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TheStreet Open House

Sovran Self Storage CEO Discuses Q3 2010 Results - Earnings Call Transcript

Sovran Self Storage Inc. ( SSS)

Q3 2010 Earnings Call

November 04, 2010 09:00 am ET

Executives

Ken Myszka - President and COO

Dave Rogers - CFO

Analysts

David Toti - FBR Capital Markets

Christy McElroy - UBS

Todd Thomas - KeyBanc Capital Market

Michael Bilerman - Citigroup

Mike Salinsky - RBC Capital Markets

Paul Adornato - BMO Capital Markets

Presentation

Operator

Greetings and welcome to the Sovran Self Storage Third Quarter 2010 Earnings Release Conference Call. (Operator Instructions)

As a reminder this conference is being recorded. It is now my pleasure to introduce your host, Ken Myszka, for Sovran Self Storage. Thank you. Mr. Myszka, you may begin.

Kenneth Myszka

Good morning and welcome to our third quarter conference call. As a reminder, the following discussions will include forward-looking statements. Sovran's actual results may differ materially from projected results. Additional information concerning the factors that may cause such differences is included in our company's SEC filings. The copies of these filings may be obtained by contacting the company or the SEC.

Despite continued challenging market conditions our results of operations, where well within our guidance for the quarter. Same store revenues were marginally positive with 0.32% increase over Q3 2009. Expenses increased by 0.8%, which resulted in a decrease in same store NOI of 0.43%.

We also achieved our quarterly FFO guidance of $0.63 per share. Although we didn’t acquire any stores last quarter, we are encouraged by the fact that the acquisitions environment finally seems to be improving with more quality stores being shop. Prices seem to have moderated a bit, however, this moderation in price appears to attracted more interest in buyers.

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