Life Storage reports Q4 AFFO $1.69, consensus $1.64

Reports Q4 revenue $274.675M, consensus $269.37M. Joe Saffire, the Company’s Chief Executive Officer, stated, "The Life Storage team delivered another strong, double-digit year in 2022. With these results, we have surpassed one billion in annual revenue on a consolidated basis for the first time, nearly double what Life Storage reported only five years ago. We completed our third most acquisitive year, investing more than one billion in acquisitions across key existing markets and adding another 107 stores to our third-party management platform. With solid pricing power, disciplined expense management, and the continued expansion of our footprint, we further improved our net-operating margins 250 basis points, year-over-year. Our strong performance and growing footprint have led to sector-leading returns. Over the last five years Life Storage has delivered total-shareholder-returns of approximately 150%, the best performance of any Self-Storage REIT. Since March of 2019, we are proud to have increased the Company’s dividend six times for a total quarterly dividend increase of 80%. We remain focused on providing superior value for all Life Storage shareholders."