Life Storage, Inc. (NYSE:LSI) (formerly Sovran Self Storage,
Inc.), a self storage real estate investment trust (REIT), reported
operating results for the quarter ended September 30, 2016.
The Company incurred a loss for the third quarter of 2016 of
$4.7 million or $0.10 per fully diluted common share. This compares
to net income of $31.5 million in the third quarter of 2015, or
$0.88 per fully diluted common share. The loss in the third quarter
of 2016 was attributable to one time transaction expenses
associated with the Company’s acquisition of LifeStorage, L.P. and
the related financing costs.
Highlights for the 3rd Quarter
Included:
- Increased same store revenue by 4.5%
and net operating income ("NOI")(1) by 5.8% as compared to the
third quarter of 2015.
- Grew same store average occupancy for
the quarter by 30 basis points to 92.3% compared to the same period
in 2015 and quarter-end occupancy by 50 basis points to 91.9% at
September 30, 2016.
- Achieved adjusted funds from operations
(“FFO”)(2) per fully diluted common share of $1.34.
- Paid a quarterly dividend of $0.95 per
share of common stock.
- Issued $200 million of 12 year
unsecured term notes at a fixed rate of 3.67% on July 21,
2016.
LifeStorage Acquisition and Integration
Update:
- Completed the previously announced
acquisition of 83 LifeStorage properties for $1.3 billion on July
15, 2016.
- Integration of onsite personnel and
Company platforms were completed with minimal disruption.
- Operations are on track to meeting
original 2017 underwriting.
- Lack of aggressive property management
between the announcement and close of the acquisition resulted in
less active rent roll management and property maintenance that the
Company expects to have corrected by the end of the fourth quarter
2016.
- Changed the Company name from Sovran
Self Storage, Inc. to Life Storage, Inc. and announced its
intention to rebrand all Uncle Bob’s Self Storage locations to Life
Storage®. The rebranding of the portfolio is expected to be
complete by April 2017.
Funds from operations for the quarter were $0.79 per fully
diluted common share compared to $1.29 for the same period last
year. Absent $25.2 million of acquisition related costs (including
$15.5 million of loan defeasance and pre-payment penalties, and
$9.7 million of advisory and other transaction costs) incurred in
the third quarter of 2016, and $1.0 million of acquisition costs in
the third quarter of 2015, adjusted FFO per fully diluted common
share was $1.34 and $1.32 for the quarters ended September 30, 2016
and 2015, respectively. The quarter ended September 30, 2016
earnings and adjusted FFO include approximately $0.05 per share of
dilution resulting from the early issuance of 6.9 million shares of
common stock and $600 million of long term debt to fund the
LifeStorage, L.P. acquisition.
The Company is initiating, and expects to continue to provide on
a quarterly basis, a supplemental information package containing
detailed operating and financial information. The supplement can be
found on the investor relations page of the Company’s website under
Financial Information > Quarterly Earnings.
During the quarter the Company incurred unexpected charges that
impacted the quarter’s results, including flooding that caused the
temporary closing of two stores in Louisiana and one in Missouri,
an increase in move-in incentives in Houston and other markets in
order to increase occupancy ahead of the slower rental season, and
higher than expected legal costs associated with the defense of a
class action claim in New Jersey.
OPERATIONS:
Total revenues increased 33.9% over last year’s third quarter
while operating costs increased 37.4%, resulting in an NOI increase
of 32.3%.
Revenues for the 417 stabilized stores wholly owned by the
Company since December 31, 2014 increased 4.5% from those of the
third quarter of 2015, the result of a 30 basis point increase in
average occupancy, a 3.7% increase in rental rates and increases in
tenant insurance administrative fees.
Same store operating expenses increased 1.8% for the third
quarter of 2016 compared to the prior year period. Higher property
taxes and maintenance expenses were offset by reductions in utility
costs, advertising, and insurance expense.
Consequently, same store NOI this period increased 5.8% over the
third quarter of 2015.
General and administrative expenses increased by approximately
$1.5 million over the same period in 2015. Increases in personnel
costs associated with operating 118 more stores during the quarter
than at this time last year, and higher legal fees related to the
aforementioned lawsuit were the reason for the higher than expected
expense.
During the third quarter of 2016, the Company experienced same
store revenue growth in 28 of its 29 major markets in the same
store pool. Overall, the markets with the strongest revenue impact
include Downstate NY/NJ; Atlanta, GA; and all Florida markets,
particularly Miami and Tampa.
PROPERTIES:
On July 15, 2016, the Company completed its acquisition of
LifeStorage, L.P. for approximately $1.3 billion. This transaction
added 83 wholly owned stores to the Company’s portfolio, and four
third-party managed locations.
In addition to the LifeStorage portfolio, the Company acquired
three other stores during the quarter: one in Denver, CO; one in
Ft. Myers, FL; and a certificate of occupancy property in
Charleston, SC. The properties total approximately 205,000 sq. ft.
and the combined purchase price of the properties was $28.0
million.
While the Company entered into no new purchase agreements during
the quarter, it remains in contract on three certificate of
occupancy stores, anticipated to close at various dates between the
fourth quarter of 2016 and the fourth quarter of 2017. Two of these
properties are located in Chicago, IL and one is in Charlotte, NC.
The combined purchase price is approximately $31.0 million. It also
expects to purchase a stabilized property in Orlando, FL in
November at a cost of $9.8 million.
As part of the LifeStorage acquisition, the Company assumed
contracts for three certificate of occupancy stores in Austin, TX
at a cost of $44.8 million. These stores are expected to be
delivered in 2017.
CAPITAL TRANSACTIONS:
Illustrated below are key financial ratios at September 30, 2016:
- Debt to Enterprise Value (at
$88.94/share)
28.5%
- Debt to Book Cost of Storage
Facilities
39.3%
- Debt to Annualized EBITDA
5.2x
- Debt Service Coverage
5.6x
At September 30, 2016, the Company had approximately $16.1
million of cash on hand, and $260 million available on its line of
credit.
On July 21, the Company issued $200 million of 12 year notes at
an interest rate of 3.67%.
In July, the Company issued approximately 27,059 shares at a
price of $103.62 through its Dividend Reinvestment Plan.
COMMON STOCK DIVIDEND:
Subsequent to quarter-end, the Company’s Board of Directors
approved a quarterly dividend of $0.95 per share or $3.80
annualized.
YEAR 2016 EARNINGS GUIDANCE:
The following assumptions covering operations have been utilized
in formulating guidance for the fourth quarter and full year
2016:
Same StoreProjected
Increases Over 2015
4Q 2016
Full Year
2016
Revenue 4.0 – 4.5% 5.0 – 6.0% Operating Costs (excluding property
taxes) 2.5 – 3.5% 1.0 – 2.0% Property Taxes
11.5 –
12.5% 6.5 – 7.5% Total Operating Expenses 5.5 –
6.5% 2.5 – 3.5% Net Operating Income 3.0 – 4.0% 6.0 – 7.0%
The Company’s 2016 same store pool consists of the 417
stabilized stores owned since December 31, 2014 (three stores
impacted by flooding were removed from the same store pool in the
third quarter). The stores purchased in 2014 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 first year after the
stores achieve 80% sustained occupancy using market rates and
incentives.
The Houston market is expected to comprise approximately 9.1% of
the 2016 forecasted NOI of the Company’s wholly owned stores. The
fourth quarter forecast for the 41 same store pool of properties in
the Company’s Houston market includes flat to negative revenue
growth compared to the prior year fourth quarter of 0.0% to (2.0%),
operating expense increases of 10.0% – 10.5% (inclusive of a 19.4%
projected increase in property taxes), resulting in negative NOI
growth of between (6.5%) and (7.5%).
The Company plans to complete $25 – $30 million of expansions in
2016, and expects to incur up to $22 million in costs pertaining to
the rebranding of Uncle Bob’s Self Storage to Life Storage. The
rebranding process commenced during August, 2016 and will proceed
on a market by market basis through its expected completion in
April, 2017.
The Company has assumed an additional $10 million of accretive
acquisitions in the fourth quarter of 2016. Per share FFO guidance
is projected after adding back third party acquisition costs.
Purchases of these additional properties are expected to be funded
via draws on its line of credit which carries an interest rate of
LIBOR plus 1.10%.
At the conclusion of 2015, the Company operated six self-storage
facilities that it acquired during 2014 and 2015 upon issuance of
certificate of occupancy or in the early stages of lease-up. It
also acquired one each in Phoenix, AZ and Miami, FL in February
2016, one in Los Angeles, CA in March 2016 and one in Charleston,
SC in July 2016. Further, it is under contract to acquire six more
such certificate of occupancy facilities at various dates later in
2016 and 2017 including three locations contracted by the previous
owners of LifeStorage, L.P. Upon acquisition, these properties have
insufficient rental revenue to cover operating costs; accordingly,
for the first 24 to 36 months of operation, ownership of these
facilities is dilutive to earnings and FFO per share. The Company
expects that during the fourth quarter of 2016, it will incur such
dilution to the extent of $0.01 to $0.03 per share due to the
aforementioned acquisitions.
Annual general and administrative expenses are expected to be
approximately $43 – $44 million. The increase over the prior year
is primarily due to the need for additional personnel required for
recent acquisitions.
As a result of the above assumptions, management expects
adjusted funds from operations for the full year 2016 to be
approximately $5.19 to $5.21 per share, and between $1.30 and $1.34
per share for the fourth quarter of 2016.
FORWARD LOOKING STATEMENTS:
When used within 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 could cause rents and occupancy rates to decline;
the Company’s ability to evaluate, finance and integrate acquired
businesses into the Company’s existing business and operations; the
Company’s ability to enter new markets where it has little or no
operational experience; 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; the
future ratings on the Company’s debt instruments; the regional
concentration of the Company’s business may subject it to economic
downturns in the states of Florida and Texas; the Company’s ability
to effectively compete in the industries in which it does business;
the Company’s reliance on its call center; the Company’s cash flow
may be insufficient to meet required payments of principal,
interest and dividends; and tax law changes which may change the
taxability of future income.
CONFERENCE CALL:
Life Storage will hold its Third Quarter Earnings Release
Conference Call at 9:00 a.m. Eastern Time on Thursday, November 3,
2016. 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 877.737.7051 (domestic) or
201.689.8878 (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 90 days; a telephone replay
will also be available for 72 hours by calling 877.660.6853 and
entering conference ID 13646921.
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. The Company operates more than 650 self storage
facilities in 29 states under the names Life Storage and Uncle
Bob’s Self Storage. For more information, visit
http://invest.lifestorage.com/.
Life Storage, Inc.6467 Main St., Buffalo, NY 14221(716)
633-1850
LIFE STORAGE, INC. BALANCE SHEET DATA
September 30, 2016 December 31,
(dollars in thousands) (unaudited) 2015
Assets Investment in storage facilities: Land $ 785,866 $
480,176 Building, equipment and construction in progress
3,416,823 2,011,526
4,202,689 2,491,702 Less: accumulated depreciation
(513,716 ) (465,195
) Investment in storage facilities, net 3,688,973
2,026,507 Cash and cash equivalents 16,146 7,032 Accounts
receivable 5,973 6,805 Receivable from joint venture 747 929
Investment in joint venture 66,667 62,520 Prepaid expenses 7,772
5,431 Fair value of interest rate swap agreements - 550 Intangible
asset - in-place customer leases (net of accumulated amortization
of $37,410 in 2016 and $21,017 in 2015) 38,044 1,303 Trade name
16,500 - Other assets
7,294
7,745 Total Assets
$
3,848,116 $ 2,118,822
Liabilities Line of credit $ 240,000 $ 79,000
Term notes, net 1,387,119 746,650 Accounts payable and accrued
liabilities 62,155 47,839 Deferred revenue 9,996 7,511 Fair value
of interest rate swap agreements 19,248 15,343 Mortgages payable
10,134 1,993
Total Liabilities 1,728,652 898,336 Noncontrolling
redeemable Operating Partnership Units at redemption value 17,996
18,171
Equity Common stock 464 367 Additional paid-in
capital 2,343,581 1,388,343 Accumulated deficit (214,703 ) (171,980
) Accumulated other comprehensive loss
(27,932
) (14,415 ) Total
Shareholders' Equity 2,101,410 1,202,315 Noncontrolling interest in
consolidated subsidiary
58
- Total Equity
2,101,468
1,202,315 Total Liabilities and
Equity
$ 3,848,116 $
2,118,822 CONSOLIDATED
STATEMENTS OF OPERATIONS (unaudited) July
1, 2016 July 1, 2015
January 1, 2016 January 1, 2015 to to to to
(dollars in thousands, except share data)
September 30, 2016
September 30, 2015 September 30, 2016 September 30, 2015
Revenues Rental income $ 118,319 $ 88,066 $ 308,655 $
250,439 Other operating income 7,893 5,838 20,782 16,780 Management
fee income
1,589
1,524 4,492
4,344 Total operating revenues 127,801 95,428
333,929 271,563
Expenses Property operations and
maintenance 28,382 20,954 74,396 61,001 Real estate taxes 13,102
9,247 34,670 27,311 General and administrative 10,909 9,367 31,486
28,459 Acquisition related costs 25,220 1,046 29,297 2,415
Operating leases of storage facilities - - - 683 Depreciation and
amortization 27,908 13,954 59,573 40,734 Amortization of in-place
customer leases
13,497
717 16,509
2,703 Total operating expenses
119,018 55,285
245,931 163,306
Income from operations 8,783 40,143 87,998 108,257
Other income (expense) Interest expense
(A) (14,647 )
(9,419 ) (32,024 ) (27,796 ) Interest expense - acquisition bridge
loan commitment fee - - (7,329 ) - Interest income 13 1 56 4
Gain (loss) on sale of real estate
- - 15,270 (7 ) Equity in income of joint ventures
882 936
2,795 2,436
Net (loss) income (4,969 ) 31,661 66,766 82,894
Noncontrolling interests in the Operating Partnership 21 (157 )
(317 ) (407 ) Noncontrolling interests in consolidated subsidiaries
210 -
609 - Net (loss)
income attributable to common shareholders $
(4,738 ) $
31,504 $ 67,058
$ 82,487 (Loss)
earnings per common share attributable to common shareholders -
basic $ (0.10 )
$ 0.88 $
1.59 $ 2.35
(Loss) earnings per common share attributable to common
shareholders - diluted $ (0.10
) $ 0.88
$ 1.58 $
2.33 Common shares used in basic (loss)
earnings per share calculation 46,139,079 35,700,375 42,176,762
35,135,946 Common shares used in diluted (loss) earnings per
share calculation 46,139,079 35,917,105 42,414,623 35,358,332
Dividends declared per common share $
0.95 $ 0.85
$ 2.75 $
2.35 (A) Interest expense for
the period ending September 30 consists of the following
Interest expense $ 14,136 $ 9,123 $ 30,807 $ 26,908 Amortization of
debt issuance costs
511
296 1,217
888 Total interest expense
$
14,647 $ 9,419
$ 32,024 $
27,796 COMPUTATION OF FUNDS
FROM OPERATIONS (FFO) (2) - (unaudited) July 1,
2016 July 1, 2015 January 1, 2016
January 1, 2015 to to to to (dollars in thousands,
except share data) September 30, 2016 September 30, 2015
September 30, 2016 September 30, 2015 Net (loss) income
attributable to common shareholders $ (4,738 ) $ 31,504 $ 67,058 $
82,487 Noncontrolling interests in the Operating Partnership (21 )
157 317 407 Depreciation of real estate and amortization of
intangible assets exclusive of debt issuance costs 41,024 14,430
74,913 42,649 Depreciation and amortization from unconsolidated
joint ventures 738 610 1,891 1,845
Gain (loss) on sale of real
estate
- - (15,270 ) 7 Funds from operations allocable to noncontrolling
interest in Operating Partnership
(164
) (231 )
(593 ) (625
) Funds from operations available to common
shareholders 36,839 46,470
128,316 126,770 FFO per share - diluted $ 0.79
$ 1.29 $ 3.03 $ 3.59
Adjustments to FFO
Acquisition costs expensed 25,220 1,046 29,297 2,415 Interest
expense - acquisition bridge loan commitment fee - - 7,329 -
Operating leases straight line rent adjustment - - - 146 Funds from
operations resulting from non-recurring items allocable to
noncontrolling interest in Operating Partnership (112 )
(5 ) (165 ) (12 ) Adjusted funds from
operations available to common shareholders 61,947
47,511 164,777 129,319
Adjusted FFO per share - diluted $ 1.34 $ 1.32 $ 3.88 $ 3.66
Common shares - diluted 46,353,344 35,917,105 42,414,623 35,358,332
QUARTERLY SAME STORE DATA (3) * 417 mature stores owned
since 12/31/14 (unaudited) July 1, 2016 July 1, 2015 to to
Percentage
(dollars in thousands) September 30, 2016 September 30, 2015
Change
Change
Revenues: Rental income $ 87,271 $ 83,702 $ 3,569 4.3
% Tenant insurance 3,316 2,892 424 14.7 % Other operating income
1,546 1,556
(10 ) -0.6 %
Total operating revenues 92,133 88,150 3,983 4.5 %
Expenses: Payroll and benefits 7,391 7,290 101 1.4 % Real
estate taxes 9,102 8,769 333 3.8 % Utilities 3,315 3,378 (63 ) -1.9
% Repairs and maintenance 3,198 3,008 190 6.3 % Office and other
operating expense 2,983 2,880 103 3.6 % Insurance 990 1,103 (113 )
-10.2 % Advertising & yellow pages 266 332 (66 ) -19.9 %
Internet marketing
1,427
1,416 11 0.8
% Total operating expenses
28,672
28,176 496
1.8 % Net operating income (1)
$ 63,461 $
59,974 $ 3,487
5.8 % QTD Same store move
ins 42,720 42,238 482 QTD Same store move outs 44,598 46,977
(2,379 )
OTHER COMPARABLE QUARTERLY SAME STORE
DATA * (unaudited) July 1, 2016 July 1, 2015 to to
Percentage
September 30, 2016 September 30, 2015 Change
Change
Stores owned since 12/31/13 (389 stores) Revenues $ 84,311 $
80,838 $ 3,473 4.3 % Expenses
26,035
25,574 461 1.8
% Net operating income
$
58,276 $ 55,264
$ 3,012 5.5
% Stores owned since 12/31/12
(374 stores) Revenues $ 78,905 $ 75,654 $ 3,251 4.3 % Expenses
24,419 23,807
612 2.6 % Net
operating income
$ 54,486 $
51,847 $ 2,639
5.1 % * See exhibit A for
supplemental quarterly same store data.
YEAR TO
DATE SAME STORE DATA (3) * 417 mature stores owned since 12/31/14
(unaudited)
January 1, 2016
January 1, 2015
to to Percentage (dollars in thousands)
September 30,
2016 September 30, 2015 Change
Change
Revenues: Rental income $ 254,365 $
241,300 $ 13,065 5.4 % Tenant insurance 9,681 8,428 1,253 14.9 %
Other operating income
4,445
4,501 (56 )
-1.2 % Total operating revenues 268,491
254,229 14,262 5.6 %
Expenses: Payroll and benefits
22,136 21,502 634 2.9 % Real estate taxes 27,692 26,307 1,385 5.3 %
Utilities 8,611 9,202 (591 ) -6.4 % Repairs and maintenance 9,627
9,899 (272 ) -2.7 % Office and other operating expense 8,774 8,381
393 4.7 % Insurance 3,045 3,308 (263 ) -8.0 % Advertising &
yellow pages 845 1,034 (189 ) -18.3 % Internet marketing
4,782 4,294
488 11.4 % Total
operating expenses
85,512
83,927 1,585
1.9 % Net operating income (1)
$ 182,979 $
170,302 $ 12,677
7.4 % YTD Same store move
ins 125,777 130,843 (5,066 ) YTD Same store move outs
119,797 123,916 (4,119 )
OTHER DATA
- unaudited Same Store (3) All Stores (4)
2016
2015
2016
2015
Weighted average quarterly occupancy 92.3 % 92.0 % 90.9 %
91.5 % Occupancy at September 30 91.9 % 91.4 % 90.3 % 90.6 %
Rent per occupied square foot $ 13.38 $ 12.90 $ 13.40 $
12.79
Investment in
Storage Facilities: (unaudited)
The following summarizes activity in storage facilities during the
nine months ended September 30, 2016: Beginning balance $
2,491,702 Property acquisitions 1,695,752 Improvements and
equipment additions: Expansions 18,343 Roofing, paving, and
equipment: Stabilized stores 14,389 Recently acquired stores 5,550
Additions to consolidated subsidiary 2,164 Change in construction
in progress (Total CIP $11.9 million) 4,919 Dispositions and
Impairments
(30,130 ) Storage
facilities at cost at period end
$
4,202,689
Comparison of
Selected G&A Costs (unaudited)
Quarter Ended
September 30, 2016 September 30,
2015 Management and administrative salaries and
benefits 6,057 5,787 Training 386 235 Call center 596 484 Uncle
Bob's Management costs 99 77 Income taxes 232 616 Legal, accounting
and professional 1,063 490 Other administrative expenses (5)
2,476 1,678
$ 10,909 $
9,367
Net rentable square
feet
September 30, 2016 Wholly owned properties 39,364,024
Joint venture properties 5,191,293 Third party managed properties
1,523,455 46,078,772
September 30, 2016 September 30, 2015
Common shares outstanding 46,396,450 36,168,440 Operating
Partnership Units outstanding 196,008 178,866 (1) 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, depreciation and
amortization expense, acquisition related costs, general and
administrative expense, and deducting from net income: income from
discontinued operations, interest income, gain 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 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. (2) 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. (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) Does not include unconsolidated joint
venture stores or other stores managed by the Company (5)
Other administrative expenses include office rent, travel expense,
investor relations and miscellaneous other expenses.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161102006649/en/
Life Storage, Inc.Diane Piegza, Vice President Investor
Relations & Community Affairs716-650-6115
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