The four publicly traded, U.S.-based self-storage real estate investment trusts (REITs)CubeSmart, Extra Space Storage Inc., Public Storage Inc. and Sovran Self Storage Inc.have released financial statements for the quarter that ended Sept. 30, 2013. In general, all four entities showed gains in key areas, particularly funds from operations (FFO), net operating income (NOI) and increased occupancy.

The self storage industry finds itself in unprecedented times. New supply remains at historical lows, customer demand is stable, and the economy continues to recover, said Spencer F. Kirk, CEO of Extra Space. These favorable macro conditions, coupled with our advanced technology, marketing and revenue management platforms, continue to produce strong operating results and outstanding earnings growth. We continue to see growth in our portfolio, having surpassed 1,000 Extra Space branded properties during the quarter."

"Organic growth remains robust, as highlighted by a continuation of double-digit same-store NOI growth and all-time-high occupancy levels, said Christopher Marr, president of CubeSmart. Meanwhile, we have continued to improve the quality of our portfolio. We have exceeded our full-year acquisition volume targets in our core markets and have opportunistically reduced exposure to non-core investment markets."

CubeSmart

CubeSmart reported FFO per share of $0.25, a 32 percent year-over-year increase. Same-store NOI at its 299 facilities grew 10 percent year over year. The company attributed this to 7.2 percent growth in overall revenue and a 1.8 percent increase in property operating expenses.

The operation gained 500 basis points in physical occupancy compared with the same quarter the previous year. The same-store physical occupancy was 90 percent as of Sept. 30. The companys total-owned portfolio, representing 361 facilities comprising 24.3 million square feet of rentable space, had a physical occupancy of 89.6 percent at the end of the third quarter.

CubeSmart acquired four self-storage properties during the quarter for $38.8 million including two assets in Arizona, one in New York and one in Texas. It sold eight storage properties in Tennessee during the quarter for $25 million.

On Aug. 7, the company declared a dividend of 11 cents per common share. The dividend was paid on Oct. 15 to common shareholders of record on Oct. 1. The board of trustees also declared a 3Q dividend of $0.48 for the 7.75 percent Series A Cumulative Redeemable Preferred Shares that was paid on Oct. 15 to holders of record on Oct. 1.

CubeSmart owns or manages 518 self-storage facilities across the United States and operates the CubeSmart Network, which consists of more than 700 additional self-storage facilities.

Extra Space Storage Inc.

Same-store revenue increased 7.8 percent and NOI rose 9.7 percent compared to the same period in 2012. FFO was 52 cents per diluted share, resulting in 20.9 percent growth compared to the third quarter the previous year.

Same-store occupancy grew by 170 basis points to 90.6 percent as of Sept. 30, compared to 88.9 percent at the same time last year.

The company purchased 22 properties during the quarter for approximately $214.5 million. The assets are located in Arizona and California. Extra Space has 40 additional properties under contract for a total purchase price of approximately $241 million. Of those properties, 19 are from the purchase of a joint-venture partner's interest in an existing joint venture. The acquisition of these properties is expected to occur by the end of 2013.

The company paid a quarterly dividend of 40 cents per common share on Sept. 30 to common shareholders of record on Sept. 16.

Headquartered in Salt Lake City, Extra Space owns or operates 1,007 self-storage properties in 35 states; Washington, D.C.; and Puerto Rico. The companys properties comprise approximately 667,000 units and 74 million square feet of rentable space.

Public Storage Inc.

Revenue for same-store facilities increased 5.5 percent, or $22.9 million, in the quarter, as compared to the same period in 2012, primarily because of higher realized annual rent per occupied square foot and higher average occupancy. Cost of operations for the same-store facilities increased by 1.5 percent, or $1.8 million, in the quarter as compared to the same period in 2012.

FFO was $2 per diluted common share, compared to $1.73 for the same period the previous year. NOI increased $27.7 million during the quarter compared to the same period in 2012, including $21.1 million for same-store facilities.

During the quarter, the company acquired 29 self-storage facilities comprising approximately 2.2 million net rentable square feet for $371 million. The properties are located in California, Florida, Massachusetts, Rhode Island and Texas. Public Storage has purchased 32 facilities this year for $392 million.

The company reported a regular common quarterly dividend of $1.45 per common share, a 12 percent increase over the previous quarter. It also declared dividends with respect to various series of preferred shares. All the dividends are payable on Dec. 30 to shareholders of record as of Dec. 13.

Based in Glendale, Calif., Public Storage has interests in 2,110 self-storage facilities in 38 states with approximately 135 million net rentable square feet. Operating under the Shurgard brand name, the company also has 188 facilities in seven European countries, with approximately 10 million net rentable square feet.

Sovran Self Storage Inc. (Uncle Bob's Self Storage)

Total revenue increased 14.9 percent over the previous year's third quarter, while operating costs increased 13.9 percent, resulting in an NOI increase of 15.4 percent. Same-store NOI increased 9.3 percent year over year. FFO for the quarter was 98 cents per fully diluted common share, compared to 85 cents for the same period the previous year.

Net income available to common shareholders for the third quarter was $19.7 million, or 62 cents per fully dilated share. For the same period in 2012, net income available to common shareholders was $18.8 million, or 63 cents per fully diluted common share.

Same-store revenue increased 7.3 percent year over year due to an increase in average occupancy of 250 basis points (90.9 percent), increased rental rates and growth in insurance commissions. Average overall occupancy was 89.9 percent, with units renting for an average of $11.21 per square foot. Facilities showing the strongest revenue gain were in Florida, New York, North Carolina and Texas, officials said.

Sovran acquired three self-storage properties during the quarter for $27.9 million. The assets are in markets where the company already has a presence, with two facilities in New York and one in Colorado.

The company paid dividends of 53 cents per common share.

Sovran, which operates facilities under the brand Uncle Bob's Self Storage, operates 475 facilities in 25 states, with a large presence in Texas.

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