Life Storage, Inc. Reports First Quarter Results
Life Storage, Inc. (LSI)
Last life storage, inc. earnings: 2/19 04:30 pm
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US:NYSE Investor Relations:
invest.lifestorage.com
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Source: Business Wire
BUFFALO, N.Y.--(BUSINESS WIRE)--Life Storage, Inc. (NYSE:LSI), a leading national owner and operator of self storage properties, reported operating results for the quarter ended March 31, 2020.Highlights for the First Quarter Included:Generated net income attributable to common shareholders of $36.4 million, or $0.78 per fully diluted common share.Achieved adjusted funds from operations (“FFO”)(1) per fully diluted common share of $1.40, a 6.9% increase over the same period in 2019.Increased same store net operating income ("NOI")(2) by 4.8% and same store revenue by 2.6% year-over-year.Grew management and acquisition fees by 43.0%.Acquired six stabilized stores in various California markets from a joint venture partner for a total purchase price of $134.0 million.Reported $20.7 million in cash and cash equivalents and $316.9 million in revolving line of credit availability as of March 31, 2020.Added 13 stores to the Company’s third-party management platform, bringing total manage
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