May 23, 2017 5:55 AM ET

Equity Real Estate Investment Trusts (REITs)

Company Overview of Life Storage LP

Company Overview

Life Storage LP operates as a self-administered and self-managed real estate investment trust that owns and operates self-storage facilities in the United States. As of November 2, 2016, it operated approximately 650 self-storage facilities in 29 states under the Life Storage and Uncle Bob’s Self Storage names. The company was formerly known as Sovran Acquisition Limited Partnership and changed its name to Life Storage LP in August 2016. Life Storage LP was founded in 1982 and is based in Williamsville, New York. Life Storage LP operates as a subsidiary of Life Storage, Inc.

6467 Main Street

Williamsville, NY 14221

United States

Founded in 1982

1,537 Employees

Phone:

716-633-1850

Key Executives for Life Storage LP

President and Director
Age: 67
Chief Financial Officer
Age: 48
Compensation as of Fiscal Year 2016.

Life Storage LP Key Developments

Sovran Acquisition Limited Partnership Reports Unaudited Consolidated Earnings Results for the First Quarter Ended of March 31, 2016

Sovran Acquisition Limited Partnership reported unaudited consolidated earnings results for the first quarter ended of March 31, 2016. For the quarter, the company reported total operating revenues of $99,124,000 compared to $85,408,000 a year ago. Income from operations was $36,443,000 compared to $31,077,000 a year ago. Net income was $28,230,000 compared to $22,557,000 a year ago. Net income attributable to common unit holders was $28,339,000 compared to $22,451,000 a year ago. Diluted earnings per share were $0.73 compared to $0.65 a year ago. Net income allocated to general partner was $283,000 compared to $225,000 a year ago. Net income allocated to limited partners was $28,056,000 compared to $22,226,000 a year ago. Net cash provided by operating activities was $37,923,000 compared to $30,940,000 a year ago. Acquisitions of storage facilities were $323,548,000 compared to $134,040,000 a year ago. Improvements, equipment additions, and construction in progress was $13,797,000 compared to $5,335,000 a year ago.

Sovran Acquisition Limited Partnership Reports Unaudited Consolidated Earnings Results for the Full Year Ended of December 31, 2015

Sovran Acquisition Limited Partnership reported unaudited consolidated earnings results for the full year ended of December 31, 2015. For the quarter, the company reported total operating revenues of $366,602,000 compared to $326,080,000 a year ago. Income from operations was $147,285,000 compared to $116,333,000 a year ago. Net income was $113,077,000 compared to $89,057,000 a year ago. Net income attributable to common unit holders was $112,524,000 compared to $88,531,000 a year ago. Diluted earnings per share were $3.16 compared to $2.67 a year ago. Net income allocated to general partner was $1,131,000 compared to $891,000 a year ago. Net income allocated to limited partners was $111,393,000 compared to $87,640,000 a year ago. Net cash provided by operating activities was $186,210,000 compared to $146,068,000 a year ago. Acquisitions of storage facilities were $280,010,000 compared to $281,731,000 a year ago. Improvements, equipment additions, and construction in progress were $41,739,000 compared to $35,097,000 a year ago.

Sovran Acquisition Limited Partnership Completes Acquisition of Thirteen Self-Storage Properties

On January 21, 2016, Sovran Self Storage Inc., through its operating limited partnership, Sovran Acquisition Limited Partnership, completed the acquisition of thirteen (13) self-storage properties located in New Hampshire (5), California (4), Texas (3) and Massachusetts (1) for an aggregate cash consideration of approximately $186 million. The properties were acquired from a group of related sellers: Calabasas Storage, LLC, 123 Westminster Storage, LLC, Magellan Commercial, LLC, Magellan Slauson, LLC, HSRE Stonebridge South, LP, Stonebridge North, LP, ADV Legendary Property Owner, LLC, Salisbury Storage I, LLC, Heritage Storage I, LLC, Lee Storage I, LLC, HF Storage, LLC, KS Storage, LLC, and DV Storage, LLC.

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