Self-storage real estate investment trust U-Store-It Trust released operating results for the three and nine months ending Sept. 30. Highlights include:
- Funds from operations was $13.1 million, compared to $14.4 million for the third quarter of 2009. FFO per share was $0.13 per share for the third quarter of 2010, compared to $0.18 per share for the same quarter of last year.
- Same-store revenue increased 1.4 percent from the third quarter of 2009.
- Same-store property operating expenses increased 2.9 percent due to advertising costs when compared to the third quarter of 2009.
- Same-store net operating income increased 0.5 percent from the third quarter of 2009.
- Same-store realized annual rent per occupied square foot decreased to $10.98 or 1.1 percent compared to the third quarter of 2009.
- At Sept. 30, ending physical occupancy increased 170 basis points to 77.4 percent compared to 75.7 percent during the same period in 2009.
The company acquired three storage facilities during the quarter for the quarter for an aggregate investment of $33.4 million, and sold one property for $3.1 million. U-Store-It Trust managed 122 properties totaling 8.1 million square feet. The company had six properties under management as of Sept. 30, 2009. Roughly $1 million in management-fee revenue was generated during the quarter.
Despite operating in what continues to be a challenging economic environment, our revenue growth reflects our resilient portfolio and sector, as well as our ability to capture more than our share of the self-storage consumer demand," said CEO Dean Jernigan.
Based in Wayne, Pa., U-Store-It owns or manages 492 facilities across the United States and operates the U-Store-It Network, which consists of approximately 684 additional self-storage facilities.