Why Life Storage Stock Tumbled Nearly 12% in May
Shares of Life Storage (NYSE: LSI) slumped 11.9% in May, according to data provided by S&P Global Market Intelligence. While the self-storage-focused real estate investment trust (REIT) reported strong first-quarter results, analysts are becoming less bullish on the stock.
Life Storage reported excellent first-quarter results in early May. The self-storage REIT posted $1.44 per share of adjusted funds from operations, up 33.3% from the year-ago period. The company benefited from strong same-store net operating income (NOI) growth of 21.9% year over year, driven by healthy demand for space in its self-storage properties. The REIT also benefited from the continued expansion of its portfolio.
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Source Fool.com
