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Life Storage, Inc. (LSI) CEO David Rogers on Q2 2018 Results - Earnings Call Transcript

Aug. 05, 2018 3:21 PM ETExtra Space Storage Inc. (EXR)
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Life Storage, Inc. (LSI) Q2 2018 Earnings Conference Call August 2, 2018 9:00 AM ET


Diane Piegza - Vice President, Investor Relations

David Rogers - Chief Executive Officer

Andy Gregoire - Chief Financial Officer


Jeremy Metz - BMO Capital Markets

Smedes Rose - Citi

Shirley Wu - Bank of America/Merrill Lynch

Todd Thomas - KeyBanc Capital Markets

George Hoglund - Jefferies

Eric Frankel - Green Street Advisors

Ki Bin Kim - SunTrust Robinson Humphrey


Greetings and welcome to the Life Storage Second Quarter 2018 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Diane Piegza, Vice President, Investor Relations. Thank you. You may begin.

Diane Piegza

Good morning and welcome to our second quarter 2018 conference call. Leading today’s discussion will be David Rogers, Chief Executive Officer of Life Storage along with Andy Gregoire, Chief Financial Officer.

As a reminder, the following discussion and answers to your questions contain forward-looking statements. Our actual results maybe different from those projected due to risks and uncertainties with the company’s business. Additional information regarding these factors can be found in the company’s SEC filings. A copy of our press release and quarterly supplement may be found on the Investor Relations page at lifestorage.com. As a reminder, during today’s question-and-answer session, we ask that you limit yourself to two questions to allow time for everyone who wishes to participate. Please re-queue with any follow-up questions.

At this time, I will turn the call over to Dave.

David Rogers

Thanks, Diane and welcome everyone to our call. Last night, we reported FFO of $1.39 for the second quarter driven by strong same store top line and NOI growth. While we admitted we benefited from a relatively easy comp over last year’s 2Q, we are very

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