Sovran Self Storage Announces Second-Quarter 2014 Dividend

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Real estate investment trust Sovran Self Storage Inc., which operates the Uncle Bob’s Self Storage brand, will pay its shareholders a quarterly dividend of $0.68 per share of common stock for the second quarter of 2014, which ended June 30. The amount is equal to that of the first quarter and will be paid on July 28 to shareholders of record on July 14.

The annualized dividend is $2.72 per share, which, based on Tuesday’s closing share price, equates to an annual rate of approximately 3.5 percent, according to a company press release. It is equivalent to the amount paid in the first quarter.

In its first-quarter financial report, Sovran said total revenue increased 18.1 percent over the previous year's first quarter, while operating costs increased 16.6 percent, resulting in a net-operating-income (NOI) increase of 18.9 percent. Same-store NOI increased 9.3 percent year over year. Funds from operations for the first quarter was 88 cents per fully diluted common share, compared to 82 cents for the same period the previous year, a 7.3 percent increase.

Net income available to common shareholders for the first quarter was $26.7 million, or 51 cents per fully dilated share. For the same period in 2013, net income available to common shareholders was $14.3 million, or 47 cents per fully diluted common share.

Same-store revenue during the first quarter increased 8.3 percent year over year, helped by an increase in average occupancy of 310 basis points and 3.4 percent increase in rental rates. Average overall occupancy was 88.7 percent, with units renting for an average of $11.75 per square foot, an increase of 9.2 percent.

Buffalo, N.Y.-based Sovran operates 501 self-storage facilities in 25 states. The company ranked No. 5 on the Inside Self-Storage 2013 Top-Operators List.

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