- Life Storage (NYSE:LSI) knee-jerked sharply lower at the open following last night's earnings miss, but has trimmed that to just a 0.9% decline with a little more than an hour to go before the closing bell.
- Q2 adjusted FFO of $1.33 was up a penny from a year ago, but shy of estimates by $0.02.
- Same-store revenues (435 stores owned since the end of 2015) was up 1.4% Y/Y; expenses rose 5.6% amid a 5.5% boost in property taxes and 42.6% more spending on Internet advertising thanks to the brand shift (to Life Storage from Uncle Bob's). The company is now saying it'll need to spend more money through at least the end of this year to support the re-branding effort.
- The result for NOI was a 0.6% Y/Y decline, with particular weakness noted in Texas.
- Full-year NOI growth is now seen as flat to negative 1%, including down 2%-3% in Q3. Full-year adjusted FFO per share is guided to $5.25-$5.30, with Q3 at $1.33-$1.38.
- Previously: Life Storage misses by $0.02, beats on revenue (Aug. 2)