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Life Storage (Life Storage) Piotroski F-Score : 5 (As of May. 05, 2024)


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What is Life Storage Piotroski F-Score?

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Life Storage has an F-score of 5 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Life Storage's Piotroski F-Score or its related term are showing as below:

LSI' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 6   Max: 7
Current: 5

During the past 13 years, the highest Piotroski F-Score of Life Storage was 7. The lowest was 4. And the median was 6.


Life Storage Piotroski F-Score Historical Data

The historical data trend for Life Storage's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Life Storage Piotroski F-Score Chart

Life Storage Annual Data
Trend Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 7.00 7.00 6.00 7.00 6.00

Life Storage Quarterly Data
Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 7.00 7.00 7.00 6.00 5.00

Competitive Comparison of Life Storage's Piotroski F-Score

For the REIT - Industrial subindustry, Life Storage's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Life Storage's Piotroski F-Score Distribution in the REITs Industry

For the REITs industry and Real Estate sector, Life Storage's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Life Storage's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Mar23) TTM:Last Year (Mar22) TTM:
Net Income was 92.264 + 98.505 + 93.784 + 81.608 = $366 Mil.
Cash Flow from Operations was 153.719 + 182.336 + 145.46 + 120.954 = $602 Mil.
Revenue was 245.496 + 260.303 + 262.373 + 260.774 = $1,029 Mil.
Gross Profit was 171.201 + 177.662 + 184.298 + 176.811 = $710 Mil.
Average Total Assets from the begining of this year (Mar22)
to the end of this year (Mar23) was
(6759.491 + 6967.184 + 7248.401 + 7387.73 + 7376.554) / 5 = $7147.872 Mil.
Total Assets at the begining of this year (Mar22) was $6,759 Mil.
Long-Term Debt & Capital Lease Obligation was $2,785 Mil.
Total Current Assets was $71 Mil.
Total Current Liabilities was $790 Mil.
Net Income was 57.516 + 70.274 + 74.145 + 73.575 = $276 Mil.

Revenue was 176.801 + 198.422 + 210.735 + 222.776 = $809 Mil.
Gross Profit was 117.497 + 134.387 + 146.091 + 149.038 = $547 Mil.
Average Total Assets from the begining of last year (Mar21)
to the end of last year (Mar22) was
(4930.761 + 5195.088 + 5661.417 + 6556.597 + 6759.491) / 5 = $5820.6708 Mil.
Total Assets at the begining of last year (Mar21) was $4,931 Mil.
Long-Term Debt & Capital Lease Obligation was $2,786 Mil.
Total Current Assets was $82 Mil.
Total Current Liabilities was $277 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Life Storage's current Net Income (TTM) was 366. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Life Storage's current Cash Flow from Operations (TTM) was 602. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Mar22)
=366.161/6759.491
=0.05416991

ROA (Last Year)=Net Income/Total Assets (Mar21)
=275.51/4930.761
=0.05587576

Life Storage's return on assets of this year was 0.05416991. Life Storage's return on assets of last year was 0.05587576. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Life Storage's current Net Income (TTM) was 366. Life Storage's current Cash Flow from Operations (TTM) was 602. ==> 602 > 366 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Mar23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar22 to Mar23
=2785.046/7147.872
=0.38963289

Gearing (Last Year: Mar22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar21 to Mar22
=2785.624/5820.6708
=0.47857439

Life Storage's gearing of this year was 0.38963289. Life Storage's gearing of last year was 0.47857439. ==> This year is lower or equal to last year. ==> Score 1.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Mar23)=Total Current Assets/Total Current Liabilities
=71.006/789.939
=0.08988795

Current Ratio (Last Year: Mar22)=Total Current Assets/Total Current Liabilities
=81.681/276.631
=0.2952706

Life Storage's current ratio of this year was 0.08988795. Life Storage's current ratio of last year was 0.2952706. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Life Storage's number of shares in issue this year was 85.378. Life Storage's number of shares in issue last year was 83.838. ==> There is larger number of shares in issue this year. ==> Score 0.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=709.972/1028.946
=0.68999928

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=547.013/808.734
=0.67638185

Life Storage's gross margin of this year was 0.68999928. Life Storage's gross margin of last year was 0.67638185. ==> This year's gross margin is higher. ==> Score 1.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Mar22)
=1028.946/6759.491
=0.15222241

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar21)
=808.734/4930.761
=0.16401809

Life Storage's asset turnover of this year was 0.15222241. Life Storage's asset turnover of last year was 0.16401809. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+0+1+1+0+0+1+0
=5

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Life Storage has an F-score of 5 indicating the company's financial situation is typical for a stable company.

Life Storage  (NYSE:LSI) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Life Storage Piotroski F-Score Related Terms

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Life Storage (Life Storage) Business Description

Traded in Other Exchanges
N/A
Address
6467 Main Street, Williamsville, NY, USA, 14221
Life Storage Inc (which was rebranded from Sovran Self Storage, Inc in 2016) is a fully integrated, real estate investment trust that acquires and manages self-storage properties throughout the United States. The company operates under the brand names Life Storage. Approximately under half of the company's revenue is derived from stores in the states of Texas and Florida. The remainder of sales is distributed across the United States. The company's operations in rental income from customers renting storage space on a month-to-month basis generate a majority of operating revenue. The company also offers storage to both individuals of commercial renters and has special storage units available for vehicles and wine.
Executives
Joseph Saffire officer: Chief Investment Officer 6467 MAIN STREET, WILLIAMSVILLE NY 14221
Havener Arthur L Jr director 9825 SUNSET GREENS DRIVE, ST. LOUIS MO 63127
Alexander Gress officer: CFO 6467 MAIN STREET, C/O LIFE STORAGE, INC., WILLIAMSVILLE NY 14221
Stephen R Rusmisel director C/O SOVRAN SELF STORAGE, INC, 6467 MAIN STREET, WILLIAMSVILLE NY 14221
Andrew J Gregoire officer: CFO C/O LIFE STORAGE, INC., 6467 MAIN STREET, WILLIAMSVILLE NY 14221
David P. Dodman officer: COO C/O LIFE STORAGE, INC, 6467 MAIN STREET, WILLIAMSVILLE NY 14221
Edward F Killeen officer: EVP Real Estate Management C/O LIFE STORAGE, INC., 6467 MAIN STREET, WILLIAMSVILLE NY 14221
David L Rogers officer: CFO C/O LIFE STORAGE INC, 6467 MAIN STREET, BUFFALO NY 14221
Sue Harnett director P.O. BOX 195115, SAN JUAN PR 00919-5115
Mark G Barberio director 19 WIK STREET, WILLIAMSVILLE NY 14221
Edward J Pettinella director C/O HOME PROPERTIES, 850 CLINTON SQUARE, ROCHESTER NY 14604
Charles E Lannon director C/O LIFE STORAGE INC, 6467 MAIN STREET, BUFFALO NY 14221
Kenneth F Myszka director, officer: President, COO C/O LIFE STORAGE INC, 6467 MAIN STREET, BUFFALO NY 14221
Robert J Attea director, officer: Chairman of Board, CEO C/O LIFE STORAGE INC, 6467 MAIN STREET, BUFFALO NY 14221
Dana Hamilton director C/O ARCHSTONE-SMITH TRUST, 9200 E. PANORAMA CIRCLE, SUITE 400, ENGLEWOOD CO 80112

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