Last year Extra Space Storage completed the biggest deal in self-storage history. This week, the company celebrated the accomplishment in front of a large audience.
Led by CEO Joe Margolis, Extra Space officials rang the opening bell on January 9 at the New York Stock Exchange to commemorate the closing of its acquisition of rival Life Storage last July. The approximately $12 billion deal made the Salt Lake City, UT-based storage REIT the largest owner of self-storage facilities in the United States.
“It was great to celebrate our teams’ success in closing a transformative merger that will create significant value for our shareholders, and to celebrate the progress we have made in integrating the two companies.” Margolis said about the event.
The merger made Extra Space the operator of a combined 3,500 self-storage facilities that serve more than 2 million customers. The opportunity to buy Life Storage came after that company rejected an acquisition offer from Public Storage. In early March of last year, Life Storage CEO Joe Saffire turned to Margolis to explore another alternative for selling the company. That conversation would eventually lead to the consummation of the deal between Extra Space and Life Storage, creating a self-storage company with an enterprise value of $46 billion.
“I wish there was room on the podium for the 7,300 teammates who worked hard and sacrificed to make this a reality. I want to congratulate and thank the whole team for their above-and-beyond efforts,” Margolis added.
