Life Storage, Inc. Reports Second Quarter 2021 Results

Rhea-AI Summary

Life Storage (NYSE:LSI) reported strong second-quarter results for 2021, achieving a net income of $57.5 million or $0.74 per diluted share, a significant increase from $36.5 million in Q2 2020. The company recorded a 27.7% rise in adjusted funds from operations (FFO) to $1.20 per share. Same store revenue rose 14.7% and net operating income (NOI) increased 20.2%. Life Storage acquired 17 stores for $267.5 million and continued to expand its third-party management platform. Additionally, the Board approved a quarterly dividend of $0.74 per share.

Positive

• Net income rose to $57.5 million, a 57% increase compared to Q2 2020.
• Adjusted FFO per share increased by 27.7% to $1.20.
• Same store revenue grew by 14.7% year-over-year.
• Same store NOI rose 20.2% compared to the prior year.
• Acquired 17 stores for $267.5 million, expanding portfolio.
• Quarterly dividend of $0.74 per share approved.

Negative

• Same store operating expenses increased 3.9%, primarily due to rising real estate taxes and maintenance costs.

Life Storage, Inc. (NYSE:LSI), a leading national owner and operator of self-storage properties, reported operating results for the quarter ended June 30, 2021. Certain share and per share information has been retrospectively adjusted to reflect the January 2021 three-for-two stock split made in the form of a 50% stock dividend.

Highlights for the Second Quarter Included:

• Generated net income attributable to common shareholders of $57.5 million, or $0.74 per fully diluted common share.
• Achieved adjusted funds from operations (“FFO”)⁽¹⁾ per fully diluted common share of $1.20, a 27.7% increase over the same period in 2020.
• Increased same store revenue by 14.7% and same store net operating income (“NOI”)⁽²⁾ by 20.2%, year-over-year.
• Acquired 17 stores for $267.5 million, including nine stores from the Company’s third-party management platform.
• Added 26 stores (gross) to the Company’s third-party management platform.

Joe Saffire, the Company’s Chief Executive Officer, stated, “I cannot be more pleased with how our team has performed during the past year. We continue to grow occupancy and drive revenue growth while controlling costs. We also continue to find accretive acquisitions, having invested a record $534 million in wholly owned stores during the first half of the year and our acquisition pipeline remains robust. We are excited about our new joint venture, which is adding 17 class A lease-up stores to our platform and providing further opportunity for growth. Our third-party management business continues to surpass our expectations as independent owners are attracted to our performance and innovative technology. Warehouse Anywhere, our unique and innovative tech-enabled business, continues to successfully execute on its growing pipeline of new clients in search of inventory management and last-mile logistics support.”

FINANCIAL RESULTS:

In the second quarter of 2021, the Company generated net income attributable to common shareholders of $57.5 million or $0.74 per fully diluted common share, compared to net income attributable to common shareholders of $36.5 million, or $0.52 per fully diluted common share, in the second quarter of 2020.

Funds from operations for the quarter were $1.22 per fully diluted common share compared to $0.94 for the same period last year. Adjusted FFO per fully diluted common share for the quarter was $1.20, after adjusting for a $1.3 million acquisition fee, compared to $0.94 for the quarter ended June 30, 2020.

OPERATIONS:

Revenues for the 531 stabilized stores wholly owned by the Company since December 31, 2019 increased 14.7% in the second quarter of 2021 compared to the same quarter of 2020. The increase largely resulted from the net impact of a 420 basis point increase in average occupancy and the net impact of an 8.3% increase in realized rental rates.

Same store operating expenses increased 3.9% for the second quarter of 2021 compared to the prior year period, primarily due to increased real estate taxes and repair and maintenance costs. The increases were partially offset by decreases in marketing expenses. Same store NOI increased 20.2% in the second quarter of 2021 as compared to the same quarter last year.

During the second quarter of 2021, the Company achieved same store revenue growth in each of its 31 major markets. Overall, the markets with the strongest positive revenue impact were: New York-Newark-Jersey City; Houston, TX; Chicago, IL; New England-Other and Buffalo-Upstate.

PORTFOLIO TRANSACTIONS:

Wholly Owned Portfolio

During the quarter, the Company acquired 17 stores in New Jersey (5), Texas (4), Florida (3), North Carolina (3) and New Hampshire (2) for a total purchase price of $267.5 million.

At June 30, 2021, the Company was under contract to acquire four self-storage facilities in New Hampshire (2), Arizona (1) and Florida (1) for an aggregate purchase price of $54.1 million. The Company acquired two of these facilities subsequent to quarter end for $22.1 million. Also subsequent to quarter end, the Company entered into a contract to acquire four self-storage facilities in Texas for an aggregate purchase price of $47.5 million. The purchases of the remaining facilities are subject to customary conditions to closing, and there is no assurance that any of these facilities will be acquired.

As of the date of this press release, the Company has acquired 35 stores for $555.8 million since January 1, 2021.

Joint Venture Portfolio

During the quarter, the Company acquired a 20% minority interest, for which the Company contributed $28.7 million, in 17 stores in Wisconsin (5), Florida (4), Georgia (2), Illinois (2), Connecticut (1), New Jersey (1), New York (1) and North Carolina (1).

THIRD-PARTY MANAGEMENT:

The Company continues to aggressively and profitably grow its third-party management platform. During the quarter, the Company added 26 stores (gross). As of quarter end, the Company managed 340 facilities in total, including those in which it owns a minority interest.

FINANCIAL POSITION:

At June 30, 2021, the Company had approximately $29.9 million of cash on hand, and approximately $359.9 million available on its line of credit.

During the three months ended June 30, 2021, the Company issued 1,520,125 shares of common stock under its continuous equity offering program at a weighted average issue price of $98.67 per share, generating net proceeds after expenses of $148.5 million.

Below are key financial ratios at June 30, 2021:

• Debt to Enterprise Value (at $107.35/share)    21.9%
• Debt to Book Cost of Storage Facilities            40.0%
• Debt to Recurring Annualized EBITDA              5.0x
• Debt Service Coverage                                     5.3x

COMMON STOCK DIVIDEND:

Subsequent to quarter end, the Company’s Board of Directors approved a quarterly dividend of $0.74 per share, or $2.96 annualized, on a post-split basis. The dividend was paid on July 26, 2021 to shareholders of record on July 14, 2021.

YEAR 2021 EARNINGS GUIDANCE:

The following assumptions covering operations have been utilized in formulating guidance for 2021:

Year 2021 Earnings Guidance		Current Guidance Range			Prior Guidance Range (May 4, 2021)
Same Store Revenue		10.50%	-	11.50%		5.50%	-	6.50%
Same Store Operating Costs (excluding property taxes)		2.25%	-	3.25%		2.25%	-	3.25%
Same Store Property Taxes		6.75%	-	7.75%		6.75%	-	7.75%
Total Same Store Operating Expenses		4.00%	-	5.00%		4.00%	-	5.00%
Same Store Net Operating Income		13.5%	-	14.5%		6.50%	-	7.50%
General & Administrative		$59.5M	-	$60.5M		$57M	-	$58M
Expansions & Enhancements		$40M	-	$50M		$40M	-	$50M
Capital Expenditures		$21M	-	$26M		$21M	-	$26M
Wholly Owned Acquisitions		$800M	-	$1,000M		$550M	-	$600M
Joint Venture Investments		$28M	-	$30M		$20M	-	$25M
Adjusted Funds from Operations per Share		$4.69	-	$4.79		$4.33	-	$4.41

Reconciliation of Guidance		3Q 2021 Range or Value		FY 2021 Range or Value
Earnings per share attributable to common shareholders – diluted		$0.73 - $0.77		$2.72 - $2.82
Plus: real estate depreciation and amortization		0.51 - 0.51		1.97 - 1.97
FFO per share		$1.24 - $1.28		$4.69 - $4.79

The Company’s 2021 same store pool consists of the 531 stabilized stores wholly owned since December 31, 2019. Thirty of the stores purchased through June 30, 2021 at certificate of occupancy or that were in the early stages of lease-up are not included, regardless of their current occupancies. The Company believes that occupancy levels achieved during the lease-up period, using discounted rates, are not truly indicative of a new store’s performance, and therefore do not result in a meaningful year-over-year comparison in future years. The Company will include such stores in its same store pool in the second year after the stores achieve 80% sustained occupancy using market rates and incentives.

FORWARD LOOKING STATEMENTS:

When used in this news release, the words “intends,” “believes,” “expects,” “anticipates,” and similar expressions are intended to identify “forward-looking statements” within the meaning of that term in Section 27A of the Securities Act of 1933 and in Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the effect of competition from new self-storage facilities, which would cause rents and occupancy rates to decline; risks associated with the COVID-19 global health crisis or similar events, including but not limited to (i) the impact to the health of our employees and/or customers, (ii) the negative impacts to the economy and to self-storage customers which could reduce the demand for self-storage or reduce our ability to collect rent, (iii) reducing or eliminating our ability to increase rents charged to our current or future customers, (iv) limiting our ability to collect rent from or evict past due customers, (v) we could see an increase in move-outs of longer-term customers due to the economic uncertainty and significant rise in unemployment resulting from the COVID-19 global health crisis which could lead to lower occupancies and reduced average rental rates as longer-term customers are replaced with new customers at lower rates, and (vi) potential negative impacts on the cost and availability of debt and equity which could have a negative impact on our capital and growth plans; the Company’s ability to evaluate, finance and integrate acquired self-storage facilities into the Company’s existing business and operations; the Company’s ability to effectively compete in the industry in which it does business; the Company’s existing indebtedness may mature in an unfavorable credit environment, preventing refinancing or forcing refinancing of the indebtedness on terms that are not as favorable as the existing terms; interest rates may fluctuate, impacting costs associated with the Company’s outstanding floating rate debt; the Company’s ability to comply with debt covenants; any future ratings on the Company’s debt instruments; regional concentration of the Company’s business may subject it to economic downturns in the states of Florida and Texas; the Company’s reliance on its call center; the Company’s cash flow may be insufficient to meet required payments of operating expenses, principal, interest and dividends; and tax law changes that may change the taxability of future income.

CONFERENCE CALL:

Life Storage will hold its Second Quarter Earnings Release Conference Call at 9:00 a.m. Eastern Time on Wednesday, August 4, 2021. To help avoid connection delays, participants are encouraged to pre-register using this link. Anyone unable to pre-register may access the conference call at 888.506.0062 (domestic) or 973.528.0011 (international); passcode 674512 or request to be joined into the Life Storage call. Management will accept questions from registered financial analysts after prepared remarks; all others are encouraged to listen to the call via webcast by accessing the investor relations tab at lifestorage.com. The webcast will be archived for a period of 90 days; a telephone replay will also be available for 14 days by calling 877.481.4010 and entering passcode 42035.

ABOUT LIFE STORAGE, INC:

Life Storage, Inc. is a self-administered and self-managed equity REIT that is in the business of acquiring and managing self-storage facilities. Located in Buffalo, New York, the Company operates more than 950 storage facilities in 33 states. The Company serves both residential and commercial storage customers with storage units rented by month. Life Storage consistently provides responsive service to more than 575,000 customers, making it a leader in the industry. For more information visit http://invest.lifestorage.com.

Life Storage, Inc.
Balance Sheet Data
(unaudited)
		June 30,				December 31,
(dollars in thousands)		2021				2020
Assets
Investment in storage facilities:
Land		$	1,038,136			$	951,813
Building, equipment and construction in progress			4,849,523				4,378,510
			5,887,659				5,330,323
Less: accumulated depreciation			(937,451	)			(873,178	)
Investment in storage facilities, net			4,950,208				4,457,145
Cash and cash equivalents			29,881				54,400
Accounts receivable			14,087				15,464
Receivable from joint ventures			635				1,064
Investment in joint ventures			139,495				143,042
Prepaid expenses			10,211				8,326
Intangible asset - in-place customer leases			7,155				5,409
Trade name			16,500				16,500
Other assets			26,916				26,498
Total Assets		$	5,195,088			$	4,727,848
Liabilities
Line of credit		$	140,000			$	-
Term notes, net			2,156,823				2,155,457
Accounts payable and accrued liabilities			109,508				112,654
Deferred revenue			22,587				17,416
Mortgages payable			37,406				37,777
Total Liabilities			2,466,324				2,323,304
Noncontrolling redeemable Operating Partnership Units at redemption value			35,765				26,446
Equity
Common stock			781				495
Additional paid-in capital			3,002,782				2,671,311
Accumulated deficit			(305,981	)			(288,667	)
Accumulated other comprehensive loss			(4,583	)			(5,041	)
Total Shareholders' Equity			2,692,999				2,378,098
Total Liabilities and Shareholders' Equity		$	5,195,088			$	4,727,848

Life Storage, Inc.
Consolidated Statements of Operations
(unaudited)
		April 1, 2021				April 1, 2020				January 1, 2021				January 1, 2020
		to				to				to				to
(dollars in thousands, except share data)		June 30, 2021				June 30, 2020				June 30, 2021				June 30, 2020
Revenues
Rental income		$	163,096			$	128,828			$	313,379			$	257,736
Other operating income			18,026				14,009				35,040				27,631
Management and acquisition fee income			6,140				4,176				10,730				8,589
Total operating revenues			187,262				147,013				359,149				293,956
Expenses
Property operations and maintenance			38,794				32,247				77,315				65,097
Real estate taxes			20,510				17,614				40,397				35,022
General and administrative			15,083				12,223				29,266				25,129
Depreciation and amortization			33,118				27,536				64,406				54,564
Amortization of in-place customer leases			2,653				1,451				4,724				2,753
Total operating expenses			110,158				91,071				216,108				182,565
Gain on sale of real estate			-				-				-				302
Income from operations			77,104				55,942				143,041				111,693
Other income (expense)
Interest expense (A)			(20,774	)			(20,266	)			(41,119	)			(40,513	)
Interest and dividend income			7				2				786				7
Equity in income of joint ventures			1,428				970				2,649				2,086
Net income			57,765				36,648				105,357				73,273
Net income attributable to noncontrolling interests in the Operating Partnership			(249	)			(191	)			(459	)			(383	)
Net income attributable to common shareholders		$	57,516			$	36,457			$	104,898			$	72,890
Earnings per common share attributable to common shareholders - basic		$	0.75			$	0.52			$	1.38			$	1.04
Earnings per common share attributable to common shareholders - diluted		$	0.74			$	0.52			$	1.37			$	1.04
Common shares used in basic earnings per share calculation			77,057,520				70,267,332				76,222,426				70,141,595
Common shares used in diluted earnings per share calculation			77,219,999				70,359,207				76,365,100				70,242,776
Dividends declared per common share		$	0.7400			$	0.7133			$	1.4800			$	1.4267
(A) Interest expense for the period ending June 30 consists of the following
Interest expense		$	20,171			$	19,678			$	39,914			$	39,311
Amortization of debt issuance costs			603				588				1,205				1,202
Total interest expense		$	20,774			$	20,266			$	41,119			$	40,513

Life Storage, Inc.
Computation of Funds From Operations (FFO) (1)
(unaudited)
		April 1, 2021				April 1, 2020				January 1, 2021				January 1, 2020
		to				to				to				to
(dollars in thousands, except share data)		June 30, 2021				June 30, 2020				June 30, 2021				June 30, 2020
Net income attributable to common shareholders		$	57,516			$	36,457			$	104,898			$	72,890
Noncontrolling interests in the Operating Partnership			249				191				459				383
Depreciation of real estate and amortization of intangible
assets exclusive of debt issuance costs			35,257				28,398				68,076				56,140
Depreciation and amortization from unconsolidated joint ventures			1,241				1,682				2,443				3,478
Funds from operations allocable to noncontrolling
interest in Operating Partnership			(407	)			(348	)			(766	)			(694	)
Funds from operations available to common shareholders			93,856				66,380				175,110				132,197
FFO per share - diluted		$	1.22			$	0.94			$	2.29			$	1.88
Adjustments to FFO
Gain on sale of land			-				-				-				(302	)
Acquisition fee			(1,280	)			-				(1,280	)			(217	)
Funds from operations resulting from non-recurring items
allocable to noncontrolling interest in Operating Partnership			5				-				5				3
Adjusted funds from operations available to common shareholders			92,581				66,380				173,835				131,681
Adjusted FFO per share - diluted		$	1.20			$	0.94			$	2.28			$	1.87
Common shares - diluted			77,219,999				70,359,207				76,365,100				70,242,776

Life Storage, Inc.
Computation of Net Operating Income (2)
(unaudited)
		April 1, 2021				April 1, 2020						January 1, 2021				January 1, 2020
		to				to						to				to
(dollars in thousands)		June 30, 2021				June 30, 2020						June 30, 2021				June 30, 2020
Net Income		$	57,765			$	36,648					$	105,357			$	73,273
General and administrative			15,083				12,223						29,266				25,129
Depreciation and amortization			35,771				28,987						69,130				57,317
Gain on sale of real estate			-				-						-				(302	)
Interest expense			20,774				20,266						41,119				40,513
Interest and dividend income			(7	)			(2	)					(786	)			(7	)
Equity in income of joint ventures			(1,428	)			(970	)					(2,649	)			(2,086	)
Net operating income		$	127,958			$	97,152					$	241,437			$	193,837
Same store (4)		$	98,534			$	81,949					$	188,469			$	164,758
Net operating income related to tenant reinsurance			8,280				7,319						16,118				14,195
Other stores and management fee income			21,144				7,884						36,850				14,884
Total net operating income		$	127,958			$	97,152					$	241,437			$	193,837

Life Storage, Inc.
Quarterly Same Store Data (3) (4) 531 mature stores owned since 12/31/19
(unaudited)
		April 1, 2021			April 1, 2020
		to			to							Percentage
(dollars in thousands)		June 30, 2021			June 30, 2020			Change				Change
Revenues:
Rental income		$	140,269		$	122,383		$	17,886			14.6	%
Other operating income			1,778			1,463			315			21.5	%
Total operating revenues			142,047			123,846			18,201			14.7	%
Expenses:
Payroll and benefits			9,423			9,420			3			0.0	%
Real estate taxes			17,516			16,592			924			5.6	%
Utilities			3,301			3,212			89			2.8	%
Repairs and maintenance			4,146			3,449			697			20.2	%
Office and other operating expense			3,791			3,479			312			9.0	%
Insurance			1,566			1,500			66			4.4	%
Advertising			48			64			(16	)		-25.0	%
Internet marketing			3,722			4,181			(459	)		-11.0	%
Total operating expenses			43,513			41,897			1,616			3.9	%
Net operating income (2)		$	98,534		$	81,949		$	16,585			20.2	%
QTD Same store move ins			51,060			53,371			(2,311	)
QTD Same store move outs			44,668			43,027			1,641

Other Comparable Quarterly Same Store Data (4)
(unaudited)
		April 1, 2021			April 1, 2020
		to			to						Percentage
		June 30, 2021			June 30, 2020			Change			Change
2020 Same store pool (515 stores)
Revenues		$	137,566		$	119,932		$	17,634		14.7	%
Expenses			42,209			40,640			1,569		3.9	%
Net operating income		$	95,357		$	79,292		$	16,065		20.3	%
2019 Same store pool (502 stores)
Revenues		$	134,557		$	117,456		$	17,101		14.6	%
Expenses			41,121			39,602			1,519		3.8	%
Net operating income		$	93,436		$	77,854		$	15,582		20.0	%

Life Storage, Inc.
Year to Date Same Store Data (3) (4) 531 mature stores owned since 12/31/19
(unaudited)
		January 1, 2021			January 1, 2020
		to			to							Percentage
(dollars in thousands)		June 30, 2021			June 30, 2020			Change				Change
Revenues:
Rental income		$	273,412		$	246,494		$	26,918			10.9	%
Other operating income			3,371			2,957			414			14.0	%
Total operating revenues			276,783			249,451			27,332			11.0	%
Expenses:
Payroll and benefits			19,445			19,261			184			1.0	%
Real estate taxes			34,940			33,184			1,756			5.3	%
Utilities			7,095			6,832			263			3.8	%
Repairs and maintenance			8,848			7,494			1,354			18.1	%
Office and other operating expense			7,827			7,282			545			7.5	%
Insurance			3,089			3,006			83			2.8	%
Advertising			96			128			(32	)		-25.0	%
Internet marketing			6,974			7,506			(532	)		-7.1	%
Total operating expenses			88,314			84,693			3,621			4.3	%
Net operating income (2)		$	188,469		$	164,758		$	23,711			14.4	%
YTD Same store move ins			97,898			99,760			(1,862	)
YTD Same store move outs			86,826			87,485			(659	)

Life Storage, Inc.
Other Data - unaudited		Same Store (3)					All Stores (5)
			2021		2020			2021		2020
Weighted average quarterly occupancy			95.1%		90.9%			94.7%		90.0%
Occupancy at June 30			95.7%		91.8%			95.0%		91.0%
Rent per occupied square foot		$15.34		$14.17			$15.32		$14.12

Life Storage, Inc.
Other Data - unaudited (continued)
Investment in Storage Facilities: (unaudited)
The following summarizes activity in storage facilities during the six months ended June 30, 2021:
Beginning balance		$	5,330,323
Property acquisitions			527,214
Improvements and equipment additions:
Expansions			4,469
Roofing, paving, and equipment:
Stabilized stores			10,970
Recently acquired stores			1,792
Change in construction in progress (Total CIP $31.9 million)			13,232
Dispositions and Impairments			(341	)
Storage facilities at cost at period end		$	5,887,659
Comparison of Selected G&A Costs (unaudited)		Quarter Ended
		June 30, 2021				June 30, 2020
Management and administrative salaries and benefits		$	9,784			$	6,704
Training			143				186
Call center			751				750
Life Storage Solutions costs			277				150
Income taxes			568				871
Legal, accounting and professional			893				911
Other administrative expenses (6)			2,667				2,651
		$	15,083			$	12,223
Net rentable square feet		June 30, 2021
Wholly owned properties			45,795,071
Joint venture properties			7,896,032
Third party managed properties			17,716,675
			71,407,778
		June 30, 2021				June 30, 2020
Common shares outstanding			78,041,891				70,377,668
Operating Partnership Units outstanding			332,399				365,949

(1) We believe that Funds from Operations (“FFO”) provides relevant and meaningful information about our operating performance that is necessary, along with net earnings and cash flows, for an understanding of our operating results. FFO adds back historical cost depreciation, which assumes the value of real estate assets diminishes predictably in the future. In fact, real estate asset values increase or decrease with market conditions. Consequently, we believe FFO is a useful supplemental measure in evaluating our operating performance by disregarding (or adding back) historical cost depreciation.
Funds from operations is defined by the National Association of Real Estate Investment Trusts, Inc. (“NAREIT”) as net income available to common shareholders computed in accordance with generally accepted accounting principles (“GAAP”), excluding gains or losses on sales of properties, plus impairment of real estate assets, plus depreciation and amortization and after adjustments to record unconsolidated partnerships and joint ventures on the same basis. We believe that to further understand our performance, FFO should be compared with our reported net income and cash flows in accordance with GAAP, as presented in our consolidated financial statements.
Our computation of FFO may not be comparable to FFO reported by other REITs or real estate companies that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently. FFO does not represent cash generated from operating activities determined in accordance with GAAP, and should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP) as a measure of our liquidity, or as an indicator of our ability to make cash distributions.
(2) Net operating income or "NOI" is a non-GAAP (generally accepted accounting principles) financial measure that we define as total continuing revenues less continuing property operating expenses. NOI also can be calculated by adding back to net income: interest expense, impairment and casualty losses, operating lease expenses, depreciation and amortization expense, any losses on sale of real estate, acquisition related costs, general and administrative expense, and deducting from net income: income from discontinued operations, interest income, any gains on sale of real estate, and equity in income of joint ventures. We believe that NOI is a meaningful measure to investors in evaluating our operating performance, because we utilize NOI in making decisions with respect to capital allocations, in determining current property values, and in comparing period-to-period and market-to-market property operating results. Additionally, NOI is widely used in the real estate industry and the self-storage industry to measure the performance and value of real estate assets without regard to various items included in net income that do not relate to or are not indicative of operating performance, such as depreciation and amortization, which can vary depending on accounting methods and book value of assets. NOI should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as total revenues, operating income and net income.
(3) Includes the stores owned and/or managed by the Company for the entire periods presented that are consolidated in our financial statements. Does not include unconsolidated joint ventures or other stores managed by the Company.
(4) Revenues and expenses do not include items related to tenant reinsurance.
(5) Does not include unconsolidated joint venture stores or other stores managed by the Company.
(6) Other administrative expenses include office rent, travel expense, investor relations and miscellaneous other expenses.

 

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FAQ

What were Life Storage's earnings for Q2 2021?

Life Storage reported a net income of $57.5 million for the second quarter of 2021.

How much did Life Storage increase its adjusted funds from operations in Q2 2021?

Adjusted FFO per share increased by 27.7% to $1.20 compared to Q2 2020.

What is the same store revenue growth for Life Storage in 2021?

Life Storage achieved a 14.7% increase in same store revenue year-over-year.

How much did Life Storage acquire stores for in Q2 2021?

Life Storage acquired 17 stores for a total purchase price of $267.5 million.

What dividend did Life Storage declare for Q2 2021?

Life Storage's Board of Directors approved a quarterly dividend of $0.74 per share.

What are the projections for Life Storage's 2021 earnings?

Life Storage's 2021 earnings guidance includes same store net operating income growth of 13.5% to 14.5%.