Sovran Self Storage Inc., a self-storage real estate investment trust (REIT) that operates facilities under the brand Uncle Bob’s Self Storage, reported operating results for the quarter ending June 30. Highlights include:
- Net income available to common shareholders for the second quarter was $9.7 million or $.35 per diluted share.
- Funds from operations (FFO) for the quarter were $.67 per fully diluted common share compared to $.61 for the same period last year.
- Total revenue increased 7.2 percent over last year’s second quarter, while operating costs increased 1.4 percent, resulting in a net operating income increase of 10.6 percent.
- Higher rental rents and the reduced use of move-in incentives contributed to the increase in earnings and FFO.
- The company acquired one store at the end of June and three more subsequent to the end of the quarter for total consideration of $21.2 million.
- Overall occupancy averaged 80 percent for the period, and rental rates improved to an average of $10.56 per square foot.
“As the busy season is well under way, we’re encouraged by the strong showing in all of our markets and the healthy rebound of our pricing power,” said Ken Myszka, president and COO. “Occupancy is holding steady while we substantially reduce the use of move-in concessions.”
To read the full financial report, visit www.unclebobs.com/company/investment.
Sovran Self Storage Inc. is a self-administered and self-managed equity REIT that acquires and manages self-storage facilities. The company operates 371 facilities in 24 states.