Uncle Bob's Self Storage Recently Renovated A San Antonio Storage Facility Located At 6015 Tezel Road San Antonio, TX 78250 (Photo: Business Wire)
Sovran Self Storage, Inc. (NYSE:SSS), ( www.unclebobs.com/company) a self storage real estate investment trust (REIT), reported operating results for the quarter and year ended December 31, 2012.
Net income available to common shareholders for the fourth quarter of 2012 was $13.5 million or $0.44 per fully diluted share. For the same period in 2011, net income available to common shareholders was $10.3 million, or $0.37 per fully diluted common share.
Funds from operations (FFO) for the quarter were $0.77 per fully diluted common share compared to $0.73 for the same period last year. The Company incurred net acquisition costs of $1.9 million in connection with its property purchases in the fourth quarter of 2012; in the fourth quarter of 2011, it incurred acquisition costs of $0.3 million. Absent these acquisition charges, FFO per share was $0.83 and $0.74 for the fourth quarter of 2012 and 2011, respectively.
Strong demand, improved occupancies and the reduced use of move-in incentives contributed to the increase in FFO for the fourth quarter of 2012.
David Rogers, the Company’s CEO, commented, “We had a very good quarter which capped off an exceptional year. We’re pleased with the continued strong performance of our core stores, and we are delighted with the new properties we acquired in December.” OPERATIONS: Total revenues increased 13.9% over last year’s fourth quarter, while operating costs increased 8.4%, resulting in an NOI (3) increase of 16.8%. Overall occupancy averaged 86.2% for the period and rental rates improved to an average of $10.73 per sq. ft. Revenues for the 361 stores wholly owned by the Company for the entire quarter of each year increased 8.2% from those of the fourth quarter of 2011, the result of a 590 basis point increase in average occupancy and strong growth in insurance commissions.Select the service that is right for you!
COMPARE ALL SERVICESAction Alerts PLUS
TRY IT FREEJim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
Product Features:
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Dividend Stock Advisor
TRY IT FREENew! $49.95/yr
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
Product Features:
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Stocks Under $10
TRY IT FREEDavid Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.
Product Features:
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
- Weekly roundups
Real Money
TRY IT FREE24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
Product Features:
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
Real Money Pro
TRY IT FREEAll of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
Product Features:
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Options Profits
TRY IT FREEOur options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
Product Features:
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV
