Sovran Self Storage Inc. (
Q3 2010 Earnings Call
November 04, 2010 09:00 am ET
Ken Myszka - President and COO
Dave Rogers - CFO
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
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.
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.