Exhibit 99.1
Sovran Self Storage Reports Second Quarter 2010 Results; Sees Leasing Activity Improving
BUFFALO, N.Y.--(BUSINESS WIRE)--August 4, 2010--Sovran Self Storage, Inc. (NYSE:SSS), a self storage real estate investment trust (REIT), reported operating results for the quarter ended June 30, 2010.
Net income available to common shareholders for the second quarter of 2010 was $15.8 million or $.57 per diluted share. Exclusive of a $7.5 million gain on the sale of 8 properties, net income available to common shareholders was $8.2 million or $.30 per diluted share. Net income available to common shareholders for the same period in 2009 was $6.3 million or $.28 per diluted share. Funds from operations (FFO) for the quarter were $.61 per fully diluted common share compared to $.66 for the same period last year. The impact of the Company’s $4 million share offering in October 2009 offset a significant decline in interest expense thereby contributing to the decline in per share FFO results.
OPERATIONS:
Revenues for the 345 stores owned by the Company for the entire quarter of each year increased by 0.2% from those of the second quarter of 2009, the result of a 20 basis point drop in average occupancy offset by a 40 basis point increase in rates, and solid improvements in other, non-rental revenues.
Ken Myszka, the Company’s President and COO, commented, “We’re encouraged by the high level of rental activity and also our ability to obtain rate increases from in-place customers. Two-thirds of the 24 states we operate in showed same store revenue growth this quarter – a tremendous improvement over the past five or six quarters. It appears that while our peak leasing season may have gotten off to a bumpy start, we’re gaining steam as the summer goes on.”
Same store operating expenses increased by a total of 3.8%, primarily the result of increased health care, workers compensation and property maintenance costs. Almost all other operating expense categories remained at 2009’s suppressed levels with the exception of property taxes, which grew at a pace of 2.4%.
Total property net operating income for the second quarter declined 1.7% compared with the same quarter in 2009 to $29.6 million. Overall average occupancy for the quarter was 80.5% and average rent per square foot for the portfolio was $10.16.
General and administrative expenses grew by about $630,000 over the same period in 2009, primarily due to increased income taxes associated with operations of the Company’s taxable REIT subsidiary and marketing and internet advertising costs.
During the quarter, revenue growth was seen at the Company’s Georgia, Maryland, Michigan, Alabama and most of its New England stores, while stores in Florida, Louisiana, and Texas (primarily the Houston market area) showed revenue declines.
PROPERTIES:
The Company did not acquire any properties during the quarter for its own portfolio or for that of the Joint Venture. The Company sold eight properties in early May – three in Jacksonville, NC; two each in Augusta and Macon, GA; and one in Dansville, VA. The properties total approximately 439,000 square feet of rental space and the combined sales price was $22.1 million. The Company realized a gain of $7.5 million on the sale of these stores.
The Company also sold two stores located in Holland, Michigan, thereby exiting that market. The stores sold for $2.4 million. The transaction took place in April, therefore, the impact of the sale was recorded in first quarter results.
Dave Rogers, the Company’s Chief Financial Officer, commented, “We were glad for the opportunity to prune our portfolio of properties that were no longer a good fit. The proceeds generated from the sales, combined with our untapped line of credit, give us over $200 million of acquisition capacity. While at this time we don’t see compelling opportunities, we do see signs in some markets that the bid/ask price imbalances are coming back into line. We hope to be active on the acquisition front in the coming quarters.”
The Company has re-embarked on its program of expanding and enhancing its properties. Up to 20 projects providing approximately 500,000 square feet of additional and/or improved space at existing stores is planned during 2010 at an estimated cost of $20 million.
CAPITAL TRANSACTIONS:
At June 30, 2010, the Company had $400 million of unsecured term note debt and $80.1 million of mortgage debt outstanding. The Company has no significant debt maturities until mid-2012.
| Illustrated below are key financial ratios at June 30, 2010: | | |
| | |
- Debt to Enterprise Value (at $36.00/share) | | 32.3 | % |
- Debt to Book Cost of Storage Facilities | | 34.9 | % |
- Debt to EBITDA Ratio | | 4.9x |
- Debt Service Coverage | | 3.1x |
At June 30, 2010, the Company had approximately $28 million of cash on hand, and up to $175 million available on its line of credit.
YEAR 2010 EARNINGS GUIDANCE:
While consumer demand appears to be improving moderately in many of our markets, the Company expects conditions to remain competitive and anticipates the continuation of leasing incentives as well as increased advertising. Accordingly, a decline in same store revenue of 0% to 1% is projected from that of 2009. It is expected that the latter half of 2010 will show modestly stronger revenue growth than that of the first six months. Property operating costs are projected to increase by 2% to 3%, including an expected 6% increase in property taxes. Accordingly, the Company is anticipating a decline of 2% to 3% in same store net operating income for 2010.
The Company has identified some 20 properties at which it plans to add or improve approximately 500,000 square feet of storage space during 2010 at an estimated cost of $20 million. The Company also has budgeted $12 million to provide for recurring capitalized expenditures, including roofing, painting, paving, and office renovations.
The Company is selectively evaluating acquisition opportunities, but at present has no properties under contract and expects to remain prudent while the property market remains unsettled.
General and administrative expenses are expected to increase due to income taxes on its taxable REIT subsidiaries and the Company’s plans to expand its internet marketing presence.
At June 30, 2010, all of the Company’s debt is either fixed rate or covered by rate swap contracts that essentially fix the rate. Subsequent borrowings that may occur will be pursuant to the Company’s Line of Credit agreement at a floating rate of LIBOR plus 1.375%.
At June 30, 2010, the Company had 27.6 million shares of common stock outstanding and .34 million Operating Partnership Units outstanding.
As a result of somewhat improved projected operating results, offset by the dilutive impact of the sale of 10 stores, management reiterates its prior forecast of expected funds from operations for the full year 2010 to be approximately $2.44 to $2.48 per share, and between $0.62 and $0.64 for the third quarter of 2010.
FORWARD LOOKING STATEMENTS:
When used within this news release, the words “intends,” “believes,” “expects,” “anticipates,” and similar expressions are intended to identify “forward looking statements” within the meaning of that term in Section 27A of the Securities Act of 1933, and in Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward looking statements. Such factors include, but are not limited to, the effect of competition from new self storage facilities, which could cause rents and occupancy rates to decline; the Company’s ability to evaluate, finance and integrate acquired businesses into the Company’s existing business and operations; the Company’s existing indebtedness may mature in an unfavorable credit environment, preventing refinancing or forcing refinancing of the indebtedness on terms that are not as favorable as the existing terms; interest rates may fluctuate, impacting costs associated with the Company’s outstanding floating rate debt; the Company’s ability to comply with debt covenants; the future ratings on the Company’s debt instruments; the regional concentration of the Company’s business may subject it to economic downturns in the states of Florida and Texas; the Company’s ability to effectively compete in the industries in which it does business; the Company’s reliance on its call center; the Company’s cash flow may be insufficient to meet required payments of principal, interest and dividends; and tax law changes which may change the taxability of future income.
CONFERENCE CALL:
Sovran Self Storage will hold its Second Quarter Earnings Release Conference Call at 9:00 a.m. Eastern Time on Thursday, August 5, 2010. To access the conference call, dial 877.407.8033 (domestic), or 201.689.8033 (international), at least five minutes prior to the scheduled start of the call. Management will accept questions from registered financial analysts after prepared remarks; all others are encouraged to listen to the call via webcast at www.unclebobs.com/company/investment/events.
The webcast will be archived for a period of 90 days; a telephone replay will also be available for 72 hours by calling 877.660.6853 and entering pass codes 286/353927.
Sovran Self Storage, Inc. is a self-administered and self-managed equity REIT that is in the business of acquiring and managing self storage facilities. The Company operates 371 self storage facilities in 24 states under the name “Uncle Bob’s Self Storage”®. For more information, please contact David Rogers, CFO or Diane Piegza, VP Corporate Communications at 716.633.1850 or visit the Company’s Web site.
| | | | |
| SOVRAN SELF STORAGE, INC. | | | | |
| BALANCE SHEET DATA | | | | |
| (unaudited) | | | | |
| | | | |
| | June 30, | | December 31, |
| (dollars in thousands) | | 2010 | | 2009 |
| Assets | | | | |
| Investment in storage facilities: | | | | |
| Land | | $ | 235,123 | | | $ | 234,522 | |
| Building, equipment and construction in progress | | | 1,138,604 | | | | 1,129,932 | |
| | | 1,373,727 | | | | 1,364,454 | |
| Less: accumulated depreciation | | | (255,309 | ) | | | (238,971 | ) |
| Investment in storage facilities, net | | | 1,118,418 | | | | 1,125,483 | |
| Cash and cash equivalents | | | 28,017 | | | | 10,710 | |
| Accounts receivable | | | 2,301 | | | | 2,346 | |
| Receivable from joint venture | | | 225 | | | | 173 | |
| Investment in joint venture | | | 19,791 | | | | 19,944 | |
| Prepaid expenses | | | 5,154 | | | | 4,203 | |
| Other assets | | | 4,825 | | | | 5,313 | |
| Net assets of discontinued operations | | | - | | | | 16,926 | |
| Total Assets | | $ | 1,178,731 | | | $ | 1,185,098 | |
| | | | |
| Liabilities | | | | |
| Line of credit | | $ | - | | | $ | - | |
| Term notes | | | 400,000 | | | | 400,000 | |
| Accounts payable and accrued liabilities | | | 19,379 | | | | 22,316 | |
| Deferred revenue | | | 5,074 | | | | 4,980 | |
| Fair value of interest rate swap agreements | | | 12,535 | | | | 11,524 | |
| Mortgages payable | | | 80,098 | | | | 81,219 | |
| Total Liabilities | | | 517,086 | | | | 520,039 | |
| | | | |
| Noncontrolling redeemable Operating Partnership Units at redemption value | | | 11,807 | | | | 15,005 | |
| | | | |
| Equity | | | | |
| Common stock | | | 288 | | | | 287 | |
| Additional paid-in capital | | | 815,903 | | | | 814,988 | |
| Accumulated deficit | | | (140,011 | ) | | | (139,863 | ) |
| Accumulated other comprehensive loss | | | (12,249 | ) | | | (11,265 | ) |
| Treasury stock at cost | | | (27,175 | ) | | | (27,175 | ) |
| Total Shareholders' Equity | | | 636,756 | | | | 636,972 | |
| Noncontrolling interest - consolidated joint venture | | | 13,082 | | | | 13,082 | |
| Total Equity | | | 649,838 | | | | 650,054 | |
| Total Liabilities and Equity | | $ | 1,178,731 | | | $ | 1,185,098 | |
| | | | |
| CONSOLIDATED STATEMENTS OF OPERATIONS | | | | |
| (unaudited) | | | | |
| | April 1, 2010 | | April 1, 2009 |
| | to | | to |
| (dollars in thousands, except share data) | | June 30, 2010 | | June 30, 2009 |
| | | | |
| Revenues | | | | |
| Rental income | | $ | 45,061 | | | $ | 45,094 | |
| Other operating income | | | 1,937 | | | | 1,728 | |
| Management and acquisition fee income | | | 311 | | | | 305 | |
| Total operating revenues | | | 47,309 | | | | 47,127 | |
| | | | |
| Expenses | | | | |
| Property operations and maintenance | | | 12,543 | | | | 11,976 | |
| Real estate taxes | | | 5,140 | | | | 5,004 | |
| General and administrative | | | 4,967 | | | | 4,338 | |
| Depreciation and amortization | | | 8,202 | | | | 8,126 | |
| Amortization of in-place customer leases | | | - | | | | 90 | |
| Total operating expenses | | | 30,852 | | | | 29,534 | |
| | | | |
| Income from operations | | | 16,457 | | | | 17,593 | |
| | | | |
| Other income (expense) | | | | |
| Interest expense (including amortization of financing fees | | | | |
| of $258 in 2010 and $315 in 2009) | | | (7,929 | ) | | | (11,699 | ) |
| Interest income | | | 21 | | | | 20 | |
| Equity in income of joint ventures | | | 69 | | | | 63 | |
| | | | |
| Income from continuing operations | | | 8,618 | | | | 5,977 | |
| Income from discontinued operations, including a gain on sale of $7,524 in 2010 | | | 7,686 | | | | 765 | |
| Net income | | | 16,304 | | | | 6,742 | |
| Net income attributable to noncontrolling interests | | | (543 | ) | | | (456 | ) |
| Net income attributable to common shareholders | | $ | 15,761 | | | $ | 6,286 | |
| | | | |
| Earnings per common share attributable to common shareholders - basic | | | |
| Continuing operations | | $ | 0.29 | | | $ | 0.25 | |
| Discontinued operations | | | 0.28 | | | | 0.03 | |
| Earnings per common share - basic | | $ | 0.57 | | | $ | 0.28 | |
| | | | |
| Earnings per common share attributable to common shareholders - diluted | | | |
| Continuing operations | | $ | 0.29 | | | $ | 0.25 | |
| Discontinued operations | | | 0.28 | | | | 0.03 | |
| Earnings per common share - diluted | | $ | 0.57 | | | $ | 0.28 | |
| | | | |
| Common shares used in basic | | | | |
| earnings per share calculation | | | 27,463,500 | | | | 22,613,518 | |
| | | | |
| Common shares used in diluted | | | | |
| earnings per share calculation | | | 27,508,097 | | | | 22,616,553 | |
| | | | |
| Dividends declared per common share | | $ | 0.4500 | | | $ | - | |
| | | | |
| CONSOLIDATED STATEMENTS OF OPERATIONS | | | | |
| (unaudited) | | | | |
| | January 1, 2010 | | January 1, 2009 |
| | to | | to |
| (dollars in thousands, except share data) | | June 30, 2010 | | June 30, 2009 |
| | | | |
| Revenues | | | | |
| Rental income | | $ | 90,410 | | | $ | 91,140 | |
| Other operating income | | | 3,560 | | | | 3,254 | |
| Management and acquisition fee income | | | 623 | | | | 615 | |
| Total operating revenues | | | 94,593 | | | | 95,009 | |
| | | | |
| Expenses | | | | |
| Property operations and maintenance | | | 25,477 | | | | 24,868 | |
| Real estate taxes | | | 10,350 | | | | 10,012 | |
| General and administrative | | | 10,107 | | | | 8,724 | |
| Depreciation and amortization | | | 16,402 | | | | 16,219 | |
| Amortization of in-place customer leases | | | - | | | | 235 | |
| Total operating expenses | | | 62,336 | | | | 60,058 | |
| | | | |
| Income from operations | | | 32,257 | | | | 34,951 | |
| | | | |
| Other income (expense) | | | | |
| Interest expense (including amortization of financing fees | | | | |
| of $515 in 2010 and $630 in 2009) | | | (15,808 | ) | | | (21,678 | ) |
| Interest income | | | 41 | | | | 53 | |
| Equity in income of joint ventures | | | 139 | | | | 94 | |
| | | | |
| Income from continuing operations | | | 16,629 | | | | 13,420 | |
| Income from discontinued operations, including a gain on sale of $6,944 in 2010 | | | 7,562 | | | | 1,443 | |
| Net income | | | 24,191 | | | | 14,863 | |
| Net income attributable to noncontrolling interests | | | (1,003 | ) | | | (942 | ) |
| Net income attributable to common shareholders | | $ | 23,188 | | | $ | 13,921 | |
| | | | |
| Earnings per common share attributable to common shareholders - basic | | | |
| Continuing operations | | $ | 0.57 | | | $ | 0.56 | |
| Discontinued operations | | | 0.27 | | | | 0.06 | |
| Earnings per common share - basic | | $ | 0.84 | | | $ | 0.62 | |
| | | | |
| Earnings per common share attributable to common shareholders - diluted | | | |
| Continuing operations | | $ | 0.57 | | | $ | 0.56 | |
| Discontinued operations | | | 0.27 | | | | 0.06 | |
| Earnings per common share - diluted | | $ | 0.84 | | | $ | 0.62 | |
| | | | |
| Common shares used in basic | | | | |
| earnings per share calculation | | | 27,454,301 | | | | 22,291,292 | |
| | | | |
| Common shares used in diluted | | | | |
| earnings per share calculation | | | 27,493,623 | | | | 22,294,457 | |
| | | | |
| Dividends declared per common share | | $ | 0.9000 | | | $ | 0.6400 | |
| | |
| COMPUTATION OF FUNDS FROM OPERATIONS (FFO) (1) - (unaudited) | | |
| | | | |
| | April 1, 2010 | | April 1, 2009 |
| | to | | to |
| (dollars in thousands, except share data) | | June 30, 2010 | | June 30, 2009 |
| | | | |
| Net income attributable to common shareholders | | $ | 15,761 | | | $ | 6,286 | |
| Net income attributable to noncontrolling interests | | | 543 | | | | 456 | |
| Depreciation of real estate and amortization of intangible | | | | |
| assets exclusive of deferred financing fees | | | 8,202 | | | | 8,216 | |
| Depreciation of real estate included in discontinued operations | | | 54 | | | | 306 | |
| Depreciation and amortization from unconsolidated joint ventures | | 196 | | | | 209 | |
| Gain on sale of real estate | | | (7,524 | ) | | | - | |
| Funds from operations allocable to noncontrolling | | | | |
| interest in Operating Partnership | | | (215 | ) | | | (275 | ) |
| Funds from operations allocable to noncontrolling | | | | |
| interest in consolidated joint ventures | | | (340 | ) | | | (340 | ) |
| Funds from operations available to common | | | | |
| shareholders | | | 16,677 | | | | 14,858 | |
| FFO per share - diluted | | $ | 0.61 | | | $ | 0.66 | |
| | | | |
| Common shares - diluted | | | 27,508,097 | | | | 22,616,553 | |
| | | | |
| | | | |
| | January 1, 2010 | | January 1, 2009 |
| | to | | to |
| (dollars in thousands, except share data) | | June 30, 2010 | | June 30, 2009 |
| | | | |
| Net income attributable to common shareholders | | $ | 23,188 | | | $ | 13,921 | |
| Net income attributable to noncontrolling interests | | | 1,003 | | | | 942 | |
| Depreciation of real estate and amortization of intangible | | | | |
| assets exclusive of deferred financing fees | | | 16,402 | | | | 16,454 | |
| Depreciation of real estate included in discontinued operations | | | 217 | | | | 609 | |
| Depreciation and amortization from unconsolidated joint ventures | | 391 | | | | 416 | |
| Gain on sale of real estate | | | (6,944 | ) | | | - | |
| Funds from operations allocable to noncontrolling | | | | |
| interest in Operating Partnership | | | (463 | ) | | | (584 | ) |
| Funds from operations allocable to noncontrolling | | | | |
| interest in consolidated joint ventures | | | (680 | ) | | | (680 | ) |
| Funds from operations available to common | | | | |
| shareholders | | | 33,114 | | | | 31,078 | |
| FFO per share - diluted | | $ | 1.20 | | | $ | 1.39 | |
| | | | |
| Common shares - diluted | | | 27,493,623 | | | | 22,294,457 | |
| |
| (1) We believe that Funds from Operations (“FFO”) provides relevant and meaningful information about our operating performance that is necessary, along with net earnings and cash flows, for an understanding of our operating results. FFO adds back historical cost depreciation, which assumes the value of real estate assets diminishes predictably in the future. In fact, real estate asset values increase or decrease with market conditions. Consequently, we believe FFO is a useful supplemental measure in evaluating our operating performance by disregarding (or adding back) historical cost depreciation. |
| | |
| Funds from operations is defined by the National Association of Real Estate Investment Trusts, Inc. (“NAREIT”) as net income computed in accordance with generally accepted accounting principles (“GAAP”), excluding gains or losses on sales of properties, plus depreciation and amortization and after adjustments to record unconsolidated partnerships and joint ventures on the same basis. We believe that to further understand our performance, FFO should be compared with our reported net income and cash flows in accordance with GAAP, as presented in our consolidated financial statements. |
| |
| Our computation of FFO may not be comparable to FFO reported by other REITs or real estate companies that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently. FFO does not represent cash generated from operating activities determined in accordance with GAAP, and should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP) as a measure of our liquidity, or as an indicator of our ability to make cash distributions. |
| | | | | | |
| QUARTERLY SAME STORE DATA (2) * | | April 1, 2010 | | April 1, 2009 | | |
| | to | | to | | Percentage |
| (dollars in thousands) | | June 30, 2010 | | June 30, 2009 | | Change |
| | | | | | |
| Revenues: | | | | | | |
| Rental income | | $ | 45,018 | | $ | 45,094 | | -0.2 | % |
| Other operating income | | | 1,826 | | | 1,640 | | 11.3 | % |
| Total operating revenues | | | 46,844 | | | 46,734 | | 0.2 | % |
| | | | | | |
| Expenses: | | | | | | |
| Property operations and maintenance | | | 12,470 | | | 11,949 | | 4.4 | % |
| Real estate taxes | | | 5,126 | | | 5,004 | | 2.4 | % |
| Total operating expenses | | | 17,596 | | | 16,953 | | 3.8 | % |
| | | | | | |
| Operating income | | $ | 29,248 | | $ | 29,781 | | -1.8 | % |
| | | | | | |
| (2) Includes the 345 stores owned and/or managed by the Company for the entire periods presented that are consolidated in our financial statements. Does not include unconsolidated joint venture stores managed by the Company. |
| | | | | | |
| * See exhibit A for supplemental same store data. | | | | |
| | | | | | |
| YEAR TO DATE SAME STORE DATA (2) | | January 1, 2010 | | January 1, 2009 | | |
| | to | | to | | Percentage |
| (dollars in thousands) | | June 30, 2010 | | June 30, 2009 | | Change |
| | | | | | |
| Revenues: | | | | | | |
| Rental income | | $ | 90,339 | | $ | 91,140 | | -0.9 | % |
| Other operating income | | | 3,363 | | | 3,101 | | 8.4 | % |
| Total operating revenues | | | 93,702 | | | 94,241 | | -0.6 | % |
| | | | | | |
| Expenses: | | | | | | |
| Property operations and maintenance | | | 25,330 | | | 24,817 | | 2.1 | % |
| Real estate taxes | | | 10,322 | | | 10,012 | | 3.1 | % |
| Total operating expenses | | | 35,652 | | | 34,829 | | 2.4 | % |
| | | | | | |
| Operating income | | $ | 58,050 | | $ | 59,412 | | -2.3 | % |
| | | | |
| OTHER DATA | | Same Store (2) | | All Stores (3) |
| | 2010 | | 2009 | | 2010 | | 2009 |
| | | | | | | | |
| Weighted average quarterly occupancy | | | 80.7 | % | | | 80.9 | % | | | 80.5 | % | | | 81.1 | % |
| | | | | | | | |
| Occupancy at June 30 | | | 82.0 | % | | | 82.5 | % | | | 81.8 | % | | | 82.7 | % |
| | | | | | | | |
| Rent per occupied square foot | | $10.16 | | | $10.12 | | | $10.16 | | | $10.05 | |
| | | | | | | | |
| (3) Does not include 25 unconsolidated joint venture stores managed by the Company | | | | |
| | | | | | | | |
| | | | | | | | |
Investment in Storage Facilities: | | | | | | | | |
| The following summarizes activity in storage facilities during the six months ended June 30, 2010: | | | |
| | | | | | | | |
| Beginning balance | | $ | 1,364,454 | | | | | | | |
| Property acquisitions | | | - | | | | | | | |
| Improvements and equipment additions: | | | | | | | | |
| Expansions | | | 2,330 | | | | | | | |
| Roofing, paving, painting, and equipment: | | | | | | | | |
| Stabilized stores | | | 5,511 | | | | | | | |
| Recently acquired and consolidated joint venture stores | | | 519 | | | | | | | |
| Change in construction in progress (Total CIP $10.9 million) | | | 1,025 | | | | | | | |
| Dispositions | | | (112 | ) | | | | | | |
| Storage facilities at cost at period end | | $ | 1,373,727 | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | June 30, 2010 | | June 30, 2009 | | | | |
| | | | | | | | |
| Common shares outstanding | | | 27,591,109 | | | | 23,391,184 | | | | | |
| Operating Partnership Units outstanding | | | 342,936 | | | | 419,952 | | | | | |
| |
| Exhibit A |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Sovran Self Storage, Inc. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Same Store Performance Summary |
| Three Months Ended June 30, 2010 |
| (unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | Expenses | | | | | | |
| | | | | | Avg Qtrly | | Average Quarterly | | Revenue for the | | | | for the Three | | | | NOI for the | | |
| | | | | | Rent per | | Occupancy for the Three | | Three Months | | | | Months Ended | | | | Three Months | | |
| | | | Square | | Occupied | | Months Ended June 30, | | Ended June 30, | | | | June 30, | | | | Ended June 30, | | |
| State | | Stores | | Feet | | Square Foot | | 2010 | | 2009 | | 2010 | | 2009 | | % Change | | 2010 | | 2009 | | % Change | | 2010 | | 2009 | | % Change |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Alabama | | 22 | | 1,588 | | $ | 8.08 | | 75.0% | | 74.5% | | $ | 2,630 | | $ | 2,536 | | 3.70% | | $ | 967 | | $ | 983 | | -1.60% | | $ | 1,663 | | $ | 1,553 | | 7.10% |
| Arizona | | 9 | | 531 | | | 10.00 | | 82.9% | | 84.7% | | | 1,164 | | | 1,161 | | 0.30% | | | 415 | | | 394 | | 5.30% | | | 749 | | | 767 | | -2.30% |
| Connecticut | | 5 | | 301 | | | 17.51 | | 73.3% | | 75.7% | | | 989 | | | 1,040 | | -4.90% | | | 381 | | | 342 | | 11.40% | | | 608 | | | 698 | | -12.90% |
| Florida | | 54 | | 3,420 | | | 10.16 | | 78.1% | | 79.3% | | | 7,001 | | | 7,222 | | -3.10% | | | 2,863 | | | 2,813 | | 1.80% | | | 4,138 | | | 4,409 | | -6.10% |
| Georgia | | 22 | | 1,421 | | | 9.34 | | 79.2% | | 74.9% | | | 2,747 | | | 2,587 | | 6.20% | | | 1,022 | | | 986 | | 3.70% | | | 1,725 | | | 1,601 | | 7.70% |
| Louisiana | | 14 | | 836 | | | 10.93 | | 83.0% | | 81.1% | | | 1,926 | | | 1,970 | | -2.20% | | | 594 | | | 571 | | 4.00% | | | 1,332 | | | 1,399 | | -4.80% |
| Maine | | 2 | | 113 | | | 10.75 | | 79.9% | | 77.9% | | | 252 | | | 255 | | -1.20% | | | 86 | | | 92 | | -6.50% | | | 166 | | | 163 | | 1.80% |
| Maryland | | 4 | | 172 | | | 13.96 | | 86.4% | | 86.6% | | | 531 | | | 489 | | 8.60% | | | 194 | | | 188 | | 3.20% | | | 337 | | | 301 | | 12.00% |
| Massachusetts | | 12 | | 664 | | | 12.32 | | 81.2% | | 77.2% | | | 1,701 | | | 1,646 | | 3.30% | | | 641 | | | 601 | | 6.70% | | | 1,060 | | | 1,045 | | 1.40% |
| Michigan | | 4 | | 229 | | | 9.05 | | 84.9% | | 86.6% | | | 462 | | | 428 | | 7.90% | | | 192 | | | 174 | | 10.30% | | | 270 | | | 254 | | 6.30% |
| Mississippi | | 12 | | 924 | | | 8.81 | | 83.5% | | 82.8% | | | 1,792 | | | 1,740 | | 3.00% | | | 565 | | | 547 | | 3.30% | | | 1,227 | | | 1,193 | | 2.80% |
| Missouri | | 7 | | 432 | | | 10.98 | | 86.5% | | 87.3% | | | 1,050 | | | 1,038 | | 1.20% | | | 409 | | | 408 | | 0.20% | | | 641 | | | 630 | | 1.70% |
| New Hampshire | | 4 | | 260 | | | 10.58 | | 86.1% | | 76.1% | | | 551 | | | 508 | | 8.50% | | | 200 | | | 188 | | 6.40% | | | 351 | | | 320 | | 9.70% |
| New York | | 28 | | 1,595 | | | 12.86 | | 83.2% | | 85.2% | | | 4,448 | | | 4,345 | | 2.40% | | | 1,511 | | | 1,416 | | 6.70% | | | 2,937 | | | 2,929 | | 0.30% |
| North Carolina | | 11 | | 540 | | | 9.56 | | 79.7% | | 81.5% | | | 1,032 | | | 1,052 | | -1.90% | | | 398 | | | 369 | | 7.90% | | | 634 | | | 683 | | -7.20% |
| Ohio | | 17 | | 1,130 | | | 8.41 | | 85.8% | | 84.9% | | | 2,112 | | | 2,097 | | 0.70% | | | 785 | | | 723 | | 8.60% | | | 1,327 | | | 1,374 | | -3.40% |
| Pennsylvania | | 4 | | 208 | | | 9.83 | | 80.9% | | 79.5% | | | 423 | | | 434 | | -2.50% | | | 148 | | | 150 | | -1.30% | | | 275 | | | 284 | | -3.20% |
| Rhode Island | | 4 | | 168 | | | 12.06 | | 79.9% | | 78.3% | | | 441 | | | 428 | | 3.00% | | | 186 | | | 162 | | 14.80% | | | 255 | | | 266 | | -4.10% |
| South Carolina | | 8 | | 443 | | | 9.55 | | 79.6% | | 80.0% | | | 877 | | | 879 | | -0.20% | | | 382 | | | 341 | | 12.00% | | | 495 | | | 538 | | -8.00% |
| Tennessee | | 4 | | 291 | | | 8.23 | | 85.2% | | 78.3% | | | 519 | | | 487 | | 6.60% | | | 243 | | | 226 | | 7.50% | | | 276 | | | 261 | | 5.70% |
| Texas | | 81 | | 5,880 | | | 9.93 | | 80.8% | | 83.3% | | | 11,990 | | | 12,237 | | -2.00% | | | 4,727 | | | 4,620 | | 2.30% | | | 7,263 | | | 7,617 | | -4.60% |
| Virginia | | 17 | | 1,003 | | | 10.57 | | 80.6% | | 78.0% | | | 2,206 | | | 2,155 | | 2.40% | | | 687 | | | 659 | | 4.20% | | | 1,519 | | | 1,496 | | 1.50% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Portfolio Total | | 345 | | 22,149 | | $ | 10.16 | | 80.7% | | 80.9% | | $ | 46,844 | | $ | 46,734 | | 0.20% | | $ | 17,596 | | $ | 16,953 | | 3.80% | | $ | 29,248 | | $ | 29,781 | | -1.80% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dollars in thousands except for average quarterly rent per occupied square foot. Square feet in thousands. |
| 345 wholly owned same stores. |
CONTACT:
Sovran Self Storage, Inc.
David Rogers, 716-633-1850
CFO
or
Diane Piegza, 716-633-1850
VP Corporate Communications
