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Life Storage revises FY'19 AFFO-per-share outlook with Q2 results

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Life Storage revises FY'19 AFFO-per-share outlook with Q2 results

Life Storage Inc. outlined its third-quarter earnings expectations and revised its full-year 2019 outlook for adjusted funds from operations to a per-share range of $5.56 to $5.63 from its prior guidance range of $5.55 to $5.63.

For the third quarter, the self-storage real estate investment trust expects FFO in a per-share range of $1.42 to $1.46.

The S&P Global Market Intelligence consensus FFO-per-share estimate for the third quarter and full year is $1.45 and $5.59, respectively.

In detailing its latest results, the company said it bought three properties in Cleveland for approximately $33.2 million and one in Jacksonville, Fla., for $10.0 million. The REIT also agreed to acquire three facilities in Seattle and one in Las Vegas.

Following the end of the quarter, the REIT agreed to buy five facilities in Baltimore and one store in Austin, Texas, that it currently leases and manages.

Also subsequent to quarter-end, the REIT purchased 12 stores in lease-up for its wholly owned portfolio for approximately $134.8 million. The facilities are spread across Virginia, Florida, South Carolina, North Carolina, Tennessee and Georgia.