Filed by Extra Space Storage Inc.
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.
(Subject Company 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 (the 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.
Extra Space Storage Inc. Announces Dividend on Common Stock
SALT LAKE CITY, July 3, 2023 Extra Space Storage Inc. (EXR or the Company) (NYSE: EXR) announced today that the
Companys 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
EXRs 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.
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