Storage was down about 1.5%.
    Life Storage last month rebuffed an $11 billion all-stock
takeover bid from bigger rival Public Storage.
    The overtures to buy Life Storage, which has a market value
$10.54 billion, comes as demand for self-storage properties
diminishes after a COVID-induced surge, as people have started
returning to big cities.
    Extra Space and Life Storage did not immediately respond to
Reuters requests for comment.

 (Reporting by Pratyush Thakur in Bengaluru; Editing by Devika
Syamnath)
 ((pratyush.thakur@thomsonreuters.com;))