Life Storage Stock Price, News & Analysis

Life Storage (NYSE: LSI) rejected a recent acquisition proposal from Public Storage, determining it significantly undervalues the company and its growth potential. The Board, after consulting with independent financial and legal advisors, believes the proposed exchange ratio fails to reflect Life Storage's robust operating performance, with same-store revenue growth of 9.6% and NOI growth of 13.0% over the past three years. Life Storage has delivered nearly 100% total shareholder returns and plans to enhance value as a standalone entity. The decision will be elaborated on during their earnings call on February 24, 2023.

Life Storage, Inc. (NYSE: LSI) has received an unsolicited all-stock acquisition proposal from Public Storage, offering 0.4192 shares of its common stock for each outstanding Life Storage share. The proposal resembles one previously submitted to the Life Storage Board of Directors. The Board, advised by financial and legal experts, will review the new proposal to determine the best course of action for shareholders. Shareholders are advised to take no action at this time. Wells Fargo Securities is acting as Life Storage's financial advisor, while Hogan Lovells US LLP serves as the legal advisor.

Public Storage (NYSE: PSA) has proposed to acquire Life Storage, Inc. (NYSE: LSI) in an all-stock transaction, offering an exchange ratio of 0.4192 shares of Public Storage for each Life Storage share. This proposal represents a 19% premium based on the 20-day trailing volume-weighted average prices (VWAP) as of February 3, 2023. The company emphasizes the benefits of enhanced growth and profitability for Life Storage shareholders, leveraging Public Storage's operational efficiencies and strong balance sheet. Public Storage's Board of Trustees has unanimously approved the proposal, urging Life Storage’s board to engage in discussions regarding the transaction.

Life Storage, Inc. (NYSE:LSI) will announce financial results for the quarter ending December 31, 2022, after market close on February 23, 2023. A conference call to discuss these results is scheduled for February 24, 2023, at 9:00 a.m. Eastern Time. Pre-registration is encouraged to avoid connection delays, with details available through a provided link. Life Storage operates over 1,100 self-storage facilities across 37 states, serving more than 675,000 customers. Investors can listen to the call via webcast on the company's investor relations website, and an archived version will be available for 90 days.

Life Storage, Inc (NYSE:LSI) has announced the tax allocations for its 2022 dividend distributions. Key details include:

• Record Dates: January 14, April 14, July 15, and October 14, 2022.
• Payable Dates: January 26, April 26, July 26, and October 26, 2022.
• Dividend Amounts: $1.00 (Jan & Apr), $1.08 (Jul & Oct), totaling $4.16 per share.

Further details will be reported on Form 1099-DIV, with shareholders encouraged to consult tax advisors regarding the tax treatment of these dividends. Life Storage is a leading self-storage operator with over 1,100 facilities across the U.S.

Life Storage, Inc. (NYSE:LSI) announced an 11% increase in its quarterly common stock dividend, raising it from $1.08 to $1.20 per share. This adjustment marks a 20% increase compared to the same quarter in 2022 and brings the annualized dividend to $4.80. The upcoming payment is scheduled for January 26, 2023, for shareholders on record as of January 13, 2023, resulting in an annual yield of 4.9%. CEO Joe Saffire highlighted this dividend increase as a part of their consistent growth strategy, reflecting a 79% rise over the past four years.

Life Storage, Inc. (NYSE: LSI) reported strong Q3 2022 results, with net income of $98.5 million, or $1.16 per diluted share, reflecting a 40% year-over-year increase. Adjusted FFO rose 26.3% to $1.73 per share. Same store revenues increased by 14.9%, driven by a 17.1% rise in rental rates, while same store NOI grew by 18.4%. The company acquired 11 wholly owned stores for $217.5 million and secured a $1.25 billion credit facility. Despite challenges from Hurricane Ian, operating fundamentals remain strong, with occupancy rates averaging 93.1%.

LSI Industries Inc. (NASDAQ: LYTS) reported strong fiscal Q1 2023 results, with net sales increasing 19% year-over-year to $127.1 million. Net income doubled to $6.3 million, achieving a diluted EPS of $0.22. Adjusted EBITDA rose 76% to $13.3 million, with a margin of 10.5%. Free cash flow reached $10.1 million, contributing to a 32% decrease in net leverage to 1.7x. The company experienced robust demand across key markets, enhancing profitability and operational efficiency.