Life Storage, Inc. (NYSE: LSI) was founded in 1982, formerly known as Sovran Self Storage Inc. (NYSE: SSS). In August 2016, it changed its current name and launched a new stock code. Its headquarter is in New York, USA Williamsville, with 1,429 full-time employees, is a real estate investment trust company (REIT company).
Life Storage, Inc. (LSI):
Life Storage is a REIT company engaged in the acquisition, holding and management of self-storage properties in the United States. Life Storage’s self-storage properties provide storage space for residential and commercial users, as well as outdoor storage for cars, RVs and ships.
To date, Life Storage owns and manages 650 properties, including approximately 45 million square feet of net leased area in more than 30 states, and serves more than 250,000 customers. In terms of federal income tax purposes, SSS has chosen to be regarded as REIT, so it will not be subject to income tax restrictions when it distributes at least 90% of its deductible income to shareholders.
On May 19, 2016, Sovran Self Storage announced that it has reached a definitive agreement with LifeStorage, LP, a privately held self-operated storage operator, to acquire the latter for US$1.3 billion. After the acquisition is completed, the company will be renamed Life Storage, Inc. ., the stock code is changed from NYSE:SSS to NYSE:LSI.