UPDATE 1-Extra Space Storage weighs offer for rival Life Storage - Bloomberg News

(adds shares, background)

March 22 (Reuters) -

Self-storage properties operator Extra Space Storage Inc is considering making an offer for rival Life Storage Inc, Bloomberg News reported on Wednesday, citing people familiar with the matter.

Shares of real estate investment trust (REIT) Life Storage were up nearly 2% in afternoon trade, whereas Extra Space Storage was down about 1.5%.

Life Storage last month rebuffed an $11 billion all-stock takeover bid from bigger rival Public Storage.

The overtures to buy Life Storage, which has a market value $10.54 billion, comes as demand for self-storage properties diminishes after a COVID-induced surge, as people have started returning to big cities.

Extra Space and Life Storage did not immediately respond to Reuters requests for comment. (Reporting by Pratyush Thakur in Bengaluru; Editing by Devika Syamnath)