Sovran Self Storage Reports Improved 4Q Results
Posted in News
Real estate investment trust Sovran Self Storage Inc. reported fourth-quarter 2006 financial results that are improved over the year before due to strong operating performance and boosts from acquisitions. Funds from operations (FFO)—a widely used gauge of real estate operating performance that adds depreciation and amortization expenses back into earnings—rose to $15.4 million from $13.2 million in the 2005 period. Quarterly net income rose 8 percent to $8.5 million from $7.9 million in the year-ago period. For the full year, FFO rose almost 16 percent to $58.8 million. Earnings rose 11 percent to $34.1 million from $30.7 million in 2005. For more information, visit www.sovranss.com.
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