FORM 10-Q/A
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1998
Commission file number: 1-13820
Sovran Self Storage, Inc.
(Exact name of Registrant as specified in its charter)
Maryland 16-1194043
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
5166 Main Street
Williamsville, NY 14221
(Address of principal executive offices) (Zip code)
(716) 633-1850
(Registrant's telephone number including area code)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No ____
APPLICABLE ONLY TO REGISTRANTS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all documents
and reports required to be filed by Section 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court.
Yes ____ No ____
(APPLICABLE ONLY TO CORPORATE REGISTRANTS)
Indicate the number of shares outstanding of each of the registrant's
classes of common stock, as of the latest practicable date.
Title Outstanding
Common Stock, $.01 par value per share. 12,272,963
Amendment number 1
Part 1. Financial Information, Item 1, Financial Statements
Consolidated Statements of Operations
To correct typographical error in rental income and net income at September
30, 1998 and September 30, 1997
SOVRAN SELF STORAGE, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
January 1, 1998 January 1, 1997
(dollars in thousands, to to
except share data) September 30, 1998 September 30, 1997
- --------------------------------------------------------------------------------
Revenues:
Rental income $ 49,223 $ 35,464
Interest and other income 701 527
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Total revenues 49,924 35,991
Expenses:
Property operations and maintenance 9,888 6,979
Real estate taxes 3,979 2,832
General and administrative 3,120 2,027
Interest 6,448 1,410
Depreciation and amortization 7,377 5,061
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Total expenses 30,812 18,309
---------- ----------
Income before minority
interest and extraordinary item 19,112 17,682
Minority interest (862) (450)
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Income before extraordinary item 18,250 17,232
Extraordinary loss on extinguishment of debt (350) -
---------- ----------
Net Income $ 17,900 $ 17,232
========== ==========
Earnings per share before
extraordinary item - basic $ 1.48 $ 1.49
Extraordinary item (0.02) -
---------- ----------
Earnings per share - basic $ 1.46 $ 1.49
========== ==========
Earnings per share - diluted $ 1.45 $ 1.48
========== ==========
Common shares used in basic
earnings per-share calculation 12,297,622 11,602,877
Dividends declared per share $ 1.64 $ 1.58
========== ==========
See notes to financial statements.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Sovran Self Storage, Inc.
December 1, 1998 By:___/S/______________________________________
Date David L. Rogers,
Secretary, Chief Financial Officer