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Extra Space Storage celebrates merger with Life Storage at NYSE closing bell ceremony on January 9, 2024

Extra Space Storage Celebrates Merger with Life Storage at NYSE Closing Bell Ceremony

On January 9, 2024, Extra Space Storage marked a significant chapter in our history by celebrating our merger with Life Storage and ringing the closing bell on the New York Stock Exchange. This momentous event, led by CEO Joe Margolis and joined by founder Ken Woolley and 13 other members of the Extra Space team, was not just a ceremonial gesture but a symbol of our company’s growth and the successful union of two industry leaders.

On July 20, 2023, we officially combined with Life Storage, creating the largest storage operator in the United States. This merger, approved by the shareholders of both companies, has resulted in a combined portfolio of over 3,500 locations, approximately 270 million square feet of rentable space, and a presence in 42 states. We’re not just growing in size—we’re amplifying our impact and reach. We’re poised to unlock at least $100 million in annual synergies, driving our financial performance to new heights.

But it isn’t just about numbers—it’s about people. We have welcomed new team members and combined our talents to forge a stronger, more diverse, and innovative company. The journey to get here has been one of rigorous planning, unwavering dedication, and seamless execution. In a record-breaking 19 days, we integrated approximately 1,200 Life Storage locations into our tech platform and transitioned nearly 150 stores to the Extra Space brand. Our teams worked tirelessly to ensure a smooth integration.

Extra Space Storage CEO Joe Margolis and founder Ken Woolley at the New York Stock Exchange closing bell ceremony.

“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,” shared CEO Joe Margolis. “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.”

Looking ahead, we’re excited about the prospects of our combined company. Our focus remains on providing exceptional service to customers, driving growth, and enhancing shareholder value. As we continue this journey, we’re united as one team, ready to face new challenges, and seize new opportunities.

It’s a new beginning for Extra Space Storage, and we couldn’t be more optimistic about our future.

Ready to join a company that values innovation and teamwork? Visit our careers page for more information on company culture and current job opportunities. More information about the Life Storage acquisition can be found on our investor relations page.