UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

~~Washington~~WASHINGTON, DCD.C. 20549

~~8-K~~_______

FORM 8-K

CURRENT REPORT

~~Pursuant~~PURSUANT toTO ~~Section~~ SECTION 13 orOR 15(d) OF THE

ofSECURITIES ~~the~~EXCHANGE ~~Securities~~ACT ~~Exchange~~OF ~~Act of~~ 1934

~~April~~Date of report (Date of earliest event reported): May 2, 2023

~~LIFE~~Life ~~STORAGE~~Storage, ~~INC~~Inc.

~~LIFE~~Life ~~STORAGE~~Storage LP

(Exact ~~name~~Name of ~~registrant~~Registrant ~~specified~~as Specified in ~~its charter~~Charter)

Maryland(Life Storage, Inc.)		1-13820	16-1194043
Maryland (Life Storage, Inc.)	001-13820	16-1194043
Delaware(Life Storage LP)		0-24071	16-1481551
Delaware (Life Storage LP)	000-24071	16-1481551
(State ofFormation)		(CommissionFile Number)	(IRS EmployerIdentification No.)
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

6467 Main Street

6467 Main Street
Williamsville, New York	14221
(Address of Principal Executive Offices)	(Zip Code)

~~Williamsville~~Registrant’s telephone number, including area code (716) 633-1850

~~New~~Not ~~York~~Applicable

~~14221~~(Former Name or Former Address, if Changed Since Last Report)

~~(Address~~Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of ~~Principal~~the ~~Executive~~registrant ~~Offices,~~under ~~Zip~~any ~~Code)~~of the following provisions:

~~716~~☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

633-1850

8-K

☒ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Life Storage, Inc.

Title of each class	~~TradingSymbol~~Trading Symbol(s)	Name of each ~~exchangeon~~exchange on which registered
Common Stock, par value $0.01 per share	LSI	The New York Stock Exchange
Common Stock, $.01 par value	LSI	New York Stock Exchange

Life Storage LP

Title of each class Trading Symbol Name of each exchangeon which registered

12b-2

(§240.12b-2

Life Storage, Inc.:

Emerging Growth Company ☐

Life Storage LP:

~~Emerging~~Title ~~Growth~~of ~~Company~~each ☐class Trading Symbol(s) Name of each exchange on which registered

If Indicate ~~an emerging growth company, indicate~~ by check mark ifwhether the registrant ~~has~~is ~~elected~~an ~~not~~emerging togrowth ~~use~~company ~~the~~as ~~extended~~defined ~~transition~~in ~~period~~Rule ~~for~~405 ~~complying~~of ~~with~~the ~~any~~Securities ~~new~~Act orof ~~revised~~1933 ~~financial~~(§230.405 ~~accounting~~of ~~standards~~this ~~provided~~chapter) ~~pursuant~~or toRule ~~Section 13(a)~~12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

~~Life~~Emerging ~~Storage,~~growth ~~Inc.~~ company ☐

~~Life~~If ~~Storage LP~~an ☐emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 12.0102 ~~Entry~~Results ~~into~~of aOperations ~~Material~~and ~~Definitive~~Financial ~~Agreement.~~Condition

On ~~April~~ May 2, 2023, Life Storage, Inc. (~~“Life~~the ~~Storage~~“Company”) ~~and~~issued ~~Life~~a ~~Storage~~press LPrelease ~~(“Life~~announcing ~~Storage~~its ~~OP”~~financial ~~and,~~results ~~together~~for ~~with Life Storage,~~ the ~~“Life~~quarter ~~Storage~~ended ~~Parties”)~~March ~~entered~~31, ~~into~~2023. A copy anof ~~Agreement~~this ~~and~~press ~~Plan~~release ofis ~~Merger~~attached ~~(the~~hereto ~~“Merger~~as ~~Agreement”)~~Exhibit by99.1. ~~and~~The ~~among~~information ~~Extra~~in ~~Space~~Exhibit ~~Storage Inc~~99.,1 ais ~~Maryland~~being ~~corporation~~furnished ~~(“Extra~~pursuant ~~Space”),~~to ~~Extra~~this ~~Space~~Item ~~Storage~~2.02 ~~LP,~~and ashall ~~Delaware~~not ~~limited~~be ~~partnership~~deemed (“~~Extra Space OP~~filed”), ~~Eros~~for ~~Merger~~purposes ~~Sub,~~of ~~LLC,~~Section a18 ~~Delaware~~of ~~limited~~the ~~liability~~Securities ~~company~~Exchange ~~and~~Act ~~a wholly owned subsidiary~~ of ~~Extra Space (“Eros Merger Sub”)~~1934, ~~and~~or incorporated ~~Eros~~by OPreference ~~Merger~~in ~~Sub,~~any ~~LLC,~~filing athereunder ~~Delaware~~or ~~limited~~under ~~liability~~the ~~company~~Securities ~~and~~Act ~~a wholly owned subsidiary~~ of ~~Extra Space OP (“Eros OP Merger Sub” and~~1933, ~~together~~unless ~~with~~expressly ~~Extra~~set ~~Space,~~forth ~~Extra~~by ~~Space~~specific OPreference ~~and~~in ~~Eros~~such ~~Merger Sub, the “Extra Space Parties”)~~document.

~~The~~Item Merger Agreement provides that, upon the terms and subject to the conditions set forth in the Merger Agreement, (a) Eros Merger Sub will merge with and into Life Storage (the “Company Merger”), with Life Storage surviving the Company Merger and remaining a wholly owned subsidiary of Extra Space (the “Surviving Entity”), (b) immediately after the effective time of the Company Merger (the “Company Merger Effective Time”), (i) the Surviving Entity will be converted into a Maryland limited liability company and (ii) Life Storage Holdings, Inc9., a Delaware corporation and the general partner of Life Storage OP (“Life Storage OP GP”), will be converted into a Delaware limited liability company (such conversions, collectively, the “LLC Conversions”), (c) immediately after the LLC Conversions, Extra Space will contribute to Extra Space OP (i) all of the outstanding equity interests of the Surviving Entity and (ii) the number of shares of common stock of Extra Space, par value $0.01 ~~per~~Financial ~~share~~Statements ~~(“Extra Space Common Stock”), to be issued to limited partners of Life Storage OP other than Life Storage or any wholly owned subsidiary of Life Storage (a “Minority Limited Partner”)~~ and each holder of Series A Preferred Units of Life Storage OP (the “Preferred Unitholders”) who elect to receive the Merger Consideration (as defined below) in exchange for the issuance by Extra Space OP to Extra Space or its applicable subsidiaries of a number of newly issued partnership units in Extra Space OP equal to the number of shares of Extra Space Common Stock to be issued in the Company Merger or the Partnership Merger (as defined below), and (d) thereafter, Eros OP Merger Sub will merge with and into Life Storage OP (the “Partnership Merger” and, together with the Company Merger, the “Mergers”), with Life Storage OP surviving the Partnership Merger and becoming a wholly owned subsidiary of Extra Space OP. Exhibits

non-assessable

Each share of restricted Life Storage Common Stock (“Life Storage Restricted Shares”) that is issued and outstanding as of immediately prior to the Company Merger Effective Time will, as of immediately prior to the Company Merger Effective Time, become fully vested and be canceled and converted into the right to receive the Merger Consideration plus cash in lieu of fractional shares without interest, but subject to any withholding required under applicable law. Separately, each holder of Life Storage Restricted Shares issued pursuant to the Life Storage 2015 Award and Option Plan that is issued and outstanding as of immediately prior to the Company Merger Effective Time will be eligible to receive, in respect of each Life Storage Restricted Share, a cash bonus payment, no later than five (5) business days after the Company Merger Effective Time, determined based on the excess, if any, of the Change in Control Price (as defined in the Life Storage 2015 Award and Option Plan) over the sum of the Merger Consideration plus any cash in lieu of fractional shares.

Each performance stock unit with respect to shares of Life Storage Common Stock (the “Life Storage PSUs”) that is outstanding as of immediately prior to the Company Merger Effective Time will, as of immediately prior to the Company Merger Effective Time, be accelerated and vest with respect to the Life Storage PSUs that would vest based on the actual achievement of the applicable performance conditions over the truncated performance period ending on the closing date of the Mergers, determined in accordance with the terms of the applicable award agreement. At the Company Merger Effective Time, the Life Storage PSUs will be canceled and converted into the right to receive the Merger Consideration plus cash in lieu of fractional shares, without interest, but subject to any withholding required under applicable law.

Each deferred stock unit with respect to shares of Life Storage Common Stock (the “Life Storage DSUs”) that is issued and outstanding as of immediately prior to the Company Merger Effective Time will, as of immediately prior to the Company Merger Effective Time, become fully vested and all restrictions shall lapse. At the Company Merger Effective Time, the Life Storage DSUs will be canceled and converted into the right to receive the Merger Consideration plus cash in lieu of fractional shares, without interest, but subject to any withholding required under applicable law.

At the Company Merger Effective Time, each outstanding and unexercised Life Storage stock option, whether vested or unvested, will be canceled and exchanged for no consideration; provided, however that each holder of an outstanding and unexercised Life Storage stock option will have at least fifteen (15) days prior to the closing date of the Mergers to exercise such Life Storage stock options.

The Company Merger is intended to qualify as a “reorganization” within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended (the “Code”).

At the effective time of the Partnership Merger (the “Partnership Merger Effective Time”), (a) the general partner interests in Life Storage OP owned by Life Storage OP GP as of immediately prior to the Partnership Merger Effective Time will be converted into one Common Unit (as defined the Amended and Restated Agreement of Limited Partnership of Life Storage OP, dated June 4, 2021), and Life Storage OP GP will continue to be the sole general partner of Life Storage OP following the Partnership Merger Effective Time, (b) the Common Units owned by the Surviving Entity as of immediately prior to the Partnership Merger Effective Time will be converted into 99 Common Units, and the Surviving Entity will continue to be a limited partner of Life Storage OP and will be the sole limited partner of Life Storage OP following the Partnership Merger Effective Time and (c) each common unit of Life Storage OP held by a Minority Limited Partner that is issued and outstanding immediately prior to the Partnership Merger Effective Time will be converted into validly issued common units of Extra Space OP in an amount equal to (i) one, multiplied by (ii) the Exchange Ratio, and each holder of such Common Units will be admitted as a limited partner of Extra Space OP, subject to certain elections by such holders as described in the Merger Agreement.

The Merger Agreement provides that at the Company Merger Effective Time, Extra Space will take all action necessary to add three members designated by Life Storage to the Extra Space board of directors.

The respective boards of directors of Extra Space and Life Storage have unanimously approved the Merger Agreement. The Mergers are expected to close during the second half of 2023.

two-thirds

Form S-4 to

The Merger Agreement contains customary representations, warranties, agreements and covenants, including covenants providing that each of the Extra Space Parties and the Life Storage Parties will use commercially reasonable efforts to conduct their respective businesses in all material respects in the ordinary course, consistent with past practice, during the period between the execution of the Merger Agreement and the earlier of the Company Merger Effective Time or the termination of the Merger Agreement. Specifically, none of the Life Storage Parties nor any Life Storage subsidiary can take certain specified actions without Extra Space’s prior written consent (not to be unreasonably withheld, delayed or conditioned), including, among other things (subject to certain exceptions)

(a) issuing any shares, (b) making any loans or incurring any indebtedness, (c) settling certain litigation, (d) making capital expenditures not in accordance with Life Storage’s capital expenditure plan or (e) taking any action, or failing to take any action, that would reasonably be expected to cause (i) Life Storage to fail to qualify as a REIT or (ii) any Life Storage subsidiary to cease to be treated as a partnership or disregarded entity for federal income tax purposes or a qualified REIT subsidiary or a taxable REIT subsidiary.

Each of Extra Space and Life Storage has agreed not to make, declare or set aside any dividend or other distribution to its respective stockholders without the prior written consent of the other party, except that upon written notice to the other party, (a) Life Storage may authorize and pay (i) regular quarterly dividends on shares of Life Storage Common Stock at a rate not in excess of $1.20 per share per quarter and (ii) the regular distributions that are required to be made in respect of the common units of Life Storage OP in connection with any dividends paid on the shares of Life Storage Common Stock under Life Storage OP’s partnership agreement and (b) Extra Space may authorize and pay (i) regular quarterly dividends on shares of Extra Space Common Stock at a rate not in excess of $1.62 per share per quarter and (ii) the regular distributions that are required to be made in respect of the common limited partnership interests in Extra Space OP in connection with any dividends paid on the shares of Extra Space Common Stock under Extra Space OP’s partnership agreement. In addition, Life Storage has agreed that any quarterly dividends or distributions by the Life Storage Parties will have the same record date and the same payment date as Extra Space.

provide non-public information

these “no-shop” restrictions,

and non-appealable order

The Merger Agreement provides that, in connection with the termination of the Merger Agreement under specified circumstances, Life Storage may be required to pay to Extra Space a termination fee of $371,000,000, Extra Space may be required to pay to Life Storage a termination fee of $761,000,000, or either party may be required to reimburse the other party’s transaction expenses up to an amount equal to $20,000,000.

The foregoing summary of the Merger Agreement does not purport to be a complete description and is qualified in its entirety by the full text of the Merger Agreement, which is attached hereto as Exhibit 2.1 and is incorporated herein by reference.

The Merger Agreement has been included to provide investors with information regarding its terms. It is not intended to provide any other factual information about Extra Space, Extra Space OP, Life Storage, Life Storage OP or their respective subsidiaries or affiliates. The representations and warranties contained in the Merger Agreement were made only for purposes of the Merger Agreement and as of specific dates, are solely for the benefit of the parties to the Merger Agreement, may be subject to limitations agreed upon by the contracting parties (including being qualified by confidential disclosures made by the parties), may have been made for purposes of allocating contractual risk between the parties to the Merger Agreement instead of establishing these matters as facts, and may be subject to standards of materiality applicable to the contracting parties that differ from those applicable to investors. Investors are not third-party beneficiaries to the representations and warranties contained in the Merger

Agreement and should not rely on the representations and warranties or any descriptions thereof as characterizations of the actual state of facts or condition of the parties thereto or any of their respective subsidiaries or affiliates. Moreover, information concerning the subject matter of representations and warranties may change after the date of the Merger Agreement, which subsequent information may or may not be fully reflected in Extra Space’s, Extra Space OP’s, Life Storage’s or Life Storage OP’s public disclosures.

Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.

On April 2, 2023, Life Storage’s board of directors approved an amendment and restatement (the “Amendment and Restatement”) of the Bylaws of Life Storage (the “Bylaws”), which became effective immediately. The Amendment and Restatement revises (i) Section 1.07 to remove the effect of withheld votes in the election of director nominees, (ii) Section 7.01 to conform the indemnification of directors and officers to Life Storage’s current charter provisions and (iii) Article XI to require any stockholder who is a party to an action described in Article XI of the Bylaws to cooperate in seeking to have such action to be assigned to the Maryland Business & Technology Case Management Program and designate the courts of the United States as the exclusive forum for all claims arising under the federal securities laws, unless Life Storage consents to another forum.

The foregoing summary of the Amendment and Restatement does not purport to be a complete description and is qualified in its entirety by the full text of the Amendment and Restatement, marked to show the April 2, 2023 changes, a copy of which is attached hereto as Exhibit 3.1 and is incorporated herein by reference.

Item 8.01 Other Events.

On April 3, 2023, Extra Space and Life Storage issued a joint press release announcing the execution of the Merger Agreement. The full text of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Also on April 3, 2023, Life Storage posted an investor presentation to its investor relations website related to the transactions contemplated by the Merger Agreement and provided information regarding the proposed transaction to analysts and investors. The information made available in connection with the presentations is attached hereto as Exhibit 99.2 and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number		Description
2.1		Agreement and Plan of Merger, dated as of April 2, 2023, by and among Extra Space Storage Inc., Extra Space Storage LP, Eros Merger Sub, LLC, Eros OP Merger Sub, LLC, Life Storage, Inc. and Life Storage LP.*
3.1		Amended and Restated Bylaws of Life Storage, Inc.
99.1		Joint Press Release of Extra Space Storage Inc. and Life Storage, Inc., dated April 3, 2023.
99.2		Investor Presentation, dated April 3, 2023.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

99.1 Press Release dated May 2, 2023

* Schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K. Life Storage agrees to furnish supplementally to the SEC a copy of any omitted schedule upon request by the SEC.

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

Form 10-K for

Additional Information about the Proposed Transaction and Where to Find It

S-4,

328-9756.

Extra Space and Life Storage 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 Extra Space is available in the Extra Space proxy statement for its 2022 Annual Meeting, which was filed with the SEC on April 5, 2022. Information about directors and executive officers of Life Storage is available in the Life Storage proxy statement for its 2022 Annual Meeting, which was filed with the SEC on April 14, 2022. 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 when they become available. Investors should read the joint proxy statement/prospectus carefully when it becomes available before making any voting or investment decisions. Investors may obtain free copies of these documents from Life Storage and Extra Space as indicated above.

No Offer or Sale

This communication and the information contained herein shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this ~~Report~~report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: April 3, 2023			LIFE STORAGE, INC.
	LIFE STORAGE, INC.
			By:	/s/ Joseph V. Saffire
(Registrant)
			Name:	Joseph V. Saffire
Date: May 2, 2023
			Title:	Chief Executive Officer
	By:	/s/ Alexander Gress
Dated: April 3, 2023			LIFE STORAGE LP
		Alexander Gress,
			By:	/s/ Joseph V. Saffire
		Chief Financial Officer
			Name:	Joseph V. Saffire
	LIFE STORAGE LP
			Title:	Chief Executive Officer
(Registrant)
Date: May 2, 2023
	By:	/s/ Alexander Gress
		Alexander Gress,
		Chief Financial Officer

Exhibit Index

Exhibit No.	Description

Exhibit 99.1	Press Release dated May 2, 2023

Filing Compare · LIFE STORAGE, INC.