U-Store-It Trust, a self-storage real estate investment trust, released its operating results for the three months ending June 30, 2010. Highlights include:
- Funds from operations (FFO) was $0.11 per share for the second quarter.
- Same-store revenue for the company’s 364 facilities decreased 0.6 percent from the second quarter of 2009.
- Same-store net operating income increased 2.1 percent from the second quarter of 2009.
- Ending physical occupancy was 77.6 percent compared to 76.7 percent during the same time period in 2009.
- The company managed 119 properties totaling 7.9 million square feet, generating $0.6 million in management fee revenue during the quarter.
“The solid performance of our portfolio was consistent with our expectations entering the quarter. We are pleased with our return to positive net operating income growth on our same-store portfolio and expect a return to positive same-store revenue growth over the second half of this year," said CEO Dean Jernigan.