Embedded growth drivers: The combined business's scaled and growing third-party management, joint venture and bridge loan platforms will create a robust pipeline for accelerated external growth.Extra Space has a demonstrated track record of integrating stores onto its platform and delivering outsized returns to shareholders. Significant synergy opportunity: The transaction is expected to generate $100 million in annual run-rate operating synergies from G&A and property operating expense savings as well as improved property operating revenue and tenant insurance income.Enhanced diversification: Creates a highly diversified portfolio of quality storage assets in markets benefiting from compelling demand and population demographic trends.Uniting Extra Space's and Life Storage's leading technology and data analytics platforms will also allow the combined company to continue to drive same-store net operating income growth while providing exceptional service to customers. storage operator (based on the number of self-storage locations) and a top ten REIT by enterprise value in the MSCI U.S. Transformative scale: Combines two industry leaders with long track records of outperformance and creates the largest U.S. The combination of Extra Space and Life Storage is expected to deliver significant strategic, operational and financial benefits to shareholders, including: "We are confident we will achieve at least $100 million in underwritten annual run-rate synergies, and that we will unlock additional synergies resulting from our increased scale." "We are prepared for the smooth integration of Life Storage, and we believe this combination gives the combined company an even more formidable portfolio, team, and platform, with over 3,500 stores across 43 states," said Extra Space Storage CEO Joe Margolis.
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