Lsi Corporation (LSI) Misses Q1 EPS by 4c

Lsi Corporation (NYSE: LSI) reported Q1 EPS of $0.44, $0.04 worse than the analyst estimate of $0.48.

Highlights for the 1st 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.

For earnings history and earnings-related data on Lsi Corporation (LSI) click here.

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