0001157523-21-001308.txt : 20211102 0001157523-21-001308.hdr.sgml : 20211102 20211102164802 ACCESSION NUMBER: 0001157523-21-001308 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20211102 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20211102 DATE AS OF CHANGE: 20211102 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LIFE STORAGE, INC. CENTRAL INDEX KEY: 0000944314 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 161194043 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13820 FILM NUMBER: 211372139 BUSINESS ADDRESS: STREET 1: 6467 MAIN ST CITY: WILLIAMSVILLE STATE: NY ZIP: 14221 BUSINESS PHONE: 7166331850 MAIL ADDRESS: STREET 1: 6467 MAIN ST CITY: WILLIAMSVILLE STATE: NY ZIP: 14221 FORMER COMPANY: FORMER CONFORMED NAME: SOVRAN SELF STORAGE INC DATE OF NAME CHANGE: 19950421 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LIFE STORAGE LP CENTRAL INDEX KEY: 0001060224 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 161481551 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-24071 FILM NUMBER: 211372140 BUSINESS ADDRESS: STREET 1: 6467 MAIN ST CITY: WILLIAMSVILLE STATE: NY ZIP: 14221 BUSINESS PHONE: 7166331850 MAIL ADDRESS: STREET 1: 6467 MAIN ST CITY: WILLIAMSVILLE STATE: NY ZIP: 14221 FORMER COMPANY: FORMER CONFORMED NAME: SOVRAN ACQUISITION LTD PARTNERSHIP DATE OF NAME CHANGE: 19980420 8-K 1 a52520045.htm LIFE STORAGE, INC. 8-K
UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_______

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported):   November 2, 2021

Life Storage, Inc.
Life Storage LP

 
(Exact Name of Registrant as Specified in Charter)

Maryland (Life Storage, Inc.) 001-13820
 16-1194043
Delaware (Life Storage LP) 000-24071
 16-1481551
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)

6467 Main Street
 
Williamsville, New York 14221
(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code (716) 633-1850

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Life Storage, Inc.

Title of each class
  
Trading
Symbol(s)
  
Name of each exchange
on which registered
Common Stock, $.01 par value
   LSI
   New York Stock Exchange

Life Storage LP:

Title of each class
  
Trading
Symbol(s)
  
Name of each exchange
on which registered
 
  
 
  
 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 2.02 Results of Operations and Financial Condition

On November 2, 2021, Life Storage, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended September 30, 2021.  A copy of this press release is attached hereto as Exhibit 99.1. The information in Exhibit 99.1 is being furnished pursuant to this Item 2.02 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or incorporated by reference in any filing thereunder or under the Securities Act of 1933, unless expressly set forth by specific reference in such document.

Item 9.01 Financial Statements and Exhibits

      (d)   Exhibits

            99.1    Press Release dated November 2, 2021
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
LIFE STORAGE, INC.

(Registrant)




Date:     November 2, 2021




By:
/s/ Andrew J. Gregoire    



Andrew J. Gregoire,



Chief Financial Officer




LIFE STORAGE LP

(Registrant)




Date:     November 2, 2021




By:
/s/ Andrew J. Gregoire    



Andrew J. Gregoire,



Chief Financial Officer
Exhibit Index

Exhibit No.                                                                                    Description

Exhibit 99.1                                                                                   Press Release dated November 2, 2021

 EX-99.1 2 a52520045ex991.htm EXHIBIT 99.1
Exhibit 99.1

Life Storage, Inc. Reports Third Quarter 2021 Results

BUFFALO, N.Y.--(BUSINESS WIRE)--November 2, 2021--Life Storage, Inc. (NYSE:LSI), a leading national owner and operator of self-storage properties, reported operating results for the quarter ended September 30, 2021. Certain share and per share information has been retrospectively adjusted to reflect the January 2021 three-for-two stock split made in the form of a 50% stock dividend.

Highlights for the Third Quarter Included:

  • Generated net income attributable to common shareholders of $70.3 million, or $0.89 per fully diluted common share.
  • Achieved adjusted funds from operations (“FFO”)(1) per fully diluted common share of $1.37, a 35.6% increase over the same period in 2020.
  • Increased same store revenue by 17.4% and same store net operating income (“NOI”)(2) by 24.3%, year-over-year.
  • Acquired 29 stores for $336.0 million, including 10 stores from the Company’s third-party management platform.
  • Added 30 stores (gross) to the Company’s third-party management platform.

Joe Saffire, the Company’s Chief Executive Officer, stated, “Operating fundamentals remain strong as we continue to enjoy record seasonal occupancy and robust pricing power. We continue to aggressively expand our footprint, having achieved a significant milestone during the quarter when we crossed the 1,000-store threshold. We have more than $1.7 billion of wholly owned acquisitions that have closed this year or are currently under contract. The hard work of our acquisitions and third-party management teams over the past several years executing on our relationship-based strategy to be well positioned when opportunities become available is clearly paying off. The ability of our Operations team to seamlessly onboard such high volumes of stores while also managing elevated occupancy is equally inspiring.”

FINANCIAL RESULTS:

In the third quarter of 2021, the Company generated net income attributable to common shareholders of $70.3 million or $0.89 per fully diluted common share, compared to net income attributable to common shareholders of $37.1 million, or $0.52 per fully diluted common share, in the third quarter of 2020.

Funds from operations for the quarter were $1.37 per fully diluted common share compared to $0.99 for the same period last year. Adjusted FFO per fully diluted common share for the quarter was $1.37 compared to $1.01 for the quarter ended September 30, 2020, after adjusting for $1.5 million of uninsured damages and customer reinsurance claims incurred in the third quarter of 2020.

OPERATIONS:

Revenues for the 531 stabilized stores wholly owned by the Company since December 31, 2019 increased 17.4% in the third quarter of 2021 compared to the same quarter of 2020. The increase largely resulted from the net impact of a 220 basis point increase in average occupancy and the net impact of a 14.3% increase in realized rental rates.

Same store operating expenses increased 3.5% for the third quarter of 2021 compared to the prior year period, primarily due to increased real estate taxes and repair and maintenance costs. The increases were partially offset by decreases in marketing expenses. Same store NOI increased 24.3% in the third quarter of 2021 as compared to the same quarter last year.

During the third quarter of 2021, the Company achieved double digit same store revenue growth in each of its 31 major markets. Overall, the markets with the strongest positive revenue impact were: Las Vegas, NV; Buffalo-Upstate, NY; Austin, TX and various Florida markets.

PORTFOLIO TRANSACTIONS:

Wholly Owned Portfolio

During the quarter, the Company acquired 29 stores in Alabama (7), Georgia (7), Florida (3), New Hampshire (2), Oklahoma (2), South Carolina (2), Texas (2), Arizona (1), Colorado (1), Kentucky (1) and Ohio (1) for a total purchase price of $336.0 million.

At September 30, 2021, the Company was under contract to acquire 33 self-storage facilities in Florida (14), Georgia (8), Texas (4), California (3), Illinois (3) and Virginia (1) for an aggregate purchase price of $548.9 million. Subsequent to quarter end, the Company entered into contracts to acquire 20 self-storage facilities in Connecticut (6), Florida (3), North Carolina (3), Colorado (2), South Carolina (2), Georgia (1), Illinois (1), Maine (1) and Tennessee (1) for an aggregate purchase price of $322.4 million. The Company acquired 13 of these facilities subsequent to quarter end for $234.5 million. The purchases of the remaining facilities are subject to customary conditions to closing, and there is no assurance that any of these facilities will be acquired.

As of the date of this press release, the Company has acquired 75 stores for $1.1 billion since January 1, 2021.

Joint Venture Portfolio

During the quarter, the Company contributed an additional $27.3 million to an existing joint venture with a self-storage facility in Brooklyn, NY.

THIRD-PARTY MANAGEMENT:

The Company continues to aggressively and profitably grow its third-party management platform. During the quarter, the Company added 30 stores (gross). As of quarter end, the Company managed 357 facilities in total, including those in which it owns a minority interest.

FINANCIAL POSITION:

At September 30, 2021, the Company had approximately $136.2 million of cash on hand, and approximately $500 million available on its line of credit.

To support its acquisition activity, the Company issued equity securities during the third quarter and priced a bond offering. On September 16, 2021, the Company completed an underwritten public offering of 2,875,000 shares of common stock at $122.30 per share, raising $348.8 million after expenses. Additionally, the Company issued 1,097,516 shares of common stock under its continuous equity offering program at a weighted average issue price of $119.29 per share, generating net proceeds after expenses of $129.5 million. The Company also issued $89.8 million in preferred Operating Partnership Units and $1.5 million of common Operating Partnership Units as part of the consideration for a portfolio acquisition during the quarter. Finally, the Company completed an offering of $600 million aggregate principal amount of 2.4% Senior Unsecured Notes due 2031 that priced on September 28, 2021 and closed on October 7, 2021.

Below are key financial ratios at September 30, 2021:

● Debt to Enterprise Value (at $114.74/share)

18.8%

● Debt to Book Cost of Storage Facilities

35.4%

● Debt to Recurring Annualized EBITDA

3.9x

● Debt Service Coverage

6.3x

COMMON STOCK DIVIDEND:

Subsequent to quarter end, the Company’s Board of Directors approved a 16% increase to its quarterly dividend to $0.86 per share, or $3.44 annualized, on a post-split basis. The dividend was paid on October 26, 2021 to shareholders of record on October 13, 2021.

YEAR 2021 EARNINGS GUIDANCE:

The following assumptions covering operations have been utilized in formulating guidance for 2021:

Year 2021 Earnings Guidance

 

Current Guidance
Range

Prior Guidance
Range
(August 3, 2021)

Same Store Revenue

 

12.50%

-

13.50%

 

10.50%

-

11.50%

Same Store Operating Costs (excluding property taxes)

 

1.75%

-

2.75%

 

2.25%

-

3.25%

Same Store Property Taxes

 

6.75%

-

7.75%

 

6.75%

-

7.75%

Total Same Store Operating Expenses

 

3.75%

-

4.75%

 

4.00%

-

5.00%

Same Store Net Operating Income

 

17.0%

-

18.0%

 

13.5%

-

14.5%

General & Administrative

 

$61.0M

-

$62.0M

 

$59.5M

-

60.5M

 

 

 

 

 

 

 

 

 

Expansions & Enhancements

 

$40M

-

$50M

 

$40M

-

$50M

Capital Expenditures

 

$29M

-

$33M

 

$21M

-

$26M

Wholly Owned Acquisitions

 

$1,700M

-

$1,900M

 

$800M

-

$1,000M

Joint Venture Investments

 

$57M

-

$110M

 

$28M

-

$30M

 

 

 

 

 

 

 

 

 

Adjusted Funds from Operations per Share

 

$4.92

-

$4.96

 

$4.69

-

$4.79

Reconciliation of Guidance

4Q 2021

Range or Value


FY 2021

Range or Value

Earnings per share attributable to common shareholders – diluted

$0.74 - $0.78


$3.01 - $3.05

Plus: real estate depreciation and amortization

0.53 - 0.53


1.91 - 1.91

Adjusted FFO per share

$1.27 - $1.31


$4.92 - $4.96




 

The Company’s 2021 same store pool consists of the 531 stabilized stores wholly owned since December 31, 2019. Thirty-six of the stores purchased through September 30, 2021 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.

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 our actual results, performance or achievements 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; the Company’s cash flow may be insufficient to meet required payments of operating expenses, principal, interest and dividends; 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 Wednesday, November 3, 2021. 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 888.506.0062 (domestic) or 973.528.0011 (international); passcode 975924 or request to be joined into the Life Storage call. 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 90 days; a telephone replay will also be available for 14 days by calling 877.481.4010 and entering passcode 43091.

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 1,000 storage facilities in 34 states. The Company serves both residential and commercial storage customers with storage units rented by month. Life Storage consistently provides responsive service to approximately 600,000 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)

 

2021

 


 

2020

 

Assets



Investment in storage facilities:



Land

$

1,078,022

 


$

951,813

 

Building, equipment and construction in progress

 

5,165,247

 


 

4,378,510

 



 

6,243,269

 


 

5,330,323

 

Less: accumulated depreciation

 

(970,924

)


 

(873,178

)

Investment in storage facilities, net

 

5,272,345

 


 

4,457,145

 

Cash and cash equivalents

 

136,157

 


 

54,400

 

Accounts receivable

 

15,845

 


 

15,464

 

Receivable from joint ventures

 

589

 


 

1,064

 

Investment in joint ventures

 

161,834

 


 

143,042

 

Prepaid expenses

 

11,740

 


 

8,326

 

Intangible asset - in-place customer leases

 

7,999

 


 

5,409

 

Trade name

 

16,500

 


 

16,500

 

Other assets

 

38,408

 


 

26,498

 

Total Assets

$

5,661,417

 


$

4,727,848

 





 
Liabilities



Line of credit

$

-

 


$

-

 

Term notes, net

 

2,157,418

 


 

2,155,457

 

Accounts payable and accrued liabilities

 

128,824

 


 

112,654

 

Deferred revenue

 

24,925

 


 

17,416

 

Mortgages payable

 

37,220

 


 

37,777

 

Total Liabilities

 

2,348,387

 


 

2,323,304

 





 
Noncontrolling redeemable Preferred Operating Partnership Units at redemption value

 

90,241

 


 

-

 





 
Noncontrolling redeemable Common Operating Partnership Units at redemption value

 

40,811

 


 

26,446

 





 
Equity



Common stock

 

820

 


 

495

 

Additional paid-in capital

 

3,482,742

 


 

2,671,311

 

Accumulated deficit

 

(297,230

)


 

(288,667

)

Accumulated other comprehensive loss

 

(4,354

)


 

(5,041

)

Total Shareholders' Equity

 

3,181,978

 


 

2,378,098

 

Total Liabilities and Shareholders' Equity

$

5,661,417

 


$

4,727,848

 

Life Storage, Inc.







Consolidated Statements of Operations







(unaudited)









July 1, 2021
July 1, 2020
January 1, 2021
January 1, 2020


to
to
to
to
(dollars in thousands, except share data)
September 30, 2021
September 30, 2020
September 30, 2021
September 30, 2020








 
Revenues







Rental income

$

182,937

 


$

135,965

 


$

496,316

 


$

393,701

 

Other operating income

 

19,959

 


 

15,827

 


 

54,999

 


 

43,458

 

Management and acquisition fee income

 

5,360

 


 

4,518

 


 

16,091

 


 

13,107

 

Total operating revenues

 

208,256

 


 

156,310

 


 

567,406

 


 

450,266

 









 
Expenses







Property operations and maintenance

 

42,638

 


 

36,199

 


 

119,953

 


 

101,297

 

Real estate taxes

 

21,397

 


 

17,729

 


 

61,794

 


 

52,751

 

General and administrative

 

16,141

 


 

13,369

 


 

45,407

 


 

38,498

 

Depreciation and amortization

 

33,531

 


 

31,960

 


 

97,937

 


 

86,524

 

Amortization of in-place customer leases

 

3,627

 


 

1,058

 


 

8,350

 


 

3,811

 

Total operating expenses

 

117,334

 


 

100,315

 


 

333,441

 


 

282,881

 









 
Gain on sale of real estate

 

-

 


 

-

 


 

-

 


 

302

 

Income from operations

 

90,922

 


 

55,995

 


 

233,965

 


 

167,687

 









 
Other income (expense)







Interest expense (A)

 

(21,350

)


 

(20,544

)


 

(62,470

)


 

(61,056

)

Interest and dividend income

 

2

 


 

8

 


 

787

 


 

14

 

Equity in income of joint ventures

 

1,477

 


 

1,829

 


 

4,126

 


 

3,915

 









 
Net income

 

71,051

 


 

37,288

 


 

176,408

 


 

110,560

 

Net income attributable to noncontrolling preferred interests in the Operating Partnership

 

(476

)


 

-

 


 

(476

)


 

-

 

Net income attributable to noncontrolling common interests in the Operating Partnership

 

(301

)


 

(193

)


 

(760

)


 

(576

)

Net income attributable to common shareholders

$

70,274

 


$

37,095

 


$

175,172

 


$

109,984

 









 
Earnings per common share attributable to common shareholders - basic

$

0.89

 


$

0.52

 


$

2.27

 


$

1.56

 









 
Earnings per common share attributable to common shareholders - diluted

$

0.89

 


$

0.52

 


$

2.27

 


$

1.56

 









 
Common shares used in basic earnings per share calculation

 

78,961,434

 


 

70,835,763

 


 

77,135,429

 


 

70,372,985

 









 
Common shares used in diluted earnings per share calculation

 

79,179,816

 


 

70,949,859

 


 

77,303,339

 


 

70,478,471

 









 
Dividends declared per common share

$

0.7400

 


$

0.7133

 


$

2.2200

 


$

2.1400

 









 








 
(A) Interest expense for the period ending September 30 consists of the following






Interest expense

$

20,748

 


$

19,948

 


$

60,662

 


$

59,258

 

Amortization of debt issuance costs

 

602

 


 

596

 


 

1,808

 


 

1,798

 

Total interest expense

$

21,350

 


$

20,544

 


$

62,470

 


$

61,056

 

Life Storage, Inc.







Computation of Funds From Operations (FFO) (1)







(unaudited)









July 1, 2021
July 1, 2020
January 1, 2021
January 1, 2020


to
to
to
to
(dollars in thousands, except share data)
September 30, 2021
September 30, 2020
September 30, 2021
September 30, 2020








 
Net income attributable to common shareholders

$

70,274

 


$

37,095

 


$

175,172

 


$

109,984

 

Noncontrolling common interests in the Operating Partnership

 

301

 


 

193

 


 

760

 


 

576

 

Depreciation of real estate and amortization of intangible







assets exclusive of debt issuance costs

 

36,615

 


 

32,417

 


 

104,691

 


 

88,557

 

Depreciation and amortization from unconsolidated joint ventures

 

1,796

 


 

1,024

 


 

4,239

 


 

4,502

 

Funds from operations allocable to noncontrolling







interest in Operating Partnership

 

(465

)


 

(367

)


 

(1,231

)


 

(1,060

)

Funds from operations available to common shareholders

 

108,521

 


 

70,362

 


 

283,631

 


 

202,559

 

FFO per share - diluted

$

1.37

 


$

0.99

 


$

3.67

 


$

2.87

 









 
Adjustments to FFO







Costs related to officer's retirement

 

155

 


 

-

 


 

155

 


 

-

 

Acquisition fee

 

-

 


 

-

 


 

(1,280

)


 

(217

)

Gain on sale of land

 

-

 


 

-

 


 

-

 


 

(302

)

Uninsured damages and customer reinsurance claims, net

 

-

 


 

1,546

 


 

-

 


 

1,546

 

Funds from operations resulting from non-recurring items







allocable to noncontrolling interest in Operating Partnership

 

(1

)


 

(8

)


 

5

 


 

(5

)

Adjusted funds from operations available to common shareholders

 

108,675

 


 

71,900

 


 

282,511

 


 

203,581

 

Adjusted FFO per share - diluted

$

1.37

 


$

1.01

 


$

3.65

 


$

2.89

 









 
Common shares - diluted

 

79,179,816

 


 

70,949,859

 


 

77,303,339

 


 

70,478,471

 

Life Storage, Inc.







Computation of Net Operating Income (2)







(unaudited)









July 1, 2021
July 1, 2020
January 1, 2021
January 1, 2020


to
to
to
to
(dollars in thousands)
September 30, 2021
September 30, 2020
September 30, 2021
September 30, 2020








 
Net Income

$

71,051

 


$

37,288

 


$

176,408

 


$

110,560

 

General and administrative

 

16,141

 


 

13,369

 


 

45,407

 


 

38,498

 

Depreciation and amortization

 

37,158

 


 

33,018

 


 

106,287

 


 

90,335

 

Gain on sale of real estate

 

-

 


 

-

 


 

-

 


 

(302

)

Interest expense

 

21,350

 


 

20,544

 


 

62,470

 


 

61,056

 

Interest and dividend income

 

(2

)


 

(8

)


 

(787

)


 

(14

)

Equity in income of joint ventures

 

(1,477

)


 

(1,829

)


 

(4,126

)


 

(3,915

)

Net operating income

$

144,221

 


$

102,382

 


$

385,659

 


$

296,218

 









 
Same store (4)

$

108,436

 


$

87,210

 


$

296,906

 


$

251,968

 

Net operating income related to tenant reinsurance

 

9,258

 


 

7,059

 


 

25,376

 


 

21,254

 

Other stores and management fee income

 

26,527

 


 

8,113

 


 

63,377

 


 

22,996

 

Total net operating income

$

144,221

 


$

102,382

 


$

385,659

 


$

296,218

 

Life Storage, Inc.







Quarterly Same Store Data (3) (4) 531 mature stores owned since 12/31/19



(unaudited)









July 1, 2021
July 1, 2020





to
to


Percentage
(dollars in thousands)
September 30, 2021
September 30, 2020
Change
Change








 
Revenues:







Rental income

$

151,459


$

128,692


$

22,767

 


17.7

%

Other operating income

 

1,822


 

1,849


 

(27

)


-1.5

%

Total operating revenues

 

153,281


 

130,541


 

22,740

 


17.4

%









 
Expenses:







Payroll and benefits

 

9,456


 

9,514


 

(58

)


-0.6

%

Real estate taxes

 

17,639


 

16,688


 

951

 


5.7

%

Utilities

 

4,107


 

4,192


 

(85

)


-2.0

%

Repairs and maintenance

 

4,218


 

3,679


 

539

 


14.7

%

Office and other operating expense

 

4,149


 

3,841


 

308

 


8.0

%

Insurance

 

1,566


 

1,500


 

66

 


4.4

%

Advertising

 

48


 

64


 

(16

)


-25.0

%

Internet marketing

 

3,662


 

3,853


 

(191

)


-5.0

%

Total operating expenses

 

44,845


 

43,331


 

1,514

 


3.5

%









 
Net operating income (2)

$

108,436


$

87,210


$

21,226

 


24.3

%









 








 
QTD Same store move ins

 

49,439


 

57,114


 

(7,675

)











 
QTD Same store move outs

 

53,151


 

52,483


 

668

 



Other Comparable Quarterly Same Store Data (4)







(unaudited)









July 1, 2021
July 1, 2020





to
to


Percentage


September 30, 2021
September 30, 2020
Change
Change
2020 Same store pool (515 stores)







Revenues

$

148,512


$

126,395


$

22,117


17.5

%

Expenses

 

43,502


 

42,092


 

1,410


3.3

%

Net operating income

$

105,010


$

84,303


$

20,707


24.6

%









 








 
2019 Same store pool (502 stores)







Revenues

$

145,225


$

123,759


$

21,466


17.3

%

Expenses

 

42,350


 

40,999


 

1,351


3.3

%

Net operating income

$

102,875


$

82,760


$

20,115


24.3

%

Life Storage, Inc.







Year to Date Same Store Data (3) (4) 531 mature stores owned since 12/31/19
(unaudited)









January 1, 2021
January 1, 2020





to
to


Percentage
(dollars in thousands)
September 30, 2021
September 30, 2020
Change
Change








 
Revenues:







Rental income

$

424,871


$

375,186


$

49,685

 


13.2

%

Other operating income

 

5,193


 

4,806


 

387

 


8.1

%

Total operating revenues

 

430,064


 

379,992


 

50,072

 


13.2

%









 
Expenses:







Payroll and benefits

 

28,902


 

28,775


 

127

 


0.4

%

Real estate taxes

 

52,578


 

49,872


 

2,706

 


5.4

%

Utilities

 

11,201


 

11,024


 

177

 


1.6

%

Repairs and maintenance

 

13,066


 

11,173


 

1,893

 


16.9

%

Office and other operating expense

 

11,976


 

11,123


 

853

 


7.7

%

Insurance

 

4,655


 

4,507


 

148

 


3.3

%

Advertising

 

143


 

191


 

(48

)


-25.1

%

Internet marketing

 

10,637


 

11,359


 

(722

)


-6.4

%

Total operating expenses

 

133,158


 

128,024


 

5,134

 


4.0

%









 
Net operating income (2)

$

296,906


$

251,968


$

44,938

 


17.8

%









 








 
YTD Same store move ins

 

147,337


 

156,874


 

(9,537

)











 
YTD Same store move outs

 

139,977


 

139,968


 

9

 



Life Storage, Inc.







Other Data - unaudited

Same Store (3)

 

All Stores (5)



 

2021

 

 

 

2020

 

 

 

2021

 

 

 

2020

 









 
Weighted average quarterly occupancy

 

95.2

%


 

93.0

%


 

94.8

%


 

92.3

%









 
Occupancy at September 30

 

94.6

%


 

93.1

%


 

94.2

%


 

92.4

%









 
Rent per occupied square foot

$

16.57

 


$

14.50

 


$

16.52

 


$

14.44

 

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, 2021:




 
Beginning balance

$

5,330,323

 



Property acquisitions

 

858,781

 



Improvements and equipment additions:



Expansions

 

10,179

 



Roofing, paving, and equipment:



Stabilized stores

 

19,476

 



Recently acquired stores

 

3,470

 



Change in construction in progress (Total CIP $40.1 million)

 

21,501

 



Dispositions and Impairments

 

(461

)



Storage facilities at cost at period end

$

6,243,269

 







 




 
Comparison of Selected G&A Costs (unaudited)
Quarter Ended


September 30, 2021
September 30, 2020




 
Management and administrative salaries and benefits

$

10,585

 


$

7,792

Training

 

98

 


 

173

Call center

 

845

 


 

814

Life Storage Solutions costs

 

232

 


 

205

Income taxes

 

731

 


 

961

Legal, accounting and professional

 

912

 


 

945

Costs related to officer's retirement

 

155

 


 

-

Other administrative expenses (6)

 

2,583

 


 

2,479



$

16,141

 


$

13,369





 
Net rentable square feet
September 30, 2021

Wholly owned properties

 

47,595,779

 



Joint venture properties

 

7,746,297

 



Third party managed properties

 

18,702,202

 





 

74,044,278

 







 


September 30, 2021
September 30, 2020




 
Common shares outstanding

 

82,017,283

 


 

72,298,512

Operating Partnership Units outstanding

 

344,531

 


 

365,949

(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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Entity Registrant Name Life Storage, Inc.
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Entity Address, City or Town Williamsville
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