Life Storage Inc Stock Research

Market Summary

USD120.09+1.69

Market Closed

1.43%

LSI Stock Price

LSI RSI Chart

LSI Valuation

Market Cap

10.2B

Price/Earnings (Trailing)

28.51

Price/Sales (Trailing)

9.83

Price/Free Cashflow

17.4

LSI Price/Sales (Trailing)

LSI Profitability

Return on Equity

9.89%

Return on Assets

4.85%

Free Cashflow Yield

5.75%

LSI Fundamentals

LSI Revenue

Revenue (TTM)

1.0B

Revenue Y/Y

24.2%

Revenue Q/Q

0.63%

LSI Earnings

Earnings (TTM)

358.1M

Earnings Y/Y

26.49%

Earnings Q/Q

-4.79%

Price Action

52 Week Range

94.02148.73

(Low)(High)

Last 7 days

-7.3%

Last 30 days

-4.9%

Last 90 days

12.9%

Trailing 12 Months

-6.5%

LSI Financial Health

Debt/Equity

0.86

Debt/Cashflow

0.18

LSI Investor Care

Dividend Yield

3.42%

Dividend/Share (TTM)

4.11

Shares Dilution (1Y)

1.74%

Diluted EPS (TTM)

4.23

Peers (Alternatives to Life Storage)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
PSA	51.7B	4.2B	-4.61%	-14.88%	11.88	12.36	22.43%	122.66%
DLR	30.0B	4.7B	-6.82%	-21.36%	79.47	6.4	5.96%	-77.90%
EQR	22.3B	2.7B	-9.31%	-29.65%	28.69	8.21	11.91%	-41.71%
ARE	21.2B	2.6B	-23.98%	-31.95%	40.62	8.18	22.46%	-8.68%
KIM	13.2B	1.7B	-4.07%	-13.87%	104.43	7.61	26.61%	-85.07%
MID-CAP
FRT	7.7B	1.1B	-13.38%	-14.77%	20.08	7.2	12.95%	47.42%
KRG	4.3B	802.0M	-9.03%	-5.22%	-341.02	5.37	114.83%	84.36%
VNO	2.9B	1.8B	-31.59%	-62.57%	-8.47	1.63	13.26%	-296.88%
MAC	2.1B	859.2M	-25.44%	-29.31%	-31.63	2.43	1.38%	-563.21%
SMALL-CAP
SKT	1.9B	421.4M	-3.41%	12.84%	22.56	4.55	3.35%	1705.32%
SLG	1.7B	826.7M	-30.54%	-63.53%	-22.04	2.08	-2.04%	-117.36%
AIV	1.0B	190.3M	-7.76%	-1.93%	11.27	5.46	12.08%	1950.56%
PGRE	983.2M	740.4M	-22.73%	-54.50%	-27.01	1.33	1.87%	-78.85%

Financials for Life Storage

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	5.4%	1,038	985	920	850	789
S&GA Expenses	10.0%	77.00	70.00	68.00	64.00	63.00
Interest Expenses	7.0%	109	102	95.00	91.00	87.00
Net Income	5.8%	358	338	310	276	249
Net Income Margin	0.3%	0.34*	0.34*	0.38*	0.32*	-
Free Cahsflow	3.5%	587	567	515	472	-

* denotes actual numbers (not divided by Millions)
Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	1.9%	7,388	7,248	6,967	6,759	6,557
Cash Equivalents	8.5%	24.00	22.00	33.00	50.00	172
Liabilities	3.9%	3,564	3,430	3,242	3,062	2,944
Long Term Debt	5.7%	3,115	2,947	2,812	-	-
Shareholder's Equity	0.4%	3,622	3,608	3,520	3,475	3,379
Additional Paid-In Capital	0.1%	3,886	3,883	3,801	3,792	3,697
Shares Outstanding	0.0%	85.00	85.00	84.00	84.00	84.00
Minority Interest	-0.5%	5.00	5.00	-	-	-

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	3.5%	587	567	515	472	434
Cashflow From Investing	35.6%	-1,140	-1,771	-1,752	-1,774	-1,680
Cashflow From Financing	-62.8%	406	1,091	1,241	1,339	1,364
Dividend Payments	6.4%	351	330	296	269	241

Risks for LSI

What is the probability of a big loss on LSI?

37.3%

Probability that Life Storage stock will be more than 20% underwater in next one year

34.6%

Probability that Life Storage stock will be more than 30% underwater in next one year.

Probability that Life Storage stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does LSI drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Life Storage was unfortunately bought at previous high price.

Drawdowns

Returns for LSI

Cumulative Returns on LSI

15.2%

10-Year Cumulative Returns

10.6%

7-Year Cumulative Returns

21.0%

5-Year Cumulative Returns

24.1%

3-Year Cumulative Returns

What are the long-term rolling returns for LSI?

FIve years rolling returns for Life Storage.

Annualized Returns

Which funds bought or sold LSI recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-15	B. Riley Wealth Advisors, Inc.	sold off	-100	-265,000	-	-%
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	reduced	-32.09	-1,169,040	1,781,960	-%
2023-03-06	Rockefeller Capital Management L.P.	unchanged	-	-1,000	12,000	-%
2023-03-02	OLIVER LAGORE VANVALIN INVESTMENT GROUP	unchanged	-	-439	2,561	-%
2023-02-28	Voya Investment Management LLC	reduced	-1.9	-1,160,300	7,932,700	0.01%
2023-02-27	CASCADE INVESTMENT GROUP, INC.	new	-	411,761	411,761	0.43%
2023-02-27	ST GERMAIN D J CO INC	new	-	27,580	27,580	0.01%
2023-02-24	NATIXIS	added	168	9,836,600	16,902,600	0.10%
2023-02-24	SRS Capital Advisors, Inc.	reduced	-93.18	-9,409	591	-%
2023-02-22	TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY	added	2.71	-353,000	3,729,000	0.04%

Latest Funds Activity

Are funds buying LSI calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own LSI

No. of Funds

Life Storage News

Schedule 13G FIlings of Life Storage

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 09, 2023	vanguard group inc	15.05%	12,792,584	SC 13G/A
Feb 06, 2023	wellington management group llp	4.11%	3,492,809	SC 13G/A
Jan 31, 2023	state street corp	5.50%	4,675,767	SC 13G
Jan 26, 2023	blackrock inc.	11.4%	9,673,399	SC 13G/A
Jan 20, 2023	blackrock inc.	11.4%	9,673,399	SC 13G/A
Feb 10, 2022	vanguard group inc	14.81%	12,145,643	SC 13G/A
Feb 04, 2022	wellington management group llp	6.02%	4,938,145	SC 13G/A
Jan 27, 2022	blackrock inc.	12.9%	10,610,769	SC 13G/A
Jan 26, 2022	blackrock inc.	12.9%	10,610,769	SC 13G/A
Feb 10, 2021	vanguard group inc	14.21%	6,903,928	SC 13G/A

LSI Fair Value

Life Storage fair value in different scenarios

The table shows the Fair Value estimates for Life Storage for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	80.72 -32.78%	101.31 -15.64%	153.14 27.52%	230.16 91.66%	299.99 149.80%
Current Inflation	74.49 -37.97%	92.01 -23.38%	135.83 13.11%	200.32 66.81%	258.93 115.61%
Very High Inflation	66.84 -44.34%	80.83 -32.69%	115.55 -3.78%	166.01 38.24%	212.04 76.57%

Historical Life Storage Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of Life Storage

View All Filings

Date Filed	Form Type	Document
Feb 28, 2023	4	Insider Trading
Feb 24, 2023	10-K	Annual Report
Feb 24, 2023	8-K	Current Report
Feb 23, 2023	8-K	Current Report
Feb 22, 2023	425	Prospectus Filed
Feb 21, 2023	8-K	Current Report
Feb 13, 2023	4	Insider Trading
Feb 13, 2023	4	Insider Trading
Feb 09, 2023	SC 13G/A	Major Ownership Report
Feb 06, 2023	425	Prospectus Filed

Latest Insider Trading transactions for LSI

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-02-09	Saffire Joseph	sold (taxes)	-1,910,750	122	-15,584	ceo
2023-02-09	Dodman David P.	sold (taxes)	-148,113	122	-1,208	coo
2023-02-09	Dodman David P.	acquired	-	-	3,228	coo
2023-02-09	Saffire Joseph	acquired	-	-	32,479	ceo
2022-12-22	ROGERS DAVID L	gifted	-	-	-2,378	-
2022-12-20	Saffire Joseph	sold	-611,345	99.73	-6,130	ceo
2022-12-14	Dodman David P.	acquired	-	-	2,791	coo
2022-12-14	Saffire Joseph	acquired	-	-	16,746	ceo
2022-08-09	Saffire Joseph	sold	-661,874	131	-5,044	ceo
2022-05-26	PETTINELLA EDWARD J	acquired	-	-	967	-

About Life Storage

Joseph V. Saffire

www.lifestorage.com

2240

Life Storage, Inc. is a self-administered and self-managed equity REIT that is in the business of acquiring and managing self-storage facilities. Located in Buffalo, New York, the Company operates more than 900 storage facilities in 30 states and in the province of Ontario, Canada. The Company serves both residential and commercial storage customers with storage units rented by month. Life Storage consistently provides responsive service to approximately 500,000 customers, making it a leader in the industry.

LSI Income Statement

2022-12-31

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues
Rental income	$ 917,143	$ 690,758	$ 539,554
Total operating revenues	1,038,166	788,565	616,771
Expenses
Property operations and maintenance	179,760	143,648	122,544
Tenant reinsurance	29,280	22,882	15,729
Real estate taxes	99,710	79,861	70,302
General and administrative	77,201	62,617	52,055
Depreciation and amortization	192,902	147,119	122,925
Total operating expenses	578,853	456,127	383,555
Gain on sale of non-real estate assets	5,550	0	0
Gain on sale of real estate	0	0	302
Income from operations	464,863	332,438	233,518
Other income (expenses)
Interest expense	(109,240)	(86,786)	(86,015)
Interest income	32	827	19
Gain on sale of investments in joint ventures	1,572	0	0
Equity in income of joint ventures	9,235	5,696	4,838
Net income	366,462	252,175	152,360
Net income attributable to noncontrolling interests in consolidated subsidiary	(2)	0	0
Net income attributable to common shareholders/unitholders	$ 358,128	$ 249,317	$ 151,571
Earnings per common share/unit attributable to common shareholders/unitholders - basic	$ 4.25	$ 3.18	$ 2.13
Earnings per common share/unit attributable to common shareholders/unitholders - diluted	$ 4.22	$ 3.17	$ 2.13
Redeemable Preferred Stock [Member]
Other income (expenses)
Net income attributable to noncontrolling interest in the Operating Partnership	$ (4,001)	$ (1,494)	$ 0
Redeemable Common Stock [Member]
Other income (expenses)
Net income attributable to noncontrolling interest in the Operating Partnership	(4,331)	(1,364)	(789)
Tenant reinsurance [Member]
Revenues
Other operating income	73,805	58,103	44,742
Other operating income [Member]
Revenues
Other operating income	47,218	39,704	32,475
Life Storage LP [Member]
Revenues
Rental income	917,143	690,758	539,554
Total operating revenues	1,038,166	788,565	616,771
Expenses
Property operations and maintenance	179,760	143,648	122,544
Tenant reinsurance	29,280	22,882	15,729
Real estate taxes	99,710	79,861	70,302
General and administrative	77,201	62,617	52,055
Depreciation and amortization	192,902	147,119	122,925
Total operating expenses	578,853	456,127	383,555
Gain on sale of non-real estate assets	5,550	0	0
Gain on sale of real estate	0	0	302
Income from operations	464,863	332,438	233,518
Other income (expenses)
Interest expense	(109,240)	(86,786)	(86,015)
Interest income	32	827	19
Gain on sale of investments in joint ventures	1,572	0	0
Equity in income of joint ventures	9,235	5,696	4,838
Net income	366,462	252,175	152,360
Net income attributable to noncontrolling interests in consolidated subsidiary	(2)	(0)	(0)
Net income attributable to common shareholders/unitholders	$ 358,128	$ 249,317	$ 151,571
Earnings per common share/unit attributable to common shareholders/unitholders - basic	$ 4.25	$ 3.18	$ 2.13
Earnings per common share/unit attributable to common shareholders/unitholders - diluted	$ 4.22	$ 3.17	$ 2.13
Net income attributable to general partner	$ 3,665	$ 2,522	$ 1,524
Net income attributable to limited partners	354,463	246,795	150,047
Life Storage LP [Member] \| Redeemable Preferred Stock [Member]
Other income (expenses)
Net income attributable to noncontrolling interest in the Operating Partnership	(4,001)	(1,494)	0
Life Storage LP [Member] \| Redeemable Common Stock [Member]
Other income (expenses)
Net income attributable to noncontrolling interest in the Operating Partnership	(4,331)	(1,364)	(789)
Life Storage LP [Member] \| Tenant reinsurance [Member]
Revenues
Other operating income	73,805	58,103	44,742
Life Storage LP [Member] \| Other operating income [Member]
Revenues
Other operating income	$ 47,218	$ 39,704	$ 32,475

LSI Balance Sheet

2022-12-31

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Investment in storage facilities:
Land	$ 1,307,425	$ 1,185,976
Building, equipment, and construction in progress	6,864,381	5,904,481
Real estate investment property, at cost, total	8,171,806	7,090,457
Less: accumulated depreciation	(1,170,520)	(1,007,650)
Investment in storage facilities, net	7,001,286	6,082,807
Cash and cash equivalents	24,406	171,865
Accounts receivable	24,153	17,784
Receivable from unconsolidated joint ventures	1,562	333
Investment in unconsolidated joint ventures	275,190	213,003
Prepaid expenses	10,363	9,918
Trade name	16,500	16,500
Other assets	34,270	44,387
Total Assets	7,387,730	6,556,597
Liabilities
Line of credit	595,000	0
Term notes, net	2,751,632	2,747,838
Accounts payable and accrued liabilities	148,130	131,778
Deferred revenue	33,192	27,277
Mortgages payable	36,258	37,030
Total Liabilities	3,564,212	2,943,923
Noncontrolling redeemable Preferred Operating Partnership Units at redemption value	89,077	90,783
Noncontrolling redeemable Common Operating Partnership Units (see Note 2)	107,074	142,892
Shareholders' Equity/ Partners' Capital
Common stock $.01 par value, 200,000,000 shares authorized, 85,019,884 shares outstanding at December 31, 2022 (83,565,710 at December 31, 2021)	850	836
Additional paid-in capital	3,886,317	3,697,000
Dividends in excess of net income	(261,510)	(314,713)
Accumulated other comprehensive loss	(3,207)	(4,124)
Total Shareholders’ Equity	3,622,450	3,378,999
Noncontrolling interest in consolidated subsidiary	4,917	0
Total Equity	3,627,367	3,378,999
Total Liabilities and Equity/ Partners' Capital	7,387,730	6,556,597
Life Storage LP [Member]
Investment in storage facilities:
Land	1,307,425	1,185,976
Building, equipment, and construction in progress	6,864,381	5,904,481
Real estate investment property, at cost, total	8,171,806	7,090,457
Less: accumulated depreciation	(1,170,520)	(1,007,650)
Investment in storage facilities, net	7,001,286	6,082,807
Cash and cash equivalents	24,406	171,865
Accounts receivable	24,153	17,784
Receivable from unconsolidated joint ventures	1,562	333
Investment in unconsolidated joint ventures	275,190	213,003
Prepaid expenses	10,363	9,918
Trade name	16,500	16,500
Other assets	34,270	44,387
Total Assets	7,387,730	6,556,597
Liabilities
Line of credit	595,000	0
Term notes, net	2,751,632	2,747,838
Accounts payable and accrued liabilities	148,130	131,778
Deferred revenue	33,192	27,277
Mortgages payable	36,258	37,030
Total Liabilities	3,564,212	2,943,923
Noncontrolling redeemable Preferred Operating Partnership Units at redemption value	89,077	90,783
Noncontrolling redeemable Common Operating Partnership Units (see Note 2)	107,074	142,892
Shareholders' Equity/ Partners' Capital
General partner (893,360 and 881,030 units outstanding at December 31, 2022 and December 31, 2021, respectively)	38,247	36,131
Limited partners (84,126,524 and 82,684,680 units outstanding at December 31, 2022 and December 31, 2021, respectively)	3,587,410	3,346,992
Accumulated other comprehensive loss	(3,207)	(4,124)
Total Controlling Partners’ Capital	3,622,450	3,378,999
Noncontrolling interest in consolidated subsidiary	4,917	0
Total Partners' Capital	3,627,367	3,378,999
Total Liabilities and Equity/ Partners' Capital	$ 7,387,730	$ 6,556,597