U-Store-It Trust, a self-storage real estate trust, released its operating results for the three months and year ending Dec. 31, 2010.
- Funds from operations for the quarter increased 15 percent compared to the fourth quarter of 2009.
- Same-store revenue for the companys 348 facilities increased 3.2 percent compared to the same period in 2009.
- Net operating income increased 4.1 percent from the fourth quarter of 2009.
- The company also acquired 12 class-A facilities for $87.1 million.
We are pleased with our overall performance in 2010 as challenging economic conditions allowed us to demonstrate the strength of our operating platform and the resiliency of the storage sector, said CEO Dean Jernigan "We ended 2010 with two consecutive quarters of same-store portfolio growth over prior year levels in key operating metrics including revenue, occupancy and net operating income."
Based in Wayne, Pa., U-Store-It owns or manages 456 facilities across the United States and operates the U-Store-It Network, which consists of approximately 714 additional self-storage facilities.