# Life Storage Inc. (LSI) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/LSI/thesis · /stocks/LSI/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/LSI/fundamental

## Navigation

- Overview: /stocks/LSI
- Financials (this page): /stocks/LSI/financials
- Thesis: /stocks/LSI/thesis
- Investment Memo: /stocks/LSI/memo
- Coverage universe: /stocks