Sovran Self Storage, Inc. (NYSE:SSS), (www.unclebobs.com/company) a self storage real estate investment trust (REIT), reported operating results for the quarter ended September 30, 2011.

Net income available to common shareholders for the third quarter of 2011 was $2.3 million or $0.08 per fully diluted share. For the same period in 2010, net income available to common shareholders was $8.9 million, or $0.32 per fully diluted common share.

Funds from operations (FFO) for the quarter were $0.41 per fully diluted common share compared to $0.63 for the same period last year. The Company recorded one-time charges of $5.6 million to terminate interest rate swap contracts and write-offs of unamortized financing fees in relation to its debt refinancing in August; it also incurred net acquisition costs of $2.9 million in connection with its property purchases this quarter. Absent these non-recurring charges, FFO per share for the quarter is $0.72.

Higher rental rates and the reduced use of move-in incentives contributed to the increase in FFO for the third quarter of 2011.

During the quarter, the Company increased the number of stores in operation under its “Uncle Bob’s” brand by 52: twenty-seven were acquired for its own portfolio at a cost of $146 million, 19 were added via a joint venture formed in July and six more stores have been placed in the care of Uncle Bob’s Management (the Company’s third party management subsidiary).

Robert J. Attea, the Company’s Chairman and CEO, commented, “We had a tremendous quarter in every respect – we added 52 first-rate properties to our portfolio, we negotiated a $500 million financing package that solidifies our balance sheet, and our stores performed exceptionally. We’ve been able to take advantage of favorable conditions in the acquisition, financial, and consumer arenas to add significant value to our Company.”

OPERATIONS:

Total revenues increased 11.6% over last year’s third quarter, while operating costs increased 5.5%, resulting in an NOI (3) increase of 15.2%. Overall occupancy averaged 81.2% for the period and rental rates improved to an average of $10.71 per sq. ft.

Revenues for the 344 stores wholly owned by the Company for the entire quarter of each year increased 5.3% from those of the third quarter of 2010, the result of a 5.7% increase in rental rates and strong growth in other revenues, primarily insurance commissions.

Same store operating expenses increased 0.8% for the third quarter of 2011 compared to the prior year period, the result of a property tax increase of 1.6% and modest increases in property payroll expenses and maintenance costs.

Consequently, same store net operating income increased 7.9% this period over the third quarter of 2010.

“We’re very pleased with the performance of our core portfolio” said Kenneth F. Myszka, President and COO. “The top line growth is in large part a result of the efforts of David Paolini and our Revenue Management group, in partnership with Veritec Solutions, and their application of advanced pricing analytics. By reducing the amount of free rent given at move-in, we are attracting a more stable customer base and discouraging short term price-shoppers. The end result is lower turnover, longer lengths of stay, and solid revenue growth.”

General and administrative expenses grew by approximately $1.7 million over the same period in 2011, primarily due to start-up and takeover costs at the newly acquired stores, increased training, internet advertising, and personnel costs.

During the third quarter of 2011, every state in which the Company has operated stores for more than a year achieved sales greater than the same period in 2010. The stores with the strongest revenue impact include those in New England, New York, Tennessee, and Ohio. With regard to these results, Myszka commented, “We continue to be pleased by the solid results shown at the majority of our stores and especially the Florida and Texas properties, with NOI increases of 7.5% and 6.2% respectively.”

PROPERTIES:

The Company acquired 27 stores for its own portfolio during the quarter at a cost of $146 million. In July, it acquired two stores in Newark, New Jersey; and one in St. Louis, MO. In August, it acquired one storage facility in Atlanta, GA; and in September it acquired 22 storage facilities in Texas: three in Austin, one in Dallas, and 18 in Houston. It also acquired one store in Newport News, VA.

As previously announced, the Company entered into a joint venture agreement to acquire 19 properties in New Jersey and eastern Pennsylvania. The venture paid $164 million for the properties (including closing costs), of which approximately $89 million was financed via mortgage notes, $64 million was contributed by the JV Partner, and $11 million was contributed by the Company. All of the properties have been re-branded “Uncle Bob’s Self Storage®” and are managed by the Company.

The Company also added six properties to its Uncle Bob’s Management platform, which now has a total of 53 properties under management through joint venture and third party contracts.

The Company continues its program of expanding and enhancing its properties, expecting construction of over 500,000 square feet of additional and/or improved space at existing stores in 2011/2012.

CAPITAL TRANSACTIONS:

As previously announced, on August 5, 2011, the Company completed transactions which provided financing arrangements totaling $500 million of senior, unsecured debt.

It used proceeds from a ten year, $100 million privately placed term note (the Company’s “Series D” notes) and the proceeds from a seven year, $125 million unsecured term loan provided by a syndicated bank group to repay a $150 million term loan maturing in June, 2012, and $71 million outstanding on its line of credit.

$100 million was also committed by the bank lending syndicate for a delayed draw note to provide funding for the Company’s repayment of mortgage debt maturing in late 2011 and early 2012, as well as borrowings the Company incurred to fund its acquisitions. The term of the note is seven years and is unsecured.

The Company also negotiated a five year, $175 million unsecured line of credit, with an accordion feature of an additional $75 million, and an extension provision of up to two additional years.

The $100 million of Series D notes bear interest at 5.54% for their ten year term.

The Company has entered into interest rate swap contracts which effectively fix the interest rate on the $125 million bank group term note at 4.37% payable over its seven-year term. Additional rate swap contracts have been used to fix the rate on the $100 million delayed draw note (expected to be funded in early December) at 3.61% through December, 2016.

David Rogers, Chief Financial Officer of the Company, commented, “This financing package provides us with lower interest rates, greater capacity and flexibility, and extends and smoothes our debt maturity dates through 2021.”

The Company incurred a one-time charge of approximately $5.6 million ($0.20 per share) in the third quarter of 2011 relating to the early termination of interest rate swap agreements and unamortized costs associated with the repayment of the $150 million term note.

Illustrated below are key financial ratios at September 30, 2011:

  • Debt to Enterprise Value (at $40.00/share) 37.0%
  • Debt to Book Cost of Storage Facilities 41.9%
  • Debt to EBITDA Ratio 5.9x
  • Debt Service Coverage 3.6x

At September 30, 2011, the Company had approximately $6.6 million of cash on hand, and $61 million available on its line of credit (without considering the additional $75 million available under the expansion feature).

On September 14, 2011, the Company announced an “at the market” equity issuance program. During the quarter, the Company issued 130,837 shares of common stock pursuant to this program at an average price of $39.35 per share.

YEAR 2011 EARNINGS GUIDANCE:

Management is encouraged by greater pricing power and resiliency in most markets. Nonetheless, the Company anticipates the continuation of leasing incentives supplemented by aggressive and increased advertising. An increase in same store revenue of 4% to 5% is projected from that of 2010. Property operating costs are projected to increase by 2% to 3%, including an expected 4% annual increase in property taxes. Accordingly, the Company continues to anticipate an increase of 4% to 6% in same store net operating income for 2011.

The Company intends to spend up to $30 million on its aforementioned expansion and enhancement program. It has also budgeted $12 million to provide for recurring capitalized expenditures including roofing, painting, paving, and office renovations.

Future purchases of properties made in 2011 are not expected to significantly impact 2011’s guidance inasmuch as the Company expects to invest in both low occupancy “turn-around” opportunities as well as stabilized properties.

General and administrative expenses are expected to increase due to the need for personnel required for expected acquisitions, income taxes on its taxable REIT subsidiaries, and the Company’s plans to continue expanding its internet marketing presence.

At September 30, 2011, all but $114 million 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 2.0%.

At September 30, 2011, the Company had 27.8 million shares of common stock outstanding and 0.34 million Operating Partnership Units outstanding.

As a result of the above assumptions, management expects funds from operations for the full year 2011 (inclusive of the above mentioned one time debt refinancing and acquisition charges of $8.6 million or $0.31 per share) to be approximately $2.41 to $2.43 per share, and between $0.71 and $0.73 for the fourth quarter of 2011.

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 Third Quarter Earnings Release Conference Call at 9:00 a.m. Eastern Time on Thursday, November 3, 2011. To access the conference call, dial 877.407.8033 (domestic), or 201.689.8033 (international). Management will accept questions from registered financial analysts after prepared remarks; all others are encouraged to listen to the call via webcast by accessing “events and conference calls” under the investor relations tab at www.unclebobs.com/company.

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 286/379417.

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 434 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.

              SOVRAN SELF STORAGE, INC. BALANCE SHEET DATA (unaudited) September 30, December 31, (dollars in thousands)       2011 2010 Assets Investment in storage facilities: Land $ 269,450 $ 240,651 Building, equipment and construction in progress   1,314,477     1,179,305   1,583,927 1,419,956 Less: accumulated depreciation   (297,147 )   (271,797 ) Investment in storage facilities, net 1,286,780 1,148,159 Cash and cash equivalents 6,573 5,766 Accounts receivable 2,413 2,377 Receivable from joint venture 502 253 Investment in joint venture 30,911 19,730 Prepaid expenses 4,948 4,408 Other assets   8,361     4,848   Total Assets $ 1,340,488   $ 1,185,541     Liabilities Line of credit $ 114,000 $ 10,000 Term notes 475,000 400,000 Accounts payable and accrued liabilities 30,365 23,991 Deferred revenue 5,929 4,925 Fair value of interest rate swap agreements 8,649 10,528 Mortgages payable   74,182     78,954   Total Liabilities 708,125 528,398   Noncontrolling redeemable Operating Partnership Units at redemption value 12,601 12,480   Equity Common stock 290 288 Additional paid-in capital 820,641 816,986 Accumulated deficit (165,629 ) (148,264 ) Accumulated other comprehensive loss (8,365 ) (10,254 ) Treasury stock at cost   (27,175 )   (27,175 ) Total Shareholders' Equity 619,762 631,581 Noncontrolling interest - consolidated joint venture   -     13,082   Total Equity   619,762     644,663   Total Liabilities and Equity $ 1,340,488   $ 1,185,541     CONSOLIDATED STATEMENTS OF OPERATIONS                 (unaudited) July 1, 2011 July 1, 2010 to to (dollars in thousands, except share data) September 30, 2011       September 30, 2010   Revenues Rental income $ 50,332 $ 46,196 Other operating income 2,604 2,109 Management fee income 643 318 Acquisition fee income   675     -   Total operating revenues 54,254 48,623   Expenses Property operations and maintenance 13,888 13,197 Real estate taxes 5,243 4,940 General and administrative 6,637 4,960 Acquisition related costs 2,913 23 Depreciation and amortization 8,655 8,215 Amortization of in-place customer leases   285     -   Total operating expenses   37,621     31,335     Income from operations 16,633 17,288   Other income (expense) Interest expense (A) (13,760 ) (7,954 ) Interest income 5 24 Equity in (losses) income of joint ventures   (512 )   16     Net income 2,366 9,374 Net income attributable to noncontrolling interests   (27 )   (451 ) Net income attributable to common shareholders $ 2,339   $ 8,923     Earnings per common share attributable to common shareholders - basic $ 0.08   $ 0.32     Earnings per common share attributable to common shareholders - diluted $ 0.08   $ 0.32     Common shares used in basic earnings per share calculation 27,593,338 27,485,416   Common shares used in diluted earnings per share calculation 27,634,029 27,525,279   Dividends declared per common share $ 0.4500   $ 0.4500       (A) Interest expense for the three months ending September 30 consists of the following Interest expense $ 7,937 $ 7,696 Amortization of deferred financing fees 250 258 Write-off of unamortized financing fees related to $150 million term note repaid in 2011 88 - Interest rate swap termination payments   5,485     -   Total interest expense $ 13,760   $ 7,954     CONSOLIDATED STATEMENTS OF OPERATIONS                 (unaudited) January 1, 2011 January 1, 2010 to to (dollars in thousands, except share data) September 30, 2011       September 30, 2010   Revenues Rental income $ 145,472 $ 136,606 Other operating income 7,006 5,669 Management fee income 1,346 941 Acquisition fee income   675     -   Total operating revenues 154,499 143,216   Expenses Property operations and maintenance 40,291 38,673 Real estate taxes 15,331 15,290 General and administrative 18,344 14,954 Acquisition related costs 3,048 136 Depreciation and amortization 25,655 24,617 Amortization of in-place customer leases   567     -   Total operating expenses   103,236     93,670     Income from operations 51,263 49,546   Other income (expense) Interest expense (A) (29,739 ) (23,762 ) Interest income 31 65 Equity in (losses) income of joint ventures   (408 )   154     Income from continuing operations 21,147 26,003 Income from discontinued operations (including gain on disposal of $6,944 in 2010)   -     7,562   Net income 21,147 33,565 Net income attributable to noncontrolling interests   (811 )   (1,454 ) Net income attributable to common shareholders $ 20,336   $ 32,111     Earnings per common share attributable to common shareholders - basic Continuing operations $ 0.74 $ 0.89 Discontinued operations   -     0.28   Earnings per common share - basic $ 0.74   $ 1.17     Earnings per common share attributable to common shareholders - diluted Continuing operations $ 0.74 $ 0.89 Discontinued operations   -     0.28   Earnings per common share - diluted $ 0.74   $ 1.17     Common shares used in basic earnings per share calculation 27,563,536 27,464,672   Common shares used in diluted earnings per share calculation 27,607,567 27,504,175   Dividends declared per common share $ 1.3500   $ 1.3500       (A) Interest expense for the nine months ending September 30 consists of the following Interest expense $ 23,323 $ 22,989 Amortization of deferred financing fees 843 773 Write-off of unamortized financing fees related to $150 million term note repaid in 2011 88 - Interest rate swap termination payments   5,485     -   Total interest expense $ 29,739   $ 23,762     COMPUTATION OF FUNDS FROM OPERATIONS (FFO) (1) - (unaudited)                 July 1, 2011 July 1, 2010 to to (dollars in thousands, except share data) September 30, 2011       September 30, 2010   Net income attributable to common shareholders $ 2,339 $ 8,923 Net income attributable to noncontrolling interests 27 451 Depreciation of real estate and amortization of intangible assets exclusive of deferred financing fees 8,940 8,215 Depreciation and amortization from unconsolidated joint ventures 240 197 Funds from operations allocable to noncontrolling interest in Operating Partnership (133 ) (214 ) Funds from operations allocable to noncontrolling interest in consolidated joint ventures   -     (340 ) Funds from operations available to common shareholders 11,413 17,232 FFO per share - diluted $ 0.41 $ 0.63   Non-recurring Adjustments to FFO Acquisition costs expensed 2,913 - Company's share of acquisition costs expensed by Sovran HHF Storage Holdings II 734 - Interest rate swap termination payments 5,485 - Write-off of unamortized financing fees related to debt payoff 88 - Acquisition fee income from Sovran HHF Storage Holdings II (675 ) - Funds from operations resulting from non-recurring items allocable to noncontrolling interest in Operating Partnership   (103 )   -   Adjusted funds from operations available to common shareholders 19,855 17,232 Adjusted FFO per share - diluted $ 0.72 $ 0.63   Common shares - diluted 27,634,029 27,525,279         January 1, 2011 January 1, 2010 to to (dollars in thousands, except share data) September 30, 2011 September 30, 2010   Net income attributable to common shareholders $ 20,336 $ 32,111 Net income attributable to noncontrolling interests 811 1,454 Depreciation of real estate and amortization of intangible assets exclusive of deferred financing fees 26,222 24,617 Depreciation of real estate included in discontinued operations - 217 Depreciation and amortization from unconsolidated joint ventures 636 588 Gain on sale of real estate - (6,944 ) Funds from operations allocable to noncontrolling interest in Operating Partnership (560 ) (677 ) Funds from operations allocable to noncontrolling interest in consolidated joint ventures   (567 )   (1,020 ) Funds from operations available to common shareholders 46,878 50,346 FFO per share - diluted $ 1.70 $ 1.83   Non-recurring Adjustments to FFO Acquisition costs expensed 3,048 - Company's share of acquisition costs expensed by Sovran HHF Storage Holdings II 734 - Interest rate swap termination payments 5,485 - Write-off of unamortized financing fees related to debt payoff 88 - Acquisition fee income from Sovran HHF Storage Holdings II (675 ) - Funds from operations resulting from non-recurring items allocable to noncontrolling interest in Operating Partnership   (105 )   -   Adjusted funds from operations available to common shareholders 55,453 50,346 Adjusted FFO per share - diluted $ 2.01 $ 1.83   Common shares - diluted 27,607,567 27,504,175  

(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) *         July 1, 2011       July 1, 2010         to to Percentage (dollars in thousands) September 30, 2011       September 30, 2010 Change   Revenues: Rental income $ 48,314 $ 46,134 4.7 % Other operating income   2,337   1,988 17.6 % Total operating revenues 50,651 48,122 5.3 %   Expenses: Property operations and maintenance 13,189 13,123 0.5 % Real estate taxes   5,005   4,925 1.6 % Total operating expenses   18,194   18,048 0.8 %   Net operating income (3) $ 32,457 $ 30,074 7.9 %   (2) Includes the 344 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.   (3) Net operating income or "NOI" is a non-GAAP (generally accepted accounting principles) financial measure that we define as total continuing revenues less continuing property operating expenses. NOI also can be calculated by adding back to net income: interest expense, amounts attributable to noncontrolling interests, depreciation and amortization expense, general and administrative expense, and deducting from net income: income from discontinued operations, interest income, and equity in income of joint ventures. We believe that NOI is a meaningful measure of operating performance, because we utilize NOI in making decisions with respect to capital allocations, in determining current property values, and comparing period-to-period and market-to-market property operating results. NOI should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as total revenues, operating income and net income.   * See exhibit A for supplemental same store data.   YEAR TO DATE SAME STORE DATA (2)         January 1, 2011       January 1, 2010         to to Percentage (dollars in thousands) September 30, 2011       September 30, 2010 Change   Revenues: Rental income $ 141,722 $ 136,473 3.8% Other operating income 6,447 5,351 20.5% Total operating revenues 148,169 141,824 4.5%   Expenses: Property operations and maintenance 38,974 38,452 1.4% Real estate taxes 14,914 15,248 -2.2% Total operating expenses 53,888 53,700 0.4%   Net operating income (3) $ 94,281 $ 88,124 7.0% OTHER DATA           Same Store (2)         All Stores (4)

2011

     

2010

2011

     

2010

  Weighted average quarterly occupancy 81.7 % 82.8 % 81.2 % 82.6 %   Occupancy at September 30 81.5 % 82.5 % 81.0 % 82.3 %   Rent per occupied square foot $ 10.68 $ 10.10 $ 10.71 $ 10.09   (4) Does not include unconsolidated joint venture stores managed by the Company    

Investment in Storage Facilities:

The following summarizes activity in storage facilities during the nine months ended September 30, 2011:   Beginning balance $ 1,419,956 Property acquisitions 147,094 Improvements and equipment additions: Expansions 6,886 Roofing, paving, and equipment: Stabilized stores 9,965 Recently acquired stores 226 Change in construction in progress (Total CIP $8.2 million) 168 Dispositions   (368 ) Storage facilities at cost at period end $ 1,583,927      

Comparison of Selected G&A Costs

Quarter Ended September 30, 2011

September 30, 2010

  Internet advertising & marketing 744 527 Revenue management 224 - Uncle Bob's Management costs 121 2 Taxes 375 363 Training & travel 698 366     September 30, 2011 September 30, 2010   Common shares outstanding 27,834,616 27,648,329 Operating Partnership Units outstanding 339,025 342,936   Exhibit A                           Sovran Self Storage, Inc.   Same Store Performance Summary Three Months Ended September 30, 2011 (unaudited)    

 

 

 

 

 

 

 

 

 

 

 

 

 

Avg Quarterly Occupancy

Revenue

Expenses

NOI

Avg Qtrly Rent

for the Three Months Ended

for the Three Months

for the Three Months

for the Three Months

Square

per Occupied

September 30,

 

Ended September 30,

   

Ended September 30,

   

Ended September 30,

    State Stores  

Feet

 

Square Foot

  2011   2010   2011     2010   % Change   2011     2010   % Change   2011     2010   % Change   Alabama 22 1,588 $ 8.40 78.7% 76.9% $ 2,863 $ 2,694 6.27% $ 999 $ 1,023 -2.35% $ 1,864 $ 1,671 11.55% Arizona 9 515 10.51 83.9% 86.7% 1,222 1,171 4.36% 442 436 1.38% 780 735 6.12% Connecticut 5 301 16.96 85.3% 77.4% 1,122 1,039 7.99% 370 243 52.26% 752 796 -5.53% Florida 53 3,430 10.56 78.1% 80.0% 7,436 7,182 3.54% 2,956 3,015 -1.96% 4,480 4,167 7.51% Georgia 22 1,409 9.65 79.4% 80.9% 2,872 2,801 2.53% 1,071 1,029 4.08% 1,801 1,772 1.64% Louisiana 14 867 10.80 83.5% 85.2% 2,025 1,979 2.32% 645 628 2.71% 1,380 1,351 2.15% Maine 2 113 12.41 82.6% 84.0% 303 271 11.81% 92 102 -9.80% 211 169 24.85% Maryland 4 172 14.56 87.4% 89.2% 565 543 4.05% 195 212 -8.02% 370 331 11.78% Massachusetts 12 664 13.31 83.6% 82.5% 1,943 1,781 9.10% 649 651 -0.31% 1,294 1,130 14.51% Michigan 4 238 9.78 94.5% 92.5% 579 510 13.53% 188 200 -6.00% 391 310 26.13% Mississippi 12 925 9.60 81.3% 85.3% 1,913 1,815 5.40% 600 619 -3.07% 1,313 1,196 9.78% Missouri 7 432 11.66 86.0% 88.2% 1,117 1,059 5.48% 414 401 3.24% 703 658 6.84% New Hampshire 4 261 11.59 83.2% 82.9% 623 564 10.46% 200 206 -2.91% 423 358 18.16% New York 28 1,609 13.84 87.4% 86.3% 5,053 4,606 9.70% 1,561 1,525 2.36% 3,492 3,081 13.34% North Carolina 11 539 9.57 80.1% 83.9% 1,061 1,045 1.53% 408 391 4.35% 653 654 -0.15% Ohio 17 1,132 9.23 84.9% 87.4% 2,311 2,159 7.04% 783 756 3.57% 1,528 1,403 8.91% Pennsylvania 4 219 10.08 89.1% 80.9% 468 429 9.09% 153 149 2.68% 315 280 12.50% Rhode Island 4 168 12.46 83.2% 80.7% 484 449 7.80% 189 180 5.00% 295 269 9.67% South Carolina 8 443 10.04 83.7% 82.7% 981 904 8.52% 378 386 -2.07% 603 518 16.41% Tennessee 4 291 9.03 91.3% 90.6% 622 554 12.27% 251 259 -3.09% 371 295 25.76% Texas 81 5,916 10.36 81.2% 82.4% 12,789 12,325 3.76% 4,914 4,909 0.10% 7,875 7,416 6.19% Virginia 17 1,021 11.23 76.5% 83.4% 2,299 2,242 2.54% 736 728 1.10% 1,563 1,514 3.24%                                                   Portfolio Total 344   22,253   $ 10.68   81.7%   82.8% $ 50,651   $ 48,122   5.26% $ 18,194   $ 18,048   0.81% $ 32,457   $ 30,074   7.92%   Dollars in thousands except for average quarterly rent per occupied square foot. Square feet in thousands. 344 wholly owned same stores.
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