Life Storage, Inc. Reports Third Quarter Results

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, 2019January 1, 2020 January 1, 2019
to toto to
(dollars in thousands, except share data)September 30, 2020 September 30, 2019September 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, 2020July 1, 2019January 1, 2020January 1, 2019
totototo
(dollars in thousands, except share data)September 30, 2020September 30, 2019September 30, 2020September 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, 2020July 1, 2019January 1, 2020January 1, 2019
totototo
(dollars in thousands)September 30, 2020September 30, 2019September 30, 2020September 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, 2020July 1, 2019
totoPercentage
(dollars in thousands)September 30, 2020September 30, 2019ChangeChange
 
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, 2020July 1, 2019
totoPercentage
September 30, 2020September 30, 2019ChangeChange
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, 2020January 1, 2019
totoPercentage
(dollars in thousands)September 30, 2020September 30, 2019ChangeChange
 
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, 2020September 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 feetSeptember 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, 2020September 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.

Contacts:

Life Storage, Inc.
David Dodman
(716) 229-8284
ddodman@lifestorage.com

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