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Life Storage's (LSI) CEO Joe Saffire on Q2 2021 Results - Earnings Call Transcript

Aug. 04, 2021 12:26 PM ETExtra Space Storage Inc. (EXR)
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Life Storage, Inc. (LSI) Q2 2021 Earnings Conference Call August 4, 2021 9:00 AM ET

Company Participants

David Dodman – Senior Vice President-Investor Relations and Strategic Planning

Joe Saffire – Chief Executive Officer

Andy Gregoire – Chief Financial Officer

Conference Call Participants

Juan Sanabria – BMO Capital

Jeff Spector – Bank of America

Smedes Rose – Citi

Samir Khanal – Evercore

Ki Bin Kim – Truist

Todd Thomas – KeyBanc Capital Markets


Good morning, ladies and gentlemen, and welcome to the Life Storage Second Quarter Earnings Release. [Operator Instructions] It is now my pleasure to turn the floor over to your host, David Dodman, Senior Vice President, Investor Relations and Strategic Planning. Sir, the floor is yours.

David Dodman

Good morning, and welcome to our second quarter 2021 earnings conference call. Leading today’s discussion will be Joe Saffire, Chief Executive Officer of Life Storage; and Andy Gregoire, Chief Financial Officer. As a reminder, the following discussion and answers to your questions contain forward-looking statements. Our actual results may differ 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.

Also as a reminder, during today’s question-and-answer session, we ask that you please limit yourself to two questions to allow time for everyone who wishes to participate. Please requeue with any follow-up questions thereafter.

At this time, I’ll turn the call over to Joe.

Joe Saffire

Good morning, and thank you for joining today’s call. I’m very pleased to report another outstanding quarter. Demand continues to be strong across our footprint, driving significant margin expansion as we maintain record occupancy, strong pricing power and disciplined cost control. With this strong demand, we achieved

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