Sovran Self Storage Inc., a self-storage real estate investment trust, reported operating results for the quarter ended Dec. 31, 2009.
As a result of one-time charges associated with the early repayment of some of its long-term bank notes, the company experienced a $1.5 million loss for the quarter, or $.06 per diluted share. Net income available to common shareholders for the same period in 2008 was $8.4 million, or $.38 per diluted share. Funds from operations for the quarter were $.28 per fully diluted common share.
The one-time charges totaled more than $9 million, or $0.33 per fully diluted share. The company sold 4 million shares of common stock Oct. 5, applying the proceeds of the offering to repay $100 million of its bank-term notes maturing in 2012, and terminated the interest rate-swap agreements associated with the repaid debt obligation.
Primarily as a result of these actions, Fitch Ratings reinstated the company's investment grade credit rating at BBB- (matching the rating issued by Standard and Poor's).