LIFE STORAGE, INC. (LSI) [Rocket]

In millions, except per share items	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15	Dec-31-14
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues [+]	788.6	616.8	574.7	550.9	529.8	462.6	366.6	326.1
Lease / rental						428.1	338.4	302.0
Other income						34.5	28.2	24.0
Revenue growth	27.9%	7.3%	4.3%	4.0%	14.5%	26.2%	12.4%	19.2%
Cost of goods sold [+]	79.9	70.3	65.1	183.0	180.9	151.3	118.5	107.4
Lease costs				0.6	0.4
Maintenance and operations costs				121.1	122.8	103.4	81.9	75.3
Real estate taxes and insurance				61.4	57.7	47.9	36.6	32.1
Gross profit	708.7	546.5	509.7	367.8	348.9	311.3	248.1	218.7
Gross margin	89.9%	88.6%	88.7%	66.8%	65.9%	67.3%	67.7%	67.1%
Selling, general and administrative [+]	376.3	313.3	284.2	48.3	50.0	43.1	39.3	43.2
General and administrative [+]				48.3	50.0	43.1	39.3	43.2
General and administrative expenses				48.3	50.0	43.1	38.7	43.2
Rent expense							0.7	8.0
Other selling, general and administrative
Equity in earnings				4.1	3.3	3.7	3.4	2.1
Other operating expenses	83.2	81.9	-33.2	-113.5	7.0	-29.4
EBITDA [+]	396.3	274.3	365.8	437.1	295.1	301.3	212.2	177.5
EBITDA growth	44.5%	-25.0%	-16.3%	48.1%	-2.0%	42.0%	19.5%	17.0%
EBITDA margin	50.3%	44.5%	63.7%	79.4%	55.7%	65.1%	57.9%	54.4%
Depreciation	134.7	117.3	104.2	102.3	102.7	87.2	55.1	51.7
EBITA	261.6	157.0	261.6	334.8	192.5	214.1	157.1	125.8
EBITA margin	33.2%	25.4%	45.5%	60.8%	36.3%	46.3%	42.8%	38.6%
Amortization of intangibles	12.4	5.6	2.9	0.2	24.8	29.9	3.4
EBIT [+]	249.2	151.4	258.7	334.6	167.7	184.2	153.7	125.8
EBIT growth	64.6%	-41.5%	-22.7%	99.6%	-9.0%	19.9%	22.2%	18.5%
EBIT margin	31.6%	24.5%	45.0%	60.7%	31.6%	39.8%	41.9%	38.6%
Non-recurring items [+]				56.4	-3.5	44.8	3.0	7.4
Loss (gain) on sale of assets				56.4	-3.5	15.3
Interest expense, net [+]	-0.8	0.0	-0.3	70.7	74.4	47.1	37.1	34.5
Interest expense	86.8	86.0	76.4	70.7	74.4	47.2	37.1	34.6
Interest income	0.8	0.0	0.3	0.0	0.0	0.1	0.0	0.0
Other income (expense), net [+]	86.1	86.2	76.1			-7.3	-0.5	6.1
Acquisition-related costs								7.4
Gain (loss) on sale of assets							-0.5	5.2
Other	0.1	0.2
Pre-tax income	249.3	151.6	258.7	207.6	96.8	85.0	113.1	90.0
Income taxes	0.0	0.0	0.0	1.0	0.4	-0.3	0.6	0.9
Tax rate	0.0%	0.0%	0.0%	0.5%	0.5%		0.5%	1.0%
Minority interest				1.0	0.4	-0.4	0.6
Net income	249.3	151.6	258.7	206.6	96.4	85.4	112.5	89.1
Net margin	31.6%	24.6%	45.0%	37.5%	18.2%	18.5%	30.7%	27.3%

Basic EPS [+]	$3.18	$2.13	$3.70	$2.96	$2.08	$1.98	$3.18	$2.70
Growth	49.0%	-42.4%	25.0%	42.5%	5.1%	-37.9%	17.9%	18.1%
Diluted EPS [+]	$3.17	$2.13	$3.70	$2.96	$2.07	$1.97	$3.16	$2.68
Growth	48.9%	-42.4%	25.1%	42.6%	5.4%	-37.8%	17.8%	18.1%

Dividends per share [+]	$3.08	$2.85	$2.67	$2.66	$3.96	$3.62	$3.20	$2.73
Growth	8.0%	6.7%	0.2%	-32.7%	9.5%	13.2%	17.2%	34.9%

Shares outstanding (basic) [+]	78.4	71.1	69.9	69.8	46.4	43.2	35.4	33.0
Growth	10.4%	1.7%	0.2%	50.4%	7.4%	22.1%	7.1%	5.5%
Shares outstanding (diluted) [+]	78.6	71.2	70.0	69.9	46.5	43.4	35.6	33.2
Growth	10.4%	1.7%	0.1%	50.3%	7.1%	21.9%	7.3%	5.5%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.