LSI - Earnings call transcript Q3 2018 | Life Storage Inc

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Greetings and welcome to the Life Storage Third Quarter 2018 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, David Dodman, Vice President of Investor Relations and Strategic Planning. Please proceed.

David Dodman

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

the statements. reminder, questions a following answers and As to contain forward-looking discussion your

projected Our may with company’s actual business. risks differ those the results and due from uncertainties to

copy regarding may A be at the Relations our information found SEC can these lifestorage.com. found and page factors on in Additional press company’s release the be filings. of supplement quarterly Investor

limit we As to two yourself the a any Dave. please during At that reminder, turn for participate. wishes time, over thereafter. this with to session, to who ask time question-and-answer re-queue allow follow-up questions questions to call I'll you today’s everyone Please

David Rogers

$X.XX strong everyone quarter our we and per topline Last same-store welcome for David, Thanks the Advertising. and especially driven Internet to expense third well-controlled FFO operating by call. night, share growth of reported adjusted

through believe this customer stores function quality evaluating was absorption process be severe substantial space impact service. and that In topics, Phoenix we are on our of with Hurricane we XQ, with so we great admittedly headwinds has in still impacted supplies we are macro Antonio, our are last over deliveries are anticipated While a with online year's the industry as of the markets. Miami, are discussion. brand, from additional comp given XXXX. of of a the markets come Markets benefitted dynamics Touching of as managing seeing a all but some easy our of could All in somewhat pass anniversary Chicago we the but pleased a results. We not the the Houston since new to continue construction new Harvey. to Chicago Houston most Charlotte, and Dallas, and the San strength and maybe Life Storage quantity issue Austin. few Raleigh, supply dominate that the Houston, less of

August, by expanding our the Anywhere major of BXC solution BXB and in early million. results. our for and stores demand in but to remains customers our operating XXXX. exert Rent pressure increases. part, product on this markets expansions under costs year, and list XXX I’ll had X,XXX in place the to on. picked operating most far expect competitive while continue the attracting early and from in mid-XXXX. expected across us just customer taxes our a our a for to we to print quarter enhancements been take in of quarter announced of markets, be stores aside We've as of most highlights it’s our We initiative our the property October a to months, few another our all margins during rate some keep inventory company’s almost and stores in steel, customers march pretty have this optionality Warehouse oil ROI of so course For risen really control on to solid of XXX expenses property overly Rent well is announced cost not relentless past total is the Now advertising to existing our Now and We considerably price, the and game, program. the suite program. maintenance storage at place added able new competitive Property two today of do of by rollout in in labor offering management customers. strong just continue advantage enhancements Construction while concrete, we XX these and impactful We and absorb $XX

Atlanta, Boston are to purchase million. these All area, in cost core Greater further of York the eight about a more today of Metro, five in markets at New Sacramento. of As we’re XX Orlando contract our Metro properties and key

will able them and diligence we put still can’t and due the the They’re guarantee of they’re in flag process finalize a in like properties on. larger, some markets. Life all, to on Storage they’re type higher but newer to of these growth be we We’re these are

We Brooklyn also brought adding on markets Phoenix, via venture A Class three investments one in third-generation we each properties like. Miami to joint and again stores

the we’re experienced strong in significant as take a putting Louisiana on management high-quality third-party Storage the stores signs Southeast Life This On significant some front, management morning we stabilized over realizing we’ve momentum for new we’re and in XX wins. primarily client.

XXX since our We’re commercial our more over yesterday of the [X count line year-end extend very this, an bank increase properties duration transaction on credit Andy PM] facility. at about XXXX. with into XXX% but to improve speak group we terms and it just the puts excited agreement corporate of our a entered and this will

which of recycling properties sale of by joint in then the asset Our is with program and forward. we year-end interest majority own to properties manage a expect some underway a venture our to do the going non-core expected

Andy, go We to up. on second profitable assets soon. this of and group will operating data occupy our drivers NAV ahead. key technology, growth ever level and satisfaction may an the We on higher the targets letting Obtaining bear application put scale, market that of have hitting of a much customer of be plan and the out. please we’re accretion. this you focus our These year don't

Andy Gregoire

Thanks Dave.

driven facilities. adjusted expected as for growth our as a of funds As Dave better recent our to than XXXX. last from same-store FFO high-end These compared of quarterly by results adjusted mentioned, same X.X% at performance, period share above $X.XX better than well share, per increase operations in night were $X.XX the of expected per we forecast reported the

our guidance of strong we again I’ll shortly. annual performance, result this a have increased As which review

revenue of achieved highlighted expenses. growth Our same-store is improved performance and by NOI controlled growth by both X.X%

quarter over XXXX. X.X% Specifically last rental increased same third of rates over driven foot rose improvements year the in realized rates. same-store period square by revenue the Same-store per X.X%

versus X%. the Life were of Third third increasing X/XX Internet outside Storage quarter same-store property of the quarter on strengthening year of allowed the brand last again reduce the over the XXXX. - taxes expenses only web The to quarterly well us controlled

In store are doing and efficiencies job on at expense addition, improving and teams our the this side. up a showing is stores construction great

As is which are pressure from property we the the we expense anticipated, X.X% seeing quarter. taxes only in increased significant third

of In are stores addition occupancy to occupancy our to portfolio, we to With the continue of early growth the grow. same-store see as certificate XX.X%, in purchased improved these and that performance quarterly significant still trends of we of consistent have room lease leases stage. very properties

driven increase in quarter increase an Warehouse XX.X% third a overall operating sales. increase Anywhere reflected revenue also Our income in other by

which get sheet our this our have and debt we opportunities basis on rating. facility, on included the on XXXX. $XX.X closed flexibility our and when to continue credit of week investment Our quarter current solid the $XXX Subsequent revolver XXXX refinancing to remains spreads we extending At of meet and by balance million capitalize million of June credit. to the end points bank on to we XX March maturities we no they significant requirements. hand Earlier have of our this reducing available refinancing, grade of attractive cash return line until investment and maturity credit and opportunistic

our debt healthy X.Xx Our recurring a improved and X.Xx. ratio EBITDA ratio to to was debt net service coverage

as on than raised well results annual our guidance, in expected QX guidance. same-store and Regarding annual we have the by guidance ranges, better are FFO as our revenue encouraged

Specifically, midpoint both growth share we XXXX significantly the our increased same-store by per NOI the revenue XXXX guidance midpoint of and FFO and of $X.XX.

Florida of a discussed a trends comp XXXX. in result quarter, new supply that as markets hurricane in QX late tougher we and from As return certain to driven normal Houston benefited had last and the we demand in

Internet Storage comparative relevancy range year year-to-date. eliminating benefit spend the reduced to to Same-store we have of growth QX X.X%. in the is expected was expected much In as to addition, our the revenue QX growth and X.X% at the for XXXX Life X% now revenue for improved, X% marketing be is brand substantially seen

Our reduced expense also was guidance slightly.

our share from year $X.XX open and per the of are between for funds that the we operations for operator, With questions. $X.XX between be XXXX. $X.XX adjusted the to we a call and and quarter same-store forecasting As changes result of to per $X.XX fourth for guidance, full XXXX share these can

Operator

Our Juan Sanabria proceed line with with first of comes Bank Lynch. America/Merrill Please your the question. [Operator of Instructions] from question

Juan Sanabria

hoping go-forward basis foreseeable you well date XX of a last give a revenues on us how continue from or should was into to as the and it mentioned could quarters, basis, expansion, the future? points year-over-year it's are been seems benefit couple how should for guys just the about like could little at I of a about as on us that give same-store on occupancy basis bit if results trending you hurricanes think maybe color the you we comps of if which with particularly

Andy Gregoire

are at QX very XXXX, the looking our Revenue, tougher QX at in hurricane you if markets I we the think and strong look comp driven from demand. with Florida guidance were Houston

Now expect worked a affected occupancy basis basis the in XXX to the at end just tough we really comp deceleration were so this the would points. store. year of the some we points down related hurricane as obviously showed was up that XX of quarter, that

comp just because of basis tough view when XX people year were X.X% the revenue to have guidance X% out. I more zone. So from to occupancy occupancy giving come QX. next QX would of expect an than we as easier for quarter XXX% expect than shown a wise, QX to late comp tough any No, comp in those stores points, the other in fourth X% I not we're that the hurricane expect - moved we down But continue, should in would more be from just point but

Juan Sanabria

roughly you're or or that and points at XX an does is expansion, that And that all? when comp from continue that then renovations benefit the become that should basis the issue how sustainable if getting

Andy Gregoire

changes. calculation basis but Yes, XX estimate to I wouldn't XX is affecting revenue. not it's the perfect reasonable of any a it's a expect how probably points

of consistent. great have expansion, flow We a pretty on them keeping down those they're the there team working

as in the we before we we later out them a revenue replace of similar take I would that on with those, then services, point year something would buildings stop take doing we So lose those months stores to where the effect very down, knock be usually think new. total we six because it's revenue we and

on points of been effect out net it XX XX I So some some put basis the and taking about to service continue. would to expect by

Juan Sanabria

supply and the give us there's by And exposure you from into what total three basis a increase/decrease rolling XXXX stores then me from you if XXXX percentage if one can on stays it sense as store year same how the on go more just any changes the amount? any side, of

David Rogers

very across the balance portfolio doesn't I it and the part most think for change much.

end as by least are pretty tell As being the prepared of getting as think and absorbed Houston I other a we Chicago on of it's having we coming XXXX and we past. some with they'll it's absorption have a XXXX, remarks, the secondarily absorbing at could now, as mentioned XXXX supply roles expect be other We the phase. still lot some markets so deliveries probably of XXXX, just far Dallas they markets to into but specific new consistent out seem for as go far are suburban, what's mentioned to balance what's of pretty any in market base, don't the much they coming,

Operator

with next from Please proceed your Jeremy Metz of line the Our with Markets. Capital question question. comes BMO

Jeremy Metz

carry revenue, for back, year. wanted you that about and we QX Andy, just here go past we the you Houston of first that into about I a talked quarter they'll next as But the as look should sort revenue? to think trough impacts almost Florida mentioned that just on

Andy Gregoire

those I It's tough say but would definitely be think that the in to markets would trough. right now

Jeremy Metz

joint gears then And venture you mentioned progress. switching the sale

will like be that year first by end. Sounds slug done

assets talking if sort the give on Just any sort goal pocket in more helpful? then can first going that to that and posts guys you use that be were those little of of of color yield that's requisitions about? in terms Are wondering the proceeds on there would there what of you a number you

Andy Gregoire

around plus spoken already by are the by in on The contract. $XXX proceeds tight we're or think year end. the minus I we properties Yes, million range expected have our for

good a I in in terms dilution, we're think of accretive think I spot.

think joint in selling hopefully the were we're managed venture. expecting assets as party key we were I a third the

type venture joint fee the would the and income selling get. by basically properties away versus properties dilution you that of core expect part stabilized road ordinarily the we take should So and

have have basis, soon. will presence what core third asking, We or the market the proceeds venture just hope expect on I be large So, after stores we already them or same million we to $XXX end pool. results to markets into very taken be take year a pool management that It's to even think that in plus in least by into joint terms you're a second slightly end to a one. get party of maybe fairly at that new our accretive

So, for with more we or that much accretive think again I effect. XXXX would the expect same

Operator

comes question with the Thomas of Markets. KeyBanc Please from next Our Capital Todd proceed your question. with line

Todd Thomas

the to comments I around on follow-up just wanted occupancy.

mentioned then also season, year-over-year I where occupancy sort your in of portfolio? seasonal and during You a Any and out system, capacity suppose wide peak given does new bottom trough basis hurricane on off it's typically growth. some portfolio some down occupancy the that new see indication supply the entering you might when comps, the

David Rogers

January of Yes, is to normally and occupancy point. the the mid-February end is low the trough Todd, at

in supply majority changes from we piece in that occupancy now right a year. it the of that. what is prior of of demand see the because hurricane So The any we obviously expect. That's is occurring but new driven would drop don't

Todd Thomas

Okay. where that around Any in January? late you thoughts might bottom out see

David Rogers

already much. so time This the I I of little would pressurized the bit. would little pay would go bit it hope incentives now, for sort we comes not street hope down of a rates would the occupancy that bit, back increase year up be

willing I occupancy we for we're So will. at play this to think level and

not the of through prior dip upcoming would expect I So from season. solar much the year through a

Todd Thomas

the customer then and And existing program increases over to sort switching rent there. of

the us if the was of in wasn't customers the street some And customer. year like quantify that sense given that there company and seems the and policy and and just now based churn of place increasing sort of above like and on the stickiness rents sort you of think I can rates opportunity there of if seasoning upside or that present that a changed previously portfolio. strategy. It you've what would can mentioned And over You've two? understand upside help I be how you portfolio just next really looks curious the have the

David Rogers

Todd there's limit would have more We did we above street on we we how much go. did this rate do believe grow a street above year rate. upside so

maybe late given we to increase. the in results push a higher ability bit did above also We're some they the have lot we of see. move we wearing So like curve year and little meaning the testing this above more we street rates We how after a first that. of do of their

right So that. expect it's have on next there next more we from potential Impact similar year. to probably anywhere It's revenue, difficult I would to X% to very X% now. year. point

Todd Thomas

thought when yield there an you mean the that XXX asset some the what exactly customers? points you that a as strategy basis these or the think X% XXX to so for does on say upside mix So change average current you of X%, rent is of and

David Rogers

way remember out and because and how X% is science free perfect replace it's year and rent the customers mean a to There believe we to is what number get growth Todd, year. offer. there those exact rents rent I no to think X% be from from you clear we To X% think next that the X% not impact we our came increases, what a move that is can and but we of impact this similar calculate of

Operator

with proceed your line Our Citi. of with question. the Rose next Please from question Smedes comes

Smedes Rose

opportunities just I change you're first pricing wanted cap look any in at thought rates. to ask if as acquisition you you or seeing

to how playing rates market that private now? about you're in seems growth If with and in thinking interest out just you kind upward now maybe like would is external of should which expect see be an it bias the

Andy Gregoire

the it’s owners sight really it trickled what the is but any private winding expect just and the seen - there's we the eventually prices overall lot they space There the but exacerbating several a and have through of a rises - change did all of rates fact at Yes, we that takes is wish remarkable also that quarters. prices. asking capital these so haven't sort on in pressure in that

almost So when that of by valuing made on evidenced you're But past change pipeline team is there a purchases here seen cap Joe by have of we parameter the quarter house and as have. the perceptible stabilize. to property taken variables this pretty best That's from some especially have probably before the equation Saffire lot because rates we been year. we them. the the last in quarter quarter has the no summer last to the We for our realigned the much over

third-party our in. finding a contract people years. So third-party bring good over have and effort were one with able on plus had lot the we to we bringing we that team in source, got team We a solicitation sort one another relationships XX coordinative manage we’re our acquisitions our with properties of of management of

near but by sharp, have you're much there get pencil for up I going platforms. think grow not that’s even it don't if future. pricing to So they the to the sense but basis and don’t are and move. buying some one the points a in where few when I there We it interest change fit no a property has our next be been get the answer really shown properties now synergy rates already can really is has make a there expect We that been the to XX, by lot acceptable no see return XX of were to short XX quarters it’s think in markets we presence. as history doing of where has has one-off we to hasn't We're exposed that a pretty we take much that which

Smedes Rose

and you about on I in far you the rates And what third I street rates thus just in quarter? saw what the you're fourth you, quarter talk just versus ask seeing insight guess maybe wanted could maybe to

David Rogers

quarter's down rates similar up up XX in XQ revenue last about but XXXX Street Smedes. basis this over increase effective in about X% we’re in up QX was rent fourth about prior Sure up X.X very was net X.X% quarter this so from Free is so as from the effect rent quarter. well the the in quarter X.X% far of X.X% were X.X% it so year. to

Operator

Please question of Bin line the question. Humphrey. SunTrust Ki next Robinson Our comes with Kim proceed with your from

Ki Bin Kim

we in the it like go same-store we that change increase as to number basically back more philosophy customers well that increase the of of level Because many my program getting seems does the can if that because to take to it awhile important. the starts tenants customer what can contributing benefit to basis Can of pretty of customer is program? and increase, it increase you recap off. wind the level what been. of getting points program, when I me XXX to is down, existing rate increase versus should XXX revenue is actually has growth question are It when expect tail but the that enter that know how this And season to

David Rogers

year-to-date done percentage out changed. we XX,XXX customers year rate customers many not street do significant the has half are relatively been how actual - going curve lot a other versus customers the has so half this so and earlier of we we receiving customers. obviously increases which six because customers be how ones much. number would were was we changed can do moved of last in still of out we’re pushing X.X% increase them, was The so to XXX,XXX Move months. current QX we do pretty The most it I increase have curve those by in has done changed the higher say consistent Last the put that to rates QX we more. We’ve X.X%, where above than

the you’re So when were hitting moved earlier we in put anyway. them customers that out curve

attribute So where the we move-out those rate did tickup that in did year-over-year but to curve.

Ki Bin Kim

when benefit So tailoff? should this

David Rogers

ledger got year. of can we’ve think I next strategic on side that items No, we do the some more

got we’re us some pushing that year. good tailwinds comfortable we've into So next

Ki Bin Kim

making are just in you roughly absolute terms third the much warehouse quarter. program money last And the how in anywhere question, in dollar

grow to? a get and where to where of sense that is want it Just can

David Rogers

X annualized in. the have the in side is you And rental of rental from that on it’s pieces receive then a that when and those that annualized customers so year top fees million the the million side are we of we fees look front me our service there equipment the numbers retail or the I get space about the warehouse an the basis. anywhere are about in whether that, right it’s two customers on those X.X those of be space at ATM of they the on

million from coming all total So, revenue including program assets about rent of XX.X the part. that

Ki Bin Kim

retail And versus how that customer? from do inventory out you just some balance regular taking

Andy Gregoire

pressure we Well got I we that got good keep does terms to customers occupancy, in rates. add it it think can system we what we raise the more of know

So those we we the get to the like we more customers first less want who things for and can commercial have, charge in.

So our it’s not spaces of basically away taking spaces the a making and or from more it retailers filling incremental justification valuable. no rates

Operator

the line Instructions] James. Raymond proceed question. Please with comes from with Our question next of Jonathan your [Operator Hughes

Jonathan Hughes

growth management related has strictly vote your understand platform very left Just great the which Can about a third-party you just of the switch So for in performance to the is owner trying of talk maybe been whether in one your confidence platform. properties related? pricing and why the competitors XX you strong. of platform

David Rogers

We've the for owner a long time. known

Our with acquisition touch kept guys him. in

the down know markets, there been we we've XXXX. So probably since

for have to when we bid, Joe, up team So, we good took and were in sort I way. we meshed think a culturally there put of down down very it a go we - happy

our the he's know we’ll page, good we owner objectives his the a on a So quality he's are, knowing got the and good same I one and a cultural because third - this fit. demanding stabilized we've party got with is we clients be to a way properties, and and I got established XX He's all because fit. because the are same of happy stores stick stores, we were it like was to good we think page market, around operator, pool think going what get we of the demanding

you're value, of more I of Jonathan, a part network. clients to they're most these going are big our assets think dollar this. of big And

the they're this into the on ground, say expectations, see had and you penciled don't years to, Given fruits hockey on for options We four or coach were it low deals football the the I are for dude, these And so and out put anxious heard see paper guys going then not but fact and have stores a that very go to call on type well do a these the lot amount a them temper five to much say tried yes, a I've of their now taken. But to guys thing, high of and very here of their are and try a expectations. same fair to you we hanging or the playing been times the things impatience. coach. other lot when development put

don't going it's much that see thought, long want responses there, results what so wanting wait like want I the You and that fit. they to not are do so for you culture we're I say to change. say I they to to but times see all got owners see different they know way nonetheless a and know the to

and we this competitive won way our some with in able a deal more go the I and our particular market. those that's were we how and game But it's we've forward in it's things, going things think that to BXB, more. kinds the done now I going right think So that be to experience of of

Jonathan Hughes

going so? the or scheduled to operate year-and-half And eight over under open that are are the that you to properties next are construction

David Rogers

It to, but yes. the crazy not I of plan. think overall Yes, that's part be the - would

Jonathan Hughes

And in then for the see that bucket, after adding is at one store three when XX I I at and that the reaching only look same not there. are occupancy more XX% are the threshold and know second I that stores outside your just but year looking up leased of

XX the to year? XX are going next that assume those be to fair to So, added of pool

Andy Gregoire

I No, you think see that many. don't would

You'd probably see half.

in they have got stable - have rates, We stable only they Jonathan. not to XX above but be at do be to occupancy

at to year. look we and But ones stable. was So but clear we give decision which add going guidance for be on we'll yet haven't date we'll the our come with back you next made February see when we're that what

Jonathan Hughes

you sequential revenue then that's of about new just And one the seen more, a in growth As supply. Atlanta? market a actually can acceleration stalk just lot

Just curious if not maybe last there's markets from just there new Thank eye. that strength but the sub in you. supply my is caught acceleration your quarter

Andy Gregoire

it's Atlanta unusual had quarter last It for comp a - had us. tough a of strong it was market an and cell benefit some tower income.

a has are was as actually as stores we've effective negative but in there Atlanta strong XXXX, Atlanta. income others Yes, lot not market. an our in cell been unusual stores that item in competition in tower for XXXX there's But the So of so QX was us, got good in Atlanta.

over we're and with there growth strong X% market. we think I market revenue that like

Operator

Our Please comes with from proceed Street Advisors. with of line the Green Eric next question Frankel question. your

Eric Frankel

little In growth question. bit range rather? why NOI your tighter annual guidance range your a Just just growth NOI one quarter fourth is your wider can than explain - quick you

David Rogers

adjust one the In and the Florida Texas solidify I what swing in our the the wideness Yes, we think fourth NOI have quarter those and property swing you and of when which happens could the that's taxes. property quarter, markets estimates, lot wide. because in can taxes of swings

that really of range. So property end end from can go low tax to you really it's high easily -

Eric Frankel

would I - than terminology opposite. think I my annual sorry. wider guidance I would is I the your be up. Right, mixed your got just was I'm guidance? mean it fourth quarter

David Rogers

in put where taxes and to tight. think come property that to It's No, an same the be, I people can keep a way give always it's tough there midpoint the try range guidance would explanation. of out the it's to we idea

yourself to want give some You flexibility.

Eric Frankel

your Right. guidance year it's is quarters why But predictable? really full baked not I'm of sure three number in, more if bit that little

David Rogers

it's and range under at the round think there. looking again I just midpoint

size that will it. to think I

Operator

question. your with of comes question Our Khanal Samir from next line Evercore. with proceed the Please

Samir Khanal

if of expectations? say missed that the putting versus maybe this I pricing maybe sorry JV anything I on where noncore did think into in about pools, with sort your I'm the coming properties you're is two or the you but pricing

Andy Gregoire

is put I out quality than that perhaps It with deal we think of had points couple pretty better or the actually of good lesser we good - than even expected. we our buyer some We considers came big what out. data

we but got properties bit so and price. definitely had we they're priced core a portfolio of So premium, market market a they're little the -

where in we came they So hoped. had

Operator

Jeffries. Our question. Okusanya next question Please your comes proceed with from the line with of Omotayo

Omotayo Okusanya

had a deals. quick Just [COD] question around

Just deals concern in to rise sort, X you about now things any given say versus the of that ago? supply months constructions all differently in COD underwriting XX are these

David Rogers

underwriting of we're hardly running have any. been and Well, we up it. that And note

kind able seemed the couple on amount. ago lease we equation, because the spreads just they of unattractive than of just were create years getting of up a we the to valuation part the - pay to on got and put us. we were tenable like came out It COD less game So were the value they in the was

that up to XX% some them we contract under stuff stage. though So of is lease have we're buying XX% in

you're seeing being but up, managing go up those rents know and seeing that of up, construction think times do one seeing go we're competitive. you're lease it's One tougher, you're I is more costs

them. but all that risk-reward a any want as them basically ratio deals amount away the of very to management we out and gotten all have themselves we the of them obviously given So, not course is to keep us crystal been too as obviously far from of really take but buying as there it's enticed We'll just and by bit. out

Operator

the to final end. Rogers And over like reached call and Mr. question. back would our is Ladies to I gentlemen remarks. we closing have David for turn This the

David Rogers

thank you honestly you. right. look to for I will forward your to we safe you seeing We going you to call. Francisco Well in see story tell everyone next San next much but you look Thank And seeing travel, different think week. All to week. forward we're have don't there.

Operator

teleconference. concludes This does today's

You may participation. this Thank at now your disconnect your you time. for lines

Life Storage Inc - Registered Shares (LSI) 1 Nov 182018 Q3 Earnings call transcript