0001157523-22-001488.txt : 20221102 0001157523-22-001488.hdr.sgml : 20221102 20221102171626 ACCESSION NUMBER: 0001157523-22-001488 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20221102 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20221102 DATE AS OF CHANGE: 20221102 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: 221355238 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: 221355239 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 a52958994.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, 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 November 2, 2022, Life Storage, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended September 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 November 2, 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:     November 2, 2022
 
 
 
 
 
By:
/s/ Andrew J. Gregoire
 
 
 
Andrew J. Gregoire,
 
 
 
Chief Financial Officer
 
 
 
 
 
 
 
 
 
 
LIFE STORAGE LP
 
 (Registrant)
Date:     November 2, 2022
 
 
 
 
 
By:
/s/ Andrew J. Gregoire
 
 
 
Andrew J. Gregoire,
 
 
 
Chief Financial Officer
Exhibit Index

Exhibit No.
Description
 
 

EX-99.1 2 a52958994ex99_1.htm EXHIBIT 99.1
Exhibit 99.1


Life Storage, Inc. Reports Third Quarter 2022 Results

BUFFALO, N.Y.--(BUSINESS WIRE)--November 2, 2022--Life Storage, Inc. (NYSE:LSI), a leading national owner and operator of self-storage properties, reported operating results for the quarter ended September 30, 2022.

Highlights for the Third Quarter Included:

  • Generated net income attributable to common shareholders of $98.5 million, or $1.16 per fully diluted common share.
  • Achieved adjusted funds from operations (“FFO”)(1) per fully diluted common share of $1.73, a 26.3% increase over the same period in 2021, and an increase from $1.65 per fully diluted common share of adjusted FFO in the second quarter of 2022.
  • Increased same store revenue by 14.9% and same store net operating income (“NOI”)(2) by 18.4%, year-over-year.
  • Acquired 11 wholly owned stores for $217.5 million and one consolidated joint venture store for $29.0 million of which the Company’s net investment is $24.1 million. Five of these stores were added from the Company’s third-party management platform.
  • With a joint venture partner, acquired 15 stores for a total cost of $264.3 million, of which the Company invested $52.7 million.
  • Added 25 stores (gross) to the Company’s third-party management platform.
  • Replaced the Company’s existing $500 million bank credit facility that was scheduled to mature on March 10, 2023 with a $1.25 billion facility, providing committed liquidity to the Company to January 2027 on terms comparable to or improved from the existing facility.
  • For the fifth consecutive year, the Company was awarded Newsweek’s Best Customer Service Award in America for 2023. Life Storage is the longest running recipient in the Storage Centers category.

Joe Saffire, the Company’s Chief Executive Officer, stated, “Operating fundamentals are very strong with occupancy remaining elevated from pre-pandemic seasonal levels. We are on track and well positioned for another strong end to this year, and I cannot be more pleased with how our team continues to perform. Our focus to continually optimize revenue resulted in same store achieved rate growth per square foot of 17.1% over the same quarter of last year, supporting our significant adjusted FFO growth of 26.3% from one year ago. We strategically added scale to key existing markets with the addition of wholly owned, joint venture and third-party management properties. Our third 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 third quarter of 2022, the Company generated net income attributable to common shareholders of $98.5 million, or $1.16 per fully diluted common share, compared to net income attributable to common shareholders of $70.3 million, or $0.89 per fully diluted common share from the third quarter of 2021.

Funds from operations for the quarter were $1.74 per fully diluted common share compared to $1.37 for the same period last year. Adjusted FFO per fully diluted common share for the quarter was $1.73, representing a 26.3% increase over the same period from one year ago. This quarter adjustments to FFO primarily included $2.8 million for the gain on sale of non-real estate assets, $1.0 million for acquisition fees and $2.6 million relating to uninsured property damages and tenant reinsurance claims resulting from the impact of Hurricane Ian.

OPERATIONS:

Revenues for the 576 stabilized stores wholly owned by the Company since December 31, 2020 increased 14.9% in the third quarter of 2022 compared to the same quarter of 2021. The increase largely resulted from the impact of a 17.1% increase in same store realized rental rates per square foot with same store occupancy for the third quarter of 2022 averaging 93.1%.

Same store operating expenses increased 6.6% for the third quarter of 2022 compared to the prior year period, primarily the result of increased repairs and maintenance, credit card fees, and utilities expenses. Payroll and benefits increased slightly on a same store basis over the third quarter of 2021 by 0.6%. Same store NOI increased 18.4% in the third quarter of 2022 as compared to the third quarter of 2021.

During the third quarter of 2022, the Company achieved double digit same store revenue growth in 31 of its 33 major markets. Overall, the markets with the strongest positive revenue impact were Miami, FL; Los Angeles, CA; Atlanta, GA; Austin, TX; and Chicago, IL.

Three of the Company’s wholly owned stores in Ft. Myers, Florida and one in Naples, Florida sustained wind and flood damage relating to Hurricane Ian during the third quarter of 2022. Additionally, one of the Company’s wholly owned stores near St. Louis, Missouri also sustained flood damage during to the quarter due to an unrelated storm. Subsequent to the storms, impacted customer goods were removed from these stores and the properties are in the process of being cleaned and repaired. Although all five stores remain open and operational, and will generate income during the re-lease up period, four of these properties that were included in the Company’s same store pool at the time of the storms have been removed from the Company’s same store pool until they again attain stabilized occupancy.

PORTFOLIO TRANSACTIONS:

Wholly Owned Portfolio

During the quarter, the Company acquired 11 wholly owned stores in Missouri (5), North Carolina (1), Nevada (1), California (1), Arizona (1), Massachusetts (1), and Florida (1) for $217.5 million. Additionally, a consolidated joint venture of the Company acquired one store in New York for $29.0 million, of which the Company’s net investment was $24.1 million.

At September 30, 2022 the Company was under contract to acquire 11 self-storage facilities in Arizona (6), California (3), Minnesota (1), and Illinois (1) for a total purchase price of $212.8 million. Subsequent to September 30, 2022, the Company completed the acquisition of seven of these self-storage facilities in Arizona (6) and Minnesota (1) for $142.0 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 50 stores for $1.0 billion since January 1, 2022 (inclusive of the fully consolidated New York joint venture property) and is under contract for four stores with an aggregate purchase price of $70.8 million which may close during 2023.

Joint Venture Portfolio

During the quarter, the Company with a joint venture partner acquired a portfolio of 15 stores with a total value of $264.3 million. The Company’s investment in the joint venture was $52.7 million.

At September 30, 2022, the Company was under contract with joint venture partners to acquire eight stores for an aggregate purchase price of $148.8 million of which the Company would invest $29.8 million. Subsequent to September 30, 2022, certain unconsolidated joint ventures of the Company completed the acquisition of seven of these stores for an aggregate purchase price of $126.3 million of which the Company invested $25.3 million. The investment into the remaining facility is subject to customary conditions to closing, and there is no assurance that this transaction will be closed.

THIRD-PARTY MANAGEMENT:

The Company continues to aggressively and profitably grow its third-party management platform. During the quarter, the Company added 25 stores (gross). As of quarter end, the Company managed 401 facilities in total, including those in which it owns a joint venture interest.

FINANCIAL POSITION:

At September 30, 2022, the Company had approximately $22.5 million of cash on hand, and approximately $794 million available on its $1.25 billion line of credit.

During the quarter, the Company issued 610,385 shares of common stock under its continuous equity offering program at a weighted average issue price of $133.11 per share, generating net proceeds after expenses of $80.2 million.

Below are key financial ratios at September 30, 2022:

 --  

Debt to Enterprise Value (at $ 110.76/share)

   

25.4%

 --  

Debt to Book Cost of Storage Facilities

   

40.8%

 --  

Debt to Recurring Annualized EBITDA

   

4.6x

 --  

Debt Service Coverage

   

5.6x

COMMON STOCK DIVIDEND:

Subsequent to quarter end, the Company’s Board of Directors approved a quarterly dividend of $1.08 per share, or $4.32 annualized. The dividend was paid on October 26, 2022 to shareholders of record on October 14, 2022.

YEAR 2022 EARNINGS GUIDANCE:

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

 

 

Current Guidance
Range

Prior Guidance
Range
(August 3, 2022)

Same Store Revenue

 

14.25%


-


15.25%

 

13.25%


-


14.25%

Same Store Operating Costs (excluding property
taxes)

 

4.75%


-


5.75%

 

4.50%


-


5.50%

Same Store Property Taxes

 

6.25%


-


7.25%

 

6.25%


-


7.25%

Total Same Store Operating Expenses

 

5.25%


-


6.25%

 

5.00%


-


6.00%

Same Store Net Operating Income

 

18.0%


-


19.0%

 

16.5%


-


17.5%

General & Administrative

 

$71M


-


$73M

 

$71M


-


$73M

 

 

 


 


 

 

 


 


 

Expansions & Enhancements

 

$65M


-


$75M

 

$65M


-


$75M

Capital Expenditures

 

$30M


-


$35M

 

$30M


-


$35M

Wholly Owned Acquisitions

 

 


 


$1,000M

 

$800M


-


$1,000M

Joint Venture Investments

 

$100M


-


$125M

 

$75M


-


$125M

 

 

 


 


 

 

 


 


 

Adjusted Funds from Operations per Share

 

$6.42


-


$6.46

 

$6.27


-


$6.33

 

Reconciliation of Guidance


4Q 2022
Range or Value



FY 2022
Range or Value

Earnings per share attributable to
common shareholders - diluted


$1.00 - $1.04



$4.12 - $4.16

Plus: real estate depreciation and
amortization


0.60 - 0.60



2.30 - 2.30

FFO per share


$1.60 - $1.64



$6.42 - $6.46

The Company’s 2022 same store pool consists of the 576 stabilized stores wholly owned since December 31, 2020. Fifty-One of the stores purchased through September 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 Third Quarter Earnings Release Conference Call at 9:00 a.m. Eastern Time on Thursday, November 3, 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 877.545.0523 (domestic) or 973.528.0016 (international); passcode 107039 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 46805.

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 37 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)







 


September 30,
December 31,
(dollars in thousands)

2022


2021

Assets



Investment in storage facilities:



Land

$

1,293,597

 


$

1,185,976

 

Building, equipment and construction in progress

 

6,708,246

 


 

5,904,481

 



 

8,001,843

 


 

7,090,457

 

Less: accumulated depreciation

 

(1,128,083

)


 

(1,007,650

)

Investment in storage facilities, net

 

6,873,760

 


 

6,082,807

 

Cash and cash equivalents

 

22,498

 


 

171,865

 

Accounts receivable

 

22,829

 


 

17,784

 

Receivable from joint ventures

 

1,087

 


 

333

 

Investment in joint ventures

 

254,728

 


 

213,003

 

Prepaid expenses

 

13,042

 


 

9,918

 

Intangible asset - in-place customer leases

 

6,745

 


 

13,966

 

Trade name

 

16,500

 


 

16,500

 

Other assets

 

37,212

 


 

30,421

 

Total Assets

$

7,248,401

 


$

6,556,597

 





 
Liabilities



Line of credit

$

456,000

 


$

-

 

Term notes, net

 

2,750,683

 


 

2,747,838

 

Accounts payable and accrued liabilities

 

153,575

 


 

131,778

 

Deferred revenue

 

33,646

 


 

27,277

 

Mortgages payable

 

36,454

 


 

37,030

 

Total Liabilities

 

3,430,358

 


 

2,943,923

 





 
Noncontrolling redeemable Preferred Operating Partnership Units at redemption value

 

89,077

 


 

90,783

 





 
Noncontrolling redeemable Common Operating Partnership Units at redemption value

 

116,190

 


 

142,892

 





 
Equity



Common stock

 

850

 


 

836

 

Additional paid-in capital

 

3,883,047

 


 

3,697,000

 

Accumulated deficit

 

(272,608

)


 

(314,713

)

Accumulated other comprehensive loss

 

(3,437

)


 

(4,124

)

Total Shareholders' Equity

 

3,607,852

 


 

3,378,999

 

Noncontrolling interest in consolidated subsidiary

 

4,924

 


 

-

 

Total Equity

 

3,612,776

 


 

3,378,999

 

Total Liabilities and Shareholders' Equity

$

7,248,401

 


$

6,556,597

 

Life Storage, Inc.







Consolidated Statements of Operations







(unaudited)









July 1, 2022
July 1, 2021
January 1, 2022
January 1, 2021


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








 
Revenues







Rental income

$

241,261

 


$

182,937

 


$

674,008

 


$

496,316

 

Tenant reinsurance

 

19,042

 


 

15,485

 


 

54,567

 


 

41,810

 

Other operating income

 

4,957

 


 

4,474

 


 

15,025

 


 

13,189

 

Management and acquisition fee income

 

7,694

 


 

5,360

 


 

19,889

 


 

16,091

 

Total operating revenues

 

272,954

 


 

208,256

 


 

763,489

 


 

567,406

 









 
Expenses







Property operations and maintenance

 

47,906

 


 

36,410

 


 

132,733

 


 

103,519

 

Tenant reinsurance

 

9,033

 


 

6,228

 


 

22,361

 


 

16,434

 

Real estate taxes

 

25,702

 


 

21,397

 


 

75,581

 


 

61,794

 

General and administrative

 

18,493

 


 

16,141

 


 

52,995

 


 

45,407

 

Depreciation and amortization

 

43,694

 


 

33,531

 


 

127,120

 


 

97,937

 

Amortization of in-place customer leases

 

5,017

 


 

3,627

 


 

16,067

 


 

8,350

 

Total operating expenses

 

149,845

 


 

117,334

 


 

426,857

 


 

333,441

 









 
Gain on sale of non-real estate assets

 

2,841

 


 

-

 


 

4,806

 


 

-

 









 
Income from operations

 

125,950

 


 

90,922

 


 

341,438

 


 

233,965

 









 
Other income (expense)







Interest expense (A)

 

(28,010

)


 

(21,350

)


 

(77,755

)


 

(62,470

)

Interest and dividend income

 

5

 


 

2

 


 

24

 


 

787

 

Equity in income of joint ventures

 

2,799

 


 

1,477

 


 

6,832

 


 

4,126

 









 
Net income

 

100,744

 


 

71,051

 


 

270,539

 


 

176,408

 

Net income attributable to noncontrolling preferred interests in the Operating Partnership

 

(999

)


 

(476

)


 

(3,002

)


 

(476

)

Net income attributable to noncontrolling common interests in the Operating Partnership

 

(1,231

)


 

(301

)


 

(3,184

)


 

(760

)

Net income attributable to noncontrolling common interests in consolidated subsidiary

 

(9

)


 

-

 


 

(9

)


 

-

 

Net income attributable to common shareholders

$

98,505

 


$

70,274

 


$

264,344

 


$

175,172

 









 
Earnings per common share attributable to common shareholders - basic

$

1.16

 


$

0.89

 


$

3.14

 


$

2.27

 









 
Earnings per common share attributable to common shareholders - diluted

$

1.16

 


$

0.89

 


$

3.14

 


$

2.27

 









 
Common shares used in basic earnings per share calculation

 

84,472,979

 


 

78,961,434

 


 

84,129,261

 


 

77,135,429

 









 
Common shares used in diluted earnings per share calculation

 

85,396,539

 


 

79,179,816

 


 

84,554,165

 


 

77,303,339

 









 
Dividends declared per common share

$

1.0800

 


$

0.7400

 


$

3.0800

 


$

2.2200

 









 








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







Interest expense

$

27,074

 


$

20,748

 


$

75,358

 


$

60,662

 

Amortization of debt issuance costs

 

936

 


 

602

 


 

2,397

 


 

1,808

 

Total interest expense

$

28,010

 


$

21,350

 


$

77,755

 


$

62,470

 

Life Storage, Inc.







Computation of Funds From Operations (FFO) (1)







(unaudited)









July 1, 2022
July 1, 2021
January 1, 2022
January 1, 2021


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








 
Net income attributable to common shareholders

$

98,505

 


$

70,274

 


$

264,344

 


$

175,172

 

Noncontrolling common interests in the Operating Partnership

 

1,231

 


 

301

 


 

3,184

 


 

760

 

Noncontrolling preferred interests in the Operating Partnership during conversion period

 

999

 


 

-

 


 

999

 


 

-

 

Depreciation of real estate and amortization of intangible







assets exclusive of debt issuance costs

 

48,237

 


 

36,615

 


 

141,643

 


 

104,691

 

Depreciation and amortization from unconsolidated joint ventures

 

1,872

 


 

1,796

 


 

6,014

 


 

4,239

 

Funds from operations allocable to noncontrolling







interest in Operating Partnership

 

(1,862

)


 

(465

)


 

(4,949

)


 

(1,231

)

Funds from operations available to common shareholders

 

148,982

 


 

108,521

 


 

411,235

 


 

283,631

 

FFO per share - diluted

$

1.74

 


$

1.37

 


$

4.86

 


$

3.67

 









 
Adjustments to FFO







Gain on sale of non-real estate assets

 

(2,841

)


 

-

 


 

(4,806

)


 

-

 

Uninsured damages related to natural disasters

 

2,598

 


 

-

 


 

2,598

 


 

-

 

Acquisition fee

 

(1,048

)


 

-

 


 

(1,180

)


 

(1,280

)

Costs related to officer's retirement

 

-

 


 

155

 


 

-

 


 

155

 

Funds from operations resulting from non-recurring items







allocable to noncontrolling interest in Operating Partnership

 

16

 


 

(1

)


 

40

 


 

5

 

Adjusted funds from operations available to common shareholders

 

147,707

 


 

108,675

 


 

407,887

 


 

282,511

 

Adjusted FFO per share - diluted

$

1.73

 


$

1.37

 


$

4.82

 


$

3.65

 









 
Common shares - diluted

 

85,396,539

 


 

79,179,816

 


 

84,554,165

 


 

77,303,339

 

Life Storage, Inc.







Computation of Net Operating Income (2)







(unaudited)









July 1, 2022
July 1, 2021
January 1, 2022
January 1, 2021


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








 
Net Income

$

100,744

 


$

71,051

 


$

270,539

 


$

176,408

 

General and administrative

 

18,493

 


 

16,141

 


 

52,995

 


 

45,407

 

Depreciation and amortization

 

48,711

 


 

37,158

 


 

143,187

 


 

106,287

 

Interest expense

 

28,010

 


 

21,350

 


 

77,755

 


 

62,470

 

Interest and dividend income

 

(5

)


 

(2

)


 

(24

)


 

(787

)

Equity in income of joint ventures

 

(2,799

)


 

(1,477

)


 

(6,832

)


 

(4,126

)

Net operating income

$

193,154

 


$

144,221

 


$

537,620

 


$

385,659

 









 
Same store (4)

$

140,105

 


$

118,333

 


$

395,086

 


$

324,487

 

Net operating income related to tenant reinsurance

 

10,009

 


 

9,257

 


 

32,206

 


 

25,376

 

Other stores, management fee income, and gain on







sale of non-real estate assets

 

43,040

 


 

16,631

 


 

110,328

 


 

35,796

 

Total net operating income

$

193,154

 


$

144,221

 


$

537,620

 


$

385,659

 

Life Storage, Inc.







Quarterly Same Store Data (3) (4) 576 mature stores owned since 12/31/20







(unaudited)









July 1, 2022
July 1, 2021





to
to


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








 
Revenues:







Rental income

$

190,757


$

165,440


$

25,317

 


15.3

%

Other operating income

 

1,793


 

2,114


 

(321

)


-15.2

%

Total operating revenues

 

192,550


 

167,554


 

24,996

 


14.9

%









 
Expenses:







Payroll and benefits

 

10,445


 

10,380


 

65

 


0.6

%

Real estate taxes

 

19,860


 

19,421


 

439

 


2.3

%

Utilities

 

5,031


 

4,493


 

538

 


12.0

%

Repairs and maintenance

 

5,787


 

4,612


 

1,175

 


25.5

%

Office and other operating expense

 

5,102


 

4,559


 

543

 


11.9

%

Insurance

 

1,786


 

1,731


 

55

 


3.2

%

Advertising

 

52


 

52


 

-

 


0.0

%

Internet marketing

 

4,382


 

3,973


 

409

 


10.3

%

Total operating expenses

 

52,445


 

49,221


 

3,224

 


6.6

%









 
Net operating income (2)

$

140,105


$

118,333


$

21,772

 


18.4

%









 








 
QTD Same store move ins

 

58,051


 

53,937


 

4,114

 











 
QTD Same store move outs

 

63,859


 

57,975


 

5,884

 



Other Comparable Quarterly Same Store Data (4)








(unaudited)










July 1, 2022
July 1, 2021






to
to


Percentage


September 30, 2022
September 30, 2021
Change
Change
2021 Same store pool (526 stores)








Revenues

$

174,326


$

152,125


$

22,201


14.6

%


Expenses

 

47,603


 

44,459


 

3,144


7.1

%


Net operating income

$

126,723


$

107,666


$

19,057


17.7

%











 









 
2020 Same store pool (510 stores)








Revenues

$

168,966


$

147,357


$

21,609


14.7

%


Expenses

 

46,129


 

43,116


 

3,013


7.0

%


Net operating income

$

122,837


$

104,241


$

18,596


17.8

%


Life Storage, Inc.







Year to Date Same Store Data (3) (4) 576 mature stores owned since 12/31/20







(unaudited)









January 1, 2022
January 1, 2021





to
to


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








 
Revenues:







Rental income

$

542,126


$

464,590


$

77,536

 


16.7

%

Other operating income

 

5,719


 

5,988


 

(269

)


-4.5

%

Total operating revenues

 

547,845


 

470,578


 

77,267

 


16.4

%









 
Expenses:







Payroll and benefits

 

31,502


 

31,692


 

(190

)


-0.6

%

Real estate taxes

 

59,322


 

57,924


 

1,398

 


2.4

%

Utilities

 

13,402


 

12,225


 

1,177

 


9.6

%

Repairs and maintenance

 

15,976


 

14,251


 

1,725

 


12.1

%

Office and other operating expense

 

14,636


 

13,136


 

1,500

 


11.4

%

Insurance

 

5,323


 

5,168


 

155

 


3.0

%

Advertising

 

156


 

155


 

1

 


0.6

%

Internet marketing

 

12,442


 

11,540


 

902

 


7.8

%

Total operating expenses

 

152,759


 

146,091


 

6,668

 


4.6

%









 
Net operating income (2)

$

395,086


$

324,487


$

70,599

 


21.8

%









 








 
YTD Same store move ins

 

167,599


 

161,260


 

6,339

 











 
YTD Same store move outs

 

169,888


 

153,037


 

16,851

 



Life Storage, Inc.







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


 

2022


 

2021


 

2022


 

2021









 
Weighted average quarterly occupancy

 

93.1

%


 

95.2

%


 

92.7

%


 

94.8

%









 
Occupancy at September 30

 

92.4

%


 

94.6

%


 

91.8

%


 

94.2

%









 
Rent per occupied square foot

$

19.43

 


$

16.59

 


$

19.26

 


$

16.52

 

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, 2022:







 
Beginning balance

$

7,090,457

 



Wholly owned property acquisitions

 

822,980

 



Consolidated joint venture acquisition

 

28,813

 



Improvements and equipment additions:



Expansions

 

21,007

 



Roofing, paving, and equipment:



Stabilized stores

 

17,893

 



Recently acquired stores

 

9,381

 



Change in construction in progress (Total CIP $64.0 million)

 

19,457

 



Dispositions and Impairments

 

(8,145

)



Storage facilities at cost at period end

$

8,001,843

 







 




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


September 30, 2022
September 30, 2021
Management and administrative salaries and benefits

$

11,928

 


$

10,740

Training

 

161

 


 

98

Call center

 

1,103

 


 

845

Life Storage Solutions costs

 

271

 


 

232

Income taxes

 

724

 


 

731

Legal, accounting and professional

 

949

 


 

912

Other administrative expenses (6)

 

3,357

 


 

2,583



$

18,493

 


$

16,141





 
Net rentable square feet
September 30, 2022

Wholly owned properties

 

54,557,731

 



Joint venture properties

 

10,019,056

 



Third party managed properties

 

19,965,736

 





 

84,542,523

 







 


September 30, 2022
September 30, 2021




 
Common shares outstanding

 

84,995,100

 


 

82,017,283

Common Operating Partnership Units outstanding

 

1,041,510

 


 

344,531

(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.
Entity Incorporation, State or Country Code MD
Entity File Number 001-13820
Entity Tax Identification Number 16-1194043
Entity Address, Address Line One 6467 Main Street
Entity Address, City or Town Williamsville
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Security Exchange Name NYSE
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