Life Storage, Inc. Reports First Quarter 2021 Results
www.bloomberg.com/press-releases/...irst-quarter-2021-results
FINANCIAL RESULTS:
In the first quarter of 2021, the Company generated net income attributable to
common shareholders of $47.4 million or $0.63 per fully diluted common share,
compared to net income attributable to common shareholders of $36.4 million,
or $0.52 per fully diluted common share, in the first quarter of 2020. Net
income in the quarter ended March 31, 2021 benefited from $0.8 million of
preferred dividend income associated with the acquisition of a store from one
of our unconsolidated joint ventures.
Funds from operations for the quarter were $1.08 per fully diluted common
share compared to $0.94 for the same period last year. Adjusted FFO per fully
diluted common share for the quarter was similarly $1.08, compared to $0.93,
after adjusting for a total of $0.5 million related to a gain on sale of land
and acquisition fees, for the quarter ended March 31, 2020.