SALT
LAKE CITY, July 3, 2023 /PRNewswire/ -- Extra Space
Storage Inc. ("EXR" or the "Company") (NYSE: EXR) announced today
that the Company's board of directors has declared a dividend of
$1.01 per share on the common stock
of the Company, as permitted by the terms of the merger agreement
the Company entered into with Life Storage, Inc. ("Life Storage" or
"LSI") (NYSE: LSI). The dividend is payable on July 19, 2023 to stockholders of record at the
close of business on July 13,
2023.
Furthermore, it is anticipated that, following the closing of
the merger with LSI, EXR will pay an additional dividend for the
third quarter, keeping with EXR's customary quarterly dividend
timing. The pre-closing dividend will be attributed to the
total amount paid for the third quarter, so that between this
pre-closing dividend and the additional quarterly dividend to be
paid, an EXR stockholder will receive a total dividend consistent
with the amount that the EXR board of directors would have
otherwise declared for the whole third quarter absent the
closing.
About Extra Space Storage Inc.
Extra Space Storage
Inc., headquartered in Salt Lake
City, is a fully integrated, self-administered and
self-managed real estate investment trust, and a member of the
S&P 500. As of March 31,
2023, the Company owned and/or operated 2,388 self-storage
properties, which comprise approximately 1.7 million units and
approximately 180.0 million square feet of rentable storage space
offering customers conveniently located and secure storage units
across the country, including boat storage, RV storage and business
storage. The Company is the second largest owner and/or
operator of self-storage properties in the United States and is the largest
self-storage management company in the
United States.
Forward-Looking Statements
The statements in this
communication that are not historical facts are forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. These forward-looking statements are
based on current expectations, estimates and projections about the
industry and markets in which EXR and LSI operate as well as
beliefs and assumptions of EXR and LSI. Such statements
involve uncertainties that could significantly impact EXR's or
LSI's financial results. Words such as "expects,"
"anticipates," "intends," "plans," "believes," "seeks," and
"estimates," including variations of such words and similar
expressions, are intended to identify such forward-looking
statements, which generally are not historical in nature. All
statements that address operating performance, events or
developments that EXR or LSI expects or anticipates will occur in
the future — including statements relating to any possible
transaction between EXR and LSI, acquisition and development
activity, disposition activity, general conditions in the
geographic areas where EXR or LSI operate, timing and amount of
dividend payments and EXR's and LSI's respective debt, capital
structure and financial position — are forward-looking
statements. These statements are not guarantees of future
performance and involve certain risks, uncertainties and
assumptions that are difficult to predict. Although EXR and
LSI believe the expectations reflected in any forward-looking
statements are based on reasonable assumptions, neither EXR nor LSI
can give assurance that its expectations will be attained and,
therefore, actual outcomes and results may differ materially from
what is expressed or forecasted in such forward-looking
statements. Some of the factors that may affect outcomes and
results include, but are not limited to: (i) EXR's and LSI's
ability to complete the proposed transaction on the proposed terms
or on the anticipated timeline, or at all, including risks and
uncertainties related to securing the necessary stockholder
approvals and satisfaction of other closing conditions to
consummate the proposed transaction; (ii) the occurrence of any
event, change or other circumstance that could give rise to the
termination of the merger agreement relating to the proposed
transaction; (iii) risks related to diverting the attention of EXR
and LSI management from ongoing business operations; (iv) failure
to realize the expected benefits of the proposed transaction; (v)
significant transaction costs and/or unknown or inestimable
liabilities; (vi) the risk of shareholder litigation in connection
with the proposed transaction, including resulting expense or
delay; (vii) the risk that LSI's business will not be integrated
successfully or that such integration may be more difficult,
time-consuming or costly than expected; (viii) risks related to
future opportunities and plans for the combined company, including
the uncertainty of expected future financial performance and
results of the combined company following completion of the
proposed transaction; (ix) the effect of the announcement of the
proposed transaction on the ability of EXR and LSI to operate their
respective businesses and retain and hire key personnel and to
maintain favorable business relationships; (x) risks related to the
market value of the EXR common stock to be issued in the proposed
transaction; (xi) other risks related to the completion of the
proposed transaction and actions related thereto; (xii) national,
international, regional and local economic and political climates
and conditions; (xiii) changes in global financial markets and
interest rates; (xiv) increased or unanticipated competition for
EXR's or LSI's properties; (xv) risks associated with acquisitions,
dispositions and development of properties, including increased
development costs due to additional regulatory requirements related
to climate change; (xvi) maintenance of Real Estate Investment
Trust status, tax structuring and changes in income tax laws and
rates; (xvii) availability of financing and capital, the levels of
debt that EXR and LSI maintain and their credit ratings; (xviii)
environmental uncertainties, including risks of natural disasters;
(xix) risks related to the coronavirus pandemic; and (xx) those
additional factors discussed under Part I, Item 1A. Risk Factors in
EXR's and LSI's respective Annual Reports on Form 10-K for the year
ended December 31, 2022.
Neither EXR nor LSI undertakes any duty to update any
forward-looking statements appearing in this communication except
as may be required by law.
Additional Information About the Proposed Transaction and
Where to Find It
In connection with the proposed
transaction, on May 23, 2023, EXR
filed with the Securities and Exchange Commission (the "SEC") a
registration statement on Form S-4, which includes a document that
serves as a prospectus of EXR and a joint proxy statement of EXR
and LSI (the "joint proxy statement/prospectus"). Each party
also plans to file other relevant documents with the SEC regarding
the proposed transaction.
The Form S-4 became effective on June 6,
2023. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE JOINT
PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED WITH
THE SEC WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. EXR and
LSI commenced mailing the definitive joint proxy
statement/prospectus to stockholders on or about June 7, 2023.
Investors and securityholders may obtain a free copy of the joint
proxy statement/prospectus and other relevant documents filed by
EXR and LSI with the SEC at the SEC's website at www.sec.gov.
Copies of the documents filed by EXR with the SEC are available
free of charge on EXR's website at www.extraspace.com or by
contacting EXR's Investor Relations at info@extraspace.com.
Copies of the documents filed by LSI with the SEC are available
free of charge on LSI's website at www.lifestorage.com or by
contacting LSI's Investor Relations at (716) 633-1850 or
bmaedl@lifestorage.com.
Participants in the Solicitation
EXR and LSI and their
respective directors, executive officers and other members of
management and employees may be deemed to be participants in the
solicitation of proxies in respect of the proposed
transaction. Information about directors and executive
officers of EXR is available in the EXR proxy statement for its
2023 Annual Meeting, which was filed with the SEC on April 4, 2023. Information about directors
and executive officers of LSI is available in the LSI proxy
statement for its 2023 Annual Meeting, which was filed with the SEC
on April 13, 2023. Other
information regarding the participants in the proxy solicitation
and a description of their direct and indirect interests, by
security holdings or otherwise, will be contained in the joint
proxy statement/prospectus and other relevant materials filed with
the SEC regarding the proposed transaction. Investors should
read the joint proxy statement/prospectus carefully before making
any voting or investment decisions. Investors may obtain free
copies of these documents from EXR and LSI as indicated above.
No Offer or Sale
This communication and the
information contained herein shall not constitute an offer to sell
or the solicitation of an offer to buy any securities, nor shall
there be any sale of securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such
jurisdiction. No offering of securities shall be made except
by means of a prospectus meeting the requirements of Section 10 of
the Securities Act of 1933, as amended.
For more information, please visit www.extraspace.com.
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SOURCE Extra Space Storage Inc.