Sovran Self Storage, Inc. (NYSE:SSS),
(www.unclebobs.com/company) a self storage real estate investment
trust (REIT), reported operating results for the quarter ended
September 30, 2011.
Net income available to common shareholders for the third
quarter of 2011 was $2.3 million or $0.08 per fully diluted share.
For the same period in 2010, net income available to common
shareholders was $8.9 million, or $0.32 per fully diluted common
share.
Funds from operations (FFO) for the quarter were $0.41 per fully
diluted common share compared to $0.63 for the same period last
year. The Company recorded one-time charges of $5.6 million to
terminate interest rate swap contracts and write-offs of
unamortized financing fees in relation to its debt refinancing in
August; it also incurred net acquisition costs of $2.9 million in
connection with its property purchases this quarter. Absent these
non-recurring charges, FFO per share for the quarter is $0.72.
Higher rental rates and the reduced use of move-in incentives
contributed to the increase in FFO for the third quarter of
2011.
During the quarter, the Company increased the number of stores
in operation under its “Uncle Bob’s” brand by 52: twenty-seven were
acquired for its own portfolio at a cost of $146 million, 19 were
added via a joint venture formed in July and six more stores have
been placed in the care of Uncle Bob’s Management (the Company’s
third party management subsidiary).
Robert J. Attea, the Company’s Chairman and CEO, commented, “We
had a tremendous quarter in every respect – we added 52 first-rate
properties to our portfolio, we negotiated a $500 million financing
package that solidifies our balance sheet, and our stores performed
exceptionally. We’ve been able to take advantage of favorable
conditions in the acquisition, financial, and consumer arenas to
add significant value to our Company.”
OPERATIONS:
Total revenues increased 11.6% over last year’s third quarter,
while operating costs increased 5.5%, resulting in an NOI (3)
increase of 15.2%. Overall occupancy averaged 81.2% for the period
and rental rates improved to an average of $10.71 per sq. ft.
Revenues for the 344 stores wholly owned by the Company for the
entire quarter of each year increased 5.3% from those of the third
quarter of 2010, the result of a 5.7% increase in rental rates and
strong growth in other revenues, primarily insurance
commissions.
Same store operating expenses increased 0.8% for the third
quarter of 2011 compared to the prior year period, the result of a
property tax increase of 1.6% and modest increases in property
payroll expenses and maintenance costs.
Consequently, same store net operating income increased 7.9%
this period over the third quarter of 2010.
“We’re very pleased with the performance of our core portfolio”
said Kenneth F. Myszka, President and COO. “The top line growth is
in large part a result of the efforts of David Paolini and our
Revenue Management group, in partnership with Veritec Solutions,
and their application of advanced pricing analytics. By reducing
the amount of free rent given at move-in, we are attracting a more
stable customer base and discouraging short term price-shoppers.
The end result is lower turnover, longer lengths of stay, and solid
revenue growth.”
General and administrative expenses grew by approximately $1.7
million over the same period in 2011, primarily due to start-up and
takeover costs at the newly acquired stores, increased training,
internet advertising, and personnel costs.
During the third quarter of 2011, every state in which the
Company has operated stores for more than a year achieved sales
greater than the same period in 2010. The stores with the strongest
revenue impact include those in New England, New York, Tennessee,
and Ohio. With regard to these results, Myszka commented, “We
continue to be pleased by the solid results shown at the majority
of our stores and especially the Florida and Texas properties, with
NOI increases of 7.5% and 6.2% respectively.”
PROPERTIES:
The Company acquired 27 stores for its own portfolio during the
quarter at a cost of $146 million. In July, it acquired two stores
in Newark, New Jersey; and one in St. Louis, MO. In August, it
acquired one storage facility in Atlanta, GA; and in September it
acquired 22 storage facilities in Texas: three in Austin, one in
Dallas, and 18 in Houston. It also acquired one store in Newport
News, VA.
As previously announced, the Company entered into a joint
venture agreement to acquire 19 properties in New Jersey and
eastern Pennsylvania. The venture paid $164 million for the
properties (including closing costs), of which approximately $89
million was financed via mortgage notes, $64 million was
contributed by the JV Partner, and $11 million was contributed by
the Company. All of the properties have been re-branded “Uncle
Bob’s Self Storage®” and are managed by the Company.
The Company also added six properties to its Uncle Bob’s
Management platform, which now has a total of 53 properties under
management through joint venture and third party contracts.
The Company continues its program of expanding and enhancing its
properties, expecting construction of over 500,000 square feet of
additional and/or improved space at existing stores in
2011/2012.
CAPITAL TRANSACTIONS:
As previously announced, on August 5, 2011, the Company
completed transactions which provided financing arrangements
totaling $500 million of senior, unsecured debt.
It used proceeds from a ten year, $100 million privately placed
term note (the Company’s “Series D” notes) and the proceeds from a
seven year, $125 million unsecured term loan provided by a
syndicated bank group to repay a $150 million term loan maturing in
June, 2012, and $71 million outstanding on its line of credit.
$100 million was also committed by the bank lending syndicate
for a delayed draw note to provide funding for the Company’s
repayment of mortgage debt maturing in late 2011 and early 2012, as
well as borrowings the Company incurred to fund its acquisitions.
The term of the note is seven years and is unsecured.
The Company also negotiated a five year, $175 million unsecured
line of credit, with an accordion feature of an additional $75
million, and an extension provision of up to two additional
years.
The $100 million of Series D notes bear interest at 5.54% for
their ten year term.
The Company has entered into interest rate swap contracts which
effectively fix the interest rate on the $125 million bank group
term note at 4.37% payable over its seven-year term. Additional
rate swap contracts have been used to fix the rate on the $100
million delayed draw note (expected to be funded in early December)
at 3.61% through December, 2016.
David Rogers, Chief Financial Officer of the Company, commented,
“This financing package provides us with lower interest rates,
greater capacity and flexibility, and extends and smoothes our debt
maturity dates through 2021.”
The Company incurred a one-time charge of approximately $5.6
million ($0.20 per share) in the third quarter of 2011 relating to
the early termination of interest rate swap agreements and
unamortized costs associated with the repayment of the $150 million
term note.
Illustrated below are key financial ratios at September 30,
2011:
- Debt to Enterprise Value (at
$40.00/share) 37.0%
- Debt to Book Cost of Storage Facilities
41.9%
- Debt to EBITDA Ratio 5.9x
- Debt Service Coverage 3.6x
At September 30, 2011, the Company had approximately $6.6
million of cash on hand, and $61 million available on its line of
credit (without considering the additional $75 million available
under the expansion feature).
On September 14, 2011, the Company announced an “at the market”
equity issuance program. During the quarter, the Company issued
130,837 shares of common stock pursuant to this program at an
average price of $39.35 per share.
YEAR 2011 EARNINGS GUIDANCE:
Management is encouraged by greater pricing power and resiliency
in most markets. Nonetheless, the Company anticipates the
continuation of leasing incentives supplemented by aggressive and
increased advertising. An increase in same store revenue of 4% to
5% is projected from that of 2010. Property operating costs are
projected to increase by 2% to 3%, including an expected 4% annual
increase in property taxes. Accordingly, the Company continues to
anticipate an increase of 4% to 6% in same store net operating
income for 2011.
The Company intends to spend up to $30 million on its
aforementioned expansion and enhancement program. It has also
budgeted $12 million to provide for recurring capitalized
expenditures including roofing, painting, paving, and office
renovations.
Future purchases of properties made in 2011 are not expected to
significantly impact 2011’s guidance inasmuch as the Company
expects to invest in both low occupancy “turn-around” opportunities
as well as stabilized properties.
General and administrative expenses are expected to increase due
to the need for personnel required for expected acquisitions,
income taxes on its taxable REIT subsidiaries, and the Company’s
plans to continue expanding its internet marketing presence.
At September 30, 2011, all but $114 million of the Company’s
debt is either fixed rate or covered by rate swap contracts that
essentially fix the rate. Subsequent borrowings that may occur will
be pursuant to the Company’s Line of Credit agreement at a floating
rate of LIBOR plus 2.0%.
At September 30, 2011, the Company had 27.8 million shares of
common stock outstanding and 0.34 million Operating Partnership
Units outstanding.
As a result of the above assumptions, management expects funds
from operations for the full year 2011 (inclusive of the above
mentioned one time debt refinancing and acquisition charges of $8.6
million or $0.31 per share) to be approximately $2.41 to $2.43 per
share, and between $0.71 and $0.73 for the fourth quarter of
2011.
FORWARD LOOKING STATEMENTS:
When used within 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 the actual
results, performance or achievements of the Company 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 could cause rents and occupancy rates to decline;
the Company’s ability to evaluate, finance and integrate acquired
businesses into the Company’s existing business and operations; 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; the future ratings on the
Company’s debt instruments; the regional concentration of the
Company’s business may subject it to economic downturns in the
states of Florida and Texas; the Company’s ability to effectively
compete in the industries in which it does business; the Company’s
reliance on its call center; the Company’s cash flow may be
insufficient to meet required payments of principal, interest and
dividends; and tax law changes which may change the taxability of
future income.
CONFERENCE CALL:
Sovran Self Storage will hold its Third Quarter Earnings Release
Conference Call at 9:00 a.m. Eastern Time on Thursday, November 3,
2011. To access the conference call, dial 877.407.8033 (domestic),
or 201.689.8033 (international). Management will accept questions
from registered financial analysts after prepared remarks; all
others are encouraged to listen to the call via webcast by
accessing “events and conference calls” under the investor
relations tab at www.unclebobs.com/company.
The webcast will be archived for a period of 90 days; a
telephone replay will also be available for 72 hours by calling
877.660.6853 and entering pass codes 286/379417.
Sovran Self Storage, Inc. is a self-administered and
self-managed equity REIT that is in the business of acquiring and
managing self storage facilities. The Company operates 434 self
storage facilities in 25 states under the name “Uncle Bob’s Self
Storage”®. For more information, visit www.unclebobs.com, like us
on Facebook, or follow us on Twitter.
SOVRAN SELF
STORAGE, INC. BALANCE SHEET DATA (unaudited)
September 30, December 31, (dollars in thousands)
2011 2010
Assets Investment in storage facilities:
Land $ 269,450 $ 240,651 Building, equipment and construction in
progress
1,314,477
1,179,305 1,583,927 1,419,956 Less: accumulated
depreciation
(297,147 )
(271,797 ) Investment in storage
facilities, net 1,286,780 1,148,159 Cash and cash equivalents 6,573
5,766 Accounts receivable 2,413 2,377 Receivable from joint venture
502 253 Investment in joint venture 30,911 19,730 Prepaid expenses
4,948 4,408 Other assets
8,361
4,848 Total Assets
$
1,340,488 $ 1,185,541
Liabilities Line of credit $ 114,000 $ 10,000
Term notes 475,000 400,000 Accounts payable and accrued liabilities
30,365 23,991 Deferred revenue 5,929 4,925 Fair value of interest
rate swap agreements 8,649 10,528 Mortgages payable
74,182 78,954 Total
Liabilities 708,125 528,398 Noncontrolling redeemable
Operating Partnership Units at redemption value 12,601 12,480
Equity Common stock 290 288 Additional paid-in
capital 820,641 816,986 Accumulated deficit (165,629 ) (148,264 )
Accumulated other comprehensive loss (8,365 ) (10,254 ) Treasury
stock at cost
(27,175 )
(27,175 ) Total Shareholders' Equity
619,762 631,581 Noncontrolling interest - consolidated joint
venture
- 13,082
Total Equity
619,762
644,663 Total Liabilities and Equity
$ 1,340,488 $
1,185,541 CONSOLIDATED STATEMENTS OF
OPERATIONS
(unaudited) July 1, 2011 July 1, 2010 to to (dollars
in thousands, except share data) September 30, 2011
September 30, 2010
Revenues Rental income $
50,332 $ 46,196 Other operating income 2,604 2,109 Management fee
income 643 318 Acquisition fee income
675
- Total operating revenues 54,254
48,623
Expenses Property operations and maintenance
13,888 13,197 Real estate taxes 5,243 4,940 General and
administrative 6,637 4,960 Acquisition related costs 2,913 23
Depreciation and amortization 8,655 8,215 Amortization of in-place
customer leases
285
- Total operating expenses
37,621 31,335
Income from operations 16,633 17,288 Other income (expense)
Interest expense
(A) (13,760 ) (7,954 ) Interest income 5 24
Equity in (losses) income of joint ventures
(512 ) 16
Net income 2,366 9,374 Net income attributable to
noncontrolling interests
(27 )
(451 ) Net income attributable
to common shareholders $ 2,339
$ 8,923 Earnings per
common share attributable to common shareholders - basic
$ 0.08 $
0.32 Earnings per common share
attributable to common shareholders - diluted $
0.08 $ 0.32
Common shares used in basic earnings per share calculation
27,593,338 27,485,416 Common shares used in diluted earnings
per share calculation 27,634,029 27,525,279
Dividends
declared per common share $ 0.4500
$ 0.4500
(A) Interest expense for the three months ending September
30 consists of the following Interest expense $ 7,937 $ 7,696
Amortization of deferred financing fees 250 258 Write-off of
unamortized financing fees related to $150 million term note repaid
in 2011 88 - Interest rate swap termination payments
5,485 - Total
interest expense
$ 13,760
$ 7,954 CONSOLIDATED
STATEMENTS OF OPERATIONS
(unaudited) January 1, 2011 January 1,
2010 to to (dollars in thousands, except share data) September 30,
2011 September 30, 2010
Revenues
Rental income $ 145,472 $ 136,606 Other operating income 7,006
5,669 Management fee income 1,346 941 Acquisition fee income
675 - Total
operating revenues 154,499 143,216
Expenses Property
operations and maintenance 40,291 38,673 Real estate taxes 15,331
15,290 General and administrative 18,344 14,954 Acquisition related
costs 3,048 136 Depreciation and amortization 25,655 24,617
Amortization of in-place customer leases
567
- Total operating expenses
103,236 93,670
Income from operations 51,263 49,546 Other income
(expense) Interest expense
(A) (29,739 ) (23,762 ) Interest
income 31 65 Equity in (losses) income of joint ventures
(408 ) 154
Income from continuing operations 21,147 26,003 Income from
discontinued operations (including gain on disposal of $6,944 in
2010)
- 7,562
Net income 21,147 33,565 Net income attributable to noncontrolling
interests
(811 )
(1,454 ) Net income attributable to
common shareholders $ 20,336
$ 32,111 Earnings per
common share attributable to common shareholders - basic
Continuing operations $ 0.74 $ 0.89 Discontinued operations
- 0.28 Earnings per
common share - basic
$ 0.74
$ 1.17 Earnings per
common share attributable to common shareholders - diluted
Continuing operations $ 0.74 $ 0.89 Discontinued operations
- 0.28 Earnings per
common share - diluted
$ 0.74
$ 1.17 Common shares used
in basic earnings per share calculation 27,563,536 27,464,672
Common shares used in diluted earnings per share calculation
27,607,567 27,504,175
Dividends declared per common
share $ 1.3500 $
1.3500 (A) Interest
expense for the nine months ending September 30 consists of the
following Interest expense $ 23,323 $ 22,989 Amortization of
deferred financing fees 843 773 Write-off of unamortized financing
fees related to $150 million term note repaid in 2011 88 - Interest
rate swap termination payments
5,485
- Total interest expense
$
29,739 $ 23,762
COMPUTATION OF FUNDS FROM OPERATIONS (FFO) (1) -
(unaudited)
July 1, 2011 July 1, 2010 to to (dollars in thousands,
except share data) September 30, 2011
September 30, 2010 Net income attributable to common
shareholders $ 2,339 $ 8,923 Net income attributable to
noncontrolling interests 27 451 Depreciation of real estate and
amortization of intangible assets exclusive of deferred financing
fees 8,940 8,215 Depreciation and amortization from unconsolidated
joint ventures 240 197 Funds from operations allocable to
noncontrolling interest in Operating Partnership (133 ) (214 )
Funds from operations allocable to noncontrolling interest in
consolidated joint ventures
-
(340 ) Funds from operations available to
common shareholders 11,413 17,232 FFO per share - diluted $ 0.41 $
0.63
Non-recurring Adjustments to FFO Acquisition
costs expensed 2,913 - Company's share of acquisition costs
expensed by Sovran HHF Storage Holdings II 734 - Interest rate swap
termination payments 5,485 - Write-off of unamortized financing
fees related to debt payoff 88 - Acquisition fee income from Sovran
HHF Storage Holdings II (675 ) - Funds from operations resulting
from non-recurring items allocable to noncontrolling interest in
Operating Partnership
(103 )
- Adjusted funds from operations
available to common shareholders 19,855 17,232 Adjusted FFO per
share - diluted $ 0.72 $ 0.63 Common shares - diluted
27,634,029 27,525,279 January 1, 2011
January 1, 2010 to to (dollars in thousands, except share data)
September 30, 2011 September 30, 2010 Net income
attributable to common shareholders $ 20,336 $ 32,111 Net income
attributable to noncontrolling interests 811 1,454 Depreciation of
real estate and amortization of intangible assets exclusive of
deferred financing fees 26,222 24,617 Depreciation of real estate
included in discontinued operations - 217 Depreciation and
amortization from unconsolidated joint ventures 636 588 Gain on
sale of real estate - (6,944 ) Funds from operations allocable to
noncontrolling interest in Operating Partnership (560 ) (677 )
Funds from operations allocable to noncontrolling interest in
consolidated joint ventures
(567 )
(1,020 ) Funds from operations
available to common shareholders 46,878 50,346 FFO per share -
diluted $ 1.70 $ 1.83
Non-recurring Adjustments to
FFO Acquisition costs expensed 3,048 - Company's share of
acquisition costs expensed by Sovran HHF Storage Holdings II 734 -
Interest rate swap termination payments 5,485 - Write-off of
unamortized financing fees related to debt payoff 88 - Acquisition
fee income from Sovran HHF Storage Holdings II (675 ) - Funds from
operations resulting from non-recurring items allocable to
noncontrolling interest in Operating Partnership
(105 ) -
Adjusted funds from operations available to common shareholders
55,453 50,346 Adjusted FFO per share - diluted $ 2.01 $ 1.83
Common shares - diluted 27,607,567 27,504,175
(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
computed in accordance with generally accepted accounting
principles (“GAAP”), excluding gains or losses on sales of
properties, 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.
QUARTERLY SAME STORE DATA (2) *
July 1, 2011 July 1, 2010
to to Percentage (dollars in thousands) September 30, 2011
September 30, 2010 Change
Revenues: Rental income $ 48,314 $ 46,134 4.7 % Other
operating income
2,337
1,988 17.6 % Total operating
revenues 50,651 48,122 5.3 %
Expenses: Property
operations and maintenance 13,189 13,123 0.5 % Real estate taxes
5,005 4,925
1.6 % Total operating expenses
18,194 18,048 0.8
% Net operating income (3) $ 32,457 $ 30,074
7.9 % (2) Includes the 344 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
venture stores managed by the Company. (3) 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,
amounts attributable to noncontrolling interests, depreciation and
amortization expense, general and administrative expense, and
deducting from net income: income from discontinued operations,
interest income, and equity in income of joint ventures. We believe
that NOI is a meaningful measure of operating performance, because
we utilize NOI in making decisions with respect to capital
allocations, in determining current property values, and comparing
period-to-period and market-to-market property operating results.
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.
* See exhibit A for supplemental same store data.
YEAR TO DATE SAME STORE DATA (2)
January 1, 2011 January 1, 2010
to to Percentage (dollars in thousands) September 30,
2011 September 30, 2010 Change
Revenues: Rental income $ 141,722 $ 136,473 3.8% Other
operating income
6,447 5,351
20.5% Total operating revenues 148,169 141,824 4.5%
Expenses: Property operations and maintenance 38,974
38,452 1.4% Real estate taxes
14,914
15,248 -2.2% Total operating expenses
53,888 53,700 0.4%
Net operating income (3) $ 94,281 $ 88,124 7.0%
OTHER DATA
Same Store (2)
All Stores (4)
2011
2010
2011
2010
Weighted average quarterly occupancy 81.7 % 82.8 % 81.2 %
82.6 % Occupancy at September 30 81.5 % 82.5 % 81.0 % 82.3 %
Rent per occupied square foot $ 10.68 $ 10.10 $ 10.71 $
10.09 (4) Does not include unconsolidated joint venture
stores managed by the Company
Investment in
Storage Facilities:
The following summarizes activity in storage facilities during the
nine months ended September 30, 2011: Beginning balance $
1,419,956 Property acquisitions 147,094 Improvements and equipment
additions: Expansions 6,886 Roofing, paving, and equipment:
Stabilized stores 9,965 Recently acquired stores 226 Change in
construction in progress (Total CIP $8.2 million) 168 Dispositions
(368 ) Storage facilities at cost
at period end
$ 1,583,927
Comparison of
Selected G&A Costs
Quarter Ended
September 30, 2011
September 30, 2010
Internet advertising & marketing 744 527 Revenue
management 224 - Uncle Bob's Management costs 121 2 Taxes 375 363
Training & travel 698 366
September 30,
2011 September 30, 2010 Common shares
outstanding 27,834,616 27,648,329 Operating Partnership Units
outstanding 339,025 342,936
Exhibit A
Sovran Self Storage, Inc. Same Store
Performance Summary Three Months Ended September 30,
2011 (unaudited)
Avg Quarterly Occupancy
Revenue
Expenses
NOI
Avg Qtrly Rent
for the Three Months Ended
for the Three Months
for the Three Months
for the Three Months
Square
per Occupied
September 30,
Ended September 30,
Ended September 30,
Ended September 30,
State Stores
Feet
Square Foot
2011 2010 2011
2010 % Change 2011
2010 % Change 2011
2010 % Change Alabama 22 1,588 $
8.40 78.7% 76.9% $ 2,863 $ 2,694 6.27% $ 999 $ 1,023 -2.35% $ 1,864
$ 1,671 11.55% Arizona 9 515 10.51 83.9% 86.7% 1,222 1,171 4.36%
442 436 1.38% 780 735 6.12% Connecticut 5 301 16.96 85.3% 77.4%
1,122 1,039 7.99% 370 243 52.26% 752 796 -5.53% Florida 53 3,430
10.56 78.1% 80.0% 7,436 7,182 3.54% 2,956 3,015 -1.96% 4,480 4,167
7.51% Georgia 22 1,409 9.65 79.4% 80.9% 2,872 2,801 2.53% 1,071
1,029 4.08% 1,801 1,772 1.64% Louisiana 14 867 10.80 83.5% 85.2%
2,025 1,979 2.32% 645 628 2.71% 1,380 1,351 2.15% Maine 2 113 12.41
82.6% 84.0% 303 271 11.81% 92 102 -9.80% 211 169 24.85% Maryland 4
172 14.56 87.4% 89.2% 565 543 4.05% 195 212 -8.02% 370 331 11.78%
Massachusetts 12 664 13.31 83.6% 82.5% 1,943 1,781 9.10% 649 651
-0.31% 1,294 1,130 14.51% Michigan 4 238 9.78 94.5% 92.5% 579 510
13.53% 188 200 -6.00% 391 310 26.13% Mississippi 12 925 9.60 81.3%
85.3% 1,913 1,815 5.40% 600 619 -3.07% 1,313 1,196 9.78% Missouri 7
432 11.66 86.0% 88.2% 1,117 1,059 5.48% 414 401 3.24% 703 658 6.84%
New Hampshire 4 261 11.59 83.2% 82.9% 623 564 10.46% 200 206 -2.91%
423 358 18.16% New York 28 1,609 13.84 87.4% 86.3% 5,053 4,606
9.70% 1,561 1,525 2.36% 3,492 3,081 13.34% North Carolina 11 539
9.57 80.1% 83.9% 1,061 1,045 1.53% 408 391 4.35% 653 654 -0.15%
Ohio 17 1,132 9.23 84.9% 87.4% 2,311 2,159 7.04% 783 756 3.57%
1,528 1,403 8.91% Pennsylvania 4 219 10.08 89.1% 80.9% 468 429
9.09% 153 149 2.68% 315 280 12.50% Rhode Island 4 168 12.46 83.2%
80.7% 484 449 7.80% 189 180 5.00% 295 269 9.67% South Carolina 8
443 10.04 83.7% 82.7% 981 904 8.52% 378 386 -2.07% 603 518 16.41%
Tennessee 4 291 9.03 91.3% 90.6% 622 554 12.27% 251 259 -3.09% 371
295 25.76% Texas 81 5,916 10.36 81.2% 82.4% 12,789 12,325 3.76%
4,914 4,909 0.10% 7,875 7,416 6.19% Virginia 17 1,021 11.23 76.5%
83.4% 2,299 2,242 2.54% 736 728 1.10% 1,563 1,514 3.24%
Portfolio Total
344 22,253 $ 10.68 81.7% 82.8% $ 50,651
$ 48,122 5.26% $ 18,194 $ 18,048 0.81%
$ 32,457 $ 30,074 7.92%
Dollars in
thousands except for average quarterly rent per occupied square
foot. Square feet in thousands. 344 wholly owned same
stores.
Life Storage (NYSE:LSI)
Historical Stock Chart
From May 2024 to Jun 2024
Life Storage (NYSE:LSI)
Historical Stock Chart
From Jun 2023 to Jun 2024