XML 16 R4.htm IDEA: XBRL DOCUMENT v3.22.2.2
Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenues        
Rental income $ 241,261 $ 182,937 $ 674,008 $ 496,316
Total operating revenues 272,954 208,256 763,489 567,406
Expenses        
Property operations and maintenance 47,906 36,410 132,733 103,519
Tenant reinsurance 9,033 6,228 22,361 16,434
Real estate taxes 25,702 21,397 75,581 61,794
General and administrative 18,493 16,141 52,995 45,407
Depreciation and amortization 48,711 37,158 143,187 106,287
Total operating expenses 149,845 117,334 426,857 333,441
Gain on sale of non-real estate assets 2,841 0 4,806 0
Income from operations 125,950 90,922 341,438 233,965
Other income (expenses)        
Interest expense (28,010) (21,350) (77,755) (62,470)
Interest and dividend income 5 2 24 787
Equity in income of joint ventures 2,799 1,477 6,832 4,126
Net income 100,744 71,051 270,539 176,408
Net income attributable to noncontrolling interests in consolidated subsidiary (9) 0 (9) 0
Net income attributable to common shareholders/unitholders $ 98,505 $ 70,274 $ 264,344 $ 175,172
Earnings per common share/unit attributable to common shareholders/unitholders - basic $ 1.16 $ 0.89 $ 3.14 $ 2.27
Earnings per common share/unit attributable to common shareholders/unitholders - diluted $ 1.16 $ 0.89 $ 3.14 $ 2.27
Common shares/units used in basic earnings per share/unit calculation 84,472,979 78,961,434 84,129,261 77,135,429
Common shares/units used in diluted earnings per share/unit calculation 85,396,539 79,179,816 84,554,165 77,303,339
Dividends/distributions declared per common share/unit $ 1.08 $ 0.74 $ 3.08 $ 2.22
Other operating income [Member]        
Revenues        
Other operating income $ 12,651 $ 9,834 $ 34,914 $ 29,280
Tenant reinsurance [Member]        
Revenues        
Other operating income 19,042 15,485 54,567 41,810
Redeemable Preferred Stock [Member]        
Other income (expenses)        
Net income attributable to noncontrolling interest in the Operating Partnership (999) (476) (3,002) (476)
Redeemable Common Stock [Member]        
Other income (expenses)        
Net income attributable to noncontrolling interest in the Operating Partnership (1,231) (301) (3,184) (760)
Life Storage LP [Member]        
Revenues        
Rental income 241,261 182,937 674,008 496,316
Total operating revenues 272,954 208,256 763,489 567,406
Expenses        
Property operations and maintenance 47,906 36,410 132,733 103,519
Tenant reinsurance 9,033 6,228 22,361 16,434
Real estate taxes 25,702 21,397 75,581 61,794
General and administrative 18,493 16,141 52,995 45,407
Depreciation and amortization 48,711 37,158 143,187 106,287
Total operating expenses 149,845 117,334 426,857 333,441
Gain on sale of non-real estate assets 2,841 0 4,806 0
Income from operations 125,950 90,922 341,438 233,965
Other income (expenses)        
Interest expense (28,010) (21,350) (77,755) (62,470)
Interest and dividend income 5 2 24 787
Equity in income of joint ventures 2,799 1,477 6,832 4,126
Net income 100,744 71,051 270,539 176,408
Net income attributable to noncontrolling interests in consolidated subsidiary (9) 0 (9) 0
Net income attributable to common shareholders/unitholders $ 98,505 $ 70,274 $ 264,344 $ 175,172
Earnings per common share/unit attributable to common shareholders/unitholders - basic $ 1.16 $ 0.89 $ 3.14 $ 2.27
Earnings per common share/unit attributable to common shareholders/unitholders - diluted $ 1.16 $ 0.89 $ 3.14 $ 2.27
Common shares/units used in basic earnings per share/unit calculation 84,472,979 78,961,434 84,129,261 77,135,429
Common shares/units used in diluted earnings per share/unit calculation 85,396,539 79,179,816 84,554,165 77,303,339
Dividends/distributions declared per common share/unit $ 1.08 $ 0.74 $ 3.08 $ 2.22
Net income attributable to general partner $ 1,007 $ 711 $ 2,705 $ 1,764
Net income attributable to limited partners 97,498 69,563 261,639 173,408
Life Storage LP [Member] | Other operating income [Member]        
Revenues        
Other operating income 12,651 9,834 34,914 29,280
Life Storage LP [Member] | Tenant reinsurance [Member]        
Revenues        
Other operating income 19,042 15,485 54,567 41,810
Life Storage LP [Member] | Redeemable Preferred Stock [Member]        
Other income (expenses)        
Net income attributable to noncontrolling interest in the Operating Partnership (999) (476) (3,002) (476)
Life Storage LP [Member] | Redeemable Common Stock [Member]        
Other income (expenses)        
Net income attributable to noncontrolling interest in the Operating Partnership $ (1,231) $ (301) $ (3,184) $ (760)