U-Store-It Trust Inc., a self-storage real estate investment trust, announced its operating results for the three months ending June 30. Highlights include:
- Funds from operations grew by 36 percent to $0.15 per share, compared to $0.11 per share during the same period in 2010.
- Same-store total revenue increased 3.5 percent from the second quarter of 2010, while same-store property operating expenses decreased 2.3 percent compared to the second quarter of 2010.
- Same-store net operating income increased 7.4 percent from the second quarter of 2010, while physical occupancy increased 200 basis points to 79.8 percent, compared to 77.8 percent during the same period in 2010.
- The company acquired four storage facilities for an investment of $45.6 million.
"In the first six months of the year, we’ve delivered on our 2011 operational, investment and balance sheet objectives,” said CEO Dean Jernigan. “Strong core portfolio performance continued in the second quarter and into our prime rental season, providing us the visibility to increase our expectations for internal growth for the year.”
More details can be found at http://www.snl.com/irweblinkx/file.aspx?IID=4095755&FID=11563399.
U-Store-It Trust Inc. is a self-administered and self-managed REIT that owns or manages 455 self-storage facilities across the United States. The company also operates the U-Store-It Network, which consists of approximately 810 additional self-storage facilities.