Life Storage, Inc. Reports Fourth Quarter and Full Year 2022 Results
Life Storage, Inc. (NYSE:LSI), a leading national owner and operator of self-storage properties, reported operating results for the quarter and year ended December 31, 2022.
Highlights for the Fourth Quarter Included:
Generated net income attributable to common shareholders of $93.8 million, or $1.10 per fully diluted common share. Achieved adjusted funds from operations (“FFO”)(1) per fully diluted common share of $1.69, a 19.9% increase over the same period in 2021. Increased same store revenue by 11.8% and same store net operating income (“NOI”)(2) by 13.3%, year-over-year. Acquired seven wholly owned stores in Arizona and Minnesota for $142.4 million. With joint venture partners, acquired seven stores for a total cost of approximately $126.5 million, of which the Company invested $25.8 million. Added 40 stores (39 stores net) to the Company’s third-party management platform. Of these 40 stores, 29 were transitioned from REIT peers.Highlights for the Full Year Included:
Generated net income attributable to common shareholders of $358.1 million, or $4.22 per fully diluted common share. Achieved adjusted FFO(1) per fully diluted common share of $6.51, a 28.4% increase over the same period in 2021. Increased same store revenue by 15.2% and same store NOI(2) by 19.4%, year-over-year. Acquired 49 wholly owned stores for $974.0 million and one consolidated joint venture store for $29.0 million of which the Company’s net investment is $24.1 million. Eleven of these stores were added from the Company’s third-party management platform. With joint venture partners, acquired 25 stores for a total cost of approximately $446.1 million, of which the Company invested $89.3 million. Added 107 stores (73 stores net) to the Company’s third-party management platform; the Company grew its third-party management portfolio 20% in 2022 despite acquiring 11 previously managed stores. Of the 107 stores, 32 were transitioned from our REIT peers.Joe Saffire, the Company’s Chief Executive Officer, stated, “The Life Storage team delivered another strong, double-digit year in 2022. With these results, we have surpassed one billion in annual revenue on a consolidated basis for the first time, nearly double what Life Storage reported only five years ago. We completed our third most acquisitive year, investing more than one billion in acquisitions across key existing markets and adding another 107 stores to our third-party management platform. With solid pricing power, disciplined expense management, and the continued expansion of our footprint, we further improved our net-operating margins 250 basis points, year-over-year. Our strong performance and growing footprint have led to sector-leading returns. Over the last five years Life Storage has delivered total-shareholder-returns of approximately 150%, the best performance of any Self-Storage REIT. Since March of 2019, we are proud to have increased the Company’s dividend six times for a total quarterly dividend increase of 80%. We remain focused on providing superior value for all Life Storage shareholders.”
FINANCIAL RESULTS:
In the fourth quarter of 2022, the Company generated net income attributable to common shareholders of $93.8 million or $1.10 per fully diluted common share, compared to net income attributable to common shareholders of $74.1 million, or $0.90 per fully diluted common share, in the fourth quarter of 2021.
For the year ended December 31, 2022, the Company achieved $358.1 million of net income attributable to common shareholders, or $4.22 per fully diluted common share, as compared to $249.3 million, or $3.17 per fully diluted common share, for the year ended December 31, 2021.
Funds from operations and adjusted funds from operations for the quarter were $1.69 per fully diluted common share compared to $1.41 for the same period last year.
For the year ended December 31, 2022, FFO per fully diluted common share was $6.55 compared to $5.08 for the year ended December 31, 2021. Adjusted FFO per fully diluted common share for the year was $6.51 after adjusting for a net total of $3.2 million related to a gain on sale of non-real estate assets, uninsured damages related to natural disasters, costs related to officer’s retirement, and acquisition fees, compared to $5.07 for the year ended December 31, 2021.
OPERATIONS:
Revenues for the 576 stabilized stores wholly owned by the Company since December 31, 2020 increased 11.8% in the fourth quarter of 2022 compared to the same quarter of 2021. The increase largely resulted from the net impact of a 14.7% increase in realized rental rates per square foot.
Same store operating expenses, excluding real estate taxes, increased 4.1% for the fourth quarter of 2022 compared to the prior year period, the result of increased utilities, repairs and maintenance, and internet marketing. The 15.7% increase in same store property tax expense as compared to the prior year quarter reflects the impact of large tax rebates received in the fourth quarter of 2021 that reduced the comparable expense in the prior year quarter. Same store property taxes for the full year ended December 31, 2022 increased 5.2% which is less than had been anticipated. The quarterly expense increases were partially offset by decreases in payroll and benefits, and insurance as compared to the same quarter of 2021. Same store NOI increased 13.3% in the fourth quarter of 2022 as compared to the fourth quarter of 2021.
General and administrative expenses for the quarter ended December 31, 2022 were impacted by $2.5 million of costs related to terminated acquisition activity.
During the fourth quarter of 2022, the Company achieved double-digit same store revenue growth in 21 of its 33 major markets. Overall, the markets with the strongest positive revenue impact were Miami, FL; Los Angeles, CA; Orlando, FL; Tampa FL; and Dallas, TX.
PORTFOLIO TRANSACTIONS:
Wholly Owned Portfolio
During the quarter, the Company acquired seven stores in Arizona (6) and Minnesota (1) for a total purchase price of $142.4 million.
As of December 31, 2022, the Company was under contract to acquire four self-storage facilities in California (3) and Illinois (1) for an aggregate purchase price of $70.8 million. Additionally, a consolidated joint venture of the Company was under contract to acquire one store in New Jersey for $22.5 million, of which the Company’s net investment would be approximately $4.5 million. The purchases of the remaining facilities are subject to customary conditions to closing, and there is no assurance that any of these facilities will be acquired.
THIRD-PARTY MANAGEMENT:
The Company continues to grow its third-party management platform aggressively and profitably. During the quarter, the Company added 40 stores (gross). As of quarter end, the Company managed 440 facilities in total, including those in which it owns a noncontrolling interest.
FINANCIAL POSITION:
At December 31, 2022, the Company had approximately $24.4 million of cash on hand, and approximately $655 million available on its line of credit.
Below are key financial ratios at December 31, 2022:
-- Debt to Enterprise Value (at $98.50/share)
28.5%
-- Debt to Book Cost of Storage Facilities
41.7%
-- Debt to Recurring Annualized EBITDA
4.8x
-- Debt Service Coverage
5.2x
COMMON STOCK DIVIDEND:
Subsequent to quarter end, the Company’s Board of Directors approved an 11% increase to its quarterly dividend to $1.20 per share, or $4.80 annualized. The dividend was paid on January 26, 2023 to shareholders of record on January 13, 2023.
YEAR 2023 EARNINGS GUIDANCE:
The following assumptions covering operations have been utilized in formulating guidance for 2023:
Year 2023 Earnings Guidance
Current Guidance
Range (1)
Same Store Revenue
4.00%
-
5.50%
Same Store Operating Costs (excluding property taxes)
4.00%
-
5.00%
Same Store Property Taxes
6.25%
-
7.25%
Total Same Store Operating Expenses
4.75%
-
6.25%
Same Store Net Operating Income
3.75%
-
5.25%
General & Administrative
$76M
-
$78M
Expansions & Enhancements
$65M
-
$75M
Capital Expenditures
$30M
-
$35M
Wholly Owned Acquisitions
$150M
-
$250M
Joint Venture Investments
$50M
-
$100M
Adjusted Funds from Operations per Share
$6.75
-
$6.95
Reconciliation of Guidance
1Q 2023
Range or Value
FY 2023
Range or Value
Earnings per share attributable to common shareholders - diluted
$0.96 - $1.00
$4.42 - $4.62
Plus: real estate depreciation and amortization
0.59 - 0.59
2.33 - 2.33
Adjusted FFO per share
$1.55 - $1.59
$6.75 - $6.95
(1)Guidance does not reflect the impact of fees and other costs incurred or expected to be incurred by the Company in connection with its response to Public Storage’s unsolicited proposal to acquire the Company.
The Company’s 2023 same store pool consists of 664 stabilized stores wholly owned since December 31, 2021. Forty-four of the stores purchased through December 31, 2022 at certificate of occupancy or that were in the early stages of lease-up are not included, regardless of their current occupancies. The Company believes that occupancy levels achieved during the lease-up period, using discounted rates, are not truly indicative of a new store’s performance, and therefore do not result in a meaningful year-over-year comparison in future years. The Company will include such stores in its same store pool in the second year after the stores achieve 80% sustained occupancy using market rates and incentives.
UNSOLICITED PROPOSAL FROM PUBLIC STORAGE:
On February 5, 2023, Public Storage publicly announced an unsolicited taxable, all-stock, non-binding proposal to acquire all of the outstanding shares and units of Life Storage. Following a comprehensive review in consultation with its independent financial and legal advisors, on February 16, 2023, Life Storage announced that its Board of Directors concluded that the proposal is not in the best interests of the Company and Life Storage shareholders, and unanimously rejected Public Storage’s unsolicited proposal. The Board remains open-minded to opportunities to enhance shareholder value and is confident that Life Storage is well positioned to continue delivering profitable growth and superior returns for investors.
FORWARD LOOKING STATEMENTS:
When used herein, the words “intends,” “believes,” “expects,” “anticipates,” and similar expressions are intended to identify “forward-looking statements” within the meaning of that term in Section 27A of the Securities Act of 1933 and in Section 21E of the Securities Exchange Act of 1934.
All forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. We may also make additional forward-looking statements from time to time. All such subsequent forward-looking statements, whether written or oral, by us or on our behalf, are also expressly qualified by these cautionary statements. All forward-looking statements apply only as of the date made. We undertake no obligation to publicly update or revise forward-looking statements which may be made to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events.
There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained herein. Any forward-looking statements should be considered in light of the risks referenced in the “Risk Factors” section included in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Such factors include, but are not limited to:
adverse changes in general economic conditions, the real estate industry and in the markets in which we operate; the effect of competition from new self-storage facilities or other storage alternatives, which would cause rents and occupancy rates to decline; impacts from the COVID-19 pandemic or the future outbreak of other highly infectious or contagious diseases on the U.S., regional and global economies and our financial condition and results of operations; potential liability for uninsured losses and environmental contamination; the impact of the regulatory environment as well as national, state, and local laws and regulations including, without limitation, those governing real estate investment trusts (“REITs”), tenant reinsurance and other aspects of our business, which could adversely affect our results; loss of key personnel; the Company’s ability to evaluate, finance and integrate acquired self-storage facilities on expected terms into the Company’s existing business and operations; costs incurred by the Company in response to Public Storage’s unsolicited efforts to acquire the Company; the Company’s ability to effectively compete in the industry in which it does business; disruptions in credit and financial markets and resulting difficulties in raising capital or obtaining credit at reasonable rates or at all, which could impede our ability to grow; the Company’s existing indebtedness may mature in an unfavorable credit environment, preventing refinancing or forcing refinancing of the indebtedness on terms that are not as favorable as the existing terms; interest rates may increase, impacting costs associated with the Company’s outstanding floating rate debt, if any, and impacting the Company’s ability to comply with debt covenants; exposure to litigation or other claims; risks associated with breaches of our data security; the regional concentration of the Company's business may subject the Company to economic downturns in the states of Florida and Texas; the Company’s cash flow may be insufficient to meet required payments of operating expenses, principal, interest and dividends; and failure to maintain our REIT status for U.S. federal income purposes, including tax law changes that may change the taxability of future income.The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. These beliefs, assumptions and expectations are subject to risks and uncertainties and can change as a result of many possible events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity and results of operations may vary materially from those expressed in our forward-looking statements. You should carefully consider these risks before you make an investment decision with respect to our securities.
CONFERENCE CALL:
Life Storage will hold its Fourth Quarter Earnings Release Conference Call at 8:00 a.m. Eastern Time on Friday, February 24, 2023. To help avoid connection delays, participants are encouraged to pre-register using this link. Anyone unable to pre-register may access the conference call at 888.506.0062 (domestic), or 973.528.0011 (international); passcode 747655 or request to be joined into the Life Storage call. Management will accept questions from registered financial analysts after prepared remarks; all others are encouraged to listen to the call via webcast by accessing the investor relations tab at lifestorage.com. The webcast will be archived for a period of 90 days; a telephone replay will also be available for 14 days by calling 877.481.4010 and entering passcode 47608.
ABOUT LIFE STORAGE, INC:
Life Storage, Inc. is a self-administered and self-managed equity REIT that is in the business of acquiring and managing self-storage facilities. Located in Buffalo, New York, the Company operates more than 1,150 storage facilities in 37 states and the District of Columbia. The Company serves both residential and commercial storage customers with storage units rented by month. Life Storage consistently provides responsive service to more than 675,000 customers, making it a leader in the industry. For more information visit http://invest.lifestorage.com.
2022
2021
Assets Investment in storage facilities: Land$
1,307,425
$
1,185,976
Building, equipment and construction in progress
6,864,381
5,904,481
8,171,806
7,090,457
Less: accumulated depreciation
(1,170,520
)
(1,007,650
)
Investment in storage facilities, net
7,001,286
6,082,807
Cash and cash equivalents
24,406
171,865
Accounts receivable
24,153
17,784
Receivable from joint ventures
1,562
333
Investment in joint ventures
275,190
213,003
Prepaid expenses
10,363
9,918
Intangible asset - in-place customer leases
4,212
13,966
Trade name
16,500
16,500
Other assets
30,058
30,421
Total Assets
$
7,387,730
$
6,556,597
Liabilities Line of credit
$
595,000
$
-
Term notes, net
2,751,632
2,747,838
Accounts payable and accrued liabilities
148,130
131,778
Deferred revenue
33,192
27,277
Mortgages payable
36,258
37,030
Total Liabilities
3,564,212
2,943,923
Noncontrolling redeemable Preferred Operating Partnership Units at redemption value
89,077
90,783
Noncontrolling redeemable Common Operating Partnership Units
107,074
142,892
Equity Common stock
850
836
Additional paid-in capital
3,886,317
3,697,000
Accumulated deficit
(261,510
)
(314,713
)
Accumulated other comprehensive loss
(3,207
)
(4,124
)
Total Shareholders' Equity
3,622,450
3,378,999
Noncontrolling interest in consolidated subsidiary
4,917
-
Total Equity
3,627,367
3,378,999
Total Liabilities and Equity
$
7,387,730
$
6,556,597
$
243,134
$
194,441
$
917,143
$
690,758
Tenant reinsurance
19,238
16,294
73,805
58,103
Other operating income
5,003
4,387
20,028
17,577
Management and acquisition fee income
7,300
6,037
27,190
22,127
Total operating revenues
274,675
221,159
1,038,166
788,565
Expenses Property operations and maintenance
47,027
40,129
179,760
143,648
Tenant reinsurance
6,919
6,448
29,280
22,882
Real estate taxes
24,129
18,067
99,710
79,861
General and administrative
24,206
17,210
77,201
62,617
Depreciation and amortization
45,597
36,817
172,717
134,754
Amortization of in-place customer leases
4,118
4,014
20,185
12,365
Total operating expenses
151,996
122,685
578,853
456,127
Gain on sale of non-real estate assets
744
-
5,550
-
Income from operations
123,423
98,474
464,863
332,438
Other income (expense) Interest expense (A)
(31,485
)
(24,316
)
(109,240
)
(86,786
)
Interest and dividend income
8
39
32
827
Gain on sale of investments in joint ventures
1,572
-
1,572
-
Equity in income of joint ventures
2,403
1,570
9,235
5,696
Net income
95,921
75,767
366,462
252,175
Net income attributable to noncontrolling preferred interests in the Operating Partnership
(999
)
(1,018
)
(4,001
)
(1,494
)
Net income attributable to noncontrolling common interests in the Operating Partnership
(1,145
)
(604
)
(4,331
)
(1,364
)
Net loss (income) attributable to noncontrolling common interests in consolidated subsidiary
7
-
(2
)
-
Net income attributable to common shareholders
$
93,784
$
74,145
$
358,128
$
249,317
Earnings per common share attributable to common shareholders - basic
$
1.10
$
0.90
$
4.25
$
3.18
Earnings per common share attributable to common shareholders - diluted
$
1.10
$
0.90
$
4.22
$
3.17
Common shares used in basic earnings per share calculation
84,900,387
82,293,536
84,322,043
78,424,956
Common shares used in diluted earnings per share calculation
85,874,176
82,522,589
84,884,168
78,608,151
Dividends declared per common share
$
1.0800
$
0.8600
$
4.1600
$
3.0800
(A) Interest expense for the period ending December 31 consists of the following Interest expense
$
30,540
$
23,586
$
105,898
$
84,248
Amortization of debt issuance costs
945
730
3,342
2,538
Total interest expense
$
31,485
$
24,316
$
109,240
$
86,786
Life Storage, Inc. Computation of Funds From Operations (FFO) (1) (unaudited) October 1, 2022 October 1, 2021 January 1, 2022 January 1, 2021 to to to to (dollars in thousands, except share data) December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Net income attributable to common shareholders
$
93,784
$
74,145
$
358,128
$
249,317
Noncontrolling common interests in the Operating Partnership
1,145
604
4,331
1,364
Noncontrolling preferred interests in the Operating Partnership during conversion period
999
-
1,998
-
Depreciation of real estate and amortization of intangible assets exclusive of debt issuance costs
49,320
40,287
190,962
144,978
Depreciation and amortization from unconsolidated joint ventures
2,941
1,988
8,956
6,227
Gain on sale of investments in joint ventures
(1,572
)
-
(1,572
)
-
Funds from operations allocable to noncontrolling interest in Operating Partnership
(1,769
)
(945
)
(6,718
)
(2,177
)
Funds from operations available to common shareholders
144,848
116,079
556,085
399,709
FFO per share - diluted
$
1.69
$
1.41
$
6.55
$
5.08
Adjustments to FFO Gain on sale of non-real estate assets
(744
)
-
(5,550
)
-
Uninsured damages related to natural disasters
-
-
2,598
-
Acquisition fee
(505
)
(472
)
(1,685
)
(1,752
)
Costs related to officer's retirement
1,351
465
1,351
620
Funds from operations resulting from non-recurring items allocable to noncontrolling interest in Operating Partnership
(1
)
(1
)
39
5
Adjusted funds from operations available to common shareholders
144,949
116,071
552,838
398,582
Adjusted FFO per share - diluted
$
1.69
$
1.41
$
6.51
$
5.07
Common shares - diluted
85,874,176
82,522,589
84,884,168
78,608,151
Life Storage, Inc. Computation of Net Operating Income (2) (unaudited) October 1, 2022 October 1, 2021 January 1, 2022 January 1, 2021 to to to to (dollars in thousands) December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Net Income
$
95,921
$
75,767
$
366,462
$
252,175
General and administrative
24,206
17,210
77,201
62,617
Depreciation and amortization
49,715
40,831
192,902
147,119
Interest expense
31,485
24,316
109,240
86,786
Interest and dividend income
(8
)
(39
)
(32
)
(827
)
Gain on sale of investments in joint ventures
(1,572
)
-
(1,572
)
-
Equity in income of joint ventures
(2,403
)
(1,570
)
(9,235
)
(5,696
)
Net operating income$
197,344
$
156,515
$
734,966
$
542,174
Same store (4)
$
140,065
$
123,624
$
535,151
$
448,111
Net operating income related to tenant reinsurance
12,319
9,846
44,525
35,221
Other stores, management fee income, and gain on sale of non-real estate assets
44,960
23,045
155,290
58,842
Total net operating income
$
197,344
$
156,515
$
734,966
$
542,174
Life Storage, Inc. Quarterly Same Store Data (3) (4) 576 mature stores owned since 12/31/20 (unaudited) October 1, 2022 October 1, 2021 to to Percentage (dollars in thousands) December 31, 2022 December 31, 2021 Change Change Revenues: Rental income
$
188,441
$
168,074
$
20,367
12.1
%
Other operating income
1,698
1,935
(237
)
-12.2
%
Total operating revenues
190,139
170,009
20,130
11.8
%
Expenses: Payroll and benefits
10,479
10,945
(466
)
-4.3
%
Real estate taxes
17,807
15,389
2,418
15.7
%
Utilities
4,131
3,753
378
10.1
%
Repairs and maintenance
6,638
5,659
979
17.3
%
Office and other operating expense
5,277
5,158
119
2.3
%
Insurance
1,786
1,898
(112
)
-5.9
%
Advertising
37
75
(38
)
-50.7
%
Internet marketing
3,919
3,508
411
11.7
%
Total operating expenses
50,074
46,385
3,689
8.0
%
Net operating income (2)$
140,065
$
123,624
$
16,441
13.3
%
QTD Same store move ins
52,437
51,758
679
QTD Same store move outs
55,681
53,458
2,223
Other Comparable Quarterly Same Store Data (4) (unaudited) October 1, 2022 October 1, 2021 to to Percentage December 31, 2022 December 31, 2021 Change Change 2021 Same store pool (526 stores) Revenues
$
172,085
$
154,292
$
17,793
11.5
%
Expenses
45,429
42,578
2,851
6.7
%
Net operating income$
126,656
$
111,714
$
14,942
13.4
%
2020 Same store pool (510 stores) Revenues$
166,766
$
149,454
$
17,312
11.6
%
Expenses
44,676
41,048
3,628
8.8
%
Net operating income$
122,090
$
108,406
$
13,684
12.6
%
Life Storage, Inc. Year to Date Same Store Data (3) (4) 576 mature stores owned since 12/31/20 (unaudited) January 1, 2022 January 1, 2021 to to Percentage (dollars in thousands) December 31, 2022 December 31, 2021 Change Change Revenues: Rental income$
730,567
$
632,664
$
97,903
15.5
%
Other operating income
7,417
7,923
(506
)
-6.4
%
Total operating revenues
737,984
640,587
97,397
15.2
%
Expenses: Payroll and benefits
41,981
42,638
(657
)
-1.5
%
Real estate taxes
77,129
73,313
3,816
5.2
%
Utilities
17,533
15,978
1,555
9.7
%
Repairs and maintenance
22,615
19,910
2,705
13.6
%
Office and other operating expense
19,913
18,294
1,619
8.8
%
Insurance
7,109
7,065
44
0.6
%
Advertising
192
230
(38
)
-16.5
%
Internet marketing
16,361
15,048
1,313
8.7
%
Total operating expenses
202,833
192,476
10,357
5.4
%
Net operating income (2)$
535,151
$
448,111
$
87,040
19.4
%
YTD Same store move ins
220,036
213,018
7,018
YTD Same store move outs
225,569
206,495
19,074
Life Storage, Inc. Other Data - unaudited Same Store (3) All Stores (5)
2022
2021
2022
2021
Weighted average quarterly occupancy
91.5
%
94.1
%
90.8
%
93.7
%
Occupancy at December 31
91.4
%
93.8
%
90.6
%
93.0
%
Rent per occupied square foot$
19.51
$
17.01
$
19.39
$
16.84
Life Storage, Inc. Other Data - unaudited (continued) Investment in Storage Facilities: (unaudited) The following summarizes activity in storage facilities during the twelve months ended December 31, 2022: Beginning balance
$
7,090,457
Wholly owned property acquisitions
963,800
Consolidated joint venture acquisition
28,813
Improvements and equipment additions: Expansions
57,939
Roofing, paving, and equipment: Stabilized stores
32,960
Recently acquired stores
12,958
Change in construction in progress (Total CIP $43.2 million)
(1,361
)
Dispositions and Impairments
(13,760
)
Storage facilities at cost at period end$
8,171,806
Comparison of Selected G&A Costs (unaudited) Quarter Ended Year Ended December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Management and administrative salaries and benefits
$
11,702
$
10,238
$
44,753
$
39,218
Training
121
337
683
680
Call center
1,291
854
4,197
3,151
Life Storage Solutions costs
358
463
1,320
1,272
Income taxes
181
(193
)
2,151
1,679
Legal, accounting and professional
1,094
1,180
4,556
4,048
Costs related to officer's retirement
1,351
465
1,351
620
Terminated transaction costs
2,500
-
2,500
-
Other administrative expenses (6)
5,608
3,866
15,690
11,949
$
24,206
$
17,210
$
77,201
$
62,617
Net rentable square feet December 31, 2022 Wholly owned properties
55,204,562
Joint venture properties
10,557,051
Third party managed properties
22,611,239
88,372,852
December 31, 2022 December 31, 2021 Common shares outstanding
85,019,884
83,565,710
Common Operating Partnership Units outstanding
1,041,259
960,708
View source version on businesswire.com: https://www.businesswire.com/news/home/20230223005877/en/