Life Storage (LSI) Tops Q1 EPS by 7c

Life Storage (NYSE: LSI) reported Q1 EPS of $0.63, $0.07 better than the analyst estimate of $0.56.

• Achieved adjusted funds from operations (“FFO”)(1) per fully diluted common share of $1.08, a 16.1% increase over the same period in 2020.
• Increased same store revenue by 7.3% and same store net operating income (“NOI”)(2) by 8.6%, year-over-year.
• Acquired 16 stores for $266.2 million, including one store from one of our unconsolidated joint ventures for $47.9 million (net).
• Added 18 stores (gross) to the Company’s third-party management platform.

Joe Saffire, the Company’s Chief Executive Officer, stated, “We are off to a very solid start to the year with record occupancy, strong pricing power and robust acquisition activity. We’ve added more scale in key existing markets with the addition of 16 stores to our wholly owned portfolio and 18 stores to our third-party management platform. Warehouse Anywhere continues to gain traction with a significant contract for our Enterprise Solution and a growing pipeline for all business lines. We continue to demonstrate that our industry leading technology is a clear differentiator that we believe positions us well to further grow shareholder value in 2021 and beyond.”

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

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