LSI - LSI STOCK NEWS

Life Storage, Inc. (NYSE: LSI) has declared a quarterly dividend of $1.20 per share, amounting to an annualized dividend of $4.80 per share, reflecting an annual yield of approximately 3.6%. This dividend will be distributed on April 26, 2023 to shareholders recorded by April 14, 2023. Life Storage operates over 1,150 facilities across 37 states and the District of Columbia, serving more than 675,000 customers, making it a key player in the self-storage industry.

On April 3, 2023, Extra Space Storage (NYSE: EXR) announced its definitive merger agreement with Life Storage (NYSE: LSI), creating the largest storage operator in the U.S. The all-stock transaction values Life Storage at approximately $145.82 per share, totaling a pro forma equity market cap of around $36 billion and an enterprise value of $47 billion. Shareholders will own 65% and 35% of the combined entity. This merger aims to enhance operational synergies, expand portfolio size by over 50%, and generate at least $100 million in annual savings. The deal is expected to close in the second half of 2023.

LSI Industries Inc. (NASDAQ: LYTS) has unveiled its "Fast Forward" strategy, aiming for $800 million in net sales and $100 million in adjusted EBITDA by FY28. This initiative is part of their long-term growth plan, focusing on targeted expansion in high-value vertical markets and operational efficiency. For the fiscal year 2023, LSI projects net sales between $490-$500 million and adjusted EBITDA of $47-$49 million. The company expects over 60% growth in net sales and over 100% growth in adjusted EBITDA over five years, with a goal of achieving a margin of 12.5% of net sales.

Life Storage released an investor presentation regarding Public Storage's unsolicited acquisition proposal dated February 5, 2023. Life Storage asserts that the proposal significantly undervalues the company and its potential for growth, highlighting a 150% total shareholder return over the past five years. The company anticipates a low double-digit growth in FFO per share for 2024. Life Storage emphasizes its leading same-store revenue growth in the industry, enhanced by disciplined expense control. The Board is open to evaluating proposals that reflect the company's true value while maintaining confidence in its growth trajectory.

Life Storage, Inc. (NYSE: LSI) reported robust financial results for Q4 and the fiscal year 2022. The company generated $93.8 million in net income for Q4, translating to $1.10 per diluted share, and a full-year net income of $358.1 million or $4.22 per diluted share. Adjusted funds from operations (FFO) per share rose 19.9% year-over-year to $1.69 for Q4 and 28.4% to $6.51 for the year. Life Storage also increased same-store revenue by 15.2% and acquired 49 stores for $974 million. In a response to Public Storage's unsolicited acquisition proposal, the board unanimously rejected it, asserting confidence in their growth strategy.

Life Storage (NYSE: LSI) rejected a recent acquisition proposal from Public Storage, determining it significantly undervalues the company and its growth potential. The Board, after consulting with independent financial and legal advisors, believes the proposed exchange ratio fails to reflect Life Storage's robust operating performance, with same-store revenue growth of 9.6% and NOI growth of 13.0% over the past three years. Life Storage has delivered nearly 100% total shareholder returns and plans to enhance value as a standalone entity. The decision will be elaborated on during their earnings call on February 24, 2023.

Life Storage, Inc. (NYSE: LSI) has received an unsolicited all-stock acquisition proposal from Public Storage, offering 0.4192 shares of its common stock for each outstanding Life Storage share. The proposal resembles one previously submitted to the Life Storage Board of Directors. The Board, advised by financial and legal experts, will review the new proposal to determine the best course of action for shareholders. Shareholders are advised to take no action at this time. Wells Fargo Securities is acting as Life Storage's financial advisor, while Hogan Lovells US LLP serves as the legal advisor.

Public Storage (NYSE: PSA) has proposed to acquire Life Storage, Inc. (NYSE: LSI) in an all-stock transaction, offering an exchange ratio of 0.4192 shares of Public Storage for each Life Storage share. This proposal represents a 19% premium based on the 20-day trailing volume-weighted average prices (VWAP) as of February 3, 2023. The company emphasizes the benefits of enhanced growth and profitability for Life Storage shareholders, leveraging Public Storage's operational efficiencies and strong balance sheet. Public Storage's Board of Trustees has unanimously approved the proposal, urging Life Storage’s board to engage in discussions regarding the transaction.