0001157523-22-001012.txt : 20220803 0001157523-22-001012.hdr.sgml : 20220803 20220803163220 ACCESSION NUMBER: 0001157523-22-001012 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20220803 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220803 DATE AS OF CHANGE: 20220803 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: 221133147 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: 221133148 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 a52800708.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):   August 3, 2022

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 August 3, 2022, Life Storage, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended June 30, 2022.  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 August 3, 2022

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:     August 3, 2022
By:
/s/ Andrew J. Gregoire  
    Andrew J. Gregoire,  
    Chief Financial Officer  


  LIFE STORAGE LP
  
  (Registrant)  
     
       
Date:     August 3, 2022
By:
/s/ Andrew J. Gregoire  
    Andrew J. Gregoire,  
    Chief Financial Officer  
       

Exhibit Index
   
Exhibit No.
Description
   


EX-99.1 2 a52800708ex99_1.htm EXHIBIT 99.1
Exhibit 99.1


Life Storage, Inc. Reports Second Quarter 2022 Results

BUFFALO, N.Y.--(BUSINESS WIRE)--August 3, 2022--Life Storage, Inc. (NYSE:LSI), a leading national owner and operator of self-storage properties, reported operating results for the quarter ended June 30, 2022.

Highlights for the Second Quarter Included:

  • Generated net income attributable to common shareholders of $92.3 million, or $1.09 per fully diluted common share.
  • Achieved adjusted funds from operations (“FFO”)(1) per fully diluted common share of $1.65, a 37.5% increase over the same period in 2021.
  • Increased same store revenue by 18.9% and same store net operating income (“NOI”)(2) by 25.4%, year-over-year. Both same store revenue and same store net operating income accelerated from the growth reported in the first quarter of 2022.
  • Acquired 13 stores for $262.6 million, including five stores from the Company’s third-party management platform.
  • Added 17 stores (gross) to the Company’s third-party management platform.

Joe Saffire, the Company’s Chief Executive Officer, stated, “We continue to be on track and well positioned for another strong year. I cannot be more pleased with how our team has performed during this past year with occupancy and strong pricing power supporting 21 straight months of positive rent roll up. Our focus to continually optimize revenue resulted in same store achieved rate growth of 20% when compared to last year, supporting same store revenue growth of 18.9% and same store NOI growth of 25.4% year over year. We achieved significant FFO growth, allowing us to increase our dividend paid in July by 46% from one year ago. We also added scale to key existing markets with the addition of 13 wholly owned stores and 17 stores to our third-party management platform. Our second quarter performance, together with continuing strong fundamentals and our ability to execute on our strategic initiatives, positions us well to continue to grow shareholder value.”

FINANCIAL RESULTS:

In the second quarter of 2022, the Company generated net income attributable to common shareholders of $92.3 million or $1.09 per fully diluted common share, compared to net income attributable to common shareholders of $57.5 million, or $0.74 per fully diluted common share, in the second quarter of 2021.

Funds from operations for the quarter were $1.68 per fully diluted common share compared to $1.22 for the same period last year. Adjusted FFO per fully diluted common share for the quarter was $1.65, after adjusting primarily for a $1.9 million gain on the sale of non-real estate assets, compared to $1.20 for the quarter ended June 30, 2021.

OPERATIONS:

Revenues for the 580 stabilized stores wholly owned by the Company since December 31, 2020 increased 18.9% in the second quarter of 2022 compared to the same quarter of 2021. The increase largely resulted from the impact of a 20.0% increase in realized rental rates with occupancy for the second quarter of 2022 averaging 94.0%.

Same store operating expenses increased 4.3% for the second quarter of 2022 compared to the prior year period, the result of increased office and other expenses, repairs and maintenance, and utilities expenses with payroll and benefits remaining flat. Same store NOI increased 25.4% in the second quarter of 2022 as compared to the second quarter of 2021.

During the second quarter of 2022, the Company achieved double digit same store revenue growth in 32 of its 33 major markets. Overall, the markets with the strongest positive revenue impact were various markets in Florida; Los Angeles, CA; Atlanta, GA; Phoenix, AZ; Buffalo-Upstate, NY; Austin, TX; and Las Vegas, NV.

PORTFOLIO TRANSACTIONS:

Wholly Owned Portfolio

During the quarter, the Company acquired 13 stores in Florida (6), New York (3), California (1), Texas (1), Georgia (1), and Massachusetts (1) for a total purchase price of $262.6 million. One of the New York stores was acquired as a result of the Company’s acquisition of the remaining 14.2% ownership interest in one of its unconsolidated joint ventures. The purchase price of such acquisition included the Company’s net investment to acquire the remaining equity in this joint venture of $5.6 million and the carrying value of the Company’s total equity investment in the joint venture of $30.2 million.

At June 30, 2022, the Company was under contract to acquire seven self-storage facilities in California (4), North Carolina (1), Florida (1), and Nevada (1) for an aggregate purchase price of $137.4 million. Subsequent to June 30, 2022, the Company completed the acquisition of one of these self-storage facilities in North Carolina for a purchase price of $20.0 million. Also subsequent to June 30, 2022, the Company entered into contracts to acquire seven self-storage facilities in Missouri (5), Arizona (1), and Massachusetts (1) for an aggregate purchase price of $140.1 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 32 stores for $634.1 million since January 1, 2022 and is under contract for 13 stores with an aggregate purchase price of $257.5 million of which $60 million is expected to close during 2023.

THIRD-PARTY MANAGEMENT:

The Company continues to aggressively and profitably grow its third-party management platform. During the quarter, the Company added 17 stores (gross). As of quarter end, the Company managed 385 facilities in total, including those in which it owns a noncontrolling interest.

FINANCIAL POSITION:

At June 30, 2022, the Company had approximately $32.6 million of cash on hand, and approximately $197 million available on its line of credit.

Subsequent to June 30, 2022, the Company closed on the refinancing of its existing bank credit facility that was scheduled to mature on March 10, 2023. Through the refinancing, the new facility was increased from $500 million to $1.25 billion through a syndicate of ten banks providing committed liquidity to the Company to January 2027 on terms comparable to or improved from the terms of the existing facility.

Below are key financial ratios at June 30, 2022:

• Debt to Enterprise Value (at $111.66/share)

24.4%

• Debt to Book Cost of Storage Facilities

40.3%

• Debt to Recurring Annualized EBITDA

4.6x

• Debt Service Coverage

5.7x

COMMON STOCK DIVIDEND:

Subsequent to quarter end, the Company’s Board of Directors approved an 8% increase in the quarterly dividend to $1.08 per share, or $4.32 annualized. The dividend was paid on July 26, 2022 to shareholders of record on July 15, 2022.

YEAR 2022 EARNINGS GUIDANCE:

The following assumptions covering operations have been utilized in formulating guidance for 2022:

 

 

Current Guidance

Range


 

Prior Guidance
Range

(May 4, 2022)

Same Store Revenue

 

13.25%

-

14.25%

 

 

10.50%

-

11.50%

Same Store Operating Costs (excluding property taxes)

 

4.50%

-

5.50%

 

 

4.50%

-

5.50%

Same Store Property Taxes

 

6.25%

-

7.25%

 

 

6.25%

-

7.25%

Total Same Store Operating Expenses

 

5.00%

-

6.00%

 

 

5.00%

-

6.00%

Same Store Net Operating Income

 

16.5%

-

17.5%

 

 

13.0%

-

14.0%

General & Administrative

 

$71M

-

$73M

 

 

$69M

-

$71M

 

 

 

 

 

 

 

 

 

 

Expansions & Enhancements

 

$65M

-

$75M

 

 

$65M

-

$75M

Capital Expenditures

 

$30M

-

$35M

 

 

$30M

-

$35M

Wholly Owned Acquisitions

 

$800M

-

$1,000M

 

 

$700M

-

$900M

Joint Venture Investments

 

$75M

-

$125M

 

 

$50M

-

$100M

 

 

 

 

 

 

 

 

 

 

Adjusted Funds from Operations per Share

 

$6.27

-

$6.33

 

 

$6.04

-

$6.14

Reconciliation of Guidance


3Q 2022

Range or Value


FY 2022

Range or Value

Earnings per share attributable to common shareholders - diluted




$1.03 - $1.07

 

$3.98 - $4.04

Plus: real estate depreciation and amortization




0.59 - 0.59

 

2.29 - 2.29

FFO per share




$1.62 - $1.66

 

$6.27 - $6.33

The Company’s 2022 same store pool consists of the 580 stabilized stores wholly owned since December 31, 2020. Forty-five of the stores purchased through June 30, 2022, 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 herein, 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.

All forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. We may also make additional forward-looking statements from time to time. All such subsequent forward-looking statements, whether written or oral, by us or on our behalf, are also expressly qualified by these cautionary statements. All forward-looking statements apply only as of the date made. We undertake no obligation to publicly update or revise forward-looking statements which may be made to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events.

There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained herein. Any forward-looking statements should be considered in light of the risks referenced in the “Risk Factors” section included in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Such factors include, but are not limited to:

  • adverse changes in general economic conditions, the real estate industry and in the markets in which we operate;
  • the effect of competition from new self-storage facilities or other storage alternatives, which would cause rents and occupancy rates to decline;
  • impacts from the COVID-19 pandemic or the future outbreak of other highly infectious or contagious diseases on the U.S., regional and global economies and our financial condition and results of operations;
  • potential liability for uninsured losses and environmental contamination;
  • the impact of the regulatory environment as well as national, state, and local laws and regulations including, without limitation, those governing real estate investment trusts (“REITs”), tenant reinsurance and other aspects of our business, which could adversely affect our results;
  • loss of key personnel;
  • the Company’s ability to evaluate, finance and integrate acquired self-storage facilities on expected terms into the Company’s existing business and operations;
  • the Company’s ability to effectively compete in the industry in which it does business;
  • disruptions in credit and financial markets and resulting difficulties in raising capital or obtaining credit at reasonable rates or at all, which could impede our ability to grow;
  • 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 increase, impacting costs associated with the Company’s outstanding floating rate debt, if any, and impacting the Company’s ability to comply with debt covenants;
  • exposure to litigation or other claims;
  • risks associated with breaches of our data security;
  • the regional concentration of the Company's business may subject the Company to economic downturns in the states of Florida and Texas;
  • the Company’s cash flow may be insufficient to meet required payments of operating expenses, principal, interest and dividends; and
  • failure to maintain our REIT status for U.S. federal income purposes, including tax law changes that may change the taxability of future income.

The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. These beliefs, assumptions and expectations are subject to risks and uncertainties and can change as a result of many possible events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity and results of operations may vary materially from those expressed in our forward-looking statements. You should carefully consider these risks before you make an investment decision with respect to our securities.

CONFERENCE CALL:

Life Storage will hold its Second Quarter Earnings Release Conference Call at 9:00 a.m. Eastern Time on Thursday, August 4, 2022. 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 561992 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 46127.

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 1,100 storage facilities in 36 states. The Company serves both residential and commercial storage customers with storage units rented by month. Life Storage consistently provides responsive service to approximately 675,000 customers, making it a leader in the industry. For more information visit http://invest.lifestorage.com.





 
Life Storage, Inc.



Balance Sheet Data



(unaudited)







 


June 30,
December 31,
(dollars in thousands)

 

2022

 


 

2021

 

Assets



Investment in storage facilities:



Land

$

1,266,040

 


$

1,185,976

 

Building, equipment and construction in progress

 

6,468,230

 


 

5,904,481

 



 

7,734,270

 


 

7,090,457

 

Less: accumulated depreciation

 

(1,088,128

)


 

(1,007,650

)

Investment in storage facilities, net

 

6,646,142

 


 

6,082,807

 

Cash and cash equivalents

 

32,639

 


 

171,865

 

Accounts receivable

 

21,136

 


 

17,784

 

Receivable from joint ventures

 

625

 


 

333

 

Investment in joint ventures

 

202,026

 


 

213,003

 

Prepaid expenses

 

11,728

 


 

9,918

 

Intangible asset - in-place customer leases

 

9,152

 


 

13,966

 

Trade name

 

16,500

 


 

16,500

 

Other assets

 

27,236

 


 

30,421

 

Total Assets

$

6,967,184

 


$

6,556,597

 





 
Liabilities



Line of credit

$

303,000

 


$

-

 

Term notes, net

 

2,749,735

 


 

2,747,838

 

Accounts payable and accrued liabilities

 

119,962

 


 

131,778

 

Deferred revenue

 

32,583

 


 

27,277

 

Mortgages payable

 

36,646

 


 

37,030

 

Total Liabilities

 

3,241,926

 


 

2,943,923

 





 
Noncontrolling redeemable Preferred Operating Partnership Units at redemption value

 

90,772

 


 

90,783

 





 
Noncontrolling redeemable Common Operating Partnership Units at redemption value

 

114,125

 


 

142,892

 





 
Equity



Common stock

 

844

 


 

836

 

Additional paid-in capital

 

3,801,203

 


 

3,697,000

 

Accumulated deficit

 

(278,020

)


 

(314,713

)

Accumulated other comprehensive loss

 

(3,666

)


 

(4,124

)

Total Shareholders' Equity

 

3,520,361

 


 

3,378,999

 

Total Liabilities and Shareholders' Equity

$

6,967,184

 


$

6,556,597

 









 
Life Storage, Inc.







Consolidated Statements of Operations







(unaudited)









April 1, 2022
April 1, 2021
January 1, 2022
January 1, 2021


to
to
to
to
(dollars in thousands, except share data)
June 30, 2022
June 30, 2021
June 30, 2022
June 30, 2021








 
Revenues







Rental income

$

227,239

 


$

163,096

 


$

432,748

 


$

313,379

 

Tenant reinsurance

 

18,257

 


 

13,705

 


 

35,525

 


 

26,324

 

Other operating income

 

5,210

 


 

4,321

 


 

10,068

 


 

8,716

 

Management and acquisition fee income

 

6,340

 


 

6,140

 


 

12,196

 


 

10,730

 

Total operating revenues

 

257,046

 


 

187,262

 


 

490,537

 


 

359,149

 









 
Expenses







Property operations and maintenance

 

42,458

 


 

33,369

 


 

84,827

 


 

67,109

 

Tenant reinsurance

 

6,481

 


 

5,425

 


 

13,328

 


 

10,206

 

Real estate taxes

 

25,356

 


 

20,510

 


 

49,879

 


 

40,397

 

General and administrative

 

18,636

 


 

15,083

 


 

34,502

 


 

29,266

 

Depreciation and amortization

 

42,631

 


 

33,118

 


 

83,426

 


 

64,406

 

Amortization of in-place customer leases

 

5,445

 


 

2,653

 


 

11,050

 


 

4,724

 

Total operating expenses

 

141,007

 


 

110,158

 


 

277,012

 


 

216,108

 









 
Gain on sale of non-real estate assets

 

1,925

 


 

-

 


 

1,965

 


 

-

 









 
Income from operations

 

117,964

 


 

77,104

 


 

215,490

 


 

143,041

 









 
Other income (expense)







Interest expense (A)

 

(25,505

)


 

(20,774

)


 

(49,745

)


 

(41,119

)

Interest and dividend income

 

4

 


 

7

 


 

18

 


 

786

 

Equity in income of joint ventures

 

1,914

 


 

1,428

 


 

4,032

 


 

2,649

 









 
Net income

 

94,377

 


 

57,765

 


 

169,795

 


 

105,357

 

Net income attributable to noncontrolling preferred interests in the Operating Partnership

 

(1,007

)


 

-

 


 

(2,003

)


 

-

 

Net income attributable to noncontrolling common interests in the Operating Partnership

 

(1,106

)


 

(249

)


 

(1,953

)


 

(459

)

Net income attributable to common shareholders

$

92,264

 


$

57,516

 


$

165,839

 


$

104,898

 









 
Earnings per common share attributable to common shareholders - basic

$

1.09

 


$

0.75

 


$

1.98

 


$

1.38

 









 
Earnings per common share attributable to common shareholders - diluted

$

1.09

 


$

0.74

 


$

1.97

 


$

1.37

 









 
Common shares used in basic earnings per share calculation

 

84,270,378

 


 

77,057,520

 


 

83,957,402

 


 

76,222,426

 









 
Common shares used in diluted earnings per share calculation

 

84,428,182

 


 

77,219,999

 


 

84,132,978

 


 

76,365,100

 









 
Dividends declared per common share

$

1.0000

 


$

0.7400

 


$

2.0000

 


$

1.4800

 









 








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





Interest expense

$

24,775

 


$

20,171

 


$

48,284

 


$

39,914

 

Amortization of debt issuance costs

 

730

 


 

603

 


 

1,461

 


 

1,205

 

Total interest expense

$

25,505

 


$

20,774

 


$

49,745

 


$

41,119

 









 
Life Storage, Inc.







Computation of Funds From Operations (FFO) (1)







(unaudited)









April 1, 2022
April 1, 2021
January 1, 2022
January 1, 2021


to
to
to
to
(dollars in thousands, except share data)
June 30, 2022
June 30, 2021
June 30, 2022
June 30, 2021








 
Net income attributable to common shareholders

$

92,264

 


$

57,516

 


$

165,839

 


$

104,898

 

Noncontrolling common interests in the Operating Partnership

 

1,106

 


 

249

 


 

1,953

 


 

459

 

Depreciation of real estate and amortization of intangible







assets exclusive of debt issuance costs

 

47,540

 


 

35,257

 


 

93,406

 


 

68,076

 

Depreciation and amortization from unconsolidated joint ventures

 

2,340

 


 

1,241

 


 

4,143

 


 

2,443

 

Funds from operations allocable to noncontrolling







interest in Operating Partnership

 

(1,697

)


 

(407

)


 

(3,087

)


 

(766

)

Funds from operations available to common shareholders

 

141,553

 


 

93,856

 


 

262,254

 


 

175,110

 

FFO per share - diluted

$

1.68

 


$

1.22

 


$

3.11

 


$

2.29

 









 
Adjustments to FFO







Gain on sale of non-real estate assets

 

(1,925

)


 

-

 


 

(1,965

)


 

-

 

Acquisition fee

 

(132

)


 

(1,280

)


 

(132

)


 

(1,280

)

Funds from operations resulting from non-recurring items







allocable to noncontrolling interest in Operating Partnership

 

24

 


 

5

 


 

24

 


 

5

 

Adjusted funds from operations available to common shareholders

 

139,520

 


 

92,581

 


 

260,181

 


 

173,835

 

Adjusted FFO per share - diluted

$

1.65

 


$

1.20

 


$

3.09

 


$

2.28

 









 
Common shares - diluted

 

84,428,182

 


 

77,219,999

 


 

84,132,978

 


 

76,365,100

 









 
Life Storage, Inc.







Computation of Net Operating Income (2)







(unaudited)









April 1, 2022
April 1, 2021
January 1, 2022
January 1, 2021


to
to
to
to
(dollars in thousands)
June 30, 2022
June 30, 2021
June 30, 2022
June 30, 2021








 
Net Income

$

94,377

 


$

57,765

 


$

169,795

 


$

105,357

 

General and administrative

 

18,636

 


 

15,083

 


 

34,502

 


 

29,266

 

Depreciation and amortization

 

48,076

 


 

35,771

 


 

94,476

 


 

69,130

 

Interest expense

 

25,505

 


 

20,774

 


 

49,745

 


 

41,119

 

Interest and dividend income

 

(4

)


 

(7

)


 

(18

)


 

(786

)

Equity in income of joint ventures

 

(1,914

)


 

(1,428

)


 

(4,032

)


 

(2,649

)

Net operating income

$

184,676

 


$

127,958

 


$

344,468

 


$

241,437

 









 
Same store (4)

$

135,730

 


$

108,278

 


$

256,277

 


$

207,146

 

Net operating income related to tenant reinsurance

 

11,776

 


 

8,280

 


 

22,197

 


 

16,118

 

Other stores, management fee income, and gain on







sale of non-real estate assets

 

37,170

 


 

11,400

 


 

65,994

 


 

18,173

 

Total net operating income

$

184,676

 


$

127,958

 


$

344,468

 


$

241,437

 









 
Life Storage, Inc.







Quarterly Same Store Data (3) (4) 580 mature stores owned since 12/31/20
(unaudited)









April 1, 2022
April 1, 2021





to
to


Percentage
(dollars in thousands)
June 30, 2022
June 30, 2021
Change
Change








 
Revenues:







Rental income

$

183,821


$

154,286


$

29,535

 


19.1

%

Other operating income

 

2,020


 

2,043


 

(23

)


-1.1

%

Total operating revenues

 

185,841


 

156,329


 

29,512

 


18.9

%









 
Expenses:







Payroll and benefits

 

10,374


 

10,375


 

(1

)


0.0

%

Real estate taxes

 

19,954


 

19,420


 

534

 


2.7

%

Utilities

 

3,918


 

3,634


 

284

 


7.8

%

Repairs and maintenance

 

4,925


 

4,565


 

360

 


7.9

%

Office and other operating expense

 

4,872


 

4,199


 

673

 


16.0

%

Insurance

 

1,799


 

1,741


 

58

 


3.3

%

Advertising

 

52


 

52


 

-

 


0.0

%

Internet marketing

 

4,217


 

4,065


 

152

 


3.7

%

Total operating expenses

 

50,111


 

48,051


 

2,060

 


4.3

%









 
Net operating income (2)

$

135,730


$

108,278


$

27,452

 


25.4

%









 








 
QTD Same store move ins

 

59,990


 

56,226


 

3,764

 











 
QTD Same store move outs

 

56,729


 

49,066


 

7,663

 











 
Other Comparable Quarterly Same Store Data (4)







(unaudited)









April 1, 2022
April 1, 2021





to
to


Percentage


June 30, 2022
June 30, 2021
Change
Change
2021 Same store pool (530 stores)







Revenues

$

168,673


$

141,790


$

26,883


19.0

%

Expenses

 

45,521


 

43,434


 

2,087


4.8

%

Net operating income

$

123,152


$

98,356


$

24,796


25.2

%









 








 
2020 Same store pool (514 stores)







Revenues

$

163,535


$

137,309


$

26,226


19.1

%

Expenses

 

43,883


 

42,130


 

1,753


4.2

%

Net operating income

$

119,652


$

95,179


$

24,473


25.7

%













 
Life Storage, Inc.







Year to Date Same Store Data (3) (4) 580 mature stores owned since 12/31/20
(unaudited)









January 1, 2022
January 1, 2021





to
to


Percentage
(dollars in thousands)
June 30, 2022
June 30, 2021
Change
Change








 
Revenues:







Rental income

$

353,266


$

300,716


$

52,550

 


17.5

%

Other operating income

 

3,945


 

3,888


 

57

 


1.5

%

Total operating revenues

 

357,211


 

304,604


 

52,607

 


17.3

%









 
Expenses:







Payroll and benefits

 

21,197


 

21,442


 

(245

)


-1.1

%

Real estate taxes

 

39,698


 

38,747


 

951

 


2.5

%

Utilities

 

8,423


 

7,771


 

652

 


8.4

%

Repairs and maintenance

 

10,256


 

9,691


 

565

 


5.8

%

Office and other operating expense

 

9,577


 

8,621


 

956

 


11.1

%

Insurance

 

3,562


 

3,463


 

99

 


2.9

%

Advertising

 

104


 

104


 

-

 


0.0

%

Internet marketing

 

8,117


 

7,619


 

498

 


6.5

%

Total operating expenses

 

100,934


 

97,458


 

3,476

 


3.6

%









 
Net operating income (2)

$

256,277


$

207,146


$

49,131

 


23.7

%









 








 
YTD Same store move ins

 

110,193


 

107,971


 

2,222

 











 
YTD Same store move outs

 

106,680


 

95,626


 

11,054

 















 
Life Storage, Inc.






Other Data - unaudited
Same Store (3)
All Stores (5)


2022


2021


2022

2021








 
Weighted average quarterly occupancy

94.0%


95.1%


93.5%

94.7%








 
Occupancy at June 30

94.0%


95.6%


93.7%

95.0%








 
Rent per occupied square foot

$18.45


$15.37


$18.21

$15.32








 







 
Life Storage, Inc.






Other Data - unaudited (continued)













 
Investment in Storage Facilities: (unaudited)






The following summarizes activity in storage facilities during the six months ended June 30, 2022:









 
Beginning balance

$

7,090,457

 






Property acquisitions

 

607,856

 






Improvements and equipment additions:






Expansions

 

12,263

 






Roofing, paving, and equipment:






Stabilized stores

 

14,729

 






Recently acquired stores

 

3,282

 






Change in construction in progress (Total CIP $53.9 million)

 

9,279

 






Dispositions and Impairments

 

(3,596

)






Storage facilities at cost at period end

$

7,734,270

 













 







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



June 30, 2022
June 30, 2021


Management and administrative salaries and benefits

$

11,213

 


$

9,784

 




Training

 

265

 


 

143

 




Call center

 

964

 


 

751

 




Life Storage Solutions costs

 

346

 


 

277

 




Income taxes

 

887

 


 

568

 




Legal, accounting and professional

 

1,412

 


 

893

 




Other administrative expenses (6)

 

3,549

 


 

2,667

 






$

18,636

 


$

15,083

 











 
Net rentable square feet
June 30, 2022




Wholly owned properties

 

53,579,937

 






Joint venture properties

 

8,877,327

 






Third party managed properties

 

20,134,342

 








 

82,591,606

 













 


June 30, 2022
June 30, 2021









 
Common shares outstanding

 

84,384,380

 


 

78,041,891

 




Operating Partnership Units outstanding

 

1,041,510

 


 

332,399

 




(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.
Alex Gress
(716) 295-6833
agress@lifestorage.com

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Entity Registrant Name Life Storage, Inc.
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