Life Storage's facilities are filling up - The Buffalo News

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Life Storage's facilities are filling up

Life Storage's self-storage facilities are fuller than they've ever been, and that led to a big jump in the Amherst-based company's third-quarter earnings.

Life Storage's funds from operations jumped by 69 percent as occupancy at its more than 700 self storage facilities improved to a record high 92.7 percent, while rents held nearly stable.

The company's funds from operations, which measures the profitability of a real estate investment trust, rose to $62.2 million, or $1.34 per share, compared with $36.8 million, or 79 cents per share, a year ago. Excluding one-time items, Life Storage earned $1.39 per share.

Life Storage said it expects to earn $1.28 to $1.32 per share during the fourth quarter.

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