Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations (Unaudited)

v3.22.1
Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Revenues    
Rental income $ 205,509 $ 150,283
Total operating revenues 233,490 171,887
Expenses    
Property operations and maintenance 42,368 33,740
Tenant reinsurance 6,847 4,780
Real estate taxes 24,523 19,887
General and administrative 15,826 14,183
Depreciation and amortization 46,401 33,359
Total operating expenses 135,965 105,949
Income from operations 97,525 65,938
Other income (expenses)    
Interest expense (24,240) (20,346)
Interest and dividend income 15 779
Equity in income of joint ventures 2,118 1,221
Net income 75,418 47,592
Net income attributable to common shareholders/unitholders $ 73,575 $ 47,383
Earnings per common share/unit attributable to common shareholders/unitholders - basic $ 0.88 $ 0.63
Earnings per common share/unit attributable to common shareholders/unitholders - diluted $ 0.88 $ 0.63
Common shares/units used in basic earnings per share/unit calculation 83,644,426 75,387,332
Common shares/units used in diluted earnings per share/unit calculation 83,837,773 75,510,201
Dividends/distributions declared per common share/unit $ 1.00 $ 0.74
Other operating income [Member]    
Revenues    
Other operating income $ 10,714 $ 8,985
Tenant reinsurance [Member]    
Revenues    
Other operating income 17,267 12,619
Redeemable Preferred Stock [Member]    
Other income (expenses)    
Net income attributable to noncontrolling interest in the Operating Partnership (996) 0
Redeemable Common Stock [Member]    
Other income (expenses)    
Net income attributable to noncontrolling interest in the Operating Partnership (847) (209)
Life Storage LP [Member]    
Revenues    
Rental income 205,509 150,283
Total operating revenues 233,490 171,887
Expenses    
Property operations and maintenance 42,368 33,740
Tenant reinsurance 6,847 4,780
Real estate taxes 24,523 19,887
General and administrative 15,826 14,183
Depreciation and amortization 46,401 33,359
Total operating expenses 135,965 105,949
Income from operations 97,525 65,938
Other income (expenses)    
Interest expense (24,240) (20,346)
Interest and dividend income 15 779
Equity in income of joint ventures 2,118 1,221
Net income 75,418 47,592
Net income attributable to common shareholders/unitholders $ 73,575 $ 47,383
Earnings per common share/unit attributable to common shareholders/unitholders - basic $ 0.88 $ 0.63
Earnings per common share/unit attributable to common shareholders/unitholders - diluted $ 0.88 $ 0.63
Common shares/units used in basic earnings per share/unit calculation 83,644,426 75,387,332
Common shares/units used in diluted earnings per share/unit calculation 83,837,773 75,510,201
Dividends/distributions declared per common share/unit $ 1.00 $ 0.74
Net income attributable to general partner $ 754 $ 476
Net income attributable to limited partners 72,821 46,907
Life Storage LP [Member] | Other operating income [Member]    
Revenues    
Other operating income 10,714 8,985
Life Storage LP [Member] | Tenant reinsurance [Member]    
Revenues    
Other operating income 17,267 12,619
Life Storage LP [Member] | Redeemable Preferred Stock [Member]    
Other income (expenses)    
Net income attributable to noncontrolling interest in the Operating Partnership (996) 0
Life Storage LP [Member] | Redeemable Common Stock [Member]    
Other income (expenses)    
Net income attributable to noncontrolling interest in the Operating Partnership $ 847 $ 209