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LIFE STORAGE, INC.

lifestorage.com

No Longer Reporting

The company has not filed an annual or quarterly report since its Q1 FY2023 10-Q, filed May 3, 2023. Its latest SEC filing is a 15-12G from Jul 31, 2023.

The sections below describe the company as of the FY2022 annual report.

What Did They Do?

Owns and manages self-storage properties, renting storage space to residential and commercial customers.

How Did They Make Money?

Residential and commercial customers rent self-storage space month to month. Life Storage also earns management fees from third-party properties and income from moving supplies, renters insurance, and incidental billboard and cell-tower use.

FY2022 revenue

Who Were Their Customers?

Residential and commercial customers rent self-storage space month to month through online rentals, the call center, or stores. Temperature- and humidity-controlled units are marketed to customers storing sensitive items.

Did Revenues Turn Into Profits?

Yes. It kept 34 cents of every revenue dollar as net income in FY2022.

Operating income, FY2022
45% of revenue
▲ +40% vs FY2021 ($332.4M, 42%)
Net income, FY2022
34% of revenue
▲ +44% vs FY2021 ($249.3M, 32%)

How Were They Changing?

Since the FY2022 annual report
Latest quarter: Q1 FY2023, the three months to Mar 31, 2023
Revenue
▲ +17%
vs $233.5M in Q1 FY2022
Net income
▲ +11%
vs $73.6M in Q1 FY2022
  • Jul 20, 2023 Life Storage completed its merger with Extra Space
  • Jul 11, 2023 CFO Alexander Gress died; COO David Dodman was appointed CFO

Grew. Revenue grew 88% in 4 years, from $550.9M in FY2018 to $1B in FY2022, about 17% a year.

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