David Dodman, COO of Life Storage, To Add CFO
Responsibilities
Life Storage, Inc. (NYSE: LSI) (“the Company”), a self-storage
real estate investment trust (REIT), today announced with great
sadness that Alexander Gress, the Company’s Chief Financial
Officer, passed away unexpectedly on July 9, 2023. Mr. Gress was 50
and is survived by his wife Jennifer and their three children.
“We are shocked by the tragic passing of Alex Gress,” said
Joseph Saffire, the Company’s Chief Executive Officer. “Alex was a
tremendous leader and brilliant financial mind who demonstrated
incredible integrity, passion and commitment to his colleagues and
our business. He made considerable contributions to Life Storage
over the last two years, none more important than his role in our
pending combination with Extra Space Storage. I know I speak for
the entire Life Storage family in saying we will miss him as a
colleague and more importantly as a friend. We extend our deepest
sympathies to Alex’s family during this difficult time.”
Mr. Gress was a passionate supporter of local Western New York
communities while serving in leadership roles with First Niagara
Financial Group, KeyBank, 43 North and Life Storage over the past
decade. He devoted considerable time and energy to local
organizations to advocate for positive change, including serving on
the Canisius High School Board of Trustees. To continue his legacy,
Mr. Gress’ family has established the Alex Gress Scholarship Fund
to support local students. Interested parties may make donations
out to the Alex Gress Scholarship Fund c/o Canisius High School,
1180 Delaware Ave., Buffalo, NY 14209.
The Board has appointed David Dodman, Chief Operating Officer of
Life Storage, as Chief Financial Officer, effective immediately.
Mr. Dodman will continue to serve in his role as COO in addition to
his new responsibilities as CFO.
Mr. Dodman has served as COO of Life Storage since 2022 and
previously served as Senior Vice President of Strategic Planning
and Investor Relations since joining the Company in 2018. Mr.
Dodman has a comprehensive knowledge of risk and regulatory
compliance and audit issues and contributes a strong track record
of implementing new capabilities to improve financial business
performance. Prior to joining Life Storage, Mr. Dodman held various
corporate strategy, mergers and acquisitions and operational roles
at KeyBank, First Niagara Financial Group, Lockheed Martin
Corporation, Legg Mason and Stifel Financial.
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/.
FORWARD-LOOKING STATEMENTS:
The statements in this communication that are not historical
facts are forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. These
forward-looking statements are based on current expectations,
estimates and projections about the industry and markets in which
Extra Space Storage Inc. (“EXR”) and Life Storage, Inc. (“LSI”)
operate as well as beliefs and assumptions of EXR and LSI. Such
statements involve uncertainties that could significantly impact
EXR’s or LSI’s financial results. Words such as “expects,”
“anticipates,” “intends,” “plans,” “believes,” “seeks,” and
“estimates,” including variations of such words and similar
expressions, are intended to identify such forward-looking
statements, which generally are not historical in nature. All
statements that address operating performance, events or
developments that EXR or LSI expects or anticipates will occur in
the future — including statements relating to any possible
transaction between EXR and LSI, acquisition and development
activity, disposition activity, general conditions in the
geographic areas where EXR or LSI operate, timing and amount of
dividend payments and EXR’s and LSI’s respective debt, capital
structure and financial position — are forward-looking statements.
These statements are not guarantees of future performance and
involve certain risks, uncertainties and assumptions that are
difficult to predict. Although EXR and LSI believe the expectations
reflected in any forward-looking statements are based on reasonable
assumptions, neither EXR nor LSI can give assurance that its
expectations will be attained and, therefore, actual outcomes and
results may differ materially from what is expressed or forecasted
in such forward-looking statements. Some of the factors that may
affect outcomes and results include, but are not limited to: (i)
EXR’s and LSI’s ability to complete the proposed transaction on the
proposed terms or on the anticipated timeline, or at all, including
risks and uncertainties related to securing the necessary
stockholder approvals and satisfaction of other closing conditions
to consummate the proposed transaction; (ii) the occurrence of any
event, change or other circumstance that could give rise to the
termination of the merger agreement relating to the proposed
transaction; (iii) risks related to diverting the attention of EXR
and LSI management from ongoing business operations; (iv) failure
to realize the expected benefits of the proposed transaction; (v)
significant transaction costs and/or unknown or inestimable
liabilities; (vi) the risk of shareholder litigation in connection
with the proposed transaction, including resulting expense or
delay; (vii) the risk that LSI’s business will not be integrated
successfully or that such integration may be more difficult,
time-consuming or costly than expected; (viii) risks related to
future opportunities and plans for the combined company, including
the uncertainty of expected future financial performance and
results of the combined company following completion of the
proposed transaction; (ix) the effect of the announcement of the
proposed transaction on the ability of EXR and LSI to operate their
respective businesses and retain and hire key personnel and to
maintain favorable business relationships; (x) risks related to the
market value of the EXR common stock to be issued in the proposed
transaction; (xi) other risks related to the completion of the
proposed transaction and actions related thereto; (xii) national,
international, regional and local economic and political climates
and conditions; (xiii) changes in global financial markets and
interest rates; (xiv) increased or unanticipated competition for
EXR’s or LSI’s properties; (xv) risks associated with acquisitions,
dispositions and development of properties, including increased
development costs due to additional regulatory requirements related
to climate change; (xvi) maintenance of Real Estate Investment
Trust status, tax structuring and changes in income tax laws and
rates; (xvii) availability of financing and capital, the levels of
debt that EXR and LSI maintain and their credit ratings; (xviii)
environmental uncertainties, including risks of natural disasters;
(xix) risks related to the coronavirus pandemic; and (xx) those
additional factors discussed under Part I, Item 1A. Risk Factors in
EXR’s and LSI’s respective Annual Reports on Form 10-K for the year
ended December 31, 2022 and Quarterly Reports on Form 10- Q for the
quarter ended March 31, 2023, as well as the other risks described
in their respective filings. Neither EXR nor LSI undertakes any
duty to update any forward-looking statements appearing in this
communication except as may be required by law.
ADDITIONAL INFORMATION ABOUT THE PROPOSED TRANSACTION AND
WHERE TO FIND IT:
In connection with the proposed merger, on May 23, 2023, EXR
filed with the Securities and Exchange Commission (the “SEC”) a
registration statement on Form S-4, which includes a document that
serves as a prospectus of EXR and a joint proxy statement of EXR
and LSI (the “joint proxy statement/prospectus”). Each party also
plans to file other relevant documents with the SEC regarding the
proposed transaction. The Form S-4 became effective on June 6,
2023. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE JOINT
PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED WITH
THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. EXR and LSI
commenced mailing the definitive joint proxy statement/prospectus
to stockholders on or about June 7, 2023. Investors and
securityholders may obtain a free copy of the joint proxy
statement/prospectus and other relevant documents filed by EXR and
LSI with the SEC at the SEC’s website at www.sec.gov. Copies of the
documents filed by EXR with the SEC are available free of charge on
EXR’s website at www.extraspace.com or by contacting EXR’s Investor
Relations at info@extraspace.com. Copies of the documents filed by
LSI with the SEC are available free of charge on LSI’s website at
www.lifestorage.com or by contacting LSI’s Investor Relations at
(716) 633-1850 or bmaedl@lifestorage.com.
PARTICIPANTS IN THE SOLICITATION:
EXR and LSI and their respective directors, executive officers
and other members of management and employees may be deemed to be
participants in the solicitation of proxies in respect of the
proposed transaction. Information about directors and executive
officers of EXR is available in the EXR proxy statement for its
2023 Annual Meeting, which was filed with the SEC on April 4, 2023.
Information about directors and executive officers of LSI is
available in the LSI proxy statement for its 2023 Annual Meeting,
which was filed with the SEC on April 13, 2023. Other information
regarding the participants in the proxy solicitation and a
description of their direct and indirect interests, by security
holdings or otherwise, will be contained in the joint proxy
statement/prospectus and other relevant materials filed with the
SEC regarding the proposed transaction. Investors should read the
joint proxy statement/prospectus carefully before making any voting
or investment decisions. Investors may obtain free copies of these
documents from EXR and LSI as indicated above.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230711972329/en/
Investor Contact Brent Maedl 716.328.9756
bmaedl@lifestorage.com
Media Contact Andrew Siegel / Lucas Pers Joele Frank
212-355-4449
Life Storage (NYSE:LSI)
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