Extra Space Storage is acquiring Life Storage for $12.7 billion
Extra Space Storage Inc (NYSE:EXR) is attracting attention today, on news that the real estate investment trust (REIT) is acquiring Life Storage Inc (LSI) for $12.7 billion to become the largest U.S. self-storage space operator by store count. While LSI is moving higher after the news, EXR is moving lower, last seen down 5.1% at $154.56.
Extra Space Storage stock still sports a modest 4.7% lead, with support at the $150 level. Longer term, its 200-day moving average rejected its early-March rally, and the $170 level appears to be acting as a line of pressure as well.

Of the 10 analysts in coverage, four carry a "buy" or better rating, four a "hold," and two a "strong sell." The 12-month consensus price target of $173.64 is a 12.6% premium to current levels.
Extra Space Storage stock's typically quiet options pits have seen 10.9 times the usual daily volume already. The April 140 put is seeing the most activity by far, with new positions being opened there.