8-KOther EventsExhibits & Filings

Extra Space Storage Inc. 8-K Report, Corporate Update (Jun 12, 2023)

Filed June 12, 2023For Securities:EXR

Summary

Extra Space Storage Inc. (EXR) filed an 8-K on June 12, 2023, primarily to provide investors with access to crucial financial information regarding the proposed merger with Life Storage, Inc. This filing makes available Life Storage's full 2022 Annual Report (10-K) and its first quarter 2023 Quarterly Report (10-Q), along with unaudited pro forma condensed combined financial information for Extra Space as of and for the first quarter of 2023. This information is critical for investors to conduct due diligence and understand the financial standing of both entities as the merger progresses. The filing also includes the consent of Life Storage's independent auditor, Ernst & Young LLP, and reiterates the ongoing nature of the merger process, subject to customary closing conditions and approvals. Investors are strongly encouraged to review the recently filed joint proxy statement/prospectus for comprehensive details on the transaction, its risks, and implications. The company emphasizes that while they are providing this information, actual future results may differ materially from forward-looking statements due to various risks and uncertainties.

Key Highlights

  • 1Crucial financial documents for Life Storage (2022 10-K, Q1 2023 10-Q) are made available to investors to support due diligence for the proposed merger.
  • 2Unaudited pro forma condensed combined financial information for Extra Space as of and for Q1 2023 is now accessible.
  • 3The filing includes the consent of Ernst & Young LLP, Life Storage's independent auditor.
  • 4The merger agreement with Life Storage, Inc. remains active, with transactions subject to terms and conditions, including necessary approvals.
  • 5A joint proxy statement/prospectus has been filed and is being mailed to stockholders, containing important information about the transaction.
  • 6Extra Space and Life Storage management are considered participants in the proxy solicitation for the proposed merger.
  • 7The filing includes extensive 'Forward-Looking Statements' detailing potential risks and uncertainties that could affect the completion and outcome of the merger.

Frequently Asked Questions

The primary purpose of this 8-K filing is to provide investors with access to key financial information pertaining to Life Storage, Inc., which is essential for evaluating the proposed merger between Extra Space Storage Inc. and Life Storage. It also makes available unaudited pro forma combined financial information for Extra Space.

The filing incorporates by reference Life Storage's Annual Report on Form 10-K for the year ended December 31, 2022, and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2023. This includes historical audited financial statements and unaudited interim financial statements.

Investors are urged to read the joint proxy statement/prospectus filed with the SEC (Form S-4) which contains comprehensive details about the proposed transaction. This document, along with other relevant filings, can be found on the SEC's website (www.sec.gov) or directly from Extra Space Storage and Life Storage websites.

This filing emphasizes extensive 'Forward-Looking Statements' that outline various risks and uncertainties associated with the proposed merger, including challenges in completing the transaction, integration risks, potential litigation, and macroeconomic factors. Investors should carefully review these sections for a full understanding of potential impacts.