Sovran Self Storage Reports 4Q 2009 Results

Sovran Self Storage Inc., a self-storage real estate investment trust, reported operating results for the quarter ended Dec. 31, 2009.

February 18, 2010

1 Min Read
InsideSelfStorage logo in a gray background | InsideSelfStorage

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).

Source:  MarketWatch,  Sovran Self Storage Reports Fourth Quarter 2009 Results; Provides 2010 Earnings Guidance

Related Articles:

Fitch Downgrades and Places Sovran Self Storage on Rating Negative Watch

Sovran Self Storage Updates Financial Guidance for 2009

Sovran Self Storage Offers 3M Shares of Common Stock

Subscribe to Our Weekly Newsletter
ISS is the most comprehensive source for self-storage news, feature stories, videos and more.

You May Also Like