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Life Storage (LSI) 주식 개요
Life Storage, Inc. is a self-administered and self-managed equity REIT that is in the business of acquiring and managing self-storage facilities. 자세히 보기
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Life Storage, Inc. 경쟁사
가격 이력 및 성과
| 과거 주가 | |
|---|---|
| 현재 주가 | US$133.10 |
| 52주 최고가 | US$146.66 |
| 52주 최저가 | US$94.02 |
| 베타 | 0.64 |
| 1개월 변동 | 2.09% |
| 3개월 변동 | 0.12% |
| 1년 변동 | 13.09% |
| 3년 변동 | 113.78% |
| 5년 변동 | 111.09% |
| IPO 이후 변동 | 763.35% |
최근 뉴스 및 업데이트
Recent updates
Seeking Alpha • Jun 28
The Low Hanging Fruit Phenomenon As Taught By Life Storage
Summary When a company is operating flawlessly, the upside might already be priced in. It tends to be the flawed companies that get bought out. Be careful with double accounting on earnings multiples. Read the full article on Seeking AlphaSeeking Alpha • Feb 22
Life Storage Q4 2022 Earnings Preview
Life Storage (NYSE:LSI) is scheduled to announce Q4 earnings results on Thursday, February 23rd, after market close. The consensus FFO Estimate is $1.64 and the consensus Revenue Estimate is $263.89M (+19.3% Y/Y).\ Over the last 2 years, LSI has beaten FFO estimates 100% of the time and revenue estimates 100% of the time.Seeking Alpha • Feb 06
Life Storage Equity Holders Should Expect A Higher Offer From Public Storage
Summary With PSA's most recent moves, including the increased dividend, LSI's management team will have to engage in M&A discussions. We believe that any discussions will lead to a higher valuation for LSI, especially as the deal is all-equity and taxable to LSI shareholders. The combined company would be a monster in a fragmented industry, which would provide significant cost savings and further growth opportunities. This would be PSA's largest acquisition ever; double the size of 2006's Shurgard Storage Centers purchase for $5.5 billion. In what is normally a pretty quiet and boring area of the REIT world, Public Storage (PSA) just made things very interesting by going public with their unsolicited takeover offer for Life Storage (LSI). In this area of the market it is rare to see the publicly traded self-storage REITs merge as their sights are usually on smaller players within specific geographies or the larger private regional players. We have seen some mergers between the publicly traded REITs over the years, but due to so few of them being listed, the vast majority of the M&A activity occurs with the publicly listed REITs being the acquirers of the smaller players who are not publicly traded. Deal Parameters Public Storage is offering to acquire Life Storage in an all-stock transaction where "holders of Life Storage shares and units would receive 0.4192 shares of Public Storage common stock for each Life Storage share or unit they own," according to the press release. Based on Public Storage's closing price on Friday of $308.47, this breaks down to about $129.31/share which is roughly 16.9% above the Friday close for Life Storage. Data by YCharts Also of interest for Life Storage holders is that Public Storage announced a 50% increase to their quarterly common dividend, which will increase the quarterly rate from $2/share to $3/share and increase the annual common dividend from $8/share to $12/share. This is important as it now makes the Public Storage dividend more attractive than Life Storage's - which they raised about a month ago. Public Storage's management team is betting that a richer payout than what Life Storage shareholders are currently receiving, coupled with a premium (although via equity swap) will be enticing enough to force Life Storage to the bargaining table. One important note: the deal is structured so that the combined company would get a step-up in the tax basis of the acquired Life Storage assets because the transaction would be taxable for Life Storage equity holders. Our Take It is important to also note that Public Storage previously attempted to engage Life Storage in M&A discussions (starting in late 2022) and were rebuffed. The company included letters in their press release highlighting this. While Public Storage did not sweeten the deal from those prior discussions (as the ratio of Public Storage shares Life Storage holders would receive remained the same throughout the provided communications), it is our opinion that this is an opening volley. There is little reason to negotiate against yourself, especially when the other side is not engaging. However, with the parameters and construct of the deal, Public Storage might need to offer a cash component to the deal to take it to around $140/share or increase the equity offer so that Life Storage shareholders receive approximately 0.4539 shares of Public Storage - which would also take the deal value to about $140/share based off of Friday closing prices. We do agree with Public Storage that a merger would be beneficial for shareholders of Life Storage as Public Storage has an inhouse development team that not only redevelops older properties but builds new facilities from the ground up. That opens up new markets and opportunities for Life Storage, which has focused on purchasing already built facilities and leasing them up or redevelopment. In short, we think this is a deal that can create value but we do think that Public Storage is going to have to increase their offer in order to push this over the finish line, especially after calling out Life Storage's management in the press release. One Item To Watch Public Storage controls about 10% of the self-storage market and is the largest owner of self-storage as measured by square footage. Life Storage is the 4th largest player, and has a 4.2% market share. The industry is highly fragmented, so although Public Storage and Life Storage are top-5 players, the combined company would have just under 15% market share. Even though the self-storage industry is quite fragmented and the large players have relatively small market shares, a merger between Public Storage and Life Storage might catch Washington, D.C.'s eye. (Extra Space Storage Company Presentation, January 2023) Due to the size of the transaction and how it would alter the market, a merger might catch the eye of Washington with the Department of Justice paying particular attention to mergers that consolidate industries and have the ability to impact consumers and other competitors. This transaction might fit the bill as the combined company would be nearly 2x as large as the next largest competitor, Extra Space Storage (EXR), and over 3x larger than the other large, publicly traded self-storage names. Add in that both Public Storage and Life Storage have 3rd party management platforms, there are joint ventures present and both are quite active in the market for purchasing smaller owner/operators (or newly developed facilities in lease-up) and one can see that Washington might want to take a closer look at this transaction.Seeking Alpha • Jan 03
Life Storage raises dividend by 11% to $1.20
Life Storage (NYSE:LSI) declares $1.20/share quarterly dividend, 11.1% increase from prior dividend of $1.08. Forward yield 4.87% Payable Jan. 26; for shareholders of record Jan. 13; ex-div Jan. 12. See LSI Dividend Scorecard, Yield Chart, & Dividend Growth.Seeking Alpha • Dec 15
Buying Top-Tier Real Estate With Life Storage
Summary Life Storage operates in one of my favorite real estate industries. The company combines traditional self-storage with next-gen last-mile logistics solutions. The company is paying a great dividend yield. Dividend growth is strong and backed by both a top-tier business model and a healthy balance sheet. Current macroeconomic challenges offer investors an attractive valuation. I recommend investors keep a close eye on LSI for entry opportunities in the year ahead. Introduction The other day, I discussed CubeSmart (CUBE), a fast-growing self-storage REIT. It's one of the four self-storage stocks that I really like as high-yield dividend growth investments. In my dividend portfolio, I own Extra Space Storage (EXR), and Public Storage (PSA). The one we have barely discussed is Life Storage (LSI), a stock I really started to like as it comes with a mix of great qualities. It has a high yield, strong dividend growth, and a fast-growing business model to back this all up - including a healthy balance sheet. As macroeconomic woes and a hawkish Fed are pressuring the real estate market, I believe it's important to discuss the best-of-breed companies as investors are working on their watchlists going into 2023. I believe that LSI should be on everyone's radar. As we'll discuss in this article, it's a good investment for retired investors as well as young investors looking for growth. So, let's get to it! Growth In A Fragmented Industry Whenever I own one or multiple stocks in a certain industry, people ask me, why didn't you buy competitor XYX? That's a valid question, as we only want to buy the best stocks in each industry. In the case of self-storage, I can honestly say that I like all of my top 4 self-storage stocks. I wouldn't lose sleep if my current two holdings were switched with the two holdings of my top 4 that I don't own. After all, they all have certain qualities that make them strong candidates. Life Storage, for example, is a prime example of innovation in a low-barrier REIT industry. Self-storage has extremely low entry barriers. Everyone with access to capital can buy storage facilities. The trick is to turn it into a service that offers high-quality services. Once companies have figured that out, they can penetrate a highly fragmented market, unlocking tremendous value. Using data from its peer Extra Space Storage, we see that the largest operator has a 10.0% market share. Life Storage has a 4.2% market share. Roughly 66% of the market is owned by non-REIT owners. A quarter of assets is held by non-REIT, non-institutional owners. Extra Space Storage One of the things I often talk about is value-adding bulk real estate. I am a fan of "liquid" real estate assets in fragmented industries. Not only does this allow companies to generate steady market share gains, but it also allows for large sums of institutional money to flow into assets. That is a bit more tricky when dealing with larger, less liquid assets. Using Life Storage numbers, we see that the two best-performing real estate industries over the past year are manufactured housing and self-storage. Both returned close to 340%. The S&P 500 returned 202%, which is already impressive. Life Storage Needless to say, both of these industries are bulk industries that allow operators to quickly expand operations. And to toot my own horn, I have heavily promoted these industries over the past few years. What Makes Life Storage Special Life Storage is my prime example whenever I discuss mini-warehousing solutions. One of the many benefits that come with self-storage is the fact that these assets are basically mini warehouses very close to city centers and residential areas. It's the perfect solution for companies looking to speed up same-day deliveries. Life Storage has been on top of this emerging trend since the very start as it understands the value one can generate from otherwise boring storage boxes. What the company calls "Warehouse Anywhere" is a business-to-business solution, allowing client products to come closer to customers. This includes last-mile delivery to end-users. Life Storage According to the company: Warehouse Anywhere is Life Storage's proprietary intelligent and technologically advanced warehousing solution that provides third-party logistics (3PL) through a forward-deployed, unmanned model combining storage asset management with a proprietary inventory management application across a network of more than 12,000 Life Storage or partner facilities. Warehouse Anywhere also retrofits storage units in select Life Storage facilities to create micro-fulfillment centers that are equipped with needed infrastructure and technology to place e-commerce customers' inventory and fulfillment orders from numerous online marketplaces and platforms Essentially, it's a business model that allows to eventually grow revenues beyond traditional rental income to income based on technology usage and everything related to last-mile storage operations. With that said, Life Storage's bread and butter is traditional self-storage. The company operates close to 1,200 stores in 37 states, servicing close to 700,000 customers. Life Storage Roughly 758 of its 1,167 facilities are wholly owned. The others are joint ventures or managed assets. This allows for lower-risk income and the option to expand through assets and partners known to the company. Third-party and JV-managed properties are two of the company's five growth pillars. Life Storage The company's largest market is Greater NYC, where it generates 7.9% of its revenues. Chicago accounts for 6.8% of revenues. Houston accounts for 5.3% of revenues. All other major markets have less than 5% exposure. 40% of its portfolio is located in 20 of the top 25 fastest-growing markets in the United States. 60% of assets are in the Sun Belt region. LSI's markets are expected to enjoy 4.1% population growth between 2022 and 2027. This beats all competitors. Moreover, average household income is expected to be stronger in areas dominated by LSI. In the past few years, LSI has accelerated growth. Between 2010 and 2015, the company boosted its store count by 44%. Since 2016, the store count has been boosted by 115%. In 2021 alone, LSI spent close to $1.7 billion on acquisitions, adding 112 new stores. As a result of acquired and internal growth (i.e., pricing), the company has grown adjusted funds from operations by 11.1% per year between 2010 and 2022. Life Storage In its third quarter of 2022, the company generated 26.3% adjusted FFO per share growth. Same-store revenue was up 14.9%, boosting same-store net operating income by 18.4%. As a result, the company boosted its 2022 full-year guidance. As we look towards the full-year, we now estimate our adjusted funds from operations per share to increase to a midpoint of $6.44 for the year, which would be 27% growth from 2021. Life Storage This guidance puts the valuation at 16.5x AFFO. That's just 2 points above the sector median. Note that the sector median covers the entire real estate sector, including mostly slower-growing industries. This valuation is very fair and the result of significant stock price weakness. On a monthly-closing basis, it's one of the five worst sell-offs since the company's IPO. Data by YCharts In this case, the market is digesting a move to higher rates, higher inflation, and a long-term hawkish Fed. If you're interested, I covered this new investment era in a recent article.Seeking Alpha • Oct 25
Life Storage promotes Alexander Gress to CFO
Life Storage (NYSE:LSI) said Tuesday it will promote Alexander Gress, VP of finance, corporate planning and investor relations, to CFO once its current CFO Andrew Gregoire retires on Jan. 2. Gregoire will continue to assist the firm to ensure a smooth transition after his retirement, through Jun. 30. Prior to joining Life Storage (LSI), Gress served as EVP and CFO at Hamister Group, a real estate investment platform.Seeking Alpha • Oct 14
Life Storage Is A Great Bargain Around Its 52-Week Lows
Summary LSI is operating in a niche market, with significant competitive advantages. LSI enjoys sustained business momentum. It has posted record FFO per unit in each of the last three years. LSI has raised its dividend twice this year, for a total dividend raise of 26%. The REIT is trading at a nearly 10-year low price-to-FFO ratio. Investors are going through a painful bear market this year due to a perfect storm, which has been formed by persistently high inflation and the increasing risk of an upcoming recession. During bear markets, some stocks with solid fundamentals are punished along with the weak ones. This is certainly the case for Life Storage (LSI). This high-quality REIT has an impressive growth record, with sustained business momentum and ample room for future growth. As it has been punished by the broad market sell-off, it is currently trading around its 52-week lows, at a nearly 10-year low price-to-FFO ratio. As soon as market sentiment improves, the stock is likely to recover strongly from its 52-week lows. Business overview Life Storage is a leading owner and operator of self-storage properties, with 1,114 stores in 36 states. It serves both residential and commercial customers and operates in a niche market, which offers the advantages of low capital expenses and rich free cash flows. In contrast to most REITs, which post lackluster free cash flows due to their high capital expenses, Life Storage has posted excessive free cash flows every single year in the last decade. In addition, thanks to its expansion to the West Coast six years ago, Life Storage has a broad geographic diversification. Life Storage Business Model (Investor Presentation) Notably almost 40% of the properties of the REIT are located in 20 of the top 25 fastest-growing markets in the U.S. while approximately 60% of its properties are located in the Sun Belt region, which is characterized by superior economic growth. The merits of the niche market of self-storage space are clearly reflected in the impressive returns of self-storage REITs over the last decade. Total Return of Self-Storage REITs (Investor Presentation) During the last decade, self-storage REITs have outperformed the S&P 500 by a wide margin, as they have offered a total return of 414%, which is much higher than the 284% total return of the S&P 500. It is also worth noting that Life Storage seems to have superior pricing power within its niche market. While its peers raised their rent per square foot by 9.0% on average in 2021, Life Storage raised its rent per square foot by 15.7%. The strong pricing power of Life Storage is especially important in the highly inflationary environment prevailing right now. Thanks to its strong business model, Life Storage has exhibited an admirable performance record. The REIT has grown its funds from operations [FFO] per unit by 10% per year on average over the last decade and over the last five years. More importantly, it has consistently grown its bottom line, with a decline only in one out of the last ten years. The REIT has also proved essentially immune to the coronavirus crisis, as it has posted record FFO per unit in each of the last three years (including this year). This is in sharp contrast to other REITs, which have not recovered from the pandemic yet. Moreover, Life Storage enjoys relentless business momentum. To be sure, in the second quarter, the REIT grew its revenue by 19% over the prior year's quarter thanks to an eye-opening 20% increase in rental rates. The trust posted double-digit growth of same-store revenue in 32 of its 33 major markets and thus proved that it is extremely resilient to inflation, as it can pass its increased costs to its tenants. Thanks to its impressive revenue growth, Life Storage grew its FFO per unit by 37.5%, from $1.20 to $1.65, and thus exceeded the analysts' estimates by $0.12. It is remarkable that the REIT has not missed the analysts' consensus for 20 consecutive quarters. Moreover, thanks to its bright outlook, Life Storage has raised its dividend twice this year, once in the first quarter and once in the third quarter, for a total raise of 26%. Furthermore, in the second quarter, Life Storage raised its guidance for its annual FFO per unit for a second consecutive quarter, from $6.04-$6.14 to $6.27-$6.33. At the mid-point, the new guidance implies 24% growth over the prior year, to a new all-time high. Even better, as management has repeatedly proved conservative in its guidance, Life Storage is expected by analysts to post FFO per unit of $6.37 this year, more than the upper limit of its guidance. Overall, the REIT has proved immune to all the headwinds facing other REITs, namely the pandemic, the surge of inflation to a 40-year high as well as the latest economic slowdown. Valuation Due to the 29% decline of its stock price, along with the broad market, Life Storage is currently trading at a nearly 10-year low price-to-FFO ratio of 16.2, which is much lower than the 10-year average of 18.6 of the stock. It is also important to note that the REIT is expected by analysts to continue growing its bottom line meaningfully in the upcoming years. Therefore, the stock is trading at only 14.3 times its expected FFO in 2024. The cheap valuation of Life Storage has resulted from the ongoing bear market of the S&P 500 and the effect of high inflation on the valuation of stocks, as inflation reduces the present value of future cash flows. However, the Fed has proved that it is determined to restore inflation to its long-term target of 2%, even at the expense of economic growth. Thanks to its aggressive interest rate hikes, the Fed will almost certainly achieve its goal. When inflation begins to subside, the valuation of Life Storage will probably revert towards its historical average and hence the stock is likely to enjoy a significant valuation tailwind. Dividend Life Storage is currently offering an above-average dividend yield of 4.2%, with a healthy payout ratio of 58%. In addition, the REIT has a solid balance sheet, with investment credit ratings from S&P (BBB) and Moody's (Baa2).Seeking Alpha • Oct 03
Life Storage declares $1.08 dividend
Life Storage (NYSE:LSI) declares $1.08/share quarterly dividend, in line with previous. Forward yield 3.9% Payable Oct. 26; for shareholders of record Oct. 14; ex-div Oct. 13. See LSI Dividend Scorecard, Yield Chart, & Dividend Growth.Seeking Alpha • Aug 03
Life Storage FFO of $1.65 beats by $0.12, revenue of $257.05M beats by $13.63M
Life Storage press release (NYSE:LSI): Q2 FFO of $1.65 beats by $0.12. Revenue of $257.05M (+37.3% Y/Y) beats by $13.63M.Seeking Alpha • Jul 05
Life Storage raises dividend by 8% $1.08
Life Storage (NYSE:LSI) declares $1.08/share quarterly dividend, 8% increase from prior dividend of $1.00. Forward yield 3.78% Payable July 26; for shareholders of record July 15; ex-div July 14. See LSI Dividend Scorecard, Yield Chart, & Dividend Growth.Seeking Alpha • May 22
The Life Storage Bull Case Got So Much Better
Life Storage is one of America's largest self-storage REITs with well-diversified exposure in all key markets. Life Storage has a good yield and high dividend growth backed by strong fundamentals. Thanks to the stock market decline, LSI stock is trading at a very attractive price. I believe that adding at these prices makes sense, even if macro uncertainty remains high.Seeking Alpha • Mar 11
Life Storage Is Firing On All Cylinders
LSI operates in a niche market, which offers many advantages. LSI has grown its FFO per unit at a 10.3% average annual rate over the last decade. It also has ample room to keep growing for many more years. LSI is offering a 3.0% dividend yield and is likely to continue raising its dividend for many more years.주주 수익률
| LSI | US Specialized REITs | US 시장 | |
|---|---|---|---|
| 7D | -4.4% | 3.7% | 1.1% |
| 1Y | 13.1% | 4.6% | 28.7% |
수익률 대 산업: LSI은 지난 1년 동안 4.6%의 수익을 기록한 US Specialized REITs 산업보다 더 좋은 성과를 냈습니다.
수익률 대 시장: LSI은 지난 1년 동안 28.7%의 수익을 기록한 US 시장과 동일한 성과를 보였습니다.
주가 변동성
| LSI volatility | |
|---|---|
| LSI Average Weekly Movement | 3.2% |
| Specialized REITs Industry Average Movement | 3.6% |
| Market Average Movement | 7.2% |
| 10% most volatile stocks in US Market | 16.5% |
| 10% least volatile stocks in US Market | 3.1% |
안정적인 주가: LSI는 지난 3개월 동안 US 시장에 비해 주가 변동성이 크지 않았습니다.
시간에 따른 변동성: LSI의 주간 변동성(3%)은 지난 1년 동안 안정적이었습니다.
회사 소개
| 설립 | 직원 수 | CEO | 웹사이트 |
|---|---|---|---|
| 1982 | 2,508 | Joe Saffire | www.lifestorage.com |
Life Storage, Inc. 기초 지표 요약
| LSI 기초 통계 | |
|---|---|
| 시가총액 | US$11.52b |
| 순이익 (TTM) | US$366.16m |
| 매출 (TTM) | US$1.09b |
30.9x
주가수익비율(P/E)10.4x
주가매출비율(P/S)LSI는 고평가되어 있습니까?
공정 가치 및 평가 분석 보기순이익 및 매출
| LSI 손익계산서 (TTM) | |
|---|---|
| 매출 | US$1.09b |
| 매출원가 | US$318.98m |
| 총이익 | US$768.05m |
| 기타 비용 | US$401.89m |
| 순이익 | US$366.16m |
최근 보고된 실적
Mar 31, 2023
다음 실적 발표일
해당 없음
| 주당순이익(EPS) | 4.31 |
| 총이익률 | 70.66% |
| 순이익률 | 33.68% |
| 부채/자본 비율 | 89.5% |
LSI의 장기 실적은 어땠습니까?
과거 실적 및 비교 보기배당
3.6%
현재 배당 수익률65%
배당 성향기업 분석 및 재무 데이터 상태
| 데이터 | 최종 업데이트 (UTC 시간) |
|---|---|
| 기업 분석 | 2023/07/21 19:30 |
| 종가 | 2023/07/19 00:00 |
| 수익 | 2023/03/31 |
| 연간 수익 | 2022/12/31 |
데이터 소스
당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.
| 패키지 | 데이터 | 기간 | 미국 소스 예시 * |
|---|---|---|---|
| 기업 재무제표 | 10년 |
| |
| 분석가 컨센서스 추정치 | +3년 |
|
|
| 시장 가격 | 30년 |
| |
| 지분 구조 | 10년 |
| |
| 경영진 | 10년 |
| |
| 주요 개발 | 10년 |
|
* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.
별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.
분석 모델 및 스노우플레이크
이 보고서를 생성하는 데 사용된 분석 모델에 대한 자세한 내용은 당사의 Github 페이지에서 확인하실 수 있습니다. 또한 보고서 활용 방법에 대한 가이드와 YouTube 튜토리얼도 제공합니다.
Simply Wall St 분석 모델을 설계하고 구축한 세계적 수준의 팀에 대해 알아보세요.
산업 및 섹터 지표
산업 및 섹터 지표는 Simply Wall St가 6시간마다 계산하며, 프로세스에 대한 자세한 내용은 Github에서 확인할 수 있습니다.
분석가 소스
Life Storage, Inc.는 20명의 분석가가 다루고 있습니다. 이 중 5명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.
| 분석가 | 기관 |
|---|---|
| Richard Milligan | Baird |
| Keegan Carl | Berenberg |
| Paul Adornato | BMO Capital Markets Equity Research |