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Life Storage, Inc. Reports First Quarter 2023 Results

Life Storage, Inc. (NYSE:LSI), a leading national owner and operator of self-storage properties, reported operating results for the quarter ended March 31, 2023.

Highlights for the First Quarter Included:

  • Generated net income attributable to common shareholders of $81.6 million, or $0.96 per fully diluted common share.
  • Achieved adjusted funds from operations (“FFO”)(1) per fully diluted common share of $1.63, a 13.2% increase over the same period in 2022.
  • Increased same store revenue by 10.5% and same store net operating income (“NOI”)(2) by 12.8%, year-over-year.
  • With a joint venture partner, acquired one store for a total cost of $22.4 million, of which the Company invested $4.1 million
  • Added 16 stores (12 net) to the Company’s third-party management platform.

Joe Saffire, the Company’s Chief Executive Officer, stated, “The Life Storage team continues to fire on all cylinders with this quarter marking the 10th straight quarter in which we achieved double-digit adjusted FFO growth. I couldn’t be prouder of what the team has accomplished.”

FINANCIAL RESULTS:

In 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.

Funds 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.

OPERATIONS:

Revenues 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.

Same 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.

General and administrative expenses for the quarter ended March 31, 2023 were impacted by $8.3 million of merger related costs.

During 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.

PORTFOLIO TRANSACTIONS:

Joint Venture Portfolio

During 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.

Subsequent 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.

THIRD-PARTY MANAGEMENT:

During 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.

FINANCIAL POSITION:

At March 31, 2023, the Company had approximately $32.8 million of cash on hand, and approximately $631 million available on its line of credit.

Below are key financial ratios as of March 31, 2023:

    • Debt to Enterprise Value (at $131.09/share)

23.1%

    • Debt to Book Cost of Storage Facilities

39.6%

    • Debt to Recurring Annualized EBITDA 4.9x
    • Debt Service Coverage 5.2x

COMMON STOCK DIVIDEND:

Subsequent to quarter end, the Company’s 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.

YEAR 2023 EARNINGS GUIDANCE:

The Company maintains its previously announced earnings guidance for fiscal 2023. The following assumptions covering operations have been utilized in formulating guidance for 2023:

Year 2023 Earnings Guidance

 

Current Guidance Range (1)

 

Same Store Revenue

 

4.00%

 

-

5.50%

 

Same Store Operating Costs (excluding property taxes)

 

4.00%

 

-

5.00%

 

Same Store Property Taxes

 

6.25%

 

-

7.25%

 

Total Same Store Operating Expenses

 

4.75%

 

-

6.25%

 

Same Store Net Operating Income

 

3.75%

 

-

5.25%

 

General & Administrative

 

$76M

 

-

$78M

 

 

 

 

 

 

 

 

Expansions & Enhancements

 

$65M

 

-

$75M

 

Capital Expenditures

 

$30M

 

-

$35M

 

Wholly Owned Acquisitions

 

$150M

 

-

$250M

 

Joint Venture Investments

 

$50M

 

-

$100M

 

 

 

 

 

 

 

 

Adjusted Funds from Operations per Share

 

$6.75

 

-

$6.95

 

 

Reconciliation of Guidance

2Q 2023

Range or Value

FY 2023

Range or Value

Earnings per share attributable to common shareholders - diluted

$1.12 - $1.16

$4.42 - $4.62

Plus: real estate depreciation and amortization

0.58 - 0.58

2.33 - 2.33

Adjusted FFO per share

$1.70 - $1.74

$6.75 - $6.95

(1)

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’s unsolicited proposal or the pending merger with Extra Space Storage.

The Company’s 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’s 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.

FORWARD LOOKING STATEMENTS:

When used herein, the words “intends,” “believes,” “expects,” “anticipates,” and similar expressions are intended to identify “forward-looking statements” 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.

All 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.

There 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 “Risk Factors” 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:

  • adverse changes in general economic conditions, the real estate industry and in the markets in which we operate;
  • risks associated with our ability to consummate the Mergers with Extra Space and the timing and closing of the Mergers including, among other things, the ability of the Company to obtain shareholder approval required to consummate the Mergers, the satisfaction or waiver of other conditions to closing in the Merger Agreement, unanticipated difficulties or expenditures relating to the Mergers, potential difficulties in employee retention as a result of the Mergers, the occurrence of any event, change or other circumstances that could give rise to the termination of the Mergers and the outcome of legal proceedings instituted against the Company, its directors and others related to the Mergers;
  • the effect of competition from new self-storage facilities or other storage alternatives, which would cause rents and occupancy rates to decline;
  • impacts from the COVID-19 pandemic or the future outbreak of other highly infectious or contagious diseases on the U.S., regional and global economies and our financial condition and results of operations;
  • potential liability for uninsured losses and environmental contamination;
  • the impact of the regulatory environment as well as national, state, and local laws and regulations including, without limitation, those governing real estate investment trusts (“REITs”), tenant reinsurance and other aspects of our business, which could adversely affect our results;
  • loss of key personnel;
  • the Company’s ability to evaluate, finance and integrate acquired self-storage facilities on expected terms into the Company’s existing business and operations;
  • the Company’s ability to effectively compete in the industry in which it does business;
  • disruptions in credit and financial markets and resulting difficulties in raising capital or obtaining credit at reasonable rates or at all, which could impede our ability to grow;
  • the Company’s existing indebtedness may mature in an unfavorable credit environment, preventing refinancing or forcing refinancing of the indebtedness on terms that are not as favorable as the existing terms;
  • interest rates may increase, impacting costs associated with the Company’s outstanding floating rate debt, if any, and impacting the Company’s ability to comply with debt covenants;
  • exposure to litigation or other claims;
  • risks associated with breaches of our data security;
  • the regional concentration of the Company's business may subject the Company to economic downturns in the states of Florida and Texas;
  • the Company’s cash flow may be insufficient to meet required payments of operating expenses, principal, interest and dividends; and
  • failure to maintain our REIT status for U.S. federal income purposes, including tax law changes that may change the taxability of future income.

The 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.

CONFERENCE CALL:

Life 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. 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. 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.

ABOUT LIFE STORAGE, INC:

Life 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/.

Life Storage, Inc.  
Balance Sheet Data  
(unaudited)  
   
March 31,   December 31,
(dollars in thousands)

 

2023

 

 

 

2022

 

Assets  
Investment in storage facilities:  
Land

$

1,309,475

 

 

$

1,307,425

 

Building, equipment and construction in progress

 

6,886,522

 

 

 

6,864,381

 

 

8,195,997

 

 

 

8,171,806

 

Less: accumulated depreciation

 

(1,215,348

)

 

 

(1,170,520

)

Investment in storage facilities, net

 

6,980,649

 

 

 

7,001,286

 

Cash and cash equivalents

 

32,765

 

 

 

24,406

 

Accounts receivable

 

23,281

 

 

 

24,153

 

Receivable from joint ventures

 

795

 

 

 

1,562

 

Investment in joint ventures

 

276,436

 

 

 

275,190

 

Prepaid expenses

 

14,165

 

 

 

10,363

 

Intangible asset - in-place customer leases

 

2,159

 

 

 

4,212

 

Trade name

 

16,500

 

 

 

16,500

 

Other assets

 

29,804

 

 

 

30,058

 

Total Assets

$

7,376,554

 

 

$

7,387,730

 

   
Liabilities  
Line of credit

$

619,000

 

 

$

595,000

 

Term notes, net

 

2,752,580

 

 

 

2,751,632

 

Accounts payable and accrued liabilities

 

136,409

 

 

 

148,130

 

Deferred revenue

 

34,530

 

 

 

33,192

 

Mortgages payable

 

32,466

 

 

 

36,258

 

Total Liabilities

 

3,574,985

 

 

 

3,564,212

 

   
Noncontrolling redeemable Preferred Operating Partnership Units at redemption value

 

30,090

 

 

 

89,077

 

   
Noncontrolling redeemable Common Operating Partnership Units

 

201,373

 

 

 

107,074

 

   
Equity  
Common stock

 

851

 

 

 

850

 

Additional paid-in capital

 

3,884,890

 

 

 

3,886,317

 

Accumulated deficit

 

(317,570

)

 

 

(261,510

)

Accumulated other comprehensive loss

 

(2,978

)

 

 

(3,207

)

Total Shareholders' Equity

 

3,565,193

 

 

 

3,622,450

 

Noncontrolling interest in consolidated subsidiary

 

4,913

 

 

 

4,917

 

Total Equity

 

3,570,106

 

 

 

3,627,367

 

Total Liabilities and Equity

$

7,376,554

 

 

$

7,387,730

 

   
Life Storage, Inc.
Consolidated Statements of Operations
(unaudited)
January 1, 2023 January 1, 2022
to to
(dollars in thousands, except share data) March 31, 2023 March 31, 2022
 
Revenues
Rental income

$

240,483

 

$

205,509

 

Tenant reinsurance

 

20,291

 

 

17,267

 

Other operating income

 

5,895

 

 

4,858

 

Management and acquisition fee income

 

6,933

 

 

5,856

 

Total operating revenues

 

273,602

 

 

233,490

 

 
Expenses
Property operations and maintenance

 

47,306

 

 

42,368

 

Tenant reinsurance

 

9,220

 

 

6,847

 

Real estate taxes

 

27,437

 

 

24,523

 

General and administrative

 

27,818

 

 

15,826

 

Depreciation and amortization

 

45,716

 

 

40,795

 

Amortization of in-place customer leases

 

2,053

 

 

5,606

 

Total operating expenses

 

159,550

 

 

135,965

 

 
Gain on sale of non-real estate assets

 

686

 

 

-

 

 
Income from operations

 

114,738

 

 

97,525

 

 
Other income (expense)
Interest expense (A)

 

(33,113

)

 

(24,240

)

Interest and dividend income

 

12

 

 

15

 

Equity in income of joint ventures

 

1,629

 

 

2,118

 

 
Net income

 

83,266

 

 

75,418

 

Net income attributable to noncontrolling preferred interests in the Operating Partnership

 

(330

)

 

(996

)

Net income attributable to noncontrolling common interests in the Operating Partnership

 

(1,333

)

 

(847

)

Net loss attributable to noncontrolling common interests in consolidated subsidiary

 

5

 

 

-

 

Net income attributable to common shareholders

$

81,608

 

$

73,575

 

 
Earnings per common share attributable to common shareholders - basic

$

0.96

 

$

0.88

 

 
Earnings per common share attributable to common shareholders - diluted

$

0.96

 

$

0.88

 

 
Common shares used in basic earnings per share calculation

 

84,935,860

 

 

83,644,426

 

 
Common shares used in diluted earnings per share calculation

 

85,378,412

 

 

83,837,773

 

 
Dividends declared per common share

$

1.2000

 

$

1.0000

 

 
 
(A) Interest expense for the period ending March 31 consists of the following
Interest expense

$

32,173

 

$

23,510

 

Amortization of debt issuance costs

 

940

 

 

730

 

Total interest expense

$

33,113

 

$

24,240

 

Life Storage, Inc.
Computation of Funds From Operations (FFO) (1)
(unaudited)
January 1, 2023 January 1, 2022
to to
(dollars in thousands, except share data) March 31, 2023 March 31, 2022
 
Net income attributable to common shareholders

$

81,608

 

$

73,575

 

Noncontrolling common interests in the Operating Partnership

 

1,333

 

 

847

 

Noncontrolling preferred interests in the Operating Partnership during conversion period

 

330

 

 

-

 

Depreciation of real estate and amortization of intangible
assets exclusive of debt issuance costs

 

47,573

 

 

45,866

 

Depreciation and amortization from unconsolidated joint ventures

 

3,187

 

 

1,802

 

Funds from operations allocable to noncontrolling
interest in Operating Partnership

 

(2,154

)

 

(1,389

)

Funds from operations available to common shareholders

 

131,877

 

 

120,701

 

FFO per share - diluted

$

1.54

 

$

1.44

 

 
Adjustments to FFO
Gain on sale of non-real estate assets

 

(686

)

 

(40

)

Merger related costs

 

8,314

 

 

-

 

Acquisition fee

 

(90

)

 

-

 

Funds from operations resulting from non-recurring items
allocable to noncontrolling interest in Operating Partnership

 

(121

)

 

-

 

Adjusted funds from operations available to common shareholders

 

139,294

 

 

120,661

 

Adjusted FFO per share - diluted

$

1.63

 

$

1.44

 

 
Common shares - diluted

 

85,378,412

 

 

83,837,773

 

Life Storage, Inc.
Computation of Net Operating Income (2)
(unaudited)
January 1, 2023 January 1, 2022
to to
(dollars in thousands) March 31, 2023 March 31, 2022
 
Net Income

$

83,266

 

$

75,418

 

General and administrative

 

27,818

 

 

15,826

 

Depreciation and amortization

 

47,769

 

 

46,401

 

Interest expense

 

33,113

 

 

24,240

 

Interest and dividend income

 

(12

)

 

(15

)

Equity in income of joint ventures

 

(1,629

)

 

(2,118

)

Net operating income

$

190,325

 

$

159,752

 

 
Same store (4)

$

152,523

 

$

135,169

 

Net operating income related to tenant reinsurance

 

11,071

 

 

10,420

 

Other stores, management fee income, and gain on
sale of non-real estate assets

 

26,731

 

 

14,163

 

Total net operating income

$

190,325

 

$

159,752

 

Life Storage, Inc.
Quarterly Same Store Data (3) (4) 664 mature stores owned since 12/31/21
(unaudited)
January 1, 2023 January 1, 2022
to to Percentage
(dollars in thousands) March 31, 2023 March 31, 2022 Change Change
 
Revenues:
Rental income

$

211,534

$

190,883

$

20,651

 

10.8

%

Other operating income

 

1,746

 

2,062

 

(316

)

-15.3

%

Total operating revenues

 

213,280

 

192,945

 

20,335

 

10.5

%

 
Expenses:
Payroll and benefits

 

12,754

 

12,368

 

386

 

3.1

%

Real estate taxes

 

23,613

 

22,418

 

1,195

 

5.3

%

Utilities

 

5,413

 

5,083

 

330

 

6.5

%

Repairs and maintenance

 

6,295

 

5,995

 

300

 

5.0

%

Office and other operating expense

 

5,782

 

5,342

 

440

 

8.2

%

Insurance

 

2,250

 

2,045

 

205

 

10.0

%

Advertising

 

-

 

60

 

(60

)

-100.0

%

Internet marketing

 

4,650

 

4,465

 

185

 

4.1

%

Total operating expenses

 

60,757

 

57,776

 

2,981

 

5.2

%

 
Net operating income (2)

$

152,523

$

135,169

$

17,354

 

12.8

%

 
 
QTD Same store move ins

 

58,659

 

58,042

 

617

 

 
QTD Same store move outs

 

61,161

 

57,040

 

4,121

 

Other Comparable Quarterly Same Store Data (4)  
(unaudited)  
January 1, 2023   January 1, 2022
to   to Percentage
March 31, 2023   March 31, 2022 Change Change
2022 Same store pool (576 stores)  
Revenues

$

187,786

 

 

$

170,458

 

$

17,328

 

 

10.2

%

Expenses

 

52,953

 

 

 

50,521

 

 

2,432

 

 

4.8

%

Net operating income

$

134,833

 

 

$

119,937

 

$

14,896

 

 

12.4

%

   
   
2021 Same store pool (526 stores)  
Revenues

$

169,911

 

 

$

154,662

 

$

15,249

 

 

9.9

%

Expenses

 

48,078

 

 

 

45,854

 

 

2,224

 

 

4.9

%

Net operating income

$

121,833

 

 

$

108,808

 

$

13,025

 

 

12.0

%

   
   
Life Storage, Inc.  
Other Data - unaudited Same Store (3) All Stores (5)

 

2023

 

 

2022

 

2023

 

2022

   
Weighted average quarterly occupancy

 

90.7

%

 

 

93.5

%

 

90.0

%

 

93.0

%

   
Occupancy at March 31

 

90.4

%

 

 

93.6

%

 

89.5

%

 

92.9

%

   
Rent per occupied square foot

$19.31

 

 

$17.00

 

$19.22

 

$16.98

 

   
   
Life Storage, Inc.  
Other Data - unaudited (continued)  
   
Investment in Storage Facilities: (unaudited)  
The following summarizes activity in storage facilities during the three months ended March 31, 2023:
   
Beginning balance

$

8,171,806

 

 
Wholly owned property acquisitions

 

-

 

 
Improvements and equipment additions:  
Expansions

 

14,426

 

 
Roofing, paving, and equipment:  
Stabilized stores

 

7,513

 

 
Recently acquired stores

 

426

 

 
Change in construction in progress (Total CIP $46.5 million)

 

3,232

 

 
Dispositions and Impairments

 

(1,406

)

 
Storage facilities at cost at period end

$

8,195,997

 

 
   
   
Comparison of Selected G&A Costs (unaudited) Quarter Ended
March 31, 2023   March 31, 2022
Management and administrative salaries and benefits

$

11,229

 

 

$

9,911

 

Training

 

271

 

 

 

136

 

Call center

 

1,224

 

 

 

840

 

Life Storage Solutions costs

 

814

 

 

 

345

 

Income taxes

 

931

 

 

 

358

 

Legal, accounting and professional

 

1,167

 

 

 

1,101

 

Merger related costs

 

8,314

 

 

 

-

 

Other administrative expenses (6)

 

3,868

 

 

 

3,135

 

$

27,818

 

 

$

15,826

 

   
Net rentable square feet March 31, 2023  
Wholly owned properties

 

55,526,370

 

 
Joint venture properties

 

10,642,430

 

 
Third party managed properties

 

23,692,267

 

 

 

89,861,067

 

 
   
March 31, 2023   March 31, 2022
   
Common shares outstanding

 

85,061,573

 

 

 

84,307,259

 

Common Operating Partnership Units outstanding

 

1,602,323

 

 

 

960,208

 

(1) We believe that Funds from Operations (“FFO”) 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.
 
Funds from operations is defined by the National Association of Real Estate Investment Trusts, Inc. (“NAREIT”) as net income available to common shareholders computed in accordance with generally accepted accounting principles (“GAAP”), 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.
 
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.
 
(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.
 
(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.
 
(4) Revenues and expenses do not include items related to tenant reinsurance.
 
(5) Does not include unconsolidated joint venture stores or other stores managed by the Company.
 
(6) Other administrative expenses include office rent, travel expense, investor relations and miscellaneous other expenses.

 

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