Life Storage Board of Directors Unanimously Rejects Unsolicited Proposal from Public Storage
Summary
The Board is always open to and regularly evaluates opportunities to enhance shareholder value and will consider any proposal that appropriately values the Company and its prospects.” Joseph Saffire, Life Storage’s Chief Executive Officer, said, “ Life Storage has a strong platform for continued growth with a diversified portfolio in high-value, fast-growing markets and a best-in-class operating platform including leading customer service and technology solutions. Life Storage has a strong track record of value creation, with industry-leading total shareholder returns of nearly 100% and quarterly dividend growth of 80% since March 2019, when Mr. Saffire was appointed CEO of the Company. Life Storage is well positioned to deliver strong profitable growth given the Company’s financial discipline, best-in-class operating model and multiple revenue drivers, including acquisitions, third-party management, joint ventures, lease-ups and expansions. Life Storage’s leading third-party management platform and joint venture relationships also allow it to maintain a robust pipeline of potential future acquisitions at attractive valuations. Life Storage will provide further detail regarding the Board’s decision, its strategic progress and its financial outlook during its fourth quarter and full year 2022 earnings call, which will now be held on Friday, February 24, 2023, at 8:00 a.m. Eastern Time.