Life Storage Stock Price, News & Analysis

LSI Industries Inc. (NASDAQ: LYTS) reported a strong fiscal third quarter for 2023, with net sales rising 7% year-over-year to $117.5 million. The company achieved net income of $4.7 million, a 29% increase from the previous year, leading to a diluted EPS of $0.16. Adjusted EBITDA reached $11.2 million, marking a significant 32% increase. Strong demand in the Lighting segment drove this growth, with sales up 17%. LSI reduced its net debt to $48.2 million, achieving a net leverage ratio of 1.0x TTM Adjusted EBITDA. The company declared a cash dividend of $0.05 per share payable on May 16, 2023. Management remains focused on long-term growth with a five-year strategic plan aiming for over 60% organic sales growth and substantial EBITDA increases.

Life Storage, Inc. (NYSE:LSI), a top national self-storage operator, is set to release its financial results for Q1 2023 after market close on May 2, 2023. A conference call will follow on May 3, 2023 at 9:00 a.m. ET to discuss operations and results. Participants are encouraged to pre-register using this link. Life Storage operates over 1,150 facilities across the US, serving over 690,000 customers. They are recognized for quality service and responsiveness in the self-storage sector.

Life Storage, Inc. (NYSE: LSI) has declared a quarterly dividend of $1.20 per share, amounting to an annualized dividend of $4.80 per share, reflecting an annual yield of approximately 3.6%. This dividend will be distributed on April 26, 2023 to shareholders recorded by April 14, 2023. Life Storage operates over 1,150 facilities across 37 states and the District of Columbia, serving more than 675,000 customers, making it a key player in the self-storage industry.

On April 3, 2023, Extra Space Storage (NYSE: EXR) announced its definitive merger agreement with Life Storage (NYSE: LSI), creating the largest storage operator in the U.S. The all-stock transaction values Life Storage at approximately $145.82 per share, totaling a pro forma equity market cap of around $36 billion and an enterprise value of $47 billion. Shareholders will own 65% and 35% of the combined entity. This merger aims to enhance operational synergies, expand portfolio size by over 50%, and generate at least $100 million in annual savings. The deal is expected to close in the second half of 2023.

LSI Industries Inc. (NASDAQ: LYTS) has unveiled its "Fast Forward" strategy, aiming for $800 million in net sales and $100 million in adjusted EBITDA by FY28. This initiative is part of their long-term growth plan, focusing on targeted expansion in high-value vertical markets and operational efficiency. For the fiscal year 2023, LSI projects net sales between $490-$500 million and adjusted EBITDA of $47-$49 million. The company expects over 60% growth in net sales and over 100% growth in adjusted EBITDA over five years, with a goal of achieving a margin of 12.5% of net sales.

Life Storage released an investor presentation regarding Public Storage's unsolicited acquisition proposal dated February 5, 2023. Life Storage asserts that the proposal significantly undervalues the company and its potential for growth, highlighting a 150% total shareholder return over the past five years. The company anticipates a low double-digit growth in FFO per share for 2024. Life Storage emphasizes its leading same-store revenue growth in the industry, enhanced by disciplined expense control. The Board is open to evaluating proposals that reflect the company's true value while maintaining confidence in its growth trajectory.