Filed by Life Storage, Inc.
(Commission File No. 001-13820)
Pursuant to Rule 425 under the Securities Act of 1933
and deemed filed pursuant to Rule 14a-12
under the Securities Exchange Act of 1934
Subject Company: Life Storage, Inc.
(Commission File No. 001-13820)
This filing relates to the proposed merger involving Extra Space Storage Inc., a Maryland corporation (Extra Space), Extra Space Storage LP, a
Delaware limited partnership (Parent OP), Eros Merger Sub, LLC, a Delaware limited liability company and a wholly owned subsidiary of Parent (Extra Space Merger Sub), Eros OP Merger Sub, LLC, a Delaware limited liability
company and a wholly owned subsidiary of Parent OP (together with Parent, Parent OP and Extra Space Merger Sub, the Parent Parties), Life Storage, Inc., a Maryland corporation (Life Storage), and Life Storage LP, a Delaware
limited partnership (the Partnership and, together with Life Storage, the Acquired Parties), pursuant to the terms of that certain Agreement and Plan of Merger, dated as of April 2, 2023, as amended on May 18, 2023,
by and among the Parent Parties and the Acquired Parties.
FOR IMMEDIATE RELEASE
July 3, 2023
Life Storage, Inc. Announces Dividend on
Common Stock
Buffalo, New York, July 3, 2023The Board of Directors of Life Storage, Inc. (NYSE: LSI) (the
Company), a self-storage real estate investment trust (REIT), today announced a quarterly dividend of $0.90 per share of common stock, as permitted by the terms of the merger agreement the Company entered into with Extra Space Storage
Inc. (NYSE: EXR). The dividend will be paid on July 19, 2023 to Life Storage shareholders of record as of July 13, 2023.
Life Storage continues
to expect to complete the transaction with Extra Space Storage by the end of July 2023, subject to the approval of Extra Space Storage and Life Storage shareholders and satisfaction of other customary closing conditions. Should the merger not close
prior to the next quarterly dividend date, as defined by Extra Space Storages customary dividend timing, Life Storage would pay a one-time dividend effectively augmenting the total dividend amount
consistent with the amount that the Life Storage Board of Directors would have otherwise declared for the whole quarter absent the pending merger agreement.
ABOUT LIFE STORAGE, INC:
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 1,200 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 690,000 customers, making it a leader in the
industry. For more information visit http://invest.lifestorage.com/.