life storage inc

Life Storage, Inc. is a real estate investment trust. It invests in the real estate markets of United States. The

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Sovran Self Storage (NYSE:LSI) last posted its quarterly earnings data on Wednesday, August 3rd. The real estate investment trust reported $1.32 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.32. The firm earned $107.10 million during the quarter, compared to analyst estimates of $104.90 million. Sovran Self Storage had a net margin of 33.62% and a return on equity of 8.95%. The company’s revenue for the quarter was up 18.0% on a year-over-year basis. During the same quarter last year, the business posted $1.24 EPS.

Auszug aus:
Jefferies Group Weighs in on Sovran Self Storage Inc.’s Q3 2016 Earnings (LSI)
https://www.thecerbatgem.com/2016/10/26/...-q3-2016-earnings-lsi.html

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A number of research analysts recently weighed in on LSI shares. KeyCorp lowered shares of Sovran Self Storage from a “sector weight” rating to an “underweight” rating and set a $84.00 price target on the stock. in a research note on Thursday, August 4th. Jefferies Group reissued a “buy” rating and issued a $135.00 target price on shares of Sovran Self Storage in a research note on Thursday, August 4th. DA Davidson decreased their target price on shares of Sovran Self Storage from $110.00 to $100.00 and set a “neutral” rating on the stock in a research note on Monday, August 8th. Citigroup Inc. raised shares of Sovran Self Storage from a “neutral” rating to a “buy” rating and raised their target price for the stock from $100.00 to $105.00 in a research note on Friday, September 9th. Finally, Raymond James Financial Inc. lowered shares of Sovran Self Storage from an “outperform” rating to a “market perform” rating and set a $124.00 target price on the stock. in a research note on Friday, August 12th.

Auszug aus:
Sovran Self Storage Inc. (LSI) Receives Average Rating of “Hold” from Brokerages
https://www.thecerbatgem.com/2016/10/26/...-hold-from-brokerages.html  

Sovran Self Storage Inc. (LSI) Set to Announce Earnings on Wednesday
https://www.thecerbatgem.com/2016/11/01/...earnings-on-wednesday.html

Auszug:
Sovran Self Storage (NYSE:LSI) last announced its quarterly earnings results on Wednesday, August 3rd. The real estate investment trust reported $1.32 EPS for the quarter, meeting analysts’ consensus estimates of $1.32. Sovran Self Storage had a return on equity of 8.95% and a net margin of 33.62%. The company earned $107.10 million during the quarter, compared to analyst estimates of $104.90 million. During the same period in the prior year, the company earned $1.24 earnings per share. The firm’s revenue was up 18.0% on a year-over-year basis. On average, analysts expect Sovran Self Storage to post $5.32 EPS for the current fiscal year and $5.97 EPS for the next fiscal year.  

Life Storage, Inc. Reports Third Quarter Results
http://www.bloomberg.com/press-releases/...orts-third-quarter-results

Auszug:

The Company incurred a loss for the third quarter of 2016 of $4.7 million or
$0.10 per fully diluted common share. This compares to net income of $31.5
million in the third quarter of 2015, or $0.88 per fully diluted common share.
The loss in the third quarter of 2016 was attributable to one time transaction
expenses associated with the Company’s acquisition of LifeStorage, L.P. and
the related financing costs.

Highlights for the 3^rd Quarter Included:

 * Increased same store revenue by 4.5% and net operating income ("NOI")^(1)
   by 5.8% as compared to the third quarter of 2015.
 * Grew same store average occupancy for the quarter by 30 basis points to
   92.3% compared to the same period in 2015 and quarter-end occupancy by 50
   basis points to 91.9% at September 30, 2016.
 * Achieved adjusted funds from operations (“FFO”)^(2) per fully diluted
   common share of $1.34.
 * Paid a quarterly dividend of $0.95 per share of common stock.
 * Issued $200 million of 12 year unsecured term notes at a fixed rate of
   3.67% on July 21, 2016.  

https://www.sec.gov/Archives/edgar/data/944314/...197/d183364d10q.htm  

http://seekingalpha.com/article/...rage-reit?source=feed_all_articles

Summary
- Self Storage properties are an attractive asset class with good underlying fundamentals.

- Life Storage is the cheapest Self Storage REIT based on FFO multiple; selling today at 15.9 times FFO.

- Life Storage has a great track record and has grown its FFO per share at over 15% a year since 2011.

- The discount to peers is at least partly unjustified IMO and Life Storage may be undervalued.  

Life Storage, Inc. Reports Fourth Quarter and Full Year 2016 Results
https://www.bloomberg.com/press-releases/...nd-full-year-2016-results

Auszug:

Highlights for the 4^th Quarter Included:

 * Increased same store revenue by 4.0% and net operating income ("NOI")^(1)
   by 3.7% as compared to the fourth quarter of 2015.
 * Grew same store average occupancy for the quarter by 50 basis points to
   90.9% compared to the same period in 2015 and quarter-end occupancy by 40
   basis points to 90.4% at December 31, 2016.
 * Achieved adjusted funds from operations (“FFO”)^(2) per fully diluted
   common share of $1.31.
 * Paid a quarterly dividend of $0.95 per share of common stock.

Highlights for the Full Year Included:

 * Increased same store revenue by 5.2% and net operating income ("NOI") by
   6.5% as compared to 2015.
 * Achieved adjusted funds from operations (“FFO”) per fully diluted common
   share of $5.19 compared to $4.94 in 2015.
 * Acquired 122 quality stores, significantly upgrading its demographics and
   national footprint.
 * Changed the Company name from Sovran Self Storage, Inc. to Life Storage,
   Inc. and rebranded its facilities from Uncle Bob’s Self Storage® to Life
   Storage®.
 * Increased its credit line capacity by 67% from $300 million to $500
   million.
 * Completed an inaugural public debt offering of $600 million of 10 year
   notes at an interest rate of 3.5%.  

Life Storage, Inc. Raises Quarterly Common Stock Dividend
https://www.bloomberg.com/press-releases/...rly-common-stock-dividend

...from $0.95 per share to $1.00 per share or
$3.80 to $4.00 annualized...  

Life Storage, Inc. Reports First Quarter 2017 Results
https://www.bloomberg.com/press-releases/...irst-quarter-2017-results

Highlights for the 1^st Quarter Included:

 * Increased same store revenue by 3.2% and net operating income ("NOI")^(1)
   by 3.2% as compared to the first quarter of 2016.
 * Grew same store average occupancy for the quarter by 20 basis points to
   90.6% compared to the same period in 2016. The Company ended the quarter
   at 90.9% occupied, tying its first quarter all-time high record.
 * Added 15 stores to its third party management platform including five
   purchased on behalf of two of its joint ventures.
 * As of April 30th, the Company has essentially completed its
   renaming/rebranding process, with all but seven of its 675 owned and/or
   managed properties now featuring new “Life Storage” signage, complete with
   LED lighting and providing much better visibility. Other changeover tasks,
   such as issuance of new store manager apparel, installation of point of
   sale signage, and implementation of new lease forms have also been
   completed. The overall cost of rebranding came in slightly under the
   previously projected $22 million. The new brand name is being received
   well by current and prospective customers alike; a recently released video
   series titled The Things We Keep Because, had over one million views
   within three weeks on social media.
 * Achieved adjusted funds from operations (“FFO”)^(2) per fully diluted
   common share of $1.26.
 * Paid a quarterly dividend of $0.95 per share of common stock. Subsequent
   to the end of the quarter, the Company increased its quarterly dividend
   from $0.95 to $1.00 per common share.

OPERATIONS:

Total revenues increased 29.5% over last year’s first quarter while operating
costs increased 32.4%, resulting in an NOI increase of 28.0%.

...  

Life Storage's (LSI) CEO Dave Rogers on Q1 2017 Results - Earnings Call Transcript
https://seekingalpha.com/article/...-results-earnings-call-transcript  

Life Storage, Inc. Announces Acquisition of 18 Properties through a Joint Venture
https://www.bloomberg.com/press-releases/...s-through-a-joint-venture

Life Storage, Inc. (NYSE:LSI), a self storage real estate investment trust
(REIT), announced today the acquisition of 18 self storage facilities through
an existing joint venture in which the Company holds a 20% ownership interest.
The facilities will be managed by the Company under the Life Storage® brand.

The newly acquired properties encompass approximately 1.5 million square feet
of net rentable storage space and are located in Arizona (11), Las Vegas, NV
(5), and Nashville, TN (2).
...  

Life Storage, Inc. Reports Second Quarter 2017 Results; Announces $200 Million Share Repurchase Program; Adjusts 2017 Guidance
https://www.bloomberg.com/press-releases/...ram-adjusts-2017-guidance

Highlights for the 2nd Quarter Included:

 * Achieved record-high second quarter occupancy of 92.8%, a 10 basis point
   improvement over the prior year.
 * Net Operating Income increased 21.6% over the prior year quarter.
 * Acquired, via joint venture, 18 high quality properties in the Company’s
   existing markets of Phoenix, AZ; Las Vegas, NV; and Los Angeles, CA; and
   two in a new market, Nashville, TN.
 * Entered into agreements to manage 17 additional stores that will come
   under the Life Storage banner at various points throughout 2017.
 * Paid a quarterly dividend of $1.00 per share of common stock.

Net income attributable to common shareholders in the second quarter of 2017
was $19.4 million or $0.42 per fully diluted share. This compares to net
income attributable to common shareholders of $43.5 million in the second
quarter of 2016, or $1.03 per fully diluted share.

...

OPERATIONS:

Total revenues increased 24.1% over last year’s second quarter while operating
costs increased 29.4%, resulting in an NOI increase of 21.6%.

...  

Life Storage, Inc. Provides Hurricane Harvey Update
https://www.bloomberg.com/press-releases/...s-hurricane-harvey-update


Life Storage, Inc., (NYSE:LSI), announced today that 63 of its properties in
Houston and Beaumont, TX have reopened for business. These represent a total
of 4.7 million sq. ft. and 39,000 storage spaces. Six Life Storage properties
remain temporarily closed due to the impact of Hurricane Harvey. Of these,
three stores are wholly owned by the Company and represent 251,000 sq. ft and
2,100 storage spaces. The remaining three stores totaling 332,000 sq. ft. and
2,300 spaces are joint venture locations in which the Company is a 20% owner.
Given the continued flooding and effects of the storm, there may be additional
closings over the Labor Day weekend.  

Life Storage, Inc. Provides Update on Hurricanes Irma and Harvey
https://www.bloomberg.com/press-releases/...urricanes-irma-and-harvey

Life Storage, Inc., (NYSE:LSI), announced today that 87 of its 95 Florida
properties are open for business. These represent a total of 5.8 million sq.
ft. and 56,000 storage spaces. Eight Life Storage properties remain
temporarily closed due primarily to power outages caused by Hurricane Irma. Of
these, seven stores are wholly owned by the Company and represent 603,000 sq.
ft. and 6,200 storage spaces. The 8^th location is a managed facility in which
the Company has no ownership interest. To date, the Company has identified two
wholly owned properties that have sustained heavy damage.

...  

Life Storage, Inc. Reports Third Quarter 2017 Results
https://www.bloomberg.com/press-releases/...hird-quarter-2017-results

Highlights for the 3rd Quarter Included:

 * Achieved record high same store quarter end occupancy of 92.7%.
 * Acquired, via joint venture, three high quality properties in Atlanta, GA,
   a market in which the Company already operates.
 * Increased management fee income from its 3^rd Party Management platform by
   49% year over year.
 * Paid a quarterly dividend of $1.00 per share of common stock.
 * Announced a $200 million share repurchase program and subsequently
   repurchased 112,554 shares at an average price of $73.16.  

10-Q
https://www.sec.gov/Archives/edgar/data/944314/...si-10q_20170930.htm  

Life Storage's (LSI) CEO David Rogers on Q3 2017 Results - Earnings Call Transcript
https://seekingalpha.com/article/...-results-earnings-call-transcript

 

Life Storage, Inc. Reports Fourth Quarter and Full Year 2017 Results

https://www.bloomberg.com/press-releases/...nd-full-year-2017-results

Highlights for the 4^th Quarter Included:

  * Increased same store revenue by 1.3% and same store net operating income
    ("NOI")^(1) by 0.4% as compared to the fourth quarter of 2016.
  * Grew same store average occupancy for the quarter by 70 basis points to a
    record high 91.6% compared to the same period in 2016 and quarter-end
    occupancy by 60 basis points to 91.0% at December 31, 2017.
  * Achieved adjusted funds from operations (“FFO”)^(2) per fully diluted
    common share of $1.34.
  * Paid a quarterly dividend of $1.00 per share of common stock.
  * Completed a public debt offering of $450 million of 10-year notes at an
    annual interest rate of 3.875%.

Highlights for the Full Year Included:

  * Increased same store revenue by 1.7% and same store net operating income
    ("NOI") by 0.6% as compared to 2016.
  * Grew management and acquisition fee income by 62% year over year.
  * Achieved adjusted funds from operations (“FFO”) per fully diluted common
    share of $5.31 compared to $5.19 in 2016.
  * Acquired 29 high-quality assets with its joint venture partners for a
    total cost of $549.9 million, and two certificate of occupancy facilities
    for its own portfolio for a total cost of $22.2 million. The Company also
    entered into an agreement to lease one property with an option to purchase
    the asset in 2020 at a price of $14.1 million.
  * Added 18 facilities to its 3^rd party management platform, with an
    additional 15 under contract.

 

Life Storage's (LSI) CEO David Rogers on Q4 2017 Results - Earnings Call Transcript
https://seekingalpha.com/article/...-results-earnings-call-transcript  

Life Storage, Inc. Reports First Quarter 2018 Results; Raises Same Store Outlook for 2018

https://www.bloomberg.com/press-releases/...me-store-outlook-for-2018

Highlights for the 1^st Quarter Included:

  * Increased same store revenue by 2.5% and same store net operating income
    ("NOI")^(2) by 2.5% as compared to the first quarter of 2017.
  * Grew same store average occupancy for the quarter by 150 basis points to
    91.1% compared to the same period in 2017. The Company ended the quarter
    at 91.2% occupied, an all-time high for the first quarter, and 110 basis
    points higher than the same period in 2017.
  * Reduced internet marketing expense 18% by leveraging improved search
    engine visibility.
  * Added 105 mature stores owned since December 31, 2016 to its same store
    pool, including all stabilized facilities acquired during the 2016
    LifeStorage acquisition.
  * Added 10 stores to its third-party management platform; the Company now
    manages a total of 145 properties through its joint venture and
    third-party management agreements.
  * Achieved adjusted funds from operations per fully diluted common share of
    $1.30, a 3.2% increase over the same period last year.
  * Increased management fee income by 31.7% over that of the first quarter of
    2017.
  * Paid a quarterly dividend of $1.00 per share of common stock.

 

Life Storage's (LSI) CEO David Rogers on Q1 2018 Results - Earnings Call Transcript

https://seekingalpha.com/article/...-results-earnings-call-transcript  

Life Storage, Inc. Reports Second Quarter 2018 Results; Raises 2018 Full Year Guidance

https://www.bloomberg.com/press-releases/...s-2018-full-year-guidance

Highlights for the 2^nd Quarter Included:

  * Increased same store revenue by 4.0% and same store net operating income
    ("NOI")^(2) by 5.2% as compared to the second quarter of 2017.
  * Grew same store average occupancy for the quarter by 20 basis points to
    91.9%.
  * Improved organic search engine visibility for the Life Storage brand, thus
    reducing internet marketing expense by 12.1%.
  * Achieved adjusted funds from operations per fully diluted common share of
    $1.39, a 4.5% increase over the same period last year.
  * Added seven stores to its third-party management platform; the Company now
    manages a total of 152 properties through its joint venture and
    third-party management agreements.
  * Increased management fee income by 31.1% over that of the second quarter
    of 2017.
  * Launched the Company’s “Rent Now” initiative, where customers are able to
    ‘skip the counter’ and complete the rental process online.
  * Paid a quarterly dividend of $1.00 per share of common stock.

 

Life Storage Expands its Warehouse Anywhere Last Mile Delivery Solution 

https://www.bloomberg.com/press-releases/...st-mile-delivery-solution

Life Storage, Inc., (NYSE: LSI), a leading national owner and operator of self
storage properties, announced today the launch of its intelligent warehousing
solution by Warehouse Anywhere, a subsidiary of Life Storage, to help solve
the final mile delivery challenge of its corporate customers. 

...

Warehouse Anywhere customers can choose from three proprietary product
offerings to best meet their service and support needs:

  * Enterprise solution is a comprehensive, forward-deployed, hyperconnected
    inventory system combining Warehouse Anywhere’s superior footprint of
    micro storage centers, live inventory tracking technology, 24/7 account
    team support and ancillary services for an unparalleled final mile supply
    chain solution.
  * Lightspeed is geared toward e-commerce companies, a fast-growing retail
    segment. These customers’ storage needs are co-mingled to lower costs,
    while inventory services and final mile delivery are charged on a per
    transaction basis. Lightspeed enables e-commerce companies to be nimble
    and competitive with greater speed of delivery to their customer.
  * Core is a value-add service to commercial self storage clients, providing
    them with Warehouse Anywhere’s online customer portal and mobile app for
    complete transparency and control over their downstream supply chain.

 

Life Storage, Inc. Reports Third Quarter 2018 Results; Increases FFO Guidance

https://www.bloomberg.com/press-releases/...ts-increases-ffo-guidance

David Rogers, Chief Executive Officer stated, “We had a busy third quarter,
and a good one. The stores are performing well, our asset recycling program is
progressing as expected, and our Rent Now and Warehouse Anywhere programs have
been launched with great success. Tomorrow, our third-party management
division, Life Storage Solutions, takes over operation of 42 stabilized stores
for an important new client, and we have a solid book of potential new clients
in the pipeline. We expect a strong finish to 2018 and are excited about the
prospects for the coming year.”

Highlights for the Third Quarter Included:

  * Increased same store revenue by 3.6% and same store net operating income
    (“NOI”)^(2) by 4.2% as compared to the third quarter of 2017.
  * Added five stores to its third-party management platform and entered into
    agreements to add 42 stabilized properties effective November 1, 2018;
    upon conversion of those stabilized properties, the Company will manage
    203 properties through its joint venture and third-party management
    agreements.
  * Acquired two high-quality properties for its owned portfolio located in
    the greater Boston, MA metro area and Sacramento, CA.
  * Opened three high-quality joint venture development properties in Phoenix,
    AZ, Brooklyn, NY, and Miami, FL.
  * Sold one property in Austin, TX for a gain of $0.9 million (the property
    remains under Life Storage management); recorded another gain of $0.7
    million on land sale.
  * Announced the expansion of its Warehouse Anywhere “Last Mile” delivery
    solution for corporate customers.
  * Replaced its current credit facility on more favorable terms and extended
    the maturity date to March 2023 from December 2019.
  * Paid a quarterly dividend of $1.00 per share of common stock.

OPERATIONS:

Total revenues increased 4.4% over last year’s third quarter while operating
costs decreased 3.0%, resulting in an NOI increase of 8.3%.

Revenues for the 533 stabilized stores wholly owned by the Company since
December 31, 2016 increased 3.6% from those in the third quarter of 2017, the
result of a 3.9% increase in rental rates, partially offset by a 70-basis
point decrease in average occupancy.

 

Life Storage, Inc. (LSI) CEO David Rogers on Q3 2018 Results - Earnings Call Transcript

https://seekingalpha.com/article/...nings-call-transcript?part=single