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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 September 30, 2020. Highlights for the Third Quarter Included: Joe Saffire, the Companys Chief Executive Officer, stated, We had a great quarter on many fronts. Our stores returned to positive top line revenue and NOI growth. We achieved record third quarter same store occupancy, up 290 basis points year-over-year at quarter end. We acquired 25 stores from two of our strategic joint venture partners and our acquisition pipeline remains robust. We added 30 stores to our third-party management platform as owners are drawn to our technology platforms and peer-leading same store performance. Our B2B platform, Warehouse Anywhere, achieved several positive customer pilot outcomes. And our balance sheet and liquidity position remain strong and support our ability to execute on our strategic initiatives. COVID-19 PANDEMIC: The COVID-19 global health crisis and related economic disruption has had an adverse effect on the Companys year-to-date financial results in 2020. However, the Company experienced several positive trends in the third quarter and October, which include: FINANCIAL RESULTS: In the third quarter of 2020, the Company generated net income attributable to common shareholders of $37.1 million or $0.78 per fully diluted common share, compared to net income attributable to common shareholders of $140.0 million, or $2.99 per fully diluted common share, in the third quarter of 2019. Net income in the same quarter last year benefited from a $100.2 million gain on sale of storage facilities. Funds from operations for the quarter were $1.49 per fully diluted common share compared to $1.46 for the same period last year. After adjusting for the $1.5 million impact of uninsured damages and customer reinsurance claims associated with hurricane damage in September 2020, adjusted FFO per fully diluted common share for the quarter was $1.52, compared to $1.46 for the quarter ended September 30, 2019. OPERATIONS: Same store revenues for the stabilized stores wholly owned by the Company since December 31, 2018 increased 1.2% from the third quarter of 2019. The increase resulted from the net impact of a 230 basis point increase in average occupancy and a 2.4% decline in realized rental rates. Same store operating expenses increased 2.7% for the third quarter of 2020 compared to the prior year period, the result of increased real estate taxes and internet marketing costs. The increases were offset by decreases in payroll and benefits, repair and maintenance, utilities, advertising, insurance and office and other operating expenses. This is the eighth straight quarter of declining payroll and benefits when comparing to the same period of the prior year. Same store NOI increased 0.4% in the third quarter of 2020 as compared to the third quarter of 2019. The Companys 2020 same store pool consists of the 515 stabilized stores wholly owned since December 31, 2018. Two stores that were damaged from hurricanes in September 2020 were removed from the same store pool in the third quarter. Twenty-two of the stores purchased through December 31, 2019 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 stores 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 second year after the stores achieve 80% sustained occupancy using market rates and incentives. PORTFOLIO TRANSACTIONS: During the quarter, the Company acquired 25 stabilized stores in New Jersey (6), Ohio (6), Texas (5), Pennsylvania (4), Florida (3), and Georgia (1) for a total purchase price of $326.7 million. Seventeen of the properties were acquired from Sovran HHF Storage Holdings LLC, a joint venture in which the Company has a 20% common interest, and eight of the properties were acquired from Sovran HHF Storage Holdings II LLC, a joint venture in which the Company has a 15% common interest. The net investment to acquire the properties was $295.3 million. During the third quarter, the Company entered into contracts to acquire three self-storage facilities in Missouri, New Jersey, and New York for an aggregate purchase price of $37.9 million. Subsequent to September 30, 2020, the Company entered into contracts to acquire five self-storage facilities in Florida (2), South Carolina (2) and California (1) for an aggregate purchase price of $59.6 million. The purchases of these facilities are subject to customary conditions to closing, and there is no assurance that any of these facilities will be acquired. THIRD-PARTY MANAGEMENT: The Company continues to aggressively and profitably grow its third-party management platform. During the quarter, the Company added 30 stores. As of quarter end, the Company managed 317 facilities in total, including those in which it owns a minority interest. FINANCIAL POSITION: At September 30, 2020, the Company had approximately $110.2 million of cash on hand, and approximately $500 million available on its line of credit. On September 23, 2020, the Company completed an offering of $400 million aggregate principal amount of 2.2% Senior Unsecured Notes due 2030. The proceeds were used to fund a portion of the 25-store portfolio acquisition noted above, for general corporate purposes and to fund the October 2020 repayment of a $100 million term note due August 2021 and a related $4.0 million make-whole expense. During the three months ended September 30, 2020, the Company issued 1,285,546 shares of common stock under its continuous equity offering program at a weighted average issue price of $105.51 per share, generating net proceeds after expenses of $134.2 million. Below are key financial ratios at September 30, 2020: Debt to Enterprise Value (at $105.27/share) 31.2% Debt to Book Cost of Storage Facilities 44.4% Debt to Recurring Annualized EBITDA 5.8x Debt Service Coverage 4.3x COMMON STOCK DIVIDEND: Subsequent to quarter end, the Companys Board of Directors approved a quarterly dividend of $1.07 per share, or $4.28 annualized. The dividend was paid on October 26, 2020 to shareholders of record on October 13, 2020. YEAR 2020 EARNINGS GUIDANCE: Continued uncertainties resulting from the ongoing COVID-19 pandemic and related economic disruption across the country and its impact on customer demand in individual markets, continue to make it challenging to provide an outlook and guidance with reasonable accuracy. However, the Company believes it is well positioned to continue to strengthen its share of the resilient self-storage markets it serves due to its disciplined business model and a strong balance sheet to support its strategic initiatives. The Company will continue with suspension of quantitative guidance and revisit this practice next quarter. FORWARD LOOKING STATEMENTS: When used in 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 would cause rents and occupancy rates to decline; risks associated with the COVID-19 global health crisis or similar events, including but not limited to (i) the impact to the health of our employees and/or customers, (ii) the negative impacts to the economy and to self-storage customers which could reduce the demand for self-storage or reduce our ability to collect rent, (iii) reducing or eliminating our ability to increase rents charged to our current or future customers, (iv) limiting our ability to collect rent from or evict past due customers, (v) we could see an increase in move-outs of longer-term customers due to the economic uncertainty and significant rise in unemployment resulting from the COVID-19 global health crisis which could lead to lower occupancies and reduced average rental rates as longer-term customers are replaced with new customers at lower rates, and (vi) potential negative impacts on the cost and availability of debt and equity which could have a negative impact on our capital and growth plans; the Companys ability to evaluate, finance and integrate acquired self-storage facilities into the Companys existing business and operations; the Companys ability to effectively compete in the industry in which it does business; the Companys 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 Companys outstanding floating rate debt; the Companys ability to comply with debt covenants; any future ratings on the Companys debt instruments; regional concentration of the Companys business may subject it to economic downturns in the states of Florida and Texas; the Companys reliance on its call center; and tax law changes that 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 Friday, November 6, 2020. 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 844-707-6940 (domestic) or 412-317-5702 (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 a period of six months. 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. 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. For more information visit http://invest.lifestorage.com. 2020 2019 $ 937,030 $ 884,235 4,263,222 3,865,238 5,200,252 4,749,473 (842,592 ) (756,333 ) 4,357,660 3,993,140 110,247 17,458 13,970 12,218 3,223 1,302 143,633 154,984 10,601 7,771 5,685 2,910 16,500 16,500 27,536 26,681 $ 4,689,055 $ 4,232,964 $ - $ 65,000 2,254,783 1,858,271 107,980 103,942 16,204 11,699 34,352 34,851 2,413,319 2,073,763 25,848 26,307 482 467 2,533,402 2,376,723 (278,726 ) (238,338 ) (5,270 ) (5,958 ) 2,249,888 2,132,894 $ 4,689,055 $ 4,232,964 $ 135,965 $ 128,565 $ 393,701 $ 381,625 15,827 13,260 43,458 35,405 4,518 3,809 13,107 10,156 156,310 145,634 450,266 427,186 36,199 32,215 101,297 96,809 17,729 16,116 52,751 48,427 13,369 11,554 38,498 34,401 - 75 - 358 31,960 26,055 86,524 77,561 1,058 799 3,811 1,678 100,315 86,814 282,881 259,234 - 100,222 - 100,222 - - 302 1,076 55,995 159,042 167,687 269,250 (20,544 ) (19,760 ) (61,056 ) (56,339 ) 8 289 14 340 1,829 1,175 3,915 3,095 37,288 140,746 110,560 216,346 (193 ) (744 ) (576 ) (1,148 ) $ 37,095 $ 140,002 $ 109,984 $ 215,198 $ 0.78 $ 3.00 $ 2.34 $ 4.62 $ 0.78 $ 2.99 $ 2.34 $ 4.61 47,223,842 46,586,030 46,915,323 46,577,704 47,299,906 46,657,105 46,985,647 46,641,673 $ 1.07 $ 1.00 $ 3.21 $ 3.00 $ 19,948 $ 19,146 $ 59,258 $ 54,625 596 614 1,798 1,714 $ 20,544 $ 19,760 $ 61,056 $ 56,339 $ 37,095 $ 140,002 $ 109,984 $ 215,198 193 744 576 1,148 32,417 26,269 88,557 77,797 1,024 1,598 4,502 4,468 - (100,222 ) - (100,222 ) (367 ) (360 ) (1,060 ) (1,055 ) 70,362 68,031 202,559 197,334 $ 1.49 $ 1.46 $ 4.31 $ 4.23 $ 1,546 $ - $ 1,546 $ - $ - $ - $ - (1,651 ) - - (302 ) (1,076 ) - - (217 ) - - - - 443 (8 ) - (5 ) 12 71,900 68,031 203,581 195,062 $ 1.52 $ 1.46 $ 4.33 $ 4.18 47,299,906 46,657,105 46,985,647 46,641,673 $ 37,288 $ 140,746 $ 110,560 $ 216,346 13,369 11,554 38,498 34,401 - 75 - 358 33,018 26,854 90,335 79,239 - (100,222 ) - (100,222 ) - - (302 ) (1,076 ) 20,544 19,760 61,056 56,339 (8 ) (289 ) (14 ) (340 ) (1,829 ) (1,175 ) (3,915 ) (3,095 ) $ 102,382 $ 97,303 $ 296,218 $ 281,950 $ 84,303 $ 83,949 $ 243,549 $ 241,594 7,059 6,768 21,254 19,286 11,020 6,586 31,415 21,070 $ 102,382 $ 97,303 $ 296,218 $ 281,950 $ 124,614 $ 123,162 $ 1,452 1.2 % 1,781 1,764 17 1.0 % 126,395 124,926 1,469 1.2 % 9,218 9,460 (242 ) -2.6 % 16,209 15,241 968 6.4 % 4,085 4,359 (274 ) -6.3 % 3,564 3,583 (19 ) -0.5 % 3,751 3,817 (66 ) -1.7 % 1,466 1,478 (12 ) -0.8 % 62 113 (51 ) -45.1 % 3,737 2,926 811 27.7 % 42,092 40,977 1,115 2.7 % $ 84,303 $ 83,949 $ 354 0.4 % 55,365 49,859 5,506 51,043 55,325 (4,282 ) $ 123,760 $ 122,404 $ 1,356 1.1 % 41,000 39,929 1,071 2.7 % $ 82,760 $ 82,475 $ 285 0.3 % $ 119,378 $ 118,137 $ 1,241 1.1 % 39,318 38,400 918 2.4 % $ 80,060 $ 79,737 $ 323 0.4 % $ 363,209 $ 360,660 $ 2,549 0.7 % 4,641 5,155 (514 ) -10.0 % 367,850 365,815 2,035 0.6 % 27,879 29,353 (1,474 ) -5.0 % 48,436 45,697 2,739 6.0 % 10,738 11,699 (961 ) -8.2 % 10,801 12,692 (1,891 ) -14.9 % 10,838 11,696 (858 ) -7.3 % 4,407 4,431 (24 ) -0.5 % 186 708 (522 ) -73.7 % 11,016 7,945 3,071 38.7 % 124,301 124,221 80 0.1 % $ 243,549 $ 241,594 $ 1,955 0.8 % 152,499 148,987 3,512 135,953 147,009 (11,056 ) Same Store (3) All Stores (5) 2020 2019 2020 2019 93.0 % 90.7 % 92.3 % 89.2 % 93.2 % 90.3 % 92.4 % 88.8 % $ 14.43 $ 14.79 $ 14.44 $ 14.71 $ 4,749,473 413,022 31,650 12,191 47 (5,884 ) (247 ) $ 5,200,252 $ 7,792 $ 6,557 173 296 814 744 205 255 961 490 945 944 2,479 2,268 $ 13,369 $ 11,554 42,689,838 6,701,445 16,463,115 65,854,398 48,199,008 46,656,891 243,966 247,466

Answer: Life Storage, Inc. Reports Third Quarter Results