Life Storage, Inc.

$LSI

$123.41

Капитализция: $11.4B

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О компании

Life Storage, Inc. - это самоуправляемый и самоуправляемый акционерный капитал REIT, который занимается приобретением и управлением хранилищами данных. Расположенная в Буффало, штат Нью-Йорк, компания управляет более чем 900 хранилищами в показать больше

Отчетность

03.11.2021, 23:08 EPS за 3 квартал составил ХХ, консенсус YY

04.08.2021, 23:12 Прибыль на акцию за 2 квартал XX, консенсус-прогноз YY

Квартальная отчетность будет доступна после Регистрации

Прогнозы аналитиков

Аналитик Аарон Кесслер поддерживает с сильной покупкой и снижает целевую цену со xxx до yyy долларов.

25.10.2021, 16:02 Аналитик Berenberg Сунил Райгопал инициирует освещение на GoDaddy с рейтингом «Покупать» и объявляет целевую цену в xxx долларов.

Прогнозы аналитиков будут доступны после Регистрации

Life Storage, Inc. Reports First Quarter 2022 Results

Life Storage, Inc. сообщает результаты за первый квартал 2022 г.

4 мая 2022 г.

BUFFALO, N.Y.--(BUSINESS WIRE)--Life Storage, Inc. (NYSE:LSI), a leading national owner and operator of self-storage properties, reported operating results for the quarter ended March 31, 2022.

Highlights for the First Quarter Included:

Generated net income attributable to common shareholders of $73.6 million, or $0.88 per fully diluted common share.
Achieved funds from operations (“FFO”)⁽¹⁾ per fully diluted common share of $1.44, a 33.3% increase over the same period in 2021.
Increased same store revenue by 15.6% and same store net operating income (“NOI”)⁽²⁾ by 21.9%, year-over-year.
Acquired 18 stores for $351.5 million, including one store from the Company’s third-party management platform.
Added 25 stores (gross) to the Company’s third-party management platform.

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.

Life Storage, Inc.
Balance Sheet Data
(unaudited)

	March 31,			December 31,
(dollars in thousands)	2022			2021
Assets
Investment in storage facilities:
Land	$	1,224,576		$	1,185,976
Building, equipment and construction in progress		6,229,832			5,904,481
		7,454,408			7,090,457
Less: accumulated depreciation		(1,048,299	)		(1,007,650	)
Investment in storage facilities, net		6,406,109			6,082,807
Cash and cash equivalents		50,206			171,865
Accounts receivable		18,209			17,784
Receivable from joint ventures		804			333
Investment in joint ventures		214,641			213,003
Prepaid expenses		12,462			9,918
Intangible asset - in-place customer leases		11,854			13,966
Trade name		16,500			16,500
Other assets		28,706			30,421
Total Assets	$	6,759,491		$	6,556,597

Liabilities
Line of credit	$	135,000		$	-
Term notes, net		2,748,787			2,747,838
Accounts payable and accrued liabilities		112,136			131,778
Deferred revenue		29,495			27,277
Mortgages payable		36,837			37,030
Total Liabilities		3,062,255			2,943,923

Noncontrolling redeemable Preferred Operating Partnership Units at redemption value		90,761			90,783

Noncontrolling redeemable Common Operating Partnership Units at redemption value		131,780			142,892

Equity
Common stock		843			836
Additional paid-in capital		3,791,598			3,697,000
Accumulated deficit		(313,851	)		(314,713	)
Accumulated other comprehensive loss		(3,895	)		(4,124	)
Total Shareholders' Equity		3,474,695			3,378,999
Total Liabilities and Shareholders' Equity	$	6,759,491		$	6,556,597

Life Storage, Inc.
Consolidated Statements of Operations
(unaudited)
	January 1, 2022			January 1, 2021
	to			to
(dollars in thousands, except share data)	March 31, 2022			March 31, 2021

Revenues
Rental income	$	205,509		$	150,283
Tenant reinsurance		17,267			12,619
Other operating income		4,858			4,395
Management and acquisition fee income		5,856			4,590
Total operating revenues		233,490			171,887

Expenses
Property operations and maintenance		42,368			33,740
Tenant reinsurance		6,847			4,780
Real estate taxes		24,523			19,887
General and administrative		15,826			14,183
Depreciation and amortization		40,795			31,288
Amortization of in-place customer leases		5,606			2,071
Total operating expenses		135,965			105,949

Income from operations		97,525			65,938

Other income (expense)
Interest expense (A)		(24,240	)		(20,346	)
Interest and dividend income		15			779
Equity in income of joint ventures		2,118			1,221

Net income		75,418			47,592
Net income attributable to noncontrolling preferred interests in the Operating Partnership		(996	)		-
Net income attributable to noncontrolling common interests in the Operating Partnership		(847	)		(209	)
Net income attributable to common shareholders	$	73,575		$	47,383

Earnings per common share attributable to common shareholders - basic	$	0.88		$	0.63

Earnings per common share attributable to common shareholders - diluted	$	0.88		$	0.63

Common shares used in basic earnings per share calculation		83,644,426			75,387,332

Common shares used in diluted earnings per share calculation		83,837,773			75,510,201

Dividends declared per common share	$	1.0000		$	0.7400


(A) Interest expense for the period ending March 31 consists of the following
Interest expense	$	23,510		$	19,743
Amortization of debt issuance costs		730			603
Total interest expense	$	24,240		$	20,346

(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.

БУФФАЛО, Нью-Йорк--(BUSINESS WIRE)--Life Storage, Inc. (NYSE:LSI), ведущий национальный владелец и оператор объектов самообслуживания, сообщила об операционных результатах за квартал, закончившийся 31 марта 2022 года.

Основные события Первого квартала включали:

Полученная чистая прибыль, приходящаяся на долю обыкновенных акционеров, составила 73,6 миллиона долларов, или 0,88 доллара на одну полностью разводненную обыкновенную акцию.
Полученные средства от операционной деятельности (“FFO”) ⁽¹⁾ на полностью разводненную обыкновенную акцию в размере 1,44 доллара США, что на 33,3% больше, чем за аналогичный период 2021 года.
Увеличил выручку того же магазина на 15,6%, а чистый операционный доход того же магазина (“NOI”)⁽²⁾ на 21,9% в годовом исчислении.
Приобрела 18 магазинов за 351,5 миллиона долларов, включая один магазин на сторонней платформе управления Компании.
Добавлено 25 магазинов (брутто) на стороннюю платформу управления Компании.

По состоянию на 31 марта 2022 года у Компании был контракт на приобретение 15 объектов самостоятельного хранения в Калифорнии (3), Флориде (6), Нью-Йорке (2), Массачусетсе (1), Иллинойсе (1), Джорджии (1) и Техасе (1) по совокупной цене покупки в 279,1 миллиона долларов. После 31 марта 2022 года Компания завершила приобретение пяти из этих объектов самостоятельного хранения во Флориде (3), Джорджии (1) и Массачусетсе (1) по совокупной цене покупки в размере 88,5 миллионов долларов. Кроме того, Компания приобрела оставшуюся долю участия в совместном предприятии, в котором у Компании было 85,8% общих и привилегированных инвестиций. Чистые инвестиции в приобретение оставшегося капитала в этом совместном предприятии, которому принадлежит недвижимость, расположенная в Нью-Йорке, составили 5,2 миллиона долларов. Также после 31 марта 2022 года Компания заключила контракты на приобретение трех объектов самостоятельного хранения во Флориде, Калифорнии и Северной Каролине по совокупной цене покупки в 54,8 миллиона долларов. Закупки остальных объектов осуществляются в соответствии с обычными условиями закрытия, и нет никаких гарантий, что какие-либо из этих объектов будут приобретены.

неблагоприятные изменения в общих экономических условиях, в сфере недвижимости и на рынках, на которых мы работаем;
влияние конкуренции со стороны новых объектов самостоятельного хранения или других альтернативных вариантов хранения, что приведет к снижению арендной платы и уровня заполняемости;
последствия пандемии COVID-19 или будущей вспышки других высокоинфекционных или заразных заболеваний для экономики США, региона и мира, а также для нашего финансового состояния и результатов деятельности;
потенциальная ответственность за незастрахованные убытки и загрязнение окружающей среды;
влияние нормативно-правовой среды, а также национальных, государственных и местных законов и нормативных актов, включая, помимо прочего, те, которые регулируют инвестиционные фонды недвижимости (“REIT”), перестрахование арендаторов и другие аспекты нашего бизнеса, которые могут негативно повлиять на наши результаты;
потеря ключевого персонала;
способность Компании оценивать, финансировать и интегрировать приобретенные складские помещения на ожидаемых условиях в существующий бизнес и операции Компании;
способность компании эффективно конкурировать в отрасли, в которой она ведет бизнес;
сбои на кредитных и финансовых рынках и возникающие в результате трудности с привлечением капитала или получением кредита по разумным ставкам или вообще без них, что может помешать нашей способности расти;
существующая задолженность Компании может быть погашена в неблагоприятных кредитных условиях, что препятствует рефинансированию или вынуждает рефинансировать задолженность на условиях, которые не столь выгодны, как существующие условия;
процентные ставки могут увеличиться, что повлияет на расходы, связанные с непогашенным долгом Компании с плавающей процентной ставкой, если таковые имеются, и повлияет на способность Компании соблюдать долговые обязательства;
подверженность судебным разбирательствам или другим претензиям;
риски, связанные с нарушениями безопасности наших данных;
региональная концентрация бизнеса Компании может привести к экономическим спадам в штатах Флорида и Техас;
денежный поток Компании может быть недостаточным для покрытия необходимых выплат операционных расходов, основной суммы долга, процентов и дивидендов; и
неспособность сохранить наш статус REIT для целей федерального дохода США, включая изменения в налоговом законодательстве, которые могут изменить налогооблагаемость будущих доходов.

Life Storage, Inc.
Balance Sheet Data
(unaudited)

	March 31,			December 31,
(dollars in thousands)	2022			2021
Assets
Investment in storage facilities:
Land	$	1,224,576		$	1,185,976
Building, equipment and construction in progress		6,229,832			5,904,481
		7,454,408			7,090,457
Less: accumulated depreciation		(1,048,299	)		(1,007,650	)
Investment in storage facilities, net		6,406,109			6,082,807
Cash and cash equivalents		50,206			171,865
Accounts receivable		18,209			17,784
Receivable from joint ventures		804			333
Investment in joint ventures		214,641			213,003
Prepaid expenses		12,462			9,918
Intangible asset - in-place customer leases		11,854			13,966
Trade name		16,500			16,500
Other assets		28,706			30,421
Total Assets	$	6,759,491		$	6,556,597

Liabilities
Line of credit	$	135,000		$	-
Term notes, net		2,748,787			2,747,838
Accounts payable and accrued liabilities		112,136			131,778
Deferred revenue		29,495			27,277
Mortgages payable		36,837			37,030
Total Liabilities		3,062,255			2,943,923

Noncontrolling redeemable Preferred Operating Partnership Units at redemption value		90,761			90,783

Noncontrolling redeemable Common Operating Partnership Units at redemption value		131,780			142,892

Equity
Common stock		843			836
Additional paid-in capital		3,791,598			3,697,000
Accumulated deficit		(313,851	)		(314,713	)
Accumulated other comprehensive loss		(3,895	)		(4,124	)
Total Shareholders' Equity		3,474,695			3,378,999
Total Liabilities and Shareholders' Equity	$	6,759,491		$	6,556,597

Life Storage, Inc.
Consolidated Statements of Operations
(unaudited)
	January 1, 2022			January 1, 2021
	to			to
(dollars in thousands, except share data)	March 31, 2022			March 31, 2021

Revenues
Rental income	$	205,509		$	150,283
Tenant reinsurance		17,267			12,619
Other operating income		4,858			4,395
Management and acquisition fee income		5,856			4,590
Total operating revenues		233,490			171,887

Expenses
Property operations and maintenance		42,368			33,740
Tenant reinsurance		6,847			4,780
Real estate taxes		24,523			19,887
General and administrative		15,826			14,183
Depreciation and amortization		40,795			31,288
Amortization of in-place customer leases		5,606			2,071
Total operating expenses		135,965			105,949

Income from operations		97,525			65,938

Other income (expense)
Interest expense (A)		(24,240	)		(20,346	)
Interest and dividend income		15			779
Equity in income of joint ventures		2,118			1,221

Net income		75,418			47,592
Net income attributable to noncontrolling preferred interests in the Operating Partnership		(996	)		-
Net income attributable to noncontrolling common interests in the Operating Partnership		(847	)		(209	)
Net income attributable to common shareholders	$	73,575		$	47,383

Earnings per common share attributable to common shareholders - basic	$	0.88		$	0.63

Earnings per common share attributable to common shareholders - diluted	$	0.88		$	0.63

Common shares used in basic earnings per share calculation		83,644,426			75,387,332

Common shares used in diluted earnings per share calculation		83,837,773			75,510,201

Dividends declared per common share	$	1.0000		$	0.7400


(A) Interest expense for the period ending March 31 consists of the following
Interest expense	$	23,510		$	19,743
Amortization of debt issuance costs		730			603
Total interest expense	$	24,240		$	20,346

(1) We believe that Funds from Operations (“FFO”) provides relevant and meaningful information about our operating performance that is necessary, along with net earnings and cash flows, for an understanding of our operating results. FFO adds back historical cost depreciation, which assumes the value of real estate assets diminishes predictably in the future. In fact, real estate asset values increase or decrease with market conditions. Consequently, we believe FFO is a useful supplemental measure in evaluating our operating performance by disregarding (or adding back) historical cost depreciation.

Funds from operations is defined by the National Association of Real Estate Investment Trusts, Inc. (“NAREIT”) as net income available to common shareholders computed in accordance with generally accepted accounting principles (“GAAP”), excluding gains or losses on sales of properties, plus impairment of real estate assets, plus depreciation and amortization and after adjustments to record unconsolidated partnerships and joint ventures on the same basis. We believe that to further understand our performance, FFO should be compared with our reported net income and cash flows in accordance with GAAP, as presented in our consolidated financial statements.

Our computation of FFO may not be comparable to FFO reported by other REITs or real estate companies that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently. FFO does not represent cash generated from operating activities determined in accordance with GAAP, and should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP) as a measure of our liquidity, or as an indicator of our ability to make cash distributions.

(2) Net operating income or "NOI" is a non-GAAP (generally accepted accounting principles) financial measure that we define as total continuing revenues less continuing property operating expenses. NOI also can be calculated by adding back to net income: interest expense, impairment and casualty losses, operating lease expenses, depreciation and amortization expense, any losses on sale of real estate, acquisition related costs, general and administrative expense, and deducting from net income: income from discontinued operations, interest income, any gains on sale of real estate, and equity in income of joint ventures. We believe that NOI is a meaningful measure to investors in evaluating our operating performance, because we utilize NOI in making decisions with respect to capital allocations, in determining current property values, and in comparing period-to-period and market-to-market property operating results. Additionally, NOI is widely used in the real estate industry and the self-storage industry to measure the performance and value of real estate assets without regard to various items included in net income that do not relate to or are not indicative of operating performance, such as depreciation and amortization, which can vary depending on accounting methods and book value of assets. NOI should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as total revenues, operating income and net income.

(3) Includes the stores owned and/or managed by the Company for the entire periods presented that are consolidated in our financial statements. Does not include unconsolidated joint ventures or other stores managed by the Company.

(4) Revenues and expenses do not include items related to tenant reinsurance.

(5) Does not include unconsolidated joint venture stores or other stores managed by the Company.

(6) Other administrative expenses include office rent, travel expense, investor relations and miscellaneous other expenses.

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05.07.2022, 23:16 МСК Life Storage, Inc. Raises Quarterly Common Stock Dividend by 8% BUFFALO, N.Y.--(BUSINESS WIRE)--The Board of Directors of Life Storage, Inc. (NYSE:LSI), a self-storage real estate investment trust (REIT), announced today an increase in the Company’s quarterly common stock dividend from $1.00 per share to $1.08 per share or $4.00 to $4.32 annualized. This new rate represents an 8% increase from the previous quarter and a 46% increase from the second quarter 2021 dividend. The increase is effective with the quarterly dividend to be paid on July 26, 2022 to shareholders of record on July 15, 2022. The dividend, based on today’s opening share price, equates to an annual yield of 3.8%.Life Storage, Inc. повышает ежеквартальные дивиденды по обыкновенным акциям на 8% БУФФАЛО, штат Нью-Йорк — (BUSINESS WIRE) — Совет директоров Life Storage, Inc. (NYSE:LSI), инвестиционного фонда недвижимости с собственным хранением (REIT), объявил сегодня об увеличении квартальных дивидендов компании по обыкновенным акциям с От 1,00 до 1,08 доллара за акцию или от 4,00 до 4,32 доллара в годовом исчислении. Эта новая ставка представляет собой увеличение на 8% по сравнению с предыдущим кварталом и увеличение на 46% по сравнению с дивидендом за второй квартал 2021 года. Повышение вступает в силу с ежеквартальных дивидендов, которые должны быть выплачены 26 июля 2022 г. акционерам, зарегистрированным 15 июля 2022 г. Дивиденд, основанный на сегодняшней начальной цене акций, соответствует годовой доходности 3,8%.

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23.06.2022, 16:20 МСК Life Storage, Inc. Releases 2022 Sustainability Report BUFFALO, N.Y.--(BUSINESS WIRE)--Life Storage, Inc., (NYSE:LSI), a leading national owner and operator of self-storage properties, released today its 2022 Sustainability Report. The report highlights the Company’s commitment to resilience and adaptability through ESG efforts.Life Storage, Inc. публикует отчет об устойчивом развитии за 2022 г. БУФФАЛО, штат Нью-Йорк — (BUSINESS WIRE) — Life Storage, Inc. (NYSE:LSI), ведущий национальный владелец и оператор складских помещений, опубликовала сегодня свой отчет об устойчивом развитии за 2022 год. В отчете подчеркивается приверженность компании устойчивости и адаптивности благодаря усилиям ESG.

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01.04.2022, 15:16 МСК Life Storage, Inc. Announces Dividend on Common Stock BUFFALO, N.Y.--(BUSINESS WIRE)--The Board of Directors of Life Storage, Inc. (NYSE:LSI), a self-storage real estate investment trust (REIT), announced today the Company’s quarterly dividend of $1.00 per share of common stock. The annualized dividend of Life Storage, Inc. is $4.00 per share that, based on yesterday’s closing share price, equates to an annual yield of approximately 2.8%. The dividend will be paid on April 26, 2022 to Shareholders of record on April 14, 2022.Life Storage, Inc. объявляет о выплате дивидендов по обыкновенным акциям БУФФАЛО, штат Нью-Йорк — (BUSINESS WIRE) — Совет директоров Life Storage, Inc. (NYSE:LSI), инвестиционного фонда недвижимости с собственным хранением (REIT), объявил сегодня о ежеквартальных дивидендах компании в размере 1,00 доллара на обыкновенную акцию. снабжать. Годовой дивиденд Life Storage, Inc. составляет $4,00 на акцию, что, исходя из вчерашней цены акций на закрытие, соответствует годовой доходности примерно 2,8%. Дивиденды будут выплачены 26 апреля 2022 г. акционерам, зарегистрированным на 14 апреля 2022 г.

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Моментальные уведомления об измемении цен акций

Новости с официальных сайтов компаний

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События с FDA, SEC

Прогнозы аналитиков и банков

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Tradesense – моментально оповещает о событиях компании Life Storage (тикер LSI). Новости и пресс-релизы с официального сайта компании Life Storage, Inc. Квартальная и годовая отчетность Life Storage с показателями EPS (прибыль на акцию) и консенсус-прогноз от аналитиков и банков. Уведомление об отчетах опубликованных Life Storage на сайт SEC: 8-K, 10-K, 10-Q. Инсайдерские сделки с акциями Life Storage, совершенные крупными держателями компании. Прогонозы аналитиков по акциям компании Life Storage. Целевая цена за акцию компании Life Storage. Узнать почему акции Life Storage падают или растут помогут события компании Life Storage на графике цены.

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	Current Guidance Range			Prior Guidance Range (February 24, 2022)
Same Store Revenue	10.50%	-	11.50%		9.50%	-	10.50%
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	13.0%	-	14.0%		11.5%	-	12.5%
General & Administrative	$69M	-	$71M		$69M	-	$71M

Expansions & Enhancements	$65M	-	$75M		$65M	-	$75M
Capital Expenditures	$30M	-	$35M		$30M	-	$35M
Wholly Owned Acquisitions	$700M	-	$900M		$550M	-	$650M
Joint Venture Investments	$50M	-	$100M		$50M	-	$100M

Adjusted Funds from Operations per Share	$6.04	-	$6.14		$5.93	-	$6.03

Reconciliation of Guidance	2Q 2022 Range or Value	FY 2022 Range or Value
Earnings per share attributable to common shareholders - diluted	$0.94 - $0.98	$3.82 - $3.92
Plus: real estate depreciation and amortization	0.56 - 0.56	2.22 - 2.22
FFO per share	$1.50 - $1.54	$6.04 - $6.14

Life Storage, Inc.
Computation of Net Operating Income⁽²⁾
(unaudited)
	January 1, 2022			January 1, 2021
	to			to
(dollars in thousands)	March 31, 2022			March 31, 2021

Net Income	$	75,418		$	47,592
General and administrative		15,826			14,183
Depreciation and amortization		46,401			33,359
Interest expense		24,240			20,346
Interest and dividend income		(15	)		(779	)
Equity in income of joint ventures		(2,118	)		(1,221	)
Net operating income	$	159,752		$	113,480

Same store (4)	$	120,547		$	98,868
Net operating income related to tenant reinsurance		10,420			7,839
Other stores and management fee income		28,785			6,773
Total net operating income	$	159,752		$	113,480

Life Storage, Inc.
Quarterly 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)	March 31, 2022		March 31, 2021		Change			Change

Revenues:
Rental income	$	169,446	$	146,430	$	23,016		15.7	%
Other operating income		1,924		1,845		79		4.3	%
Total operating revenues		171,370		148,275		23,095		15.6	%

Expenses:
Payroll and benefits		10,823		11,068		(245	)	-2.2	%
Real estate taxes		19,744		19,327		417		2.2	%
Utilities		4,506		4,136		370		8.9	%
Repairs and maintenance		5,331		5,126		205		4.0	%
Office and other operating expense		4,704		4,422		282		6.4	%
Insurance		1,763		1,722		41		2.4	%
Advertising		52		52		-		0.0	%
Internet marketing		3,900		3,554		346		9.7	%
Total operating expenses		50,823		49,407		1,416		2.9	%

Net operating income (2)	$	120,547	$	98,868	$	21,679		21.9	%


QTD Same store move ins		50,203		51,745		(1,542	)

QTD Same store move outs		49,951		46,560		3,391

Other Comparable Quarterly Same Store Data (4)
(unaudited)
	January 1, 2022		January 1, 2021
	to		to				Percentage
	March 31, 2022		March 31, 2021		Change		Change
2021 Same store pool (530 stores)
Revenues	$	155,574	$	134,500	$	21,074	15.7	%
Expenses		46,157		44,726		1,431	3.2	%
Net operating income	$	109,417	$	89,774	$	19,643	21.9	%


2020 Same store pool (514 stores)
Revenues	$	150,732	$	130,185	$	20,547	15.8	%
Expenses		44,698		43,347		1,351	3.1	%
Net operating income	$	106,034	$	86,838	$	19,196	22.1	%

Life Storage, Inc.
Other Data - unaudited	Same Store (3)		All Stores (5)
	2022	2021	2022	2021

Weighted average quarterly occupancy	93.6%	93.4%	93.0%	92.7%

Occupancy at March 31	93.7%	94.0%	92.9%	93.1%

Rent per occupied square foot	$17.11	$14.89	$16.98	$14.82

Life Storage, Inc.
Other Data - unaudited (continued)

Investment in Storage Facilities: (unaudited)
The following summarizes activity in storage facilities during the three months ended March 31, 2022:

Beginning balance	$	7,090,457
Property acquisitions		348,017
Improvements and equipment additions:
Expansions		5,060
Roofing, paving, and equipment:
Stabilized stores		3,980
Recently acquired stores		1,653
Change in construction in progress (Total CIP $55.0 million)		5,430
Dispositions and Impairments		(189	)
Storage facilities at cost at period end	$	7,454,408


Comparison of Selected G&A Costs (unaudited)	Quarter Ended
	March 31, 2022			March 31, 2021
Management and administrative salaries and benefits	$	9,911		$	8,612
Training		136			102
Call center		840			700
Life Storage Solutions costs		345			299
Income taxes		358			573
Legal, accounting and professional		1,101			1,063
Other administrative expenses (6)		3,135			2,834
	$	15,826		$	14,183

Net rentable square feet	March 31, 2022
Wholly owned properties		52,569,873
Joint venture properties		8,857,421
Third party managed properties		19,593,021
		81,020,315

	March 31, 2022			March 31, 2021

Common shares outstanding		84,307,259			76,477,796
Operating Partnership Units outstanding		960,208			333,398

Life Storage, Inc.
Other Data - unaudited	Same Store (3)		All Stores (5)
	2022	2021	2022	2021

Weighted average quarterly occupancy	93.6%	93.4%	93.0%	92.7%

Occupancy at March 31	93.7%	94.0%	92.9%	93.1%

Rent per occupied square foot	$17.11	$14.89	$16.98	$14.82

Life Storage, Inc.
Other Data - unaudited (continued)

Investment in Storage Facilities: (unaudited)
The following summarizes activity in storage facilities during the three months ended March 31, 2022:

Beginning balance	$	7,090,457
Property acquisitions		348,017
Improvements and equipment additions:
Expansions		5,060
Roofing, paving, and equipment:
Stabilized stores		3,980
Recently acquired stores		1,653
Change in construction in progress (Total CIP $55.0 million)		5,430
Dispositions and Impairments		(189	)
Storage facilities at cost at period end	$	7,454,408


Comparison of Selected G&A Costs (unaudited)	Quarter Ended
	March 31, 2022			March 31, 2021
Management and administrative salaries and benefits	$	9,911		$	8,612
Training		136			102
Call center		840			700
Life Storage Solutions costs		345			299
Income taxes		358			573
Legal, accounting and professional		1,101			1,063
Other administrative expenses (6)		3,135			2,834
	$	15,826		$	14,183

Net rentable square feet	March 31, 2022
Wholly owned properties		52,569,873
Joint venture properties		8,857,421
Third party managed properties		19,593,021
		81,020,315

	March 31, 2022			March 31, 2021

Common shares outstanding		84,307,259			76,477,796
Operating Partnership Units outstanding		960,208			333,398