Deals
The $38 Billion Business of Storing Your Junk Is Getting Tougher
- Co-founders leaving board in pact with Litt’s Land & Buildings
- Bigger storage-space rivals include Public and Extra Space
Source: NoDerog/E+ via Getty Images
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Life Storage Inc. has reached an agreement with activist investor Jonathan Litt that could make the storage-facilities owner a takeover target as rents in the business come under pressure.
The company said in a statement that its co-founders had informed the board of their plans to retire after this year’s annual general meeting. Life Storage’s chief executive officer, David Rogers, will join the board, along with Dana Hamilton, head of real estate at Pretium Partners LLC, and Edward Pettinella, former CEO of Home Properties Inc.