Life Storage, Inc. Provides Update on Hurricanes Irma and Harvey
BUFFALO, N.Y.--(BUSINESS WIRE)-- Life Storage, Inc., (NYSE:LSI), announced today that 87 of its 95 Florida properties are open for business. These represent a total of 5.8 million sq. ft. and 56,000 storage spaces. Eight Life Storage properties remain temporarily closed due primarily to power outages caused by Hurricane Irma. Of these, seven stores are wholly owned by the Company and represent 603,000 sq. ft. and 6,200 storage spaces. The 8th location is a managed facility in which the Company has no ownership interest. To date, the Company has identified two wholly owned properties that have sustained heavy damage.
The Company also announced today that all 69 of its properties in Houston and Beaumont, Texas are now open and assisting customers. As previously announced, six locations did sustain substantial damage from Hurricane Harvey; these stores are open to support existing customers but will not be accepting new customers until a later date.
“Our Florida and Southeast Texas-based teams have been accounted for and for that, we are grateful,” said David Rogers, CEO. “We are thankful to our customers for their patience during this most trying time, and we are most proud of the Life Storage team members from around the country who have volunteered to join our recovery efforts on the ground.”
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. The Company is one of the largest operators in the world with approximately 700 self storage facilities in 29 states. For more information, visit http://invest.lifestorage.com/.
Life Storage, Inc.
Diane Piegza, 716-650-6115
Vice President, Investor Relations & Community Affairs
Source: Life Storage, Inc.
Released September 14, 2017