Life Storage, Inc. (NYSE:LSI) (formerly Sovran Self Storage,
Inc.), a self storage real estate investment trust (REIT), reported
operating results for the quarter and year ended December 31,
2016.
The Company had earnings in the fourth quarter of 2016 of $18.2
million or $0.39 per fully diluted common share. This compares to
earnings of $30.0 million in the fourth quarter of 2015, or $0.83
per fully diluted common share.
Highlights for the 4th Quarter
Included:
- Increased same store revenue by 4.0%
and net operating income ("NOI")(1) by 3.7% as compared to the
fourth quarter of 2015.
- Grew same store average occupancy for
the quarter by 50 basis points to 90.9% compared to the same period
in 2015 and quarter-end occupancy by 40 basis points to 90.4% at
December 31, 2016.
- Achieved adjusted funds from operations
(“FFO”)(2) per fully diluted common share of $1.31.
- Paid a quarterly dividend of $0.95 per
share of common stock.
Highlights for the Full Year
Included:
- Increased same store revenue by 5.2%
and net operating income ("NOI") by 6.5% as compared to 2015.
- Achieved adjusted funds from operations
(“FFO”) per fully diluted common share of $5.19 compared to $4.94
in 2015.
- Acquired 122 quality stores,
significantly upgrading its demographics and national
footprint.
- Changed the Company name from Sovran
Self Storage, Inc. to Life Storage, Inc. and rebranded its
facilities from Uncle Bob’s Self Storage® to Life Storage®.
- Increased its credit line capacity by
67% from $300 million to $500 million.
- Completed an inaugural public debt
offering of $600 million of 10 year notes at an interest rate of
3.5%.
David Rogers, the Company’s CEO, commented, “2016 was a
remarkable year for us. We acquired 122 stores making our portfolio
bigger, better and stronger. We entered the California and Las
Vegas markets in scale with high-quality properties, and the name
change to our Company and our stores was exciting and well
received. The integration of the new stores is complete, and the
rebranding is on time and on budget.”
Funds from operations for the quarter were $1.28 per fully
diluted common share compared to $1.26 for the same period last
year. Absent $0.2 million of acquisition related costs and a
deposit write-off of $1.8 million, offset by a gain on sale of land
of $0.6 million incurred in the fourth quarter of 2016, and $0.6
million of acquisition costs in the fourth quarter of 2015,
adjusted FFO per fully diluted common share was $1.31 and $1.28 for
the quarters ended December 31, 2016 and 2015, respectively.
In the 3rd quarter of 2016 the Company initiated, and expects to
continue to provide on a quarterly basis, a supplemental
information package containing detailed operating and financial
information. The supplement can be found on the investor relations
page of the Company’s website under Financial Information >
Quarterly Earnings.
OPERATIONS:
Total revenues increased 35.4% over last year’s fourth quarter
while operating costs increased 39.9%, resulting in an NOI increase
of 33.3%.
Revenues for the 417 stabilized stores wholly owned by the
Company since December 31, 2014 increased 4.0% from those of the
fourth quarter of 2015, the result of a 50 basis point increase in
average occupancy, a 2.9% increase in rental rates and increases in
tenant insurance administrative fees.
Same store operating expenses increased 4.6% for the fourth
quarter of 2016 compared to the prior year period. Property taxes,
maintenance expenses and internet advertising costs contributed
most significantly to the expense growth.
Consequently, same store NOI this period increased 3.7% over the
fourth quarter of 2015.
General and administrative expenses increased by approximately
$1.4 million over the same period in 2015. Costs associated with
the Company’s name change, and higher legal fees related to the New
Jersey lawsuit were the primary reasons for the higher than
expected expense.
During the fourth quarter of 2016, the Company experienced same
store revenue growth in all 29 of its major markets in the same
store pool. Overall, the markets with the strongest revenue impact
include Atlanta, GA and all Florida markets, particularly Miami and
Tampa.
For the full year ended December 31, 2016, revenues at the 417
properties owned since December 31, 2014 increased by 5.2% over
those of the full year in 2015. Operating costs increased by 2.6%
over those of the prior year, inclusive of a 5.3% increase in
property taxes. Net operating income increased by 6.5% in 2016 over
2015.
PROPERTIES:
During the quarter, the Company acquired two properties; a store
that it had previously managed in Orlando, FL (71,000 sq. ft.;
$9.80 million) and a property in Chicago upon issuance of a
certificate of occupancy (68,000 sq. ft.; $8.75 million).
Subsequent to the end of the year, two of the Company’s joint
ventures acquired a total of five properties. Four of the
properties are in California (Los Angeles and Sacramento) and one
is in Long Island City, NY. The Company’s contributions totaled
$28.2 million to the ventures; the total cost of the properties was
$135.5 million.
While the Company entered into no new purchase agreements during
the quarter, it remains in contract on two certificate of occupancy
stores anticipated to close in 2017. These properties are located
in Chicago, IL and Charlotte, NC and the combined purchase price is
approximately $22 million.
As part of the LifeStorage acquisition, the Company assumed
contracts for three certificate of occupancy stores in Austin, TX
at a cost of $44.8 million. The Company has decided not to pursue
two of the contracts and forfeited $1.8 million of non-refundable
property deposits. It is currently negotiating a lease on the third
property.
CAPITAL TRANSACTIONS:
Illustrated below are key financial ratios at December 31,
2016:
-- Debt to Enterprise Value (at $85.26/share)
29.5% -- Debt to Book Cost of Storage Facilities 39.3% -- Debt to
Recurring Annualized EBITDA 5.5x -- Debt Service Coverage 5.2x
At December 31, 2016, the Company had approximately $23.7
million of cash on hand, and $247 million available on its line of
credit.
In October, the Company issued approximately 39,615 shares at a
price of $82.23 through its Dividend Reinvestment Plan.
COMMON STOCK DIVIDEND:
Subsequent to quarter-end, the Company’s Board of Directors
approved a quarterly dividend of $0.95 per share or $3.80
annualized.
YEAR 2017 EARNINGS GUIDANCE:
The following assumptions covering operations have been utilized
in formulating guidance for the first quarter and full year
2017:
Same StoreProjected Increases Over
2016
1Q 2017 FY
2017 Revenue 3.00 – 4.00% 3.00 – 4.00% Operating Costs
(excluding property taxes) 2.50 – 3.50% 3.25 – 4.25% Property Taxes
5.00 – 6.00% 6.50 – 7.50% Total Operating
Expenses 3.00 – 4.00% 4.25 – 5.25% Net Operating Income 3.00 –
4.00% 2.75 – 3.75%
The Company’s 2017 same store pool consists of the 435
stabilized stores owned since December 31, 2015. The stores
purchased in 2014 and 2015 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 first year after the stores achieve 80% sustained
occupancy using market rates and incentives.
The Houston market is expected to comprise approximately 8.5% of
the 2017 forecasted NOI of the Company’s wholly owned stores. The
forecast for the 41 same store pool of properties in the Company’s
Houston market includes (1.0%) to 1.0% revenue growth, operating
expense increases of 4.0% – 5.0% (inclusive of a 5.0% projected
increase in property taxes), resulting in an NOI change of between
(2.0%) and 1.0%.
The Company plans to complete $30 – $35 million of expansions in
2017. It also has budgeted $19 million to provide for recurring
capitalized expenditures including roofing, paving, and office
renovations.
The Company has assumed no accretive acquisitions in 2017.
Should any acquisitions occur, they are expected to be funded via
draws on its line of credit which carries an interest rate of LIBOR
plus 1.10%.
At the conclusion of 2016, the Company operated 11 self storage
facilities that it acquired during 2014, 2015 and 2016 upon
issuance of certificate of occupancy or in the early stages of
lease-up. Further, it is expected to acquire two more such
certificate of occupancy facilities in 2017 and is in negotiations
to lease a third. Upon acquisition, these properties have
insufficient rental revenue to cover operating costs; accordingly,
for the first 24 to 36 months of operation, ownership of these
facilities is dilutive to earnings and FFO per share. The Company
expects that during 2017, it will incur such dilution to the extent
of $0.01 to $0.03 per share due to the aforementioned
acquisitions.
Annual general and administrative expenses are expected to be
approximately $46.0 – $47.0 million. The increase over the prior
year is primarily due to the need for additional personnel required
for recent acquisitions.
As a result of the above assumptions, management expects
adjusted funds from operations for the full year 2017 to be
approximately $5.50 to $5.60 per share, and between $1.24 and $1.28
per share for the first quarter of 2017.
Reconciliation of Guidance
1Q 2017
Range or Value
FY 2017
Range or Value
Earnings per share attributable to common shareholders - diluted
$ 0.43 - $ 0.47
$ 2.84 - $ 2.94
Plus: real estate depreciation and amortization
0.81 - 0.81
2.66 - 2.66
FFO per share
$ 1.24 - $ 1.28
$ 5.50 - $ 5.60
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 ability to enter new markets where it has little or no
operational experience; 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:
Life Storage will hold its Fourth Quarter Earnings Release
Conference Call at 9:00 a.m. Eastern Time on Thursday, February 16,
2017. 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 877.737.7051 (domestic) or
201.689.8878 (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 the
investor relations tab at lifestorage.com/.
The webcast will be archived for 90 days; a telephone replay
will also be available for 72 hours by calling 877.481.4010 and
entering conference ID 10203.
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. The Company operates more than 650 self storage
facilities in 29 states under the names Life Storage and Uncle
Bob’s Self Storage. For more information, visit
http://invest.lifestorage.com/.
Life Storage, Inc.6467 Main St., Buffalo, NY 14221(716)
633-1850
Life Storage, Inc. Balance Sheet
Data (unaudited) December 31, December
31, (dollars in thousands) 2016
2015 Assets Investment in storage facilities:
Land $ 786,764 $ 480,176 Building, equipment and construction in
progress
3,456,544
2,011,526 4,243,308 2,491,702 Less: accumulated
depreciation
(535,704 )
(465,195 ) Investment in storage
facilities, net 3,707,604 2,026,507 Cash and cash equivalents
23,685 7,020 Accounts receivable 5,469 6,805 Receivable from joint
venture 1,223 929 Investment in joint venture 67,300 62,520 Prepaid
expenses 6,649 5,431 Fair value of interest rate swap agreements -
550 Intangible asset - in-place customer leases (net of accumulated
amortization of $50,782 in 2016 and $21,017 in 2015) 24,830 1,303
Trade name 16,500 - Other assets
4,724
7,757 Total Assets
$
3,857,984 $ 2,118,822
Liabilities Line of credit $ 253,000 $ 79,000
Term notes, net 1,387,525 746,650 Accounts payable and accrued
liabilities 75,132 47,839 Deferred revenue 9,700 7,511 Fair value
of interest rate swap agreements 13,015 15,343 Mortgages payable
13,027 1,993
Total Liabilities 1,751,399 898,336 Noncontrolling
redeemable Operating Partnership Units at redemption value 18,091
18,171
Equity Common stock 464 367 Additional paid-in
capital 2,348,567 1,388,343 Accumulated deficit (239,062 ) (171,980
) Accumulated other comprehensive loss
(21,475
) (14,415 ) Total
Shareholders' Equity 2,088,494 1,202,315 Noncontrolling interest in
consolidated subsidiary
-
- Total Equity
2,088,494
1,202,315 Total Liabilities and
Equity
$ 3,857,984 $
2,118,822 Life Storage, Inc.
Consolidated Statements of Operations
(unaudited) October 1, 2016 October 1, 2015 January 1, 2016
January 1, 2015 to to to to (dollars in thousands, except share
data) December 31, 2016 December 31, 2015 December 31, 2016
December 31, 2015
Revenues Rental income $ 119,465 $
87,996 $ 428,121 $ 338,435 Other operating income 7,611 5,552
28,392 22,331 Management fee income
1,602
1,492 6,095
5,836 Total operating revenues
128,678 95,040 462,608 366,602
Expenses Property
operations and maintenance 28,992 20,915 103,388 81,915 Real estate
taxes 13,206 9,252 47,876 36,563 General and administrative 11,617
10,201 43,103 38,659 Write-off of property deposits 1,783 - 1,783 -
Acquisition related costs 244 576 29,542 2,991 Operating leases of
storage facilities - - - 683 Depreciation and amortization 27,628
14,349 87,200 55,083 Amortization of in-place customer leases
13,371 719
29,881 3,423
Total operating expenses
96,841
56,012 342,773
219,317 Income from operations
31,837 39,028 119,835 147,285 Other income (expense)
Interest expense
(A) (15,151 ) (9,328 ) (47,175 ) (37,124 )
Interest expense - acquisition bridge loan commitment fee - -
(7,329 ) - Interest income 11 - 67 5 Gain on sale of real estate -
(487 ) 15,270 (494 ) Gain on land taking 623 - 623 - Equity in
income of joint ventures
870
970 3,665
3,405 Net income 18,190 30,183
84,956 113,077 Noncontrolling interests in the Operating
Partnership (81 ) (146 ) (398 ) (553 ) Noncontrolling interests in
consolidated subsidiaries
58
- 667
- Net income attributable to common
shareholders $ 18,167
$ 30,037 $
85,225 $ 112,524
Earnings per common share attributable to
common shareholders - basic $ 0.39 $ 0.83
$ 1.97 $ 3.18
Earnings per common share
attributable to common shareholders - diluted $ 0.39
$ 0.83 $ 1.96 $ 3.16 Common
shares used in basic earnings per share calculation 46,206,191
36,109,010 43,184,119 35,379,212 Common shares used in
diluted earnings per share calculation 46,385,984 36,327,085
43,407,463 35,600,520
Dividends declared per common
share $ 0.95 $
0.85 $ 3.70
$ 3.20 (A)
Interest expense for the period ending December 31 consists of the
following Interest expense $ 14,632 $ 9,032 $ 45,440 $ 35,940
Amortization of debt issuance costs
519
296 1,735
1,184 Total interest expense
$ 15,151 $
9,328 $ 47,175
$ 37,124 Life Storage, Inc.
Computation of Funds From Operations
(FFO) (2) (unaudited) October 1, 2016 October 1,
2015 January 1, 2016 January 1, 2015 to to to to (dollars in
thousands, except share data) December 31, 2016
December 31, 2015 December 31, 2016 December 31, 2015 Net
income attributable to common shareholders $ 18,167 $ 30,037 $
85,225 $ 112,524 Noncontrolling interests in the Operating
Partnership 81 146 398 553 Depreciation of real estate and
amortization of intangible assets exclusive of debt issuance costs
40,618 14,780 115,531 57,429 Depreciation and amortization from
unconsolidated joint ventures 703 590 2,595 2,435 Gain on sale of
real estate - 487 (15,270 ) 494 Funds from operations allocable to
noncontrolling interest in Operating Partnership
(264 ) (223
) (857 )
(848 ) Funds from operations available to
common shareholders
59,305
45,817 187,622
172,587 FFO per share - diluted $ 1.28 $
1.26 $ 4.32 $ 4.85
Adjustments to FFO Acquisition
costs expensed 244 576 29,542 2,991 Interest expense - acquisition
bridge loan commitment fee - - 7,329 - Gain on land taking (623 ) -
(623 ) - Write-off of property deposits 1,783 - 1,783 - Operating
leases straight line rent adjustment - - - 146 Funds from
operations resulting from non-recurring items allocable to
noncontrolling interest in Operating Partnership
(6 ) (3
) (172 )
(15 ) Adjusted funds from operations
available to common shareholders
60,703
46,390 225,481
175,709 Adjusted FFO per share -
diluted $ 1.31 $ 1.28 $ 5.19 $ 4.94 Common shares - diluted
46,385,984 36,327,085 43,407,463 35,600,520
Life Storage,
Inc.
Quarterly Same Store Data
(3) * 417 mature stores owned since 12/31/14
(unaudited) October 1, 2016 October 1, 2015 to to Percentage
(dollars in thousands) December 31, 2016
December 31, 2015 Change
Change
Revenues: Rental income $ 85,407 $ 82,364 $
3,043 3.7 % Tenant insurance 3,268 2,866 402 14.0 % Other operating
income
1,299 1,290
9 0.7 % Total
operating revenues 89,974 86,520 3,454 4.0 %
Expenses: Payroll and benefits 7,618 7,340 278 3.8 % Real
estate taxes 9,014 8,540 474 5.6 % Utilities 2,606 2,587 19 0.7 %
Repairs and maintenance 3,889 3,514 375 10.7 % Office and other
operating expense 2,929 2,993 (64 ) -2.1 % Insurance 990 1,106 (116
) -10.5 % Advertising & yellow pages 268 318 (50 ) -15.7 %
Internet marketing
1,627
1,262 365 28.9
% Total operating expenses
28,941
27,660 1,281
4.6 % Net operating income (1)
$ 61,033 $
58,860 $ 2,173
3.7 % QTD Same store move
ins 36,491 36,000 491 QTD Same store move outs 40,044 39,032
1,012
Other Comparable Quarterly Same Store Data
* (unaudited) October 1, 2016 October 1, 2015 to to
Percentage December 31, 2016 December 31, 2015 Change Change
Stores owned since 12/31/13 (389 stores) Revenues $ 82,304 $
79,236 $ 3,068 3.9 % Expenses
26,331
25,215 1,116
4.4 % Net operating income
$
55,973 $ 54,021
$ 1,952 3.6
% Stores owned since 12/31/12
(374 stores) Revenues $ 76,984 $ 74,062 $ 2,922 3.9 % Expenses
24,624 23,763
861 3.6 % Net
operating income
$ 52,360 $
50,299 $ 2,061
4.1 % * See exhibit A for
supplemental quarterly same store data.
Life Storage, Inc.
Year to Date Same
Store Data (3) * 417 mature stores owned since
12/31/14 (unaudited) January 1, 2016 January 1, 2015 to
to Percentage
(dollars in thousands)
December 31, 2016
December 31, 2015 Change Change
Revenues: Rental income $ 339,773 $ 323,664 $ 16,109
5.0 % Tenant insurance 12,949 11,294 1,655 14.7 % Other operating
income
5,744 5,791
(47 )
-0.8 % Total operating revenues 358,466
340,749 17,717 5.2 %
Expenses: Payroll and benefits
29,754 28,843 911 3.2 % Real estate taxes 36,707 34,847 1,860 5.3 %
Utilities 11,217 11,789 (572 ) -4.9 % Repairs and maintenance
13,516 13,412 104 0.8 % Office and other operating expense 11,703
11,373 330 2.9 % Insurance 4,035 4,414 (379 ) -8.6 % Advertising
& yellow pages 1,114 1,352 (238 ) -17.6 % Internet marketing
6,409 5,557
852 15.3
% Total operating expenses
114,455
111,587 2,868
2.6 % Net operating
income (1)
$ 244,011
$ 229,162 $
14,849 6.5 %
YTD Same store move ins 162,268 166,843 (4,575 )
YTD Same store move outs 159,841 162,948 (3,107 )
Other Data - unaudited Same Store (3) All Stores (4)
2016
2015
2016
2015
Weighted average quarterly occupancy 90.9 % 90.4 % 89.2 %
89.8 % Occupancy at December 31 90.4 % 90.0 % 88.5 % 89.4 %
Rent per occupied square foot $ 13.31 $ 12.94 $ 13.63 $
12.83
Investment in
Storage Facilities: (unaudited)
The following summarizes activity in storage facilities during the
year ended December 31, 2016: Beginning balance $ 2,491,702
Property acquisitions 1,714,029 Improvements and equipment
additions: Expansions 25,125 Roofing, paving, and equipment:
Stabilized stores 27,309 Recently acquired stores 11,261 Additions
to consolidated subsidiary 2,165 Change in construction in progress
(Total CIP $14.5 million) 7,525 Dispositions and Impairments
(35,808 ) Storage facilities at cost at
period end
$ 4,243,308
Comparison of
Selected G&A Costs (unaudited)
Quarter Ended Year Ended
December 31,
2016
December 31,
2015
December 31,
2016
December 31,
2015
Management and administrative salaries and benefits 6,407
6,645 24,631 23,947 Training 367 351 1,237 1,017 Call center 707
491 2,424 1,896
Life Storage Solutions costs
45 205 398 496 Income taxes (445 ) (374 ) 413 1,251 Legal,
accounting and professional 1,530 1,147 4,510 2,853 Name change 789
- 865 - Other administrative expenses (5)
2,217
1,736 8,625
7,199 $
11,617 $ 10,201
$ 43,103 $
38,659
Net rentable square
feet
December 31,
2016
Wholly owned properties 39,431,008 Joint venture properties
5,199,310 Third party managed properties
1,536,975 46,167,293
December 31,
2016
December 31,
2015
Common shares outstanding 46,454,606 36,710,673 Operating
Partnership Units outstanding 217,481 168,866 (1) 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, depreciation and amortization
expense, acquisition related costs, general and administrative
expense, and deducting from net income: income from discontinued
operations, interest income, gain 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 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. (2) 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. (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) Does not include unconsolidated joint
venture stores or other stores managed by the Company (5)
Other administrative expenses include office rent, travel expense,
investor relations and miscellaneous other expenses.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170215006253/en/
Life Storage, Inc.Diane Piegza, Vice PresidentInvestor Relations
& Community Affairs716-650-6115
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