Life Storage Inc.
LSIFinancial Analysis · Updated May 13, 2026 · Coverage 2026-Q2
Financial Snapshot
ticker: LSI step: 04 generated: 2026-05-13 source: quick-research note: Life Storage Inc. (NYSE:LSI) was acquired by Extra Space Storage (NYSE:EXR) — merger closed July 20, 2023. Financials below reflect LSI's last full year as an independent company (FY2022) and partial year 2023 (through Q1 2023). See EXR for the combined company going forward.
Life Storage Inc. (LSI) — Financial Snapshot
Income Statement Summary (Last Full Year as Independent Company)
| Metric | FY2021 | FY2022 | Q1 2023 | Notes |
|---|---|---|---|---|
| Revenue | ~$690M | ~$890M | ~$235M | Strong organic growth |
| Same-Store Revenue Growth | — | +15.2% | +10.5% | Post-COVID demand surge |
| Same-Store NOI Growth | — | +19.4% | +12.8% | Leverage on fixed costs |
| Net Income (common) | ~$230M | $358M | ~$95M | |
| EPS (diluted) | ~$2.70 | $4.22 | ~$1.12 | |
| Adj. FFO/Share | ~$5.07 | $6.51 | $1.63 | +28.4% YoY in FY2022 |
Cash Flow & Balance Sheet (FY2022, Pre-Merger)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$500M |
| Free Cash Flow | ~$400M |
| Cash & Equivalents | ~$50M |
| Total Debt | ~$3.5B |
| Total Enterprise Value (at merger) | ~$15B |
Key Ratios (approximate, Pre-Merger)
- P/FFO: ~18x (at deal price) | EV/EBITDA: ~22x
- Same-Store Revenue Growth (FY2022): +15.2%
- Adj. FFO/Share Growth (FY2022): +28.4%
Growth Profile
Life Storage delivered exceptional growth in FY2021–FY2022 as the post-COVID self-storage demand surge drove occupancy and rental rates to historic highs. The company grew same-store NOI by 19.4% in FY2022 on 15.2% same-store revenue growth — near the best performance in the industry that year. Growth continued into Q1 2023 with same-store revenue +10.5%, even as the company entered the merger agreement with EXR in April 2023.
Merger Terms
- Announced: April 3, 2023
- Closed: July 20, 2023
- Structure: All-stock; 0.895 EXR shares per LSI share
- Enterprise Value: ~$15B (including debt assumption)
- Expected Synergies: $100M+ annualized run-rate
- Combined portfolio: 3,500+ stores, ~270M sq ft, largest U.S. self-storage operator by location count
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $LSI.
Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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