Life Storage falls on stock offering announcement

Life Storage

13/09/2021 22:22

** Shares of REIT  LSI.N  fall as much as 3.4% to $121.51
after the bell - on track to hit their lowest levels in two
weeks 
    ** LSI announced that it will issue and sell 2.5 million
shares of its common stock in a public offering  urn:newsml:reuters.com:*:nBw19Q4yza
    ** Offering size is about 3.2% of free float - Refinitiv 
    ** Joint book-running managers for the offering are
Citigroup and Wells Fargo Securities - co
    ** LSI plans to use proceedings from offering to repay debt
and finance acquisitions 
    ** Up to Monday's close, stock had risen ~58% YTD 

 (Reporting by Vansh Agarwal)
 ((Vansh.Agarwal@thomsonreuters.com;))