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Classified in: Business, Covid-19 virus
Subjects: EARNINGS, Merger/Acquisition, Conference Call, Webcast, Advisory

Life Storage Board of Directors Unanimously Rejects Unsolicited Proposal from Public Storage

Life Storage, Inc. (NYSE:LSI), a leading national owner and operator of self-storage properties, today announced that the Company's Board of Directors unanimously concluded that the acquisition proposal submitted by Public Storage on February 5, 2023, significantly undervalues Life Storage and its prospects for future growth and value creation. This determination follows a comprehensive review process conducted by the Life Storage Board in consultation with its independent financial and legal advisors.

As previously announced, Public Storage proposed to acquire in a taxable transaction all of the outstanding shares and units of Life Storage for 0.4192 shares of Public Storage common stock for each outstanding Life Storage share or unit. Based on the closing price of Public Storage common stock on Wednesday, February 15, 2023, the proposal had an implied value of approximately $126.14 per share or unit or an equity value of approximately $11 billion.

Mark G. Barberio, Non-Executive Chairman of the Life Storage Board, said, "After further and careful consideration, the Life Storage Board of Directors continues to believe that Public Storage's proposed exchange ratio significantly undervalues the Company, and that the proposal is not in the best interests of shareholders. The Board believes Life Storage will deliver greater risk-adjusted total shareholder returns as a standalone company than through the proposed transaction. 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. The Company's successful execution has resulted in industry-leading same-store performance, expanding operating margins and a strong balance sheet. Importantly, Life Storage is positioned to build on its momentum with accelerating top-line and FFO growth supported by pricing power, multiple revenue drivers and prudent cost management."

In making the determination to reject the Public Storage proposal, the Life Storage Board considered a number of factors, including:

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. The call was previously scheduled to begin at 9:00 a.m. Eastern Time.

Wells Fargo Securities and BofA Securities are acting as financial advisors to Life Storage and Hogan Lovells US LLP and Quinn Emanuel Urquhart & Sullivan LLP are serving as legal advisors.

Forward-Looking Statements
When used herein, the words "intends," "believes," "expects," "anticipates," and similar expressions are intended to identify "forward-looking statements" within the meaning of that term in Section 27A of the Securities Act of 1933 and in Section 21E of the Securities Exchange Act of 1934.

All forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. We may also make additional forward-looking statements from time to time. All such subsequent forward-looking statements, whether written or oral, by us or on our behalf, are also expressly qualified by these cautionary statements. All forward-looking statements apply only as of the date made. We undertake no obligation to publicly update or revise forward-looking statements which may be made to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events.

There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained herein. Any forward-looking statements should be considered in light of the risks referenced in the "Risk Factors" section included in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Such factors include, but are not limited to:

The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. These beliefs, assumptions and expectations are subject to risks and uncertainties and can change as a result of many possible events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity and results of operations may vary materially from those expressed in our forward-looking statements. You should carefully consider these risks before you make an investment decision with respect to our securities.

Life Storage, Inc. is a self-administered and self-managed equity REIT that is in the business of acquiring and managing self-storage facilities. Located in Buffalo, New York, the Company operates more than 1,100 storage facilities in 37 states and the District of Columbia. The Company serves both residential and commercial storage customers with storage units rented by month. Life Storage consistently provides responsive service to more than 675,000 customers, making it a leader in the industry. For more information visit https://invest.lifestorage.com/.

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