Life Storage, Inc. (NYSE:LSI), a leading national owner and
operator of self-storage properties, reported operating results for
the quarter ended September 30, 2020.
Highlights for the Third Quarter
Included:
- Generated net income attributable to common shareholders of
$37.1 million, or $0.78 per fully diluted common share.
- Achieved adjusted funds from operations (“FFO”)(1) per fully
diluted common share of $1.52, a 4.1% increase over the same period
in 2019.
- Increased same store revenue by 1.2% and same store net
operating income (“NOI”)(2) by 0.4%, year-over-year.
- Achieved 11th straight quarter of less than 1% increase
year-over-year growth of same store operating expense (excluding
property taxes).
- Acquired 25 stabilized stores from two of our joint ventures
for a total valuation of $326.7 million.
- Added 30 stores to the Company’s third-party management
platform.
- Completed a $400 million offering of 2.2% Senior Unsecured
Notes due 2030.
- Bolstered Warehouse Anywhere’s ecommerce solution through a
partnership with Deliverr, a leading technology-enabled fulfillment
organization, with the build-out of a micro-fulfillment center in
Las Vegas and a second planned in Chicago.
Joe Saffire, the Company’s Chief Executive Officer, stated, “We
had a great quarter on many fronts. Our stores returned to positive
top line revenue and NOI growth. We achieved record third quarter
same store occupancy, up 290 basis points year-over-year at quarter
end. We acquired 25 stores from two of our strategic joint venture
partners and our acquisition pipeline remains robust. We added 30
stores to our third-party management platform as owners are drawn
to our technology platforms and peer-leading same store
performance. Our B2B platform, Warehouse Anywhere, achieved several
positive customer pilot outcomes. And our balance sheet and
liquidity position remain strong and support our ability to execute
on our strategic initiatives.”
COVID-19 PANDEMIC:
The COVID-19 global health
crisis and related economic disruption has had an adverse effect on
the Company’s year-to-date financial results in 2020. However, the
Company experienced several positive trends in the third quarter
and October, which include:
- Same store move-ins were 11.0% higher and same store move-outs
were 7.7% lower in the third quarter of 2020 than the same period
last year, resulting in weighted average quarterly occupancy of
93.0% compared to 90.7% in the third quarter of 2019. Same store
occupancy was 93.2% at both September 30, 2020 and October 31,
2020.
- The impact of delayed auctions continued to decrease as auction
activities have resumed in nearly all markets. Had normal auction
activity occurred, the Company estimates same store occupancy would
have been approximately 92.5% as of September 30, 2020 and 92.8% at
October 31, 2020.
- Cash collection rates have returned to pre-COVID-19
levels.
FINANCIAL RESULTS:
In the third quarter of 2020, the Company generated net income
attributable to common shareholders of $37.1 million or $0.78 per
fully diluted common share, compared to net income attributable to
common shareholders of $140.0 million, or $2.99 per fully diluted
common share, in the third quarter of 2019. Net income in the same
quarter last year benefited from a $100.2 million gain on sale of
storage facilities.
Funds from operations for the quarter were $1.49 per fully
diluted common share compared to $1.46 for the same period last
year. After adjusting for the $1.5 million impact of uninsured
damages and customer reinsurance claims associated with hurricane
damage in September 2020, adjusted FFO per fully diluted common
share for the quarter was $1.52, compared to $1.46 for the quarter
ended September 30, 2019.
OPERATIONS:
Same store revenues for the stabilized stores wholly owned by
the Company since December 31, 2018 increased 1.2% from the third
quarter of 2019. The increase resulted from the net impact of a 230
basis point increase in average occupancy and a 2.4% decline in
realized rental rates.
Same store operating expenses increased 2.7% for the third
quarter of 2020 compared to the prior year period, the result of
increased real estate taxes and internet marketing costs. The
increases were offset by decreases in payroll and benefits, repair
and maintenance, utilities, advertising, insurance and office and
other operating expenses. This is the eighth straight quarter of
declining payroll and benefits when comparing to the same period of
the prior year. Same store NOI increased 0.4% in the third quarter
of 2020 as compared to the third quarter of 2019.
The Company’s 2020 same store pool consists of the 515
stabilized stores wholly owned since December 31, 2018. Two stores
that were damaged from hurricanes in September 2020 were removed
from the same store pool in the third quarter. Twenty-two of the
stores purchased through December 31, 2019 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.
PORTFOLIO TRANSACTIONS:
During the quarter, the Company acquired 25 stabilized stores in
New Jersey (6), Ohio (6), Texas (5), Pennsylvania (4), Florida (3),
and Georgia (1) for a total purchase price of $326.7 million.
Seventeen of the properties were acquired from Sovran HHF Storage
Holdings LLC, a joint venture in which the Company has a 20% common
interest, and eight of the properties were acquired from Sovran HHF
Storage Holdings II LLC, a joint venture in which the Company has a
15% common interest. The net investment to acquire the properties
was $295.3 million.
During the third quarter, the Company entered into contracts to
acquire three self-storage facilities in Missouri, New Jersey, and
New York for an aggregate purchase price of $37.9 million.
Subsequent to September 30, 2020, the Company entered into
contracts to acquire five self-storage facilities in Florida (2),
South Carolina (2) and California (1) for an aggregate purchase
price of $59.6 million. The purchases of these facilities are
subject to customary conditions to closing, and there is no
assurance that any of these facilities will be acquired.
THIRD-PARTY MANAGEMENT:
The Company continues to aggressively and profitably grow its
third-party management platform. During the quarter, the Company
added 30 stores. As of quarter end, the Company managed 317
facilities in total, including those in which it owns a minority
interest.
FINANCIAL POSITION:
At September 30, 2020, the Company had approximately $110.2
million of cash on hand, and approximately $500 million available
on its line of credit.
On September 23, 2020, the Company completed an offering of $400
million aggregate principal amount of 2.2% Senior Unsecured Notes
due 2030. The proceeds were used to fund a portion of the 25-store
portfolio acquisition noted above, for general corporate purposes
and to fund the October 2020 repayment of a $100 million term note
due August 2021 and a related $4.0 million make-whole expense.
During the three months ended September 30, 2020, the Company
issued 1,285,546 shares of common stock under its continuous equity
offering program at a weighted average issue price of $105.51 per
share, generating net proceeds after expenses of $134.2
million.
Below are key financial ratios at September 30, 2020:
•
Debt to Enterprise Value (at
$105.27/share)
31.2%
•
Debt to Book Cost of Storage
Facilities
44.4%
•
Debt to Recurring Annualized EBITDA
5.8x
•
Debt Service Coverage
4.3x
COMMON STOCK DIVIDEND:
Subsequent to quarter end, the Company’s Board of Directors
approved a quarterly dividend of $1.07 per share, or $4.28
annualized. The dividend was paid on October 26, 2020 to
shareholders of record on October 13, 2020.
YEAR 2020 EARNINGS GUIDANCE:
Continued uncertainties resulting from the ongoing COVID-19
pandemic and related economic disruption across the country and its
impact on customer demand in individual markets, continue to make
it challenging to provide an outlook and guidance with reasonable
accuracy. However, the Company believes it is well positioned to
continue to strengthen its share of the resilient self-storage
markets it serves due to its disciplined business model and a
strong balance sheet to support its strategic initiatives.
The Company will continue with suspension of quantitative
guidance and revisit this practice next quarter.
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 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 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; and tax law changes that may change
the taxability of future income.
CONFERENCE CALL:
Life Storage will hold its Third Quarter Earnings Release
Conference Call at 9:00 a.m. Eastern Time on Friday, November 6,
2020. 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 844-707-6940 (domestic) or
412-317-5702 (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 a period of six months.
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 900 storage facilities in 30 states and in the
province of Ontario, Canada. The Company serves both residential
and commercial storage customers with storage units rented by
month. Life Storage consistently provides responsive service to
approximately 500,000 customers, making it a leader in the
industry. For more information visit
http://invest.lifestorage.com.
Life Storage, Inc. Balance Sheet Data
(unaudited) September 30, December 31,
(dollars in thousands)
2020
2019
Assets Investment in storage facilities: Land
$
937,030
$
884,235
Building, equipment and construction in progress
4,263,222
3,865,238
5,200,252
4,749,473
Less: accumulated depreciation
(842,592
)
(756,333
)
Investment in storage facilities, net
4,357,660
3,993,140
Cash and cash equivalents
110,247
17,458
Accounts receivable
13,970
12,218
Receivable from joint ventures
3,223
1,302
Investment in joint ventures
143,633
154,984
Prepaid expenses
10,601
7,771
Intangible asset - in-place customer leases
5,685
2,910
Trade name
16,500
16,500
Other assets
27,536
26,681
Total Assets
$
4,689,055
$
4,232,964
Liabilities Line of credit
$
-
$
65,000
Term notes, net
2,254,783
1,858,271
Accounts payable and accrued liabilities
107,980
103,942
Deferred revenue
16,204
11,699
Mortgages payable
34,352
34,851
Total Liabilities
2,413,319
2,073,763
Noncontrolling redeemable Operating Partnership Units at
redemption value
25,848
26,307
Equity Common stock
482
467
Additional paid-in capital
2,533,402
2,376,723
Accumulated deficit
(278,726
)
(238,338
)
Accumulated other comprehensive loss
(5,270
)
(5,958
)
Total Shareholders' Equity
2,249,888
2,132,894
Total Liabilities and Shareholders' Equity
$
4,689,055
$
4,232,964
Life Storage, Inc. Consolidated Statements of
Operations (unaudited) July 1, 2020 July 1, 2019
January 1, 2020 January 1, 2019 to to to to
(dollars in thousands, except share data) September 30, 2020
September 30, 2019 September 30, 2020 September 30, 2019
Revenues Rental income
$
135,965
$
128,565
$
393,701
$
381,625
Other operating income
15,827
13,260
43,458
35,405
Management and acquisition fee income
4,518
3,809
13,107
10,156
Total operating revenues
156,310
145,634
450,266
427,186
Expenses Property
operations and maintenance
36,199
32,215
101,297
96,809
Real estate taxes
17,729
16,116
52,751
48,427
General and administrative
13,369
11,554
38,498
34,401
Payments for rent
-
75
-
358
Depreciation and amortization
31,960
26,055
86,524
77,561
Amortization of in-place customer leases
1,058
799
3,811
1,678
Total operating expenses
100,315
86,814
282,881
259,234
Gain on sale of storage facilities
-
100,222
-
100,222
Gain on sale of real estate
-
-
302
1,076
Income from operations
55,995
159,042
167,687
269,250
Other income (expense) Interest
expense (A)
(20,544
)
(19,760
)
(61,056
)
(56,339
)
Interest income
8
289
14
340
Equity in income of joint ventures
1,829
1,175
3,915
3,095
Net income
37,288
140,746
110,560
216,346
Net income attributable to noncontrolling interests in the
Operating Partnership
(193
)
(744
)
(576
)
(1,148
)
Net income attributable to common shareholders
$
37,095
$
140,002
$
109,984
$
215,198
Earnings per common share attributable to common
shareholders - basic
$
0.78
$
3.00
$
2.34
$
4.62
Earnings per common share attributable to
common shareholders - diluted
$
0.78
$
2.99
$
2.34
$
4.61
Common shares used in basic earnings per share
calculation
47,223,842
46,586,030
46,915,323
46,577,704
Common shares used in diluted earnings per
share calculation
47,299,906
46,657,105
46,985,647
46,641,673
Dividends declared per common share
$
1.07
$
1.00
$
3.21
$
3.00
(A) Interest expense
for the period ending September 30 consists of the following
Interest expense
$
19,948
$
19,146
$
59,258
$
54,625
Amortization of debt issuance costs
596
614
1,798
1,714
Total interest expense
$
20,544
$
19,760
$
61,056
$
56,339
Life Storage, Inc. Computation of Funds From Operations
(FFO) (1) (unaudited) July 1, 2020 July 1, 2019 January
1, 2020 January 1, 2019 to to to to (dollars in thousands, except
share data) September 30, 2020 September 30, 2019 September 30,
2020 September 30, 2019 Net income attributable to common
shareholders
$
37,095
$
140,002
$
109,984
$
215,198
Noncontrolling interests in the Operating Partnership
193
744
576
1,148
Depreciation of real estate and amortization of intangible assets
exclusive of debt issuance costs
32,417
26,269
88,557
77,797
Depreciation and amortization from unconsolidated joint ventures
1,024
1,598
4,502
4,468
Gain on sale of storage facilities
-
(100,222
)
-
(100,222
)
Funds from operations allocable to noncontrolling interest in
Operating Partnership
(367
)
(360
)
(1,060
)
(1,055
)
Funds from operations available to common shareholders
70,362
68,031
202,559
197,334
FFO per share - diluted
$
1.49
$
1.46
$
4.31
$
4.23
Adjustments to FFO Uninsured damages and customer
reinsurance claims, net
$
1,546
$
-
$
1,546
$
-
Lawsuit settlement
$
-
$
-
$
-
(1,651
)
Gain on sale of land
-
-
(302
)
(1,076
)
Acquisition fee
-
-
(217
)
-
Costs related to officer's retirement
-
-
-
443
Funds from operations resulting from non-recurring items allocable
to noncontrolling interest in Operating Partnership
(8
)
-
(5
)
12
Adjusted funds from operations available to common shareholders
71,900
68,031
203,581
195,062
Adjusted FFO per share - diluted
$
1.52
$
1.46
$
4.33
$
4.18
Common shares - diluted
47,299,906
46,657,105
46,985,647
46,641,673
Life Storage, Inc. Computation of Net Operating Income
(2) (unaudited) July 1, 2020 July 1, 2019 January 1,
2020 January 1, 2019 to to to to (dollars in thousands) September
30, 2020 September 30, 2019 September 30, 2020 September 30, 2019
Net Income
$
37,288
$
140,746
$
110,560
$
216,346
General and administrative
13,369
11,554
38,498
34,401
Payments for rent
-
75
-
358
Depreciation and amortization
33,018
26,854
90,335
79,239
Gain on sale of storage facilities
-
(100,222
)
-
(100,222
)
Gain on sale of real estate
-
-
(302
)
(1,076
)
Interest expense
20,544
19,760
61,056
56,339
Interest income
(8
)
(289
)
(14
)
(340
)
Equity in income of joint ventures
(1,829
)
(1,175
)
(3,915
)
(3,095
)
Net operating income
$
102,382
$
97,303
$
296,218
$
281,950
Same store (4)
$
84,303
$
83,949
$
243,549
$
241,594
Net operating income related to tenant reinsurance
7,059
6,768
21,254
19,286
Other stores and management fee income
11,020
6,586
31,415
21,070
Total net operating income
$
102,382
$
97,303
$
296,218
$
281,950
Life Storage, Inc. Quarterly Same Store Data (3) (4) 515
mature stores owned since 12/31/18 (unaudited) July 1,
2020 July 1, 2019 to to Percentage (dollars in thousands) September
30, 2020 September 30, 2019 Change Change
Revenues:
Rental income
$
124,614
$
123,162
$
1,452
1.2
%
Other operating income
1,781
1,764
17
1.0
%
Total operating revenues
126,395
124,926
1,469
1.2
%
Expenses: Payroll and benefits
9,218
9,460
(242
)
-2.6
%
Real estate taxes
16,209
15,241
968
6.4
%
Utilities
4,085
4,359
(274
)
-6.3
%
Repairs and maintenance
3,564
3,583
(19
)
-0.5
%
Office and other operating expense
3,751
3,817
(66
)
-1.7
%
Insurance
1,466
1,478
(12
)
-0.8
%
Advertising
62
113
(51
)
-45.1
%
Internet marketing
3,737
2,926
811
27.7
%
Total operating expenses
42,092
40,977
1,115
2.7
%
Net operating income (2)
$
84,303
$
83,949
$
354
0.4
%
QTD Same store move ins
55,365
49,859
5,506
QTD Same store move outs
51,043
55,325
(4,282
)
Other Comparable Quarterly Same Store Data (4)
(unaudited) July 1, 2020 July 1, 2019 to to Percentage
September 30, 2020 September 30, 2019 Change Change
2019 Same
store pool (502 stores) Revenues
$
123,760
$
122,404
$
1,356
1.1
%
Expenses
41,000
39,929
1,071
2.7
%
Net operating income
$
82,760
$
82,475
$
285
0.3
%
2018 Same store pool (486 stores) Revenues
$
119,378
$
118,137
$
1,241
1.1
%
Expenses
39,318
38,400
918
2.4
%
Net operating income
$
80,060
$
79,737
$
323
0.4
%
Life Storage, Inc. Year to Date Same Store Data (3) (4)
515 mature stores owned since 12/31/18 (unaudited)
January 1, 2020 January 1, 2019 to to Percentage (dollars in
thousands) September 30, 2020 September 30, 2019 Change Change
Revenues: Rental income
$
363,209
$
360,660
$
2,549
0.7
%
Other operating income
4,641
5,155
(514
)
-10.0
%
Total operating revenues
367,850
365,815
2,035
0.6
%
Expenses: Payroll and benefits
27,879
29,353
(1,474
)
-5.0
%
Real estate taxes
48,436
45,697
2,739
6.0
%
Utilities
10,738
11,699
(961
)
-8.2
%
Repairs and maintenance
10,801
12,692
(1,891
)
-14.9
%
Office and other operating expense
10,838
11,696
(858
)
-7.3
%
Insurance
4,407
4,431
(24
)
-0.5
%
Advertising
186
708
(522
)
-73.7
%
Internet marketing
11,016
7,945
3,071
38.7
%
Total operating expenses
124,301
124,221
80
0.1
%
Net operating income (2)
$
243,549
$
241,594
$
1,955
0.8
%
YTD Same store move ins
152,499
148,987
3,512
YTD Same store move outs
135,953
147,009
(11,056
)
Life Storage, Inc. Other Data - unaudited
Same Store (3)
All Stores (5)
2020
2019
2020
2019
Weighted average quarterly occupancy
93.0
%
90.7
%
92.3
%
89.2
%
Occupancy at September 30
93.2
%
90.3
%
92.4
%
88.8
%
Rent per occupied square foot
$
14.43
$
14.79
$
14.44
$
14.71
Life Storage, Inc. Other Data - unaudited (continued)
Investment in Storage Facilities:
(unaudited) The following summarizes activity in storage
facilities during the nine months ended September 30, 2020:
Beginning balance
$
4,749,473
Property acquisitions
413,022
Improvements and equipment additions: Expansions
31,650
Roofing, paving, and equipment: Stabilized stores
12,191
Recently acquired stores
47
Change in construction in progress (Total CIP $22.4 million)
(5,884
)
Dispositions and Impairments
(247
)
Storage facilities at cost at period end
$
5,200,252
Comparison of Selected G&A
Costs (unaudited) Quarter Ended
September 30, 2020 September
30, 2019 Management and administrative salaries and
benefits
$
7,792
$
6,557
Training
173
296
Call center
814
744
Life Storage Solutions costs
205
255
Income taxes
961
490
Legal, accounting and professional
945
944
Other administrative expenses (6)
2,479
2,268
$
13,369
$
11,554
Net rentable square feet
September 30, 2020 Wholly owned
properties
42,689,838
Joint venture properties
6,701,445
Third party managed properties
16,463,115
65,854,398
September 30, 2020 September 30, 2019 Common shares
outstanding
48,199,008
46,656,891
Operating Partnership Units outstanding
243,966
247,466
(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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Life Storage, Inc. David Dodman (716) 229-8284
ddodman@lifestorage.com
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