Annual report pursuant to Section 13 and 15(d)

Supplementary Quarterly Financial Data (Unaudited)

v3.22.0.1
Supplementary Quarterly Financial Data (Unaudited)
12 Months Ended
Dec. 31, 2021
Quarterly Financial Information Disclosure [Abstract]  
Supplementary Quarterly Financial Data (Unaudited)

13. SUPPLEMENTARY QUARTERLY FINANCIAL DATA (UNAUDITED)

The following is a summary of quarterly results of Life Storage, Inc. operations for the years ended December 31, 2021 and 2020 (dollars in thousands, except per share data):

 

 

 

2021 Quarter Ended

 

 

 

Mar. 31

 

 

Jun. 30

 

 

Sept. 30

 

 

Dec. 31

 

Operating revenue

 

$

171,887

 

 

$

187,262

 

 

$

208,256

 

 

$

221,159

 

Net income

 

 

47,592

 

 

 

57,765

 

 

 

71,051

 

 

 

75,767

 

Net income attributable to common shareholders

 

 

47,383

 

 

 

57,516

 

 

 

70,274

 

 

 

74,145

 

Net income per share attributable to common shareholders

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.63

 

 

$

0.75

 

 

$

0.89

 

 

$

0.90

 

Diluted

 

$

0.63

 

 

$

0.74

 

 

$

0.89

 

 

$

0.90

 

 

 

 

2020 Quarter Ended

 

 

 

Mar. 31

 

 

Jun. 30

 

 

Sept. 30

 

 

Dec. 31

 

Operating revenue

 

$

146,943

 

 

$

147,013

 

 

$

156,310

 

 

$

166,505

 

Net income

 

 

36,625

 

 

 

36,648

 

 

 

37,288

 

 

 

41,799

 

Net income attributable to common shareholders

 

 

36,433

 

 

 

36,457

 

 

 

37,095

 

 

 

41,586

 

Net income per share attributable to common shareholders

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.52

 

 

$

0.52

 

 

$

0.52

 

 

$

0.57

 

Diluted

 

$

0.52

 

 

$

0.52

 

 

$

0.52

 

 

$

0.57

 

 

 

The following is a summary of quarterly results of Life Storage LP operations for the years ended December 31, 2021 and 2020 (dollars in thousands, except per unit data):

 

 

 

2021 Quarter Ended

 

 

 

Mar. 31

 

 

Jun. 30

 

 

Sept. 30

 

 

Dec. 31

 

Operating revenue

 

$

171,887

 

 

$

187,262

 

 

$

208,256

 

 

$

221,159

 

Net income

 

 

47,592

 

 

 

57,765

 

 

 

71,051

 

 

 

75,767

 

Net income attributable to common unitholders

 

 

47,383

 

 

 

57,516

 

 

 

70,274

 

 

 

74,145

 

Net income per unit attributable to common unitholders

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.63

 

 

$

0.75

 

 

$

0.89

 

 

$

0.90

 

Diluted

 

$

0.63

 

 

$

0.74

 

 

$

0.89

 

 

$

0.90

 

 

 

 

2020 Quarter Ended

 

 

 

Mar. 31

 

 

Jun. 30

 

 

Sept. 30

 

 

Dec. 31

 

Operating revenue

 

$

146,943

 

 

$

147,013

 

 

$

156,310

 

 

$

166,505

 

Net income

 

 

36,625

 

 

 

36,648

 

 

 

37,288

 

 

 

41,799

 

Net income attributable to common unitholders

 

 

36,433

 

 

 

36,457

 

 

 

37,095

 

 

 

41,586

 

Net income per unit attributable to common unitholders

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.52

 

 

$

0.52

 

 

$

0.52

 

 

$

0.57

 

Diluted

 

$

0.52

 

 

$

0.52

 

 

$

0.52

 

 

$

0.57

 

 

See Note 2 for discussion of the Company’s three-for-two distribution of common stock announced by the Company on January 4, 2021. See Note 4 for a discussion of the depreciation resulting from the change in estimated useful lives of buildings identified for replacement at certain of the Company’s self-storage facilities. See note 5 for financing transactions entered into in 2021 and 2020.