Life Storage (LSI) Misses Q3 EPS by 9c

Life Storage (NYSE: LSI) reported Q3 EPS of $0.78, $0.09 worse than the analyst estimate of $0.87.

• Generated net income attributable to common shareholders of $37.1 million, or $0.78 per fully diluted common share.
• Achieved adjusted funds from operations (“FFO”)(1) per fully diluted common share of $1.52, a 4.1% increase over the same period in 2019.
• Increased same store revenue by 1.2% and same store net operating income (“NOI”)(2) by 0.4%, year-over-year.
• Achieved 11th straight quarter of less than 1% increase year-over-year growth of same store operating expense (excluding property taxes).
• Acquired 25 stabilized stores from two of our joint ventures for a total valuation of $326.7 million.
• Added 30 stores to the Company’s third-party management platform.
• Completed a $400 million offering of 2.2% Senior Unsecured Notes due 2030.
• Bolstered Warehouse Anywhere’s ecommerce solution through a partnership with Deliverr, a leading technology-enabled fulfillment organization, with the build-out of a micro-fulfillment center in Las Vegas and a second planned in Chicago.

For earnings history and earnings-related data on Life Storage (LSI) click here.

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