Sovran Self Storage, the real estate investment trust (REIT) that operates facilities under the brand Uncle Bob's Self Storage, increased its revenue by 4.8 percent in the first quarter of 2011 compared with the first quarter of 2010, according to the financial statement released May 5.
As a result, net income to common shareholders was $8.3 million for the quarter ended March 31, or $.30 per fully diluted share. This figure is up from $7.4 million in the same period in 2010.
The statement also expresses an average occupancy rate of 79.2 percent and rental rate of $10.42 per square foot. In the 22 states in which Uncle Bob's operates, all but two experienced greater sales than in the first quarter of 2010. The strongest revenue growth came in New England states as well as New York and Tennessee.
The statement also shows Sovran's intent to acquire $200 million in a property, allocating $160 million for joint ventures and $40 million for adding wholly owned property. More details on the report are available at http://www.unclebobs.com/downloads/11-05-04.pdf
Sovran Self Storage Inc. is a self-administered and self-managed equity REIT that acquires and manages 371 Uncle Bobs Self Storage facilities.