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Q1 2023

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Q1 2023

3 May, 2023
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3 Apr, 2023
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Storage for Life

Life Storage is an American self-storage company headquartered in Williamsville, New York. The company operates as a Real Estate Investment Trust and has over 1000 different locations in over 35 states. Life Storage is one of the largest self-storage companies in the USA, and its shares are listed on the NYSE. The company offers a wide range of different storage options for its customers, and most of its facilities also have an array of amenities and helpful features available for customers to use.

Founded as a Financial Planning Firm

Life Storage today only focuses on providing self-storage solutions for its customers, but this wasn’t always the case. The company was founded in 1982 and was then a Buffalo, New York-based financial planning firm. In 1985, the company entered the self-storage industry after opening a facility in Florida and quickly built up a network of facilities on the east coast of the United States. Throughout the following years, the company expanded rapidly while continuing to acquire self-storage facilities across the country.

The Facilities

Life Storage provides a range of different self-storage solutions for its customers. Naturally, the company offers standard storage units that are available to rent. These differ in size and cost depending on what the customer in question is looking for. Besides these standard units, Life Storage also offers other storage solutions for larger items such as boats and vehicles. As previously mentioned, most of the company’s facilities have various types of amenities, including the possibility of renting equipment.

Life Storage Is a REIT

Just like its peers Public Storage, CubeSmart, Extra Space Storage, and several others, Life Storage operates as a Real Estate Investment Trust (REIT). A REIT is a company that owns, operates, or finances income-producing real estate. Said real estate can be across a wide range of different property sectors. These forms of companies are designed to provide investors with regular income streams and potential capital gains. A REIT has to offer its shares to the public. By law, they need to distribute at least 90% of their taxable income to shareholders in the form of dividends. In return, the company can reap certain tax benefits.