Extra Space Storage, Life Storage Agree to Merger Industry leaders Extra Space Storage Inc. and Life Storage Inc. have reached an agreement to merge, creating the largest self storage REIT with over 3,500 locations. The boards of directors of both companies have unanimously approved the transaction. Extra Space will retain its name and continue to trade on the NYSE under the ticker EXR. Ken Woolley will remain chairman of the board, and Joe Margolis will remain as CEO and director.The ...

The SSA has a robust legislative agenda planned for 2022. SSA intends to pursue lien law amendments in California, Florida, Georgia, Illinois, Minnesota, Missouri, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, South Carolina, South Dakota, Vermont, and Virginia. Also, SSA intends to pursue a self storage lien law in Alaska – the last remaining state without such a law.

 2021 has been a very busy legislative year for the SSA, working in conjunction with state associations and advocating for amendments and updates to self storage lien laws in more than 20 states. To date, and as outlined in more depth below, SSA-backed bills have passed in Alabama, Arkansas, Kansas, Kentucky, Louisiana, Maine, Minnesota, Montana, New Hampshire, North Dakota, Texas, Utah, and Virginia. As background, the SSA typically seeks seven core amendments to laws in states that h...

  Codes and standards are a basis of building and facility design. Even with the best of intentions, sometimes code requirements are at odds with a building’s usability while offering no clear benefit. The SSA advocates for commonsense changes to the national model codes and standards to increase efficiencies and limit costs for facility construction. In 2021, SSA plans to pursue further modifications to the codes outlined below with the assistance of code consultant Andrew Klein...

  State and Local Restrictions on Lien Sales and Late Fees  When the coronavirus began to spread throughout the United States, several states and localities enacted restrictions on foreclosures and evictions. Although most covered residential foreclosures and evictions that are not applicable to self storage, some states expanded those restrictions to cover commercial or non-residential evictions and foreclosures as well. Self storage lien sales are not evictions in the usual...

Some state and local governments have orders in effect that may limit operations. The list below is intended to capture recent orders from November 16, 2020 to present. For a list of other measures and orders that may still be in effect, click here. If you see a new order in your area of operation that is not covered in the list below, please email Joe Doherty or Daniel Bryant. Alabama: Alabama extended the Safer at Home order. Alabama extended its Safer at Home order until January 22, 2021...

Joe Shoen, Ramey Jackson, Aaron Eldridge Begin Terms

No on Prop 15 co-chair and California Business Roundtable President Rob Lapsley applauded the efforts of the self storage sector in defeating California's Proposition 15. Prop 15 would have resulted in dramatically higher property taxes for commercial properties. Self storage accounted for more than $3.5 million of the $75 million opposition fund."Prop 15 was defeated as a direct result of the outstanding support of the self storage industry," said Lapsley in a note to SSA leadersh...

UPDATED: November 11, 2020 at 11:00 a.m. (ET)  Preventative Measures That Self Storage Operators Must Follow As the country begins to reopen, you have likely seen that state and local governments have imposed restrictions on business operations, such as requiring face coverings and limiting the number of patrons at the site, in an effort to combat the further spread of coronavirus (COVID-19). Below is a list of most of the Executive Orders from Governors, as well as some local directiv...

The unprecedented West Coast wildfires have burned a heartfelt question into the minds of SSA’s staff and leadership: “How can we help?”