Highlights for the First Quarter Included<\/span>:<\/b><\/p>\n \nJoe Saffire, the Company\u2019s Chief Executive Officer, stated, \u201cThe Life Storage team continues to fire on all cylinders with this quarter marking the 10th<\/sup> straight quarter in which we achieved double-digit adjusted FFO growth. I couldn\u2019t be prouder of what the team has accomplished.\u201d<\/p>\n FINANCIAL RESULTS:<\/b><\/p>\n \nIn the first quarter of 2023, the Company generated net income attributable to common shareholders of $81.6 million, or $0.96 per fully diluted common share, compared to net income attributable to common shareholders of $73.6 million, or $0.88 per fully diluted common share, in the first quarter of 2022.<\/p>\n \nFunds from operations for the quarter were $1.54 per fully diluted common share compared to $1.44 for the same period last year. Adjusted FFO per fully diluted common share for the quarter was $1.63 after adjusting for a net total of $7.4 million in merger related costs, gain on sale of non-real estate assets, non-controlling interest, and acquisition fees, compared to $1.44 for the same period last year.<\/p>\n OPERATIONS:<\/b><\/p>\n \nRevenues for the 664 stabilized stores wholly owned by the Company since December 31, 2021 increased 10.5% in the first quarter of 2023 compared to the same quarter of 2022. The increase largely resulted from the impact of a 13.6% increase in realized rental rates.<\/p>\n \nSame store operating expenses increased 5.2% for the first quarter of 2023 compared to the prior year period, primarily the result of higher real estate taxes, office and other operating expenses, and payroll and benefits. Same store NOI increased 12.8% in the first quarter of 2023 as compared to the first quarter of 2022.<\/p>\n \nGeneral and administrative expenses for the quarter ended March 31, 2023 were impacted by $8.3 million of merger related costs.<\/p>\n \nDuring the first quarter of 2023, the Company achieved 9% or greater same store revenue growth in 25 of its 38 major markets. Overall, the markets with the strongest positive revenue impact were Los Angeles, CA; Miami, FL; Dallas, TX; Orlando, FL; and Tampa, FL.<\/p>\n PORTFOLIO TRANSACTIONS:<\/b><\/p>\n Joint Venture Portfolio<\/span><\/p>\n \nDuring the quarter, the Company with a joint venture partner acquired one store in New Jersey for a total purchase price of $22.4 million, of which the Company invested $4.1 million.<\/p>\n \nSubsequent to March 31, 2023, the Company and a joint venture partner acquired four self-storage facilities in New York for a total purchase price of $150.0 million, of which the Company invested $15.1 million.<\/p>\n THIRD-PARTY MANAGEMENT:<\/b><\/p>\n \nDuring the quarter, the Company added 16 stores (12 net) to its third-party management platform. As of quarter end, the Company managed 452 facilities in total, including those in which it owns a noncontrolling interest.<\/p>\n FINANCIAL POSITION:<\/b><\/p>\n \nAt March 31, 2023, the Company had approximately $32.8 million of cash on hand, and approximately $631 million available on its line of credit.<\/p>\n \nBelow are key financial ratios as of March 31, 2023:<\/p>\n \n23.1%<\/p>\n<\/td>\n<\/tr>\n \n39.6%<\/p>\n<\/td>\n<\/tr>\n COMMON STOCK DIVIDEND:<\/b><\/p>\n \nSubsequent to quarter end, the Company\u2019s Board of Directors approved a quarterly dividend of $1.20 per share, or $4.80 annualized. The dividend was paid on April 26, 2023 to shareholders of record on April 14, 2023.<\/p>\n YEAR 2023<\/b>EARNINGS GUIDANCE:<\/b><\/p>\n \nThe Company maintains its previously announced earnings guidance for fiscal 2023. The following assumptions covering operations have been utilized in formulating guidance for 2023:<\/p>\n Year 2023 Earnings Guidance<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Current Guidance Range (1)<\/sup><\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nSame Store Revenue<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4.00%<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n5.50%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nSame Store Operating Costs (excluding property taxes)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4.00%<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n5.00%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nSame Store Property Taxes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6.25%<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n7.25%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTotal Same Store Operating Expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4.75%<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n6.25%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nSame Store Net Operating Income<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3.75%<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n5.25%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nGeneral & Administrative<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$76M<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n$78M<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nExpansions & Enhancements<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$65M<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n$75M<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCapital Expenditures<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$30M<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n$35M<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nWholly Owned Acquisitions<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$150M<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n$250M<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nJoint Venture Investments<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$50M<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n$100M<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAdjusted Funds from Operations per Share<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$6.75<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n$6.95<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\u00a0<\/p>\n Reconciliation of Guidance<\/b><\/p>\n<\/td>\n 2Q 2023<\/b><\/p>\n Range or Value<\/span><\/b><\/p>\n<\/td>\n FY 2023<\/b><\/p>\n Range or Value<\/span><\/b><\/p>\n<\/td>\n<\/tr>\n \nEarnings per share attributable to common shareholders – diluted<\/p>\n<\/td>\n \n$1.12 – $1.16<\/p>\n<\/td>\n \n$4.42 – $4.62<\/p>\n<\/td>\n<\/tr>\n \nPlus: real estate depreciation and amortization<\/p>\n<\/td>\n 0.58 – 0.58<\/span><\/p>\n<\/td>\n 2.33 – 2.33<\/span><\/p>\n<\/td>\n<\/tr>\n \nAdjusted FFO per share<\/p>\n<\/td>\n $1.70 – $1.74<\/span><\/p>\n<\/td>\n $6.75 – $6.95<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n(1)<\/p>\n<\/td>\n \nThe Company\u2019s 2023 same store pool consists of the 664 stabilized stores wholly owned since December 31, 2021. Forty-four of the stores purchased through March 31, 2023, 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\u2019s 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.<\/p>\n FORWARD LOOKING STATEMENTS:<\/b><\/p>\n \nWhen used herein, the words \u201cintends,\u201d \u201cbelieves,\u201d \u201cexpects,\u201d \u201canticipates,\u201d and similar expressions are intended to identify \u201cforward-looking statements\u201d 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.<\/p>\n \nAll forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. We may also make additional forward-looking statements from time to time. All such subsequent forward-looking statements, whether written or oral, by us or on our behalf, are also expressly qualified by these cautionary statements. All forward-looking statements apply only as of the date made. We undertake no obligation to publicly update or revise forward-looking statements which may be made to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events.<\/p>\n \nThere are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained herein. Any forward-looking statements should be considered in light of the risks referenced in the \u201cRisk Factors\u201d section included in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Such factors include, but are not limited to:<\/p>\n \nThe forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. These beliefs, assumptions and expectations are subject to risks and uncertainties and can change as a result of many possible events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity and results of operations may vary materially from those expressed in our forward-looking statements. You should carefully consider these risks before you make an investment decision with respect to our securities.<\/p>\n CONFERENCE CALL:<\/b><\/p>\n \nLife Storage will hold its First Quarter Earnings Release Conference Call at 9:00 a.m. Eastern Time on Wednesday, May 3, 2023. To help avoid connection delays, participants are encouraged to pre-register using this link<\/a>. Anyone unable to pre-register may access the conference call at 888.506.0062 (domestic) or 973.528.0011 (international); passcode 444471 or request to be joined into the Life Storage call. 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<\/a>. The webcast will be archived for a period of 90 days; a telephone replay will also be available for 14 days by calling 877.481.4010 and entering passcode 48170.<\/p>\n ABOUT LIFE STORAGE, INC:<\/b><\/p>\n \nLife 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 1,200 storage facilities in 37 states and the District of Columbia. The Company serves both residential and commercial storage customers with storage units rented by month. Life Storage consistently provides responsive service to more than 690,000 customers, making it a leader in the industry. For more information visit https:\/\/invest.lifestorage.com\/<\/a>.<\/p>\n\n \n\u00a0<\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2022<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n1,309,475<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,307,425<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n6,886,522<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,864,381<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n8,195,997<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8,171,806<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(1,215,348<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,170,520<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n6,980,649<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7,001,286<\/p>\n<\/td>\n 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\n\u00a0<\/p>\n<\/td>\n \n22,418<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,195<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5.3<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n5,413<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,083<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n330<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6.5<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n6,295<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,995<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n300<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5.0<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n5,782<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,342<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n440<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8.2<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n2,250<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,045<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n205<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10.0<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n60<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(60<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n-100.0<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n4,650<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,465<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n185<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 4.1<\/span><\/p>\n<\/td>\n %<\/span><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n60,757<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n57,776<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,981<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 5.2<\/span><\/p>\n<\/td>\n %<\/span><\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n152,523<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n135,169<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n17,354<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 12.8<\/span><\/p>\n<\/td>\n %<\/span><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n58,659<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n58,042<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n617<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n61,161<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n57,040<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,121<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n187,786<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n170,458<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n17,328<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10.2<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n52,953<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n50,521<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,432<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 4.8<\/span><\/p>\n<\/td>\n %<\/span><\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n134,833<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n119,937<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n14,896<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 12.4<\/span><\/p>\n<\/td>\n %<\/span><\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n169,911<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n154,662<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n15,249<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9.9<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n48,078<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n45,854<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,224<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 4.9<\/span><\/p>\n<\/td>\n %<\/span><\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n121,833<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n108,808<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n13,025<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 12.0<\/span><\/p>\n<\/td>\n %<\/span><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n 2023<\/span><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2022<\/span><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2023<\/span><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2022<\/span><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n90.7<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n93.5<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n90.0<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n93.0<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n90.4<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n93.6<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n89.5<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n92.9<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \n$19.31<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$17.00<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$19.22<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$16.98<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n8,171,806<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n14,426<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7,513<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n426<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,232<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,406<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n8,195,997<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n11,229<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n9,911<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n271<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n136<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,224<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n840<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n814<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n345<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n931<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n358<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,167<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,101<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8,314<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,868<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,135<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n27,818<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n15,826<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n55,526,370<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10,642,430<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n23,692,267<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n89,861,067<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n85,061,573<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n84,307,259<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,602,323<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n960,208<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20230502005951\/en\/<\/a><\/span><\/p>\n \nLife Storage, Inc. KEYWORDS:<\/b> New York United States North America<\/p>\n INDUSTRY KEYWORDS:<\/b> Professional Services Commercial Building & Real Estate Finance Construction & Property REIT Banking<\/p>\n\n
\n
\n \u00a0<\/td>\n \u00a0<\/td>\n \u2022 Debt to Enterprise Value (at $131.09\/share)<\/td>\n \n \n \u00a0<\/td>\n \u00a0<\/td>\n \u2022 Debt to Book Cost of Storage Facilities<\/td>\n \n \n \u00a0<\/td>\n \u00a0<\/td>\n \u2022 Debt to Recurring Annualized EBITDA<\/td>\n 4.9x<\/td>\n<\/tr>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \u2022 Debt Service Coverage<\/td>\n 5.2x<\/td>\n<\/tr>\n<\/table>\n \n
\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n Guidance does not reflect the impact of fees and other costs incurred or expected to be incurred by the Company in connection with its response to Public Storage\u2019s unsolicited proposal or the pending merger with Extra Space Storage.<\/td>\n<\/tr>\n<\/table>\n \n
\n
\n Life Storage, Inc.<\/b><\/td>\n \n \n \u00a0<\/td>\n <\/tr>\n \n Balance Sheet Data<\/b><\/td>\n \n \n \u00a0<\/td>\n <\/tr>\n \n (unaudited)<\/b><\/td>\n \n \n \u00a0<\/td>\n <\/tr>\n \n \n \n \n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n \n \n March 31,<\/b><\/td>\n \u00a0<\/td>\n December 31,<\/b><\/td>\n<\/tr>\n \n (dollars in thousands)<\/b><\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n Assets<\/b><\/td>\n \n \n \u00a0<\/td>\n <\/tr>\n \n Investment in storage facilities:<\/td>\n \n \n \u00a0<\/td>\n <\/tr>\n \n Land<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n Building, equipment and construction in progress<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n Less: accumulated depreciation<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n Investment in storage facilities, net<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n Cash and cash equivalents<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n Accounts receivable<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n Receivable from joint ventures<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n Investment in joint ventures<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n Prepaid expenses<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n Intangible asset – in-place customer leases<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n Trade name<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n Other assets<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n Total Assets<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n Liabilities<\/b><\/td>\n \n \n \u00a0<\/td>\n <\/tr>\n \n Line of credit<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n Term notes, net<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n Accounts payable and accrued liabilities<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n Deferred revenue<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n Mortgages payable<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n Total Liabilities<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n Noncontrolling redeemable Preferred Operating Partnership Units at redemption value<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n Noncontrolling redeemable Common Operating Partnership Units<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n Equity<\/b><\/td>\n \n \n \u00a0<\/td>\n <\/tr>\n \n Common stock<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n Additional paid-in capital<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n Accumulated deficit<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n Accumulated other comprehensive loss<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n Total Shareholders’ Equity<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n Noncontrolling interest in consolidated subsidiary<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n Total Equity<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n Total Liabilities and Equity<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n<\/table>\n\n \n
\n Life Storage, Inc.<\/b><\/td>\n \n \n \n <\/tr>\n \n Consolidated Statements of Operations<\/b><\/td>\n \n \n \n <\/tr>\n \n (unaudited)<\/b><\/td>\n \n \n \n <\/tr>\n \n \n \n January 1, 2023<\/td>\n \n January 1, 2022<\/td>\n<\/tr>\n \n \n \n to<\/td>\n \n to<\/td>\n<\/tr>\n \n (dollars in thousands, except share data)<\/td>\n \n March 31, 2023<\/td>\n \n March 31, 2022<\/td>\n<\/tr>\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Revenues<\/b><\/td>\n \n \n \n <\/tr>\n \n Rental income<\/td>\n \n \n \n \n \n \n \n \n \n Tenant reinsurance<\/td>\n \n \n \n \n \n \n \n \n \n Other operating income<\/td>\n \n \n \n \n \n \n \n \n \n Management and acquisition fee income<\/td>\n \n \n \n \n \n \n \n \n \n Total operating revenues<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Expenses<\/b><\/td>\n \n \n \n <\/tr>\n \n Property operations and maintenance<\/td>\n \n \n \n \n \n \n \n \n \n Tenant reinsurance<\/td>\n \n \n \n \n \n \n \n \n \n Real estate taxes<\/td>\n \n \n \n \n \n \n \n \n \n General and administrative<\/td>\n \n \n \n \n \n \n \n \n \n Depreciation and amortization<\/td>\n \n \n \n \n \n \n \n \n \n Amortization of in-place customer leases<\/td>\n \n \n \n \n \n \n \n \n \n Total operating expenses<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Gain on sale of non-real estate assets<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Income from operations<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Other income (expense)<\/td>\n \n \n \n <\/tr>\n \n Interest expense (A)<\/b><\/td>\n \n \n \n \n \n \n \n \n \n Interest and dividend income<\/td>\n \n \n \n \n \n \n \n \n \n Equity in income of joint ventures<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Net income<\/b><\/td>\n \n \n \n \n \n \n \n \n \n Net income attributable to noncontrolling preferred interests in the Operating Partnership<\/td>\n \n \n \n \n \n \n \n \n \n Net income attributable to noncontrolling common interests in the Operating Partnership<\/td>\n \n \n \n \n \n \n \n \n \n Net loss attributable to noncontrolling common interests in consolidated subsidiary<\/td>\n \n \n \n \n \n \n \n \n \n Net income attributable to common shareholders<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Earnings per common share attributable to common shareholders – basic<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Earnings per common share attributable to common shareholders – diluted<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Common shares used in basic earnings per share calculation<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Common shares used in diluted earnings per share calculation<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Dividends declared per common share<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n (A) Interest expense for the period ending March 31 consists of the following<\/b><\/td>\n \n <\/tr>\n \n Interest expense<\/td>\n \n \n \n \n \n \n \n \n \n Amortization of debt issuance costs<\/td>\n \n \n \n \n \n \n \n \n \n Total interest expense<\/td>\n \n \n \n \n \n \n \n \n \n
\n Life Storage, Inc.<\/b><\/td>\n \n \n \n \n <\/tr>\n \n Computation of Funds From Operations (FFO) (1)<\/sup><\/b><\/td>\n \n \n \n \n <\/tr>\n \n (unaudited)<\/b><\/td>\n \n \n \n \n <\/tr>\n \n \n \n January 1, 2023<\/td>\n \n January 1, 2022<\/td>\n <\/tr>\n \n \n \n to<\/td>\n \n to<\/td>\n <\/tr>\n \n (dollars in thousands, except share data)<\/td>\n \n March 31, 2023<\/td>\n \n March 31, 2022<\/td>\n <\/tr>\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Net income attributable to common shareholders<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Noncontrolling common interests in the Operating Partnership<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Noncontrolling preferred interests in the Operating Partnership during conversion period<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Depreciation of real estate and amortization of intangible<\/td>\n \n \n \n \n <\/tr>\n \n assets exclusive of debt issuance costs<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Depreciation and amortization from unconsolidated joint ventures<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Funds from operations allocable to noncontrolling<\/td>\n \n \n \n \n <\/tr>\n \n interest in Operating Partnership<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Funds from operations available to common shareholders<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n FFO per share – diluted<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Adjustments to FFO<\/b><\/td>\n \n \n \n \n <\/tr>\n \n Gain on sale of non-real estate assets<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Merger related costs<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Acquisition fee<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Funds from operations resulting from non-recurring items<\/td>\n \n \n \n \n <\/tr>\n \n allocable to noncontrolling interest in Operating Partnership<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Adjusted funds from operations available to common shareholders<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Adjusted FFO per share – diluted<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Common shares – diluted<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n<\/table>\n\n \n
\n Life Storage, Inc.<\/b><\/td>\n \n \n \n <\/tr>\n \n Computation of Net Operating Income (2)<\/sup><\/b><\/td>\n \n \n \n <\/tr>\n \n (unaudited)<\/b><\/td>\n \n \n \n <\/tr>\n \n \n \n January 1, 2023<\/td>\n \n January 1, 2022<\/td>\n<\/tr>\n \n \n \n to<\/td>\n \n to<\/td>\n<\/tr>\n \n (dollars in thousands)<\/td>\n \n March 31, 2023<\/td>\n \n March 31, 2022<\/td>\n<\/tr>\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Net Income<\/td>\n \n \n \n \n \n \n \n \n \n General and administrative<\/td>\n \n \n \n \n \n \n \n \n \n Depreciation and amortization<\/td>\n \n \n \n \n \n \n \n \n \n Interest expense<\/td>\n \n \n \n \n \n \n \n \n \n Interest and dividend income<\/td>\n \n \n \n \n \n \n \n \n \n Equity in income of joint ventures<\/td>\n \n \n \n \n \n \n \n \n \n Net operating income<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Same store (4)<\/td>\n \n \n \n \n \n \n \n \n \n Net operating income related to tenant reinsurance<\/td>\n \n \n \n \n \n \n \n \n \n Other stores, management fee income, and gain on<\/td>\n \n \n \n <\/tr>\n \n sale of non-real estate assets<\/td>\n \n \n \n \n \n \n \n \n \n Total net operating income<\/td>\n \n \n \n \n \n \n \n \n \n
\n Life Storage, Inc.<\/b><\/td>\n \n \n \n \n \n \n \n <\/tr>\n \n Quarterly Same Store Data (3) (4)<\/sup> 664 mature stores owned since 12\/31\/21<\/b><\/td>\n<\/tr>\n \n (unaudited)<\/b><\/td>\n \n \n \n \n \n \n \n <\/tr>\n \n \n \n January 1, 2023<\/td>\n \n January 1, 2022<\/td>\n \n \n \n <\/tr>\n \n \n \n to<\/td>\n \n to<\/td>\n \n \n \n Percentage<\/td>\n<\/tr>\n \n (dollars in thousands)<\/td>\n \n March 31, 2023<\/td>\n \n March 31, 2022<\/td>\n \n Change<\/td>\n \n Change<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Revenues:<\/b><\/td>\n \n \n \n \n \n \n \n <\/tr>\n \n Rental income<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Other operating income<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total operating revenues<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Expenses:<\/b><\/td>\n \n \n \n \n \n \n \n <\/tr>\n \n Payroll and benefits<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Real estate taxes<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Utilities<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Repairs and maintenance<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Office and other operating expense<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Insurance<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Advertising<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Internet marketing<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total operating expenses<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Net operating income (2)<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n QTD Same store move ins<\/td>\n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n QTD Same store move outs<\/td>\n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n<\/table>\n\n \n
\n Other Comparable Quarterly Same Store Data (4)<\/b><\/td>\n \n \n \u00a0<\/td>\n \n \n \n <\/tr>\n \n (unaudited)<\/b><\/td>\n \n \n \u00a0<\/td>\n \n \n \n <\/tr>\n \n \n \n January 1, 2023<\/td>\n \u00a0<\/td>\n January 1, 2022<\/td>\n \n \n <\/tr>\n \n \n \n to<\/td>\n \u00a0<\/td>\n to<\/td>\n \n \n Percentage<\/td>\n<\/tr>\n \n \n \n March 31, 2023<\/td>\n \u00a0<\/td>\n March 31, 2022<\/td>\n \n Change<\/td>\n Change<\/td>\n<\/tr>\n \n 2022 Same store pool (576 stores)<\/b><\/td>\n \n \n \u00a0<\/td>\n \n \n \n <\/tr>\n \n Revenues<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n Expenses<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n Net operating income<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n 2021 Same store pool (526 stores)<\/b><\/td>\n \n \n \u00a0<\/td>\n \n \n \n <\/tr>\n \n Revenues<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n Expenses<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n Net operating income<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Life Storage, Inc.<\/b><\/td>\n \n \n \u00a0<\/td>\n \n \n \n <\/tr>\n \n Other Data – unaudited<\/b><\/td>\n \n Same Store (3)<\/td>\n \n All Stores (5)<\/td>\n<\/tr>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Weighted average quarterly occupancy<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Occupancy at March 31<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Rent per occupied square foot<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Life Storage, Inc.<\/b><\/td>\n \n \n \u00a0<\/td>\n \n \n \n <\/tr>\n \n Other Data – unaudited (continued)<\/b><\/td>\n \n \n \u00a0<\/td>\n \n \n \n <\/tr>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Investment in Storage Facilities: (unaudited)<\/span><\/td>\n \n \n \u00a0<\/td>\n \n \n \n <\/tr>\n \n The following summarizes activity in storage facilities during the three months ended March 31, 2023:<\/td>\n \n \n <\/tr>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Beginning balance<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n <\/tr>\n \n Wholly owned property acquisitions<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n <\/tr>\n \n Improvements and equipment additions:<\/td>\n \n \n \u00a0<\/td>\n \n \n \n <\/tr>\n \n Expansions<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n <\/tr>\n \n Roofing, paving, and equipment:<\/td>\n \n \n \u00a0<\/td>\n \n \n \n <\/tr>\n \n Stabilized stores<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n <\/tr>\n \n Recently acquired stores<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n <\/tr>\n \n Change in construction in progress (Total CIP $46.5 million)<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n <\/tr>\n \n Dispositions and Impairments<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n <\/tr>\n \n Storage facilities at cost at period end<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n <\/tr>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Comparison of Selected G&A Costs (unaudited)<\/span><\/td>\n \n Quarter Ended<\/td>\n \n \n <\/tr>\n \n \n \n March 31, 2023<\/span><\/td>\n \u00a0<\/td>\n March 31, 2022<\/span><\/td>\n \n \n <\/tr>\n \n Management and administrative salaries and benefits<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n <\/tr>\n \n Training<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n <\/tr>\n \n Call center<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n <\/tr>\n \n Life Storage Solutions costs<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n <\/tr>\n \n Income taxes<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n <\/tr>\n \n Legal, accounting and professional<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n <\/tr>\n \n Merger related costs<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n <\/tr>\n \n Other administrative expenses (6)<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n <\/tr>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Net rentable square feet<\/span><\/td>\n \n March 31, 2023<\/span><\/td>\n \u00a0<\/td>\n \n \n \n <\/tr>\n \n Wholly owned properties<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n <\/tr>\n \n Joint venture properties<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n <\/tr>\n \n Third party managed properties<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n <\/tr>\n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n <\/tr>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n March 31, 2023<\/span><\/td>\n \u00a0<\/td>\n March 31, 2022<\/span><\/td>\n \n \n <\/tr>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Common shares outstanding<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n <\/tr>\n \n Common Operating Partnership Units outstanding<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n <\/tr>\n<\/table>\n\n \n
\n (1) We believe that Funds from Operations (\u201cFFO\u201d) 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.<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Funds from operations is defined by the National Association of Real Estate Investment Trusts, Inc. (\u201cNAREIT\u201d) as net income available to common shareholders computed in accordance with generally accepted accounting principles (\u201cGAAP\u201d), 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.<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n 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.<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n (2) 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, operating lease expenses, depreciation and amortization expense, any losses on sale of real estate, acquisition related costs, general and administrative expense, and deducting from net income: income from discontinued operations, interest income, any gains 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 in 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.<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n (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.<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n (4) Revenues and expenses do not include items related to tenant reinsurance.<\/td>\n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n (5) Does not include unconsolidated joint venture stores or other stores managed by the Company.<\/td>\n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n (6) Other administrative expenses include office rent, travel expense, investor relations and miscellaneous other expenses.<\/td>\n \n \n <\/tr>\n<\/table>\n <\/p>\n
\n
Brent Maedl
\n
(716) 328-9756
\n
bmaedl@lifestorage.com<\/a><\/p>\n
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