Intrinsic value of Life Storage - LSI

Previous Close

$78.83

  Intrinsic Value

$11.18

stock screener

  Rating & Target

str. sell

-86%

Previous close

$78.83

 
Intrinsic value

$11.18

 
Up/down potential

-86%

 
Rating

str. sell

We calculate the intrinsic value of LSI stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  26.16
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
  5.08
  5.08
  5.07
  5.06
Revenue, $m
  463
  492
  523
  554
  587
  621
  657
  695
  734
  775
  817
  862
  908
  957
  1,008
  1,062
  1,118
  1,176
  1,237
  1,302
  1,369
  1,440
  1,514
  1,591
  1,673
  1,758
  1,848
  1,942
  2,040
  2,144
  2,252
Variable operating expenses, $m
 
  295
  314
  332
  352
  373
  394
  417
  440
  465
  490
  517
  545
  574
  605
  637
  671
  706
  742
  781
  821
  864
  908
  955
  1,004
  1,055
  1,109
  1,165
  1,224
  1,286
  1,351
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  328
  295
  314
  332
  352
  373
  394
  417
  440
  465
  490
  517
  545
  574
  605
  637
  671
  706
  742
  781
  821
  864
  908
  955
  1,004
  1,055
  1,109
  1,165
  1,224
  1,286
  1,351
Operating income, $m
  135
  197
  209
  222
  235
  249
  263
  278
  294
  310
  327
  345
  363
  383
  403
  425
  447
  470
  495
  521
  548
  576
  605
  637
  669
  703
  739
  777
  816
  857
  901
EBITDA, $m
  252
  321
  341
  362
  383
  406
  429
  453
  479
  505
  533
  562
  593
  625
  658
  693
  729
  767
  807
  849
  893
  939
  988
  1,038
  1,092
  1,147
  1,206
  1,267
  1,331
  1,399
  1,470
Interest expense (income), $m
  40
  58
  62
  66
  70
  74
  79
  84
  89
  94
  99
  105
  111
  117
  124
  131
  138
  145
  153
  161
  170
  179
  188
  198
  209
  219
  231
  243
  255
  269
  282
Earnings before tax, $m
  85
  139
  147
  156
  165
  174
  184
  194
  205
  216
  227
  240
  252
  266
  279
  294
  309
  325
  342
  359
  378
  397
  417
  438
  460
  484
  508
  534
  561
  589
  618
Tax expense, $m
  0
  38
  40
  42
  45
  47
  50
  52
  55
  58
  61
  65
  68
  72
  75
  79
  83
  88
  92
  97
  102
  107
  113
  118
  124
  131
  137
  144
  151
  159
  167
Net income, $m
  85
  101
  108
  114
  120
  127
  134
  142
  149
  158
  166
  175
  184
  194
  204
  215
  226
  237
  250
  262
  276
  290
  305
  320
  336
  353
  371
  390
  409
  430
  451

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  24
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  3,858
  4,068
  4,318
  4,580
  4,852
  5,136
  5,433
  5,742
  6,064
  6,402
  6,754
  7,122
  7,507
  7,910
  8,332
  8,773
  9,236
  9,720
  10,227
  10,758
  11,315
  11,898
  12,510
  13,152
  13,824
  14,530
  15,270
  16,046
  16,861
  17,715
  18,612
Adjusted assets (=assets-cash), $m
  3,834
  4,068
  4,318
  4,580
  4,852
  5,136
  5,433
  5,742
  6,064
  6,402
  6,754
  7,122
  7,507
  7,910
  8,332
  8,773
  9,236
  9,720
  10,227
  10,758
  11,315
  11,898
  12,510
  13,152
  13,824
  14,530
  15,270
  16,046
  16,861
  17,715
  18,612
Revenue / Adjusted assets
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
Average production assets, $m
  2,888
  3,070
  3,260
  3,457
  3,662
  3,877
  4,100
  4,334
  4,577
  4,832
  5,098
  5,376
  5,667
  5,971
  6,289
  6,622
  6,971
  7,336
  7,719
  8,120
  8,540
  8,981
  9,443
  9,927
  10,435
  10,967
  11,526
  12,112
  12,726
  13,371
  14,048
Working capital, $m
  0
  -26
  -27
  -29
  -31
  -32
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -50
  -52
  -55
  -58
  -61
  -64
  -68
  -71
  -75
  -79
  -83
  -87
  -91
  -96
  -101
  -106
  -111
  -117
Total debt, $m
  1,654
  1,763
  1,879
  2,000
  2,126
  2,257
  2,394
  2,537
  2,686
  2,842
  3,004
  3,174
  3,352
  3,539
  3,733
  3,937
  4,151
  4,374
  4,609
  4,854
  5,111
  5,381
  5,664
  5,960
  6,271
  6,597
  6,939
  7,297
  7,674
  8,068
  8,483
Total liabilities, $m
  1,769
  1,879
  1,995
  2,116
  2,242
  2,373
  2,510
  2,653
  2,802
  2,958
  3,120
  3,290
  3,468
  3,655
  3,849
  4,053
  4,267
  4,490
  4,725
  4,970
  5,227
  5,497
  5,780
  6,076
  6,387
  6,713
  7,055
  7,413
  7,790
  8,184
  8,599
Total equity, $m
  2,088
  2,188
  2,323
  2,464
  2,611
  2,763
  2,923
  3,089
  3,263
  3,444
  3,634
  3,832
  4,039
  4,256
  4,483
  4,720
  4,969
  5,229
  5,502
  5,788
  6,087
  6,401
  6,730
  7,076
  7,438
  7,817
  8,215
  8,633
  9,071
  9,531
  10,013
Total liabilities and equity, $m
  3,857
  4,067
  4,318
  4,580
  4,853
  5,136
  5,433
  5,742
  6,065
  6,402
  6,754
  7,122
  7,507
  7,911
  8,332
  8,773
  9,236
  9,719
  10,227
  10,758
  11,314
  11,898
  12,510
  13,152
  13,825
  14,530
  15,270
  16,046
  16,861
  17,715
  18,612
Debt-to-equity ratio
  0.792
  0.810
  0.810
  0.810
  0.810
  0.820
  0.820
  0.820
  0.820
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.850
  0.850
  0.850
  0.850
Adjusted equity ratio
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  85
  101
  108
  114
  120
  127
  134
  142
  149
  158
  166
  175
  184
  194
  204
  215
  226
  237
  250
  262
  276
  290
  305
  320
  336
  353
  371
  390
  409
  430
  451
Depreciation, amort., depletion, $m
  117
  124
  132
  140
  148
  157
  166
  175
  185
  196
  206
  218
  229
  242
  255
  268
  282
  297
  313
  329
  346
  364
  382
  402
  422
  444
  467
  490
  515
  541
  569
Funds from operations, $m
  245
  226
  239
  254
  269
  284
  300
  317
  335
  353
  372
  393
  414
  436
  459
  483
  508
  534
  562
  591
  622
  653
  687
  722
  759
  797
  838
  880
  925
  971
  1,020
Change in working capital, $m
  19
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
Cash from operations, $m
  226
  227
  241
  255
  270
  286
  302
  319
  337
  355
  375
  395
  416
  438
  461
  485
  511
  537
  565
  594
  625
  657
  691
  726
  763
  802
  842
  885
  930
  977
  1,026
Maintenance CAPEX, $m
  0
  -117
  -124
  -132
  -140
  -148
  -157
  -166
  -175
  -185
  -196
  -206
  -218
  -229
  -242
  -255
  -268
  -282
  -297
  -313
  -329
  -346
  -364
  -382
  -402
  -422
  -444
  -467
  -490
  -515
  -541
New CAPEX, $m
  -73
  -182
  -189
  -197
  -206
  -214
  -224
  -233
  -244
  -254
  -266
  -278
  -291
  -304
  -318
  -333
  -349
  -365
  -383
  -401
  -420
  -441
  -462
  -484
  -508
  -533
  -559
  -586
  -615
  -645
  -677
Cash from investing activities, $m
  -1,796
  -299
  -313
  -329
  -346
  -362
  -381
  -399
  -419
  -439
  -462
  -484
  -509
  -533
  -560
  -588
  -617
  -647
  -680
  -714
  -749
  -787
  -826
  -866
  -910
  -955
  -1,003
  -1,053
  -1,105
  -1,160
  -1,218
Free cash flow, $m
  -1,570
  -72
  -73
  -74
  -75
  -77
  -78
  -80
  -82
  -85
  -87
  -90
  -92
  -95
  -99
  -102
  -106
  -110
  -114
  -119
  -124
  -129
  -135
  -141
  -147
  -153
  -160
  -168
  -175
  -184
  -192
Issuance/(repayment) of debt, $m
  820
  109
  116
  121
  126
  131
  137
  143
  149
  156
  163
  170
  178
  186
  195
  204
  214
  224
  234
  245
  257
  270
  283
  296
  311
  326
  342
  359
  376
  395
  414
Issuance/(repurchase) of shares, $m
  948
  23
  27
  27
  26
  26
  25
  25
  24
  24
  24
  23
  23
  23
  23
  23
  23
  23
  23
  23
  24
  24
  25
  25
  26
  26
  27
  28
  29
  30
  31
Cash from financing (excl. dividends), $m  
  1,743
  132
  143
  148
  152
  157
  162
  168
  173
  180
  187
  193
  201
  209
  218
  227
  237
  247
  257
  268
  281
  294
  308
  321
  337
  352
  369
  387
  405
  425
  445
Total cash flow (excl. dividends), $m
  173
  60
  71
  74
  77
  80
  84
  87
  91
  95
  99
  104
  109
  114
  119
  124
  130
  137
  143
  150
  157
  165
  173
  181
  190
  199
  209
  219
  230
  241
  253
Retained Cash Flow (-), $m
  -886
  -124
  -135
  -141
  -147
  -153
  -159
  -166
  -174
  -181
  -190
  -198
  -207
  -217
  -227
  -237
  -249
  -260
  -273
  -286
  -300
  -314
  -329
  -345
  -362
  -380
  -398
  -418
  -438
  -460
  -482
Prev. year cash balance distribution, $m
 
  24
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -40
  -64
  -67
  -70
  -73
  -76
  -79
  -83
  -86
  -90
  -94
  -99
  -103
  -108
  -113
  -118
  -124
  -130
  -136
  -143
  -149
  -157
  -164
  -172
  -181
  -189
  -199
  -208
  -219
  -229
Discount rate, %
 
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.85
  11.40
  11.97
  12.57
  13.19
  13.85
  14.55
  15.27
  16.04
  16.84
  17.68
  18.57
  19.49
  20.47
  21.49
  22.57
  23.69
  24.88
  26.12
  27.43
  28.80
  30.24
  31.75
  33.34
PV of cash for distribution, $m
 
  -37
  -55
  -52
  -49
  -45
  -42
  -38
  -35
  -31
  -28
  -24
  -21
  -18
  -15
  -12
  -10
  -8
  -6
  -5
  -3
  -3
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  99.4
  98.7
  98.0
  97.4
  96.9
  96.4
  95.9
  95.5
  95.1
  94.8
  94.4
  94.1
  93.8
  93.5
  93.2
  93.0
  92.7
  92.5
  92.3
  92.1
  91.9
  91.7
  91.5
  91.3
  91.1
  90.9
  90.7
  90.6
  90.4
  90.2

Life Storage, Inc., formerly Sovran Self Storage, Inc., is a self-administered and self-managed real estate company. The Company acquires, owns and manages self-storage properties. The Company owns its assets and conducts its operations through Life Storage LP (the Operating Partnership) and subsidiaries of the Operating Partnership. As of December 31, 2016, the Company had an ownership interest in and/or managed 659 self-storage properties in 29 states under the names Life Storage and Uncle Bob's Self Storage. As of December 31, 2016, the Company's properties were located in various states of the United States, such as Alabama, Arizona, Colorado, California, Florida, Georgia, Maine, Kentucky, Nevada, New Jersey, Ohio, North Carolina, South Carolina, Texas, Utah and Virginia. As of December 31, 2016, the Company's properties ranged in size from 18,000 to 195,000 net rentable square feet, with an average of approximately 70,000 net rentable square feet.

FINANCIAL RATIOS  of  Life Storage (LSI)

Valuation Ratios
P/E Ratio 43.1
Price to Sales 7.9
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 16.2
Price to Free Cash Flow 23.9
Growth Rates
Sales Growth Rate 26.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 73.8%
Cap. Spend. - 3 Yr. Gr. Rate 16.5%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 79.2%
Total Debt to Equity 79.2%
Interest Coverage 3
Management Effectiveness
Return On Assets 4.2%
Ret/ On Assets - 3 Yr. Avg. 6.3%
Return On Total Capital 2.9%
Ret/ On T. Cap. - 3 Yr. Avg. 4.8%
Return On Equity 5.2%
Return On Equity - 3 Yr. Avg. 8.4%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 67.2%
Gross Margin - 3 Yr. Avg. 67.8%
EBITDA Margin 52.3%
EBITDA Margin - 3 Yr. Avg. 54%
Operating Margin 29.2%
Oper. Margin - 3 Yr. Avg. 35.4%
Pre-Tax Margin 18.4%
Pre-Tax Margin - 3 Yr. Avg. 25.5%
Net Profit Margin 18.4%
Net Profit Margin - 3 Yr. Avg. 25.5%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 183.5%

LSI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LSI stock intrinsic value calculation we used $463 million for the last fiscal year's total revenue generated by Life Storage. The default revenue input number comes from 2016 income statement of Life Storage. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our LSI stock valuation model: a) initial revenue growth rate of 6.3% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 8.1%, whose default value for LSI is calculated based on our internal credit rating of Life Storage, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Life Storage.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of LSI stock the variable cost ratio is equal to 60%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for LSI stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Life Storage.

Corporate tax rate of 27% is the nominal tax rate for Life Storage. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the LSI stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for LSI are equal to 623.8%.

Life of production assets of 24.7 years is the average useful life of capital assets used in Life Storage operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for LSI is equal to -5.2%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $2088 million for Life Storage - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 46.705 million for Life Storage is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Life Storage at the current share price and the inputted number of shares is $3.7 billion.

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COMPANY NEWS

▶ Extra Spaces Occupancy Rate and Other Growth Factors   [Jan-26-18 09:05AM  Market Realist]
▶ Key Drivers of Extra Spaces 2018 Performance   [07:38AM  Market Realist]
▶ Life Storage, Inc. Announces Dividend on Common Stock   [Jan-03-18 04:10PM  Business Wire]
▶ Stocks With Rising Relative Strength: Life Storage   [Dec-12-17 03:00AM  Investor's Business Daily]
▶ Life Storage Sees RS Rating Rise To 74   [Nov-30-17 03:00AM  Investor's Business Daily]
▶ Life Storage, Inc. Prices Offering of Senior Notes   [Nov-28-17 04:54PM  Business Wire]
▶ 4 Cheap Dividend Growers to Buy Now and Hold Forever   [Nov-27-17 03:56AM  Harvest Exchange]
▶ Life Storage Earns Relative Strength Rating Upgrade   [Nov-08-17 03:00AM  Investor's Business Daily]
▶ Life Storage, Inc. to Host Earnings Call   [Nov-02-17 07:10AM  ACCESSWIRE]
▶ Life Storage reports 3Q results   [Nov-01-17 05:47PM  Associated Press]
▶ After Slump, This High-Dividend Storage Stock Is Setting Up A Bullish Pattern   [Oct-04-17 03:00PM  Investor's Business Daily]
▶ Life Storage, Inc. Announces Dividend on Common Stock   [Oct-03-17 09:05AM  Business Wire]
▶ Post-Harvey Boost Won't Last For Life Storage   [Sep-25-17 03:36PM  Benzinga]
▶ [$$] Life Storage Set to Top Extra Space   [Sep-12-17 11:12AM  Barrons.com]
▶ Life Storage, Inc. Provides Hurricane Harvey Update   [Sep-01-17 05:10PM  Business Wire]
▶ Life Storage reports 2Q results   [Aug-04-17 12:59AM  Associated Press]
▶ ETFs with exposure to Life Storage, Inc. : July 24, 2017   [Jul-24-17 05:08PM  Capital Cube]
▶ ETFs with exposure to Life Storage, Inc. : July 14, 2017   [Jul-14-17 03:27PM  Capital Cube]
▶ Life Storage, Inc. Announces Dividend on Common Stock   [Jul-05-17 04:05PM  Business Wire]
▶ Life Storage, Inc. to Participate at REITWeekĀ® 2017   [May-25-17 09:19AM  Business Wire]
▶ Life Storage reports 1Q results   [May-03-17 05:36PM  Associated Press]
▶ Life Storage, Inc. Raises Quarterly Common Stock Dividend   [Apr-05-17 04:08PM  Business Wire]
▶ A Look at Investing in Storage REITs   [Apr-04-17 12:24PM  Investopedia]
▶ How to Make Money Off American's Love of Clutter   [Apr-01-17 11:21AM  Motley Fool]
▶ This 5-Stock Portfolio Crushes The S&P 500   [Mar-22-17 03:00PM  at Forbes]
▶ 2 Stocks That Could Make You Rich   [Mar-17-17 10:47AM  Motley Fool]
▶ Life Storage reports 4Q results   [Feb-15-17 06:14PM  AP]
▶ Life Storage, Inc. Announces Dividend on Common Stock   [Jan-04-17 09:05AM  Business Wire]
▶ Multiple Gurus Invest in Life Storage   [Nov-30-16 01:24PM  Gurufocus]
▶ Post Earnings Coverage as Himax Sales Jumped 31.7%   [Nov-21-16 08:15AM  Accesswire]
Financial statements of LSI
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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