Sovran Self Storage Reports Fourth Quarter Results; Adjusted FFO Per Share Increases 25.3%

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    Sovran Self Storage, Inc. (NYSE:SSS), a self storage real estate investment trust (REIT), reported operating results for the quarter and year ended December 31, 2013.

    Net income available to common shareholders for the fourth quarter of 2013 was $22.2 million or $0.69 per fully diluted common share. Included in the quarter’s net income is a $2.4 million gain on the sale of four properties. For the same period in 2012, net income available to common shareholders was $13.5 million, or $0.44 per fully diluted common share.

    Funds from operations (FFO) for the quarter were $0.98 per fully diluted common share compared to $0.77 for the same period last year. In the fourth quarter of 2013, the Company incurred net acquisition costs of $1.9 million in connection with its property purchases and had a straight line rent adjustment of $0.3 million relating to the lease expense of the former Westy properties. In the fourth quarter of 2012, the Company also incurred acquisition costs of $1.9 million. Absent these charges, adjusted FFO per share was $1.04 and $0.83 for the fourth quarter of 2013 and 2012, respectively.

    Improved occupancies and increased rental rates contributed to the increase in FFO for the fourth quarter of 2013.

    David Rogers, the Company’s CEO, commented, “We had a very solid quarter which capped off another terrific year. We’re pleased with the strong performance of our core stores, and we are excited about the new properties we acquired during the fourth quarter and the first weeks of the new year.”

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    About Sovran Self Storage

    Sovran Self Storage, Inc. is an equity REIT that is in the business of acquiring and managing self storage facilities. The Company operates 481 self storage facilities in 25 states under the name Uncle Bob’s Self Storage®. For more information, visit www.unclebobs.com, like us on Facebook, or follow us on Twitter.

    (via BusinessWire)

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