Net income available to common shareholders for the second quarter of 2013 was $17.9 million or $0.57 per fully diluted share. For the same period in 2012, net income available to common shareholders was $11.7 million, or $0.40 per fully diluted common share.
Funds from operations (FFO) for the quarter were $0.94 per fully diluted common share compared to $0.77 for the same period last year. The Company did not incur acquisition costs in the second quarter of 2013; in the second quarter of 2012, it incurred net acquisition costs of $1.3 million in connection with property acquisitions. Absent these acquisition charges, FFO per share was $0.94 and $0.82 for the second quarter of 2013 and 2012, respectively.
Continuing occupancy growth and higher net rental rates contributed to the increase in FFO for the second quarter of 2013.
David Rogers, the Company’s CEO, commented, “We had another outstanding quarter. Same store occupancy grew to 91% at the end of June, and we’ve been able to gain pricing power by increasing rates and reducing discounts. The summer season has been a good one and we’re well positioned to push strong revenue growth into next year.”
About Sovran Self Storage
Sovran Self Storage, Inc. is a fully integrated, self-administered and self-managed real estate investment trust (REIT) that acquires and manages self storage properties. The Company owns and/or operates more than 400 self storage facilities encompassing over 30 million square feet, making it one of the largest self-storage companies in the United States.
Sovran operates its stores under the trade name Uncle Bob’s Self Storage®, and serves over 200,000 customers in 25 states. Through innovative marketing and product development, the Company has differentiated itself with value-added products and services like Dri-guard, their state-of-the art dehumidification system; Uncle Bob’s rental trucks; and a national Customer Care Center featuring a fully integrated sales and reservation system for the Company’s rental spaces.
Founded in 1982, the Company is headquartered in Buffalo, New York, and employs over 1,100 people. Sovran’s common stock trades on the New York Stock Exchange under the symbol SSS. For more information, please visit: https://www.unclebobs.com/
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