Life Storage, Inc. (NYSE:LSI), a leading national owner and
operator of self-storage properties, reported operating results for
the quarter ended June 30, 2020.
Highlights for the Second Quarter
Included:
- Generated net income attributable to common shareholders of
$36.5 million, or $0.78 per fully diluted common share.
- Achieved adjusted funds from operations (“FFO”)(1) per fully
diluted common share of $1.42, matching the same period last
year.
- Limited year-over-year same store revenue decrease to 2.0% and
same store net operating income (“NOI”)(2) decrease to 2.5%,
despite COVID-19 pandemic and related economic disruption.
- Decreased same store operating expenses relative to comparable
prior year periods for the third straight quarter.
- Grew management fees by 28.1%; added 13 stores to the Company’s
third-party management platform, bringing total managed stores at
the end of the second quarter to 317.
- Reported $9.5 million in cash and cash equivalents and $341.9
million in revolving line of credit availability as of June 30,
2020.
- Completed the roll-out of “Rent Now 2.0,” the Company’s second
generation, fully-digital, dynamic pricing and rental platform that
allows customers to self-serve and move into their storage unit
with no human interaction; the new pricing alternatives allow
customers to select a storage unit from one of three convenience
and pricing-based tiers according to their individual needs and
preferences.
Joe Saffire, the Company’s Chief Executive Officer, stated,
“Like all businesses, we were tested in our ability to operate
safely and effectively in the face of the unprecedented COVID-19
global health crisis. Though our second quarter financial results
were not as originally planned, our team and technology platforms
proved once again why I think they are the best in the business. We
have seen several positive trends emerge as we continue to attract
and retain customers, our efficiency initiatives remain well on
track, our balance sheet is strong, and our industry is proving
once again to be resilient in the face of challenging economic
times.”
COVID-19 PANDEMIC:
The COVID-19 global health crisis and related economic
disruption had an adverse effect on the Company’s financial results
in the second quarter. For example:
- Same store occupancy was impacted as move-outs declined by 12%
during the quarter compared to the same period last year, off-set
by lower move-ins, which declined by 3.4%. The net impact of this
activity resulted in an increase in same store occupancy from 91.5%
at June 30, 2019 to 91.9% at June 30, 2020.
- Move-outs were impacted by the suspension of auction activity
for most of the 2nd quarter; had normal auction activity occurred,
the Company estimates same store occupancy would have been
approximately 91.2% at June 30, 2020.
- The Company similarly curtailed it’s existing customer rate
increase program significantly in the second quarter.
- The Company collected approximately 99% of rental income in the
second quarter of 2020 as compared to pre COVID-19 levels.
The Company resumed performing auctions and rate increases to
existing customers in certain markets in June 2020.
FINANCIAL RESULTS:
In the second quarter of 2020, the Company generated net income
attributable to common shareholders of $36.5 million or $0.78 per
fully diluted common share, compared to net income attributable to
common shareholders of $40.7 million, or $0.87 per fully diluted
common share, in the second quarter of 2019. Net income was
negatively impacted by the effects of the COVID-19 global health
crisis and related economic disruption, such as lower realized
rental rates and increased reserves to accounts receivable for
curtailed auctions.
Funds from operations for the quarter were $1.42 per fully
diluted common share compared to $1.45 for the same period last
year. Adjusted FFO per fully diluted common share for the quarter
was similarly $1.42, compared to $1.42 for the quarter ended June
30, 2019, after adjusting 2019 results by $1.7 million related to
the finalization of a lawsuit settlement.
OPERATIONS:
Same store revenues for the stabilized stores wholly owned by
the Company since December 31, 2018 decreased 2.0% from the second
quarter of 2019. The decrease resulted from the net impact of a
2.7% decline in realized rental rates and a 20 basis point increase
in average occupancy.
Same store operating expenses decreased 1.2% for the second
quarter of 2020 compared to the prior year period, primarily due to
decreases in payroll and benefits, repair and maintenance,
utilities, advertising and office and other operating expenses,
partially off-set by increased real estate taxes and internet
marketing costs. This is the third straight quarter of declining
same store operating expenses when comparing to the same period of
the prior year. Same store NOI decreased 2.5% in the second quarter
of 2020 as compared to the second quarter of 2019.
The Company’s 2020 same store pool consists of the 517
stabilized stores wholly owned since December 31, 2018. Twenty-two
of the stores purchased through December 31, 2019 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.
PORTFOLIO TRANSACTIONS:
Wholly Owned Portfolio
Subsequent to June 30, 2020, the Company entered into a contract
to acquire a self-storage facility in Trenton, NJ for a purchase
price of $13.7 million. The purchase of this facility is subject to
customary conditions to closing, and there is no assurance that
this facility will be acquired.
Joint Venture Portfolio
During the quarter, the Company entered into three joint
ventures, each of which is developing self-storage facilities in
the greater New York City market. The Company’s total expected
equity commitment is $6.8 million, representing various minority
interest ownership percentages ranging from 17% to 25%. The Company
contributed $1.5 million to the joint ventures during the
quarter.
THIRD-PARTY MANAGEMENT:
The Company continues to aggressively and profitably grow its
third-party management platform. During the quarter, the Company
added 13 stores. As of quarter end, the Company managed 317
facilities in total, including those in which it owns a minority
interest.
FINANCIAL POSITION:
At June 30, 2020, the Company had approximately $9.5 million of
cash on hand, and $341.9 million available on its line of credit.
With no debt maturities until August 2021 ($100 million) and an
average debt maturity of 6.3 years, the Company believes it has
adequate liquidity to navigate this period of COVID-19 related
disruption.
Below are key financial ratios at June 30, 2020:
• Debt to Enterprise Value (at
$94.95/share)
31.6%
• Debt to Book Cost of Storage
Facilities
42.2%
• Debt to Recurring Annualized EBITDA
6.0x
• Debt Service Coverage
4.4x
COMMON STOCK DIVIDEND:
Subsequent to quarter end, the Company’s Board of Directors
approved a quarterly dividend to $1.07 per share, or $4.28
annualized. The dividend was paid on July 27, 2020 to shareholders
of record on July 14, 2020.
YEAR 2020 EARNINGS GUIDANCE:
Continued uncertainties resulting from the ongoing COVID-19
pandemic and related economic disruption across the country and its
impact on customer demand in individual markets, continue to make
it challenging to provide an outlook and guidance with reasonable
accuracy. Therefore, the Company will continue with suspension of
quantitative guidance and revisit this practice next quarter.
However, the Company believes it is well positioned to continue
to strengthen its share of the resilient self-storage markets it
serves due to its disciplined business model and a strong balance
sheet to support its strategic initiatives. Additionally, the
Company believes that current market trends support a solid outlook
for the remainder of the year. For example, in July 2020:
- Same store move-ins were 16.5% higher than July 2019 and same
store move-outs were 11.7% lower than the same period last year. As
a result, same store occupancy at July 31, 2020 was 93.0% as
compared to 91.3% at July 31, 2019. Had auctions not been curtailed
due to the COVID-19 health crisis, the Company estimates same store
occupancy would have been 92.3% at July 31, 2020.
- The number of markets where the Company has resumed auction
activities and its existing customer rate increase program has
continued to increase with limited exceptions.
Based on improving demand, demonstrated expense control and
current general market activity, the Company anticipates that the
second half of 2020 will be stronger than the same period last year
as it relates to adjusted funds from operations per share
performance.
FORWARD LOOKING STATEMENTS:
When used in this news
release, the words “intends,” “believes,” “expects,” “anticipates,”
and similar expressions are intended to identify “forward-looking
statements” within the meaning of that term in Section 27A of the
Securities Act of 1933 and in Section 21E of the Securities
Exchange Act of 1934. Such forward-looking statements involve known
and unknown risks, uncertainties and other factors, which may cause
the actual results, performance or achievements of the Company to
be materially different from those expressed or implied by such
forward-looking statements. Such factors include, but are not
limited to, the effect of competition from new self-storage
facilities, which would cause rents and occupancy rates to decline;
risks associated with the COVID-19 global health crisis or similar
events, including but not limited to (i) the impact to the health
of our employees and/or customers, (ii) the negative impacts to the
economy and to self-storage customers which could reduce the demand
for self-storage or reduce our ability to collect rent, (iii)
reducing or eliminating our ability to increase rents charged to
our current or future customers, (iv) limiting our ability to
collect rent from or evict past due customers, (v) we could see an
increase in move-outs of longer-term customers due to the economic
uncertainty and significant rise in unemployment resulting from the
COVID-19 global health crisis which could lead to lower occupancies
and reduced average rental rates as longer-term customers are
replaced with new customers at lower rates, and (vi) potential
negative impacts on the cost and availability of debt and equity
which could have a negative impact on our capital and growth plans;
the Company’s ability to evaluate, finance and integrate acquired
businesses into the Company’s existing business and operations; the
Company’s ability to effectively compete in the industry in which
it does business; the Company’s existing indebtedness may mature in
an unfavorable credit environment, preventing refinancing or
forcing refinancing of the indebtedness on terms that are not as
favorable as the existing terms; interest rates may fluctuate,
impacting costs associated with the Company’s outstanding floating
rate debt; the Company’s ability to comply with debt covenants; any
future ratings on the Company’s debt instruments; regional
concentration of the Company’s business may subject it to economic
downturns in the states of Florida and Texas; the Company’s
reliance on its call center; and tax law changes that may change
the taxability of future income.
CONFERENCE CALL:
Life Storage will hold its Second Quarter Earnings Release
Conference Call at 9:00 a.m. Eastern Time on Friday, August 7,
2020. 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 844-707-6940 (domestic) or
412-317-5702 (international). 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 six months.
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 875 storage facilities in 29 states and Ontario,
Canada. The Company serves both residential and commercial storage
customers with storage units rented by month. Life Storage
consistently provides responsive service to approximately 475,000
customers, making it a leader in the industry. For more information
visit http://invest.lifestorage.com.
Life Storage, Inc. Balance Sheet Data
(unaudited)
June 30,
December 31,
(dollars in thousands)
2020
2019
Assets Investment in storage facilities: Land
$
904,475
$
884,235
Building, equipment and construction in progress
3,993,901
3,865,238
4,898,376
4,749,473
Less: accumulated depreciation
(810,709
)
(756,333
)
Investment in storage facilities, net
4,087,667
3,993,140
Cash and cash equivalents
9,518
17,458
Accounts receivable
11,575
12,218
Receivable from joint ventures
797
1,302
Investment in joint ventures
147,749
154,984
Prepaid expenses
9,761
7,771
Intangible asset - in-place customer leases
1,832
2,910
Trade name
16,500
16,500
Other assets
25,865
26,681
Total Assets
$
4,311,264
$
4,232,964
Liabilities Line of credit
$
158,000
$
65,000
Term notes, net
1,859,539
1,858,271
Accounts payable and accrued liabilities
89,124
103,942
Deferred revenue
14,433
11,699
Mortgages payable
34,519
34,851
Total Liabilities
2,155,615
2,073,763
Noncontrolling redeemable Operating Partnership Units at
redemption value
22,968
26,307
Equity Common stock
469
467
Additional paid-in capital
2,400,382
2,376,723
Accumulated deficit
(262,670
)
(238,338
)
Accumulated other comprehensive loss
(5,500
)
(5,958
)
Total Shareholders' Equity
2,132,681
2,132,894
Total Liabilities and Shareholders' Equity
$
4,311,264
$
4,232,964
Life Storage, Inc. Consolidated Statements of
Operations (unaudited)
April 1, 2020
April 1, 2019
January 1, 2020
January 1, 2019
to
to
to
to
(dollars in thousands, except share data)
June 30, 2020
June 30, 2019
June 30, 2020
June 30, 2019
Revenues Rental income
$
128,828
$
128,913
$
257,736
$
253,060
Other operating income
14,009
12,855
27,631
22,145
Management and acquisition fee income
4,176
3,260
8,589
6,347
Total operating revenues
147,013
145,028
293,956
281,552
Expenses Property operations and maintenance
32,247
33,433
65,097
64,594
Real estate taxes
17,614
16,219
35,022
32,311
General and administrative
12,223
10,510
25,129
22,847
Payments for rent
-
141
-
283
Depreciation and amortization
27,536
25,623
54,564
51,507
Amortization of in-place customer leases
1,451
535
2,753
880
Total operating expenses
91,071
86,461
182,565
172,422
Gain on sale of real estate
-
-
302
1,076
Income from operations
55,942
58,567
111,693
110,206
Other income (expense) Interest expense (A)
(20,266
)
(18,759
)
(40,513
)
(36,578
)
Interest income
2
46
7
51
Equity in income of joint ventures
970
1,110
2,086
1,921
Net income
36,648
40,964
73,273
75,600
Net income attributable to noncontrolling interests in the
Operating Partnership
(191
)
(222
)
(383
)
(404
)
Net income attributable to common shareholders
$
36,457
$
40,742
$
72,890
$
75,196
Earnings per common share attributable to common
shareholders - basic
$
0.78
$
0.87
$
1.56
$
1.61
Earnings per common share attributable to common
shareholders - diluted
$
0.78
$
0.87
$
1.56
$
1.61
Common shares used in basic earnings per share calculation
46,844,888
46,582,235
46,761,063
46,573,541
Common shares used in diluted earnings per share calculation
46,906,138
46,631,214
46,828,517
46,633,957
Dividends declared per common share
$
1.07
$
1.00
$
2.14
$
2.00
(A) Interest expense for the period ending June 30
consists of the following Interest expense
$
19,678
$
18,196
$
39,311
$
35,478
Amortization of debt issuance costs
588
563
1,202
1,100
Total interest expense
$
20,266
$
18,759
$
40,513
$
36,578
Life Storage, Inc. Computation of Funds From Operations
(FFO) (1) (unaudited)
April 1, 2020
April 1, 2019
January 1, 2020
January 1, 2019
to
to
to
to
(dollars in thousands, except share data)
June 30, 2020
June 30, 2019
June 30, 2020
June 30, 2019
Net income attributable to common shareholders
$
36,457
$
40,742
$
72,890
$
75,196
Noncontrolling interests in the Operating Partnership
191
222
383
404
Depreciation of real estate and amortization of intangible assets
exclusive of debt issuance costs
28,398
25,722
56,140
51,528
Depreciation and amortization from unconsolidated joint ventures
1,682
1,460
3,478
2,870
Funds from operations allocable to noncontrolling interest in
Operating Partnership
(348
)
(369
)
(694
)
(695
)
Funds from operations available to common shareholders
66,380
67,777
132,197
129,303
FFO per share - diluted
$
1.42
$
1.45
$
2.82
$
2.77
Adjustments to FFO Lawsuit settlement
$
-
$
(1,651
)
$
-
$
(1,651
)
Gain on sale of land
-
-
(302
)
(1,076
)
Acquisition fee
-
-
(217
)
-
Costs related to officer's retirement
-
-
-
443
Funds from operations resulting from non-recurring items allocable
to noncontrolling interest in Operating Partnership
-
9
3
12
Adjusted funds from operations available to common shareholders
66,380
66,135
131,681
127,031
Adjusted FFO per share - diluted
$
1.42
$
1.42
$
2.81
$
2.72
Common shares - diluted
46,906,138
46,631,214
46,828,517
46,633,957
Life Storage, Inc. Computation of Net Operating Income
(2) (unaudited) April 1, 2020 April 1, 2019 January 1,
2020 January 1, 2019 to to to to (dollars in thousands) June 30,
2020 June 30, 2019 June 30, 2020 June 30, 2019 Net Income
$
36,648
$
40,964
$
73,273
$
75,600
General and administrative
12,223
10,510
25,129
22,847
Payments for rent
-
141
-
283
Depreciation and amortization
28,987
26,158
57,317
52,387
Gain on sale of real estate
-
-
(302
)
(1,076
)
Interest expense
20,266
18,759
40,513
36,578
Interest income
(2
)
(46
)
(7
)
(51
)
Equity in income of joint ventures
(970
)
(1,110
)
(2,086
)
(1,921
)
Net operating income
$
97,152
$
95,376
$
193,837
$
184,647
Same store (4)
$
79,554
$
81,578
$
159,775
$
158,147
Net operating income related to tenant reinsurance
7,319
6,703
14,195
12,518
Other stores and management fee income
10,279
7,095
19,867
13,982
Total net operating income
$
97,152
$
95,376
$
193,837
$
184,647
Life Storage, Inc. Quarterly Same Store Data (3) (4) 517
mature stores owned since 12/31/18 (unaudited) April 1,
2020 April 1, 2019 to to Percentage (dollars in thousands) June 30,
2020 June 30, 2019 Change Change
Revenues: Rental
income
$
118,896
$
120,995
$
(2,099
)
-1.7
%
Other operating income
1,415
1,821
(406
)
-22.3
%
Total operating revenues
120,311
122,816
(2,505
)
-2.0
%
Expenses: Payroll and benefits
9,154
9,879
(725
)
-7.3
%
Real estate taxes
16,135
15,249
886
5.8
%
Utilities
3,136
3,465
(329
)
-9.5
%
Repairs and maintenance
3,318
3,983
(665
)
-16.7
%
Office and other operating expense
3,401
3,930
(529
)
-13.5
%
Insurance
1,480
1,492
(12
)
-0.8
%
Advertising
62
299
(237
)
-79.3
%
Internet marketing
4,071
2,941
1,130
38.4
%
Total operating expenses
40,757
41,238
(481
)
-1.2
%
Net operating income (2)
$
79,554
$
81,578
$
(2,024
)
-2.5
%
QTD Same store move ins
52,054
53,862
(1,808
)
QTD Same store move outs
41,965
47,693
(5,728
)
Other Comparable Quarterly Same Store Data (4)
(unaudited) April 1, 2020 April 1, 2019 to to Percentage
June 30, 2020 June 30, 2019 Change Change
2019 Same store pool
(504 stores) Revenues
$
117,834
$
120,386
$
(2,552
)
-2.1
%
Expenses
39,719
40,224
(505
)
-1.3
%
Net operating income
$
78,115
$
80,162
$
(2,047
)
-2.6
%
2018 Same store pool (488 stores) Revenues
$
113,663
$
116,227
$
(2,564
)
-2.2
%
Expenses
38,142
38,635
(493
)
-1.3
%
Net operating income
$
75,521
$
77,592
$
(2,071
)
-2.7
%
Life Storage, Inc. Year to Date Same Store Data (3) (4)
517 mature stores owned since 12/31/18 (unaudited)
January 1, 2020 January 1, 2019 to to Percentage (dollars in
thousands) June 30, 2020 June 30, 2019 Change Change
Revenues: Rental income
$
239,348
$
238,223
$
1,125
0.5
%
Other operating income
2,866
3,396
(530
)
-15.6
%
Total operating revenues
242,214
241,619
595
0.2
%
Expenses: Payroll and benefits
18,729
19,968
(1,239
)
-6.2
%
Real estate taxes
32,270
30,497
1,773
5.8
%
Utilities
6,671
7,360
(689
)
-9.4
%
Repairs and maintenance
7,262
9,133
(1,871
)
-20.5
%
Office and other operating expense
7,108
7,899
(791
)
-10.0
%
Insurance
2,967
2,980
(13
)
-0.4
%
Advertising
124
597
(473
)
-79.2
%
Internet marketing
7,308
5,038
2,270
45.1
%
Total operating expenses
82,439
83,472
(1,033
)
-1.2
%
Net operating income (2)
$
159,775
$
158,147
$
1,628
1.0
%
YTD Same store move ins
97,549
99,484
(1,935
)
YTD Same store move outs
85,259
92,036
(6,777
)
Life Storage, Inc. Other Data - unaudited Same Store
(3) All Stores (5)
2020
2019
2020
2019
Weighted average quarterly occupancy
91.0
%
90.8
%
90.0
%
90.3
%
Occupancy at June 30
91.9
%
91.5
%
91.0
%
90.8
%
Rent per occupied square foot
$
14.09
$
14.48
$
14.12
$
14.27
Life Storage, Inc. Other Data - unaudited (continued)
Investment in Storage Facilities:
(unaudited) The following summarizes activity in storage
facilities during the six months ended June 30, 2020:
Beginning balance
$
4,749,473
Property acquisitions
122,623
Improvements and equipment additions: Expansions
13,486
Roofing, paving, and equipment: Stabilized stores
7,142
Recently acquired stores
465
Change in construction in progress (Total CIP $34.2 million)
5,388
Dispositions and Impairments
(201
)
Storage facilities at cost at period end
$
4,898,376
Comparison of Selected G&A
Costs (unaudited) Quarter Ended
June
30, 2020 June 30, 2019
Management and administrative salaries and benefits
$
6,704
$
6,467
Training
186
239
Call center
750
758
Life Storage Solutions costs
150
224
Income taxes
871
850
Legal, accounting and professional
911
938
Lawsuit settlement
-
(1,651
)
Other administrative expenses (6)
2,651
2,685
$
12,223
$
10,510
Net rentable square feet
June 30, 2020 Wholly owned properties
40,491,810
Joint venture properties
8,932,759
Third party managed properties
14,689,615
64,114,184
June 30, 2020 June 30, 2019 Common shares outstanding
46,918,445
46,650,391
Operating Partnership Units outstanding
243,966
248,466
(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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Life Storage, Inc. David Dodman (716) 229-8284
ddodman@lifestorage.com
Life Storage (NYSE:LSI)
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