Extra Space praises "seamless" Life Storage merger

Extra Space Storage says its absorption of Amherst-based Life Storage’s operations is taking root.

Life Storage was acquired by Extra Space Storage in July. (Libby March/News file photo)

“So far, I am very pleased with how seamlessly the integration is progressing,” said Joseph Margolis, Extra Space’s CEO, in a conference call with analysts on Friday.

Utah-based Extra Space completed its $11.6 billion all-stock deal for Life Storage in July. The acquisition made Extra Space the nation’s largest self-storage company, as measured by locations.

Margolis said over 2,700 Life Storage employees have joined Extra Space and undergone training.

Joseph Margolis, Extra Space Storage CEO, joins 'Squawk Box' to discuss the company's acquisition of Life Storage in a $12 billion all-stock transaction deal, which makes the company the largest facility firm in the U.S. by number of locations. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

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Extra Space previously notified the state Department of Labor it was eliminating 150 Buffalo-area jobs as a result of the acquisition, as the deal's impact hit home.

Over 900 Life Storage locations have been converted to Extra Space’s point of sale system, with the remainder to be converted next week, Margolis said.

Extra Space has turned Life Storage’s headquarters into a regional office.

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