June 15, 2023
Life Storage, Inc. Investigation
We are investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Life Storage, Inc. (“Life Storage” or the “Company”) (NYSE: LSI), in connection with the proposed acquisition of the Company by Extra Space Storage Inc. (NYSE: EXR) (“Extra Space”). Under the terms of the merger agreement, the Company’s shareholders will receive 0.8950 shares of Extra Space common stock for each share of Life Storage common stock owned, representing implied per-share consideration of $128.28 based upon Extra Space’s June 14, 2023 closing price of $143.32.
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