Sovran Self Storage, Inc. (NYSE: SSS),
(www.unclebobs.com/company) a self storage real estate investment
trust (REIT), reported operating results for the quarter and year
ended December 31, 2011.
Net income available to common shareholders for the fourth
quarter of 2011 was $10.3 million or $0.37 per fully diluted share.
For the same period in 2010, net income available to common
shareholders was $8.5 million, or $0.31 per fully diluted common
share.
Funds from operations (FFO) for the quarter were $0.73 per fully
diluted common share compared to $0.62 for the same period last
year. The Company incurred net acquisition costs of $0.3 million in
connection with its property purchases in the fourth quarter of
2011; in the fourth quarter of 2010, it incurred acquisition costs
of $0.8 million. Absent these non-recurring charges, FFO per share
was $0.74 and $0.64 for the fourth quarter of 2011 and 2010,
respectively.
Stronger occupancy, higher rental rates and the reduced use of
move-in incentives contributed to the increase in FFO for the
fourth quarter of 2011.
Robert J. Attea, the Company’s Chairman and CEO, commented,
“We’ve done an excellent job positioning ourselves for strong
growth going forward. We’ve added 68 high quality stores to our
portfolio, made significant investments in our marketing and
technology platforms, and strengthened our balance sheet
considerably. We’re looking forward to 2012.”
OPERATIONS:
Total revenues increased 16.0% over last year’s fourth quarter,
while operating costs increased 16.2%, resulting in an NOI (3)
increase of 15.8%. Overall occupancy averaged 81.2% for the period
and rental rates improved to an average of $10.54 per sq. ft.
Revenues for the 344 stores wholly owned by the Company for the
entire quarter of each year increased 3.4% from those of the fourth
quarter of 2010, the result of increased rental rates, a 60 basis
point increase in average occupancy and strong growth in other
revenues, primarily insurance commissions.
Same store operating expenses increased 2.3% for the fourth
quarter of 2011 compared to the prior year period, the result of
increased property tax charges of 17.4% offsetting a decrease in
all other operating costs of 2.1%.
Consequently, same store net operating income increased 4.1%
this period over the fourth quarter of 2010.
General and administrative expenses grew by approximately $1.7
million over the same period in 2010, primarily due to start-up and
takeover costs at the newly acquired stores, increased training,
internet advertising, and personnel costs.
During the fourth quarter of 2011, the stores with the strongest
revenue impact include those in New England, New York, and
Tennessee. The Company’s storage facilities in Georgia and Virginia
experienced modest declines.
For the full year 2011, same store revenues increased by 4.2%
and same store NOI improved by 6.2%. Same store occupancy at
December 31st increased by 150 basis points to 81.7% from that of
December 31, 2010.
“We enjoyed a good quarter, and a very strong year,” commented
Kenneth F. Myszka, President and COO. “We’re especially encouraged
by the strong push in occupancy going into the new year. The
investment in our revenue management program has begun to bear
fruit, and we expect to see continued benefits well into 2012 and
beyond.”
PROPERTIES:
The Company acquired one store in Pensacola, FL for its own
portfolio during the quarter at a cost of $4.6 million. It also
acquired a store on behalf of its Joint Venture, HHF II (“JV”),
near Philadelphia, PA for $5.7 million. Subsequent to the end of
the year, the JV also acquired 10 properties in the Dallas/Ft.
Worth market.
Summarizing the acquisition activities for the year, 29 stores
comprising 2.0 million square feet of rental space were acquired by
the Company at a cost of $155.1 million. Twenty stores comprising
1.6 million sq. ft. were acquired by the joint venture announced in
August, 2011, and an additional ten stores were acquired for the JV
in early February, 2012. Additionally, nine stores were added via
third party management programs. In total, 68 stores were added to
the Uncle Bob’s platform since January, 2011.
CAPITAL TRANSACTIONS:
As previously announced, on August 5, 2011, the Company
completed transactions which provided financing arrangements
totaling $500 million of senior, unsecured debt. $400 million of
that transaction, including a $100 million 10 year term note, a
$125 million 7 year term note and a $175 million line of credit
were completed on that date and previously reported upon.
Also at that time, $100 million was committed by the bank
lending syndicate for a delayed draw note to provide funding for
repayment of the Company’s obligations maturing in late 2011 and
early 2012. This transaction occurred in December, 2011 with
proceeds from the note used to repay approximately $74 million in
mortgage debt and $26 million of outstanding line debt. The delayed
draw term loan matures August, 2018, is unsecured, and the Company
entered into an interest rate swap contract fixing the rate of
interest on this note at 3.61% through December, 2017.
Illustrated below are key financial ratios at December 31, 2011:
-- Debt to Enterprise Value (at $42.67/share) 33.4% -- Debt
to Book Cost of Storage Facilities 39.2% -- Debt to EBITDA Ratio
5.3x -- Debt Service Coverage 3.3x
At December 31, 2011, the Company had approximately $7.3 million
of cash on hand, and $129 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
1,034,375 shares of common stock pursuant to this program at an
average price of $40.75 per share.
YEAR 2012 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 3.5% to
4.5% is projected from that of 2011. Property operating costs are
projected to increase by 3% to 4%, including an expected 4% annual
increase in property taxes. Accordingly, the Company anticipates an
increase of 3.5% to 4.5% in same store net operating income for
2012.
The Company intends to spend up to $20 million on its expansion
and enhancement program. It has also budgeted $14 million to
provide for recurring capitalized expenditures including roofing,
painting, paving, and office renovations.
Purchases of properties made in 2012 are not expected to
significantly impact guidance inasmuch as the Company expects to
invest in both low occupancy turn-around opportunities as well as
stabilized properties. Accordingly, neither the NOI nor the
acquisition costs relating to any acquisitions that may be made in
2012 is included in guidance.
General and administrative expenses are expected to increase to
$29 million due to the need for additional personnel required for
recent acquisitions, income taxes on its taxable REIT subsidiaries,
and the Company’s plans to continue expanding its internet
marketing presence and revenue management programs.
At December 31, 2011, all but $46 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 December 31, 2011, the Company had 29.0 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 2012 to be approximately $3.05 to
$3.09 per share, and between $0.70 and $0.72 per share for the
first quarter of 2012.
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 Fourth Quarter Earnings
Release Conference Call at 9:00 a.m. Eastern Time on Thursday,
February 23, 2012. 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 286/386400.
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 445 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 December 31, December 31, (dollars in
thousands) 2011 2010
Assets Investment in storage
facilities: Land $ 272,784 $ 240,651 Building, equipment and
construction in progress
1,323,319
1,179,305 1,596,103 1,419,956 Less:
accumulated depreciation
(305,585
) (271,797 )
Investment in storage facilities, net 1,290,518 1,148,159 Cash and
cash equivalents 7,321 5,766 Accounts receivable 3,008 2,377
Receivable from joint venture 589 253 Investment in joint venture
31,939 19,730 Prepaid expenses 3,987 4,408
Intangible asset - in-place customer
leases (net of accumulated amortization of $7,019 in 2011 and
$5,449 in 2010)
2,523 565 Other assets
4,850
4,283 Total Assets
$
1,344,735 $ 1,185,541
Liabilities Line of credit $ 46,000 $ 10,000
Term notes 575,000 400,000 Accounts payable and accrued liabilities
32,254 23,991 Deferred revenue 6,305 4,925 Fair value of interest
rate swap agreements 10,748 10,528 Mortgages payable
4,423 78,954 Total
Liabilities 674,730 528,398 Noncontrolling redeemable
Operating Partnership Units at redemption value 14,466 12,480
Equity Common stock 301 288 Additional paid-in
capital 862,467 816,986 Accumulated deficit (169,799 ) (148,264 )
Accumulated other comprehensive loss (10,255 ) (10,254 ) Treasury
stock at cost
(27,175 )
(27,175 ) Total Shareholders' Equity
655,539 631,581 Noncontrolling interest - consolidated joint
venture
- 13,082
Total Equity
655,539
644,663 Total Liabilities and Equity
$ 1,344,735 $
1,185,541 CONSOLIDATED STATEMENTS OF
OPERATIONS (unaudited) October 1, 2011
October 1, 2010 to to (dollars in thousands, except share data)
December 31, 2011 December 31, 2010
Revenues Rental
income $ 52,749 $ 46,259 Other operating income 3,143 2,278
Management fee income
766
319 Total operating revenues 56,658 48,856
Expenses Property operations and maintenance 14,622
13,171 Real estate taxes 5,073 3,775 General and administrative
7,643 5,981 Acquisition related costs 230 786 Impairment of storage
facility 1,047 - Depreciation and amortization 9,353 8,323
Amortization of in-place customer leases
1,003
- Total operating expenses
38,971 32,036
Income from operations 17,687 16,820 Other income (expense)
Interest expense
(A) (8,809 ) (7,949 ) Interest income 52 19
Casualty loss (126 ) - Gain on sale of land 1,511 - Equity in
income of joint ventures
67
86 Net income 10,382 8,976 Net income
attributable to noncontrolling interests
(126
) (445 ) Net
income attributable to common shareholders $
10,256 $ 8,531
Earnings per common share attributable to common
shareholders - basic $ 0.37
$ 0.31 Earnings per
common share attributable to common shareholders - diluted
$ 0.37 $
0.31
Common shares used in basic earnings per
share calculation
28,006,221 27,494,452
Common shares used in diluted earnings per
share calculation
28,077,773 27,543,257
Dividends declared per common
share $ 0.4500 $
0.4500
(A) Interest expense for the three
months ending December 31 consists of the following
Interest expense $ 8,557 $ 7,691 Amortization of deferred financing
fees 252 258 Total interest expense
$ 8,809 $
7,949 CONSOLIDATED STATEMENTS OF
OPERATIONS (unaudited) January 1, 2011
January 1, 2010 to to (dollars in thousands, except share data)
December 31, 2011 December 31, 2010
Revenues Rental
income $ 198,221 $ 182,865 Other operating income 10,145 7,947
Management fee income 2,111 1,260 Acquisition fee income
679 - Total
operating revenues 211,156 192,072
Expenses Property
operations and maintenance 54,913 51,845 Real estate taxes 20,404
19,065 General and administrative 25,986 21,071 Acquisition related
costs 3,278 786 Impairment of storage facility 1,047 - Depreciation
and amortization 35,008 32,939 Amortization of in-place customer
leases
1,570 -
Total operating expenses
142,206
125,706 Income from operations
68,950 66,366 Other income (expense)
Interest expense (B)
(38,549 ) (31,711 ) Interest income 83 84 Casualty loss (126 ) -
Gain on sale of land 1,511 - Equity in (losses) income of joint
ventures
(340 )
240 Income from continuing operations
31,529 34,979 Income from discontinued operations (including gain
on disposal of $6,944 in 2010)
-
7,562 Net income 31,529 42,541 Net income
attributable to noncontrolling interests
(937
) (1,899 ) Net
income attributable to common shareholders $
30,592 $ 40,642
Earnings per common share attributable to common
shareholders - basic Continuing operations $ 1.11 $ 1.20
Discontinued operations
-
0.28 Earnings per common share - basic
$ 1.11 $
1.48 Earnings per common share
attributable to common shareholders - diluted Continuing
operations $ 1.10 $ 1.20 Discontinued operations
- 0.28 Earnings per
common share - diluted
$ 1.10
$ 1.48 Common shares used
in basic earnings per share calculation 27,674,207 27,472,117
Common shares used in diluted earnings per share calculation
27,725,119 27,513,945
Dividends declared per common
share $ 1.8000 $
1.8000
(B) Interest expense for the twelve
months ending December 31 consists of the following
Interest expense $ 31,880 $ 30,681 Amortization of deferred
financing fees 1,096 1,030
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
$ 38,549
$ 31,711 COMPUTATION OF FUNDS
FROM OPERATIONS (FFO) (1) - (unaudited)
October 1, 2011 October 1, 2010 to to (dollars in thousands, except
share data) December 31, 2011 December 31, 2010 Net income
attributable to common shareholders $ 10,256 $ 8,531 Net income
attributable to noncontrolling interests 126 445
Depreciation of real estate and
amortization of intangible assets exclusive of deferred financing
fees
10,356 8,323 Depreciation and amortization from unconsolidated
joint ventures 381 199 Impairment of storage facility 1,047 -
Casualty loss 126 - Gain on sale of land (1,511 ) -
Funds from operations allocable to
noncontrolling interest in Operating Partnership
(253 ) (208 )
Funds from operations allocable to
noncontrolling interest in consolidated joint ventures
- (340
) Funds from operations available to common
shareholders 20,528 16,950 FFO per share - diluted $ 0.73 $ 0.62
Non-recurring Adjustments to FFO Acquisition costs
expensed 230 786 Company's share of acquisition costs expensed by
Sovran HHF Storage Holdings II 96 -
Funds from operations resulting from
non-recurring items allocable to noncontrolling interest in
Operating Partnership
(4 ) (10
) Adjusted funds from operations available to common
shareholders 20,850 17,726 Adjusted FFO per share - diluted $ 0.74
$ 0.64 Common shares - diluted 28,077,773 27,543,257
January 1, 2011 January 1, 2010 to to (dollars in thousands,
except share data) December 31, 2011 December 31, 2010 Net
income attributable to common shareholders $ 30,592 $ 40,642 Net
income attributable to noncontrolling interests 937 1,899
Depreciation of real estate and
amortization of intangible assets exclusive of deferred financing
fees
36,578 32,939 Depreciation of real estate included in discontinued
operations - 217 Depreciation and amortization from unconsolidated
joint ventures 1,018 788 Impairment of storage facility 1,047 -
Casualty loss 126 - Gain on sale of land (1,511 ) - Gain on sale of
real estate - (6,944 )
Funds from operations allocable to
noncontrolling interest in Operating Partnership
(813 ) (885 )
Funds from operations allocable to
noncontrolling interest in consolidated joint ventures
(567 ) (1,360
) Funds from operations available to common
shareholders 67,407 67,296 FFO per share - diluted $ 2.43 $ 2.45
Non-recurring Adjustments to FFO Acquisition costs
expensed 3,278 786 Company's share of acquisition costs expensed by
Sovran HHF Storage Holdings II 831 - 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
(109 ) (10
) Adjusted funds from operations available to common
shareholders 76,305 68,072 Adjusted FFO per share - diluted $ 2.75
$ 2.47 Common shares - diluted 27,725,119 27,513,945
(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
available to common shareholders computed in accordance with
generally accepted accounting principles (“GAAP”), excluding gains
or losses on sales of properties, plus impairment of real estate
assets, 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) * October 1, 2011
October 1, 2010 to to Percentage (dollars in
thousands) December 31, 2011 December 31, 2010 Change
Revenues: Rental income $ 47,292 $ 46,162 2.4 % Other
operating income
2,696
2,167 24.4 % Total operating
revenues 49,988 48,329 3.4 %
Expenses: Property
operations and maintenance 12,803 13,080 -2.1 % Real estate taxes
4,416 3,760
17.4 % Total operating expenses
17,219 16,840 2.3
% Net operating income (3) $ 32,769 $ 31,489
4.1 %
(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,
casualty losses, depreciation and amortization expense,
impairments, acquisition related costs, general and administrative
expense, and deducting from net income: income from discontinued
operations, gain on sale of real estate, 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 quarterly same store data.
YEAR TO DATE SAME STORE DATA (2) ** January 1, 2011
January 1, 2010 to to Percentage (dollars in
thousands) December 31, 2011 December 31, 2010 Change
Revenues: Rental income $ 189,014 $ 182,635 3.5 % Other
operating income
9,144
7,519 21.6 % Total operating
revenues 198,158 190,154 4.2 %
Expenses: Property
operations and maintenance 51,778 51,532 0.5 % Real estate taxes
19,331 19,009
1.7 % Total operating expenses
71,109 70,541 0.8
% Net operating income (3) $ 127,049 $ 119,613
6.2 %
** See exhibit B for supplemental year-to-date same store
data.
OTHER DATA Same Store (2) All Stores (4)
2011 2010 2011
2010 Weighted average quarterly occupancy 81.6
% 81.0 % 81.2 % 80.9 % Occupancy at December 31 81.7 % 80.2
% 81.2 % 80.1 % Rent per occupied square foot $ 10.48 $
10.33 $ 10.54 $ 10.33
(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 twelve months ended December 31, 2011: Beginning
balance $ 1,419,956 Property acquisitions 151,572 Improvements and
equipment additions: Expansions 7,183 Roofing, paving, and
equipment: Stabilized stores 13,815 Recently acquired stores 766
Change in construction in progress (Total CIP $14.4 million) 6,371
Dispositions
(3,560 ) Storage
facilities at cost at period end
$
1,596,103
Comparison of
Selected G&A Costs
Quarter Ended
December 31, 2011
December 31, 2010 Salaries and benefits 4,218
3,732 Internet advertising & marketing 845 516 Training 425 249
Call center 349 310 Uncle Bob's Management costs 103 48 Income
taxes 190 (66 )
December 31, 2011
December 31, 2010 Common shares outstanding
28,952,356 27,650,829 Operating Partnership Units outstanding
339,025 339,025
Exhibit A Sovran Self Storage, Inc.
Same Store Performance Summary Three Months Ended
December 31, 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
December 31,
Ended December 31,
Ended December 31,
Ended December 31,
State Stores
Feet
Square Foot
2011 2010 2011
2010 % Change 2011
2010 % Change 2011 2010
% Change
Alabama 22 1,586 $ 8.21 77.4 % 76.4 % $ 2,718 $ 2,617 3.86 %
$ 899 $ 855 5.15 % $ 1,819 $ 1,762 3.23 % Arizona 9 514 10.09 86.9
% 86.4 % 1,200 1,211 -0.91 % 299 428 -30.14 % 901 783 15.07 %
Connecticut 5 301 16.90 88.1 % 79.8 % 1,151 1,041 10.57 % 353 394
-10.41 % 798 647 23.34 % Florida 53 3,466 10.36 79.5 % 79.3 % 7,451
7,273 2.45 % 2,566 2,498 2.72 % 4,885 4,775 2.30 % Georgia 22 1,410
9.31 80.2 % 78.7 % 2,789 2,791 -0.07 % 1,005 924 8.77 % 1,784 1,867
-4.45 % Louisiana 14 867 10.67 84.3 % 82.1 % 2,029 1,979 2.53 % 605
576 5.03 % 1,424 1,403 1.50 % Maine 2 113 12.77 77.8 % 77.5 % 295
271 8.86 % 105 101 3.96 % 190 170 11.76 % Maryland 4 172 14.66 86.0
% 86.7 % 558 545 2.39 % 195 178 9.55 % 363 367 -1.09 %
Massachusetts 12 664 13.05 83.1 % 81.1 % 1,891 1,740 8.68 % 693 676
2.51 % 1,198 1,064 12.59 % Michigan 4 229 9.31 89.7 % 88.7 % 513
472 8.69 % 203 210 -3.33 % 310 262 18.32 % Mississippi 12 920 9.35
80.9 % 82.2 % 1,836 1,805 1.72 % 549 582 -5.67 % 1,287 1,223 5.23 %
Missouri 7 432 11.48 85.8 % 86.5 % 1,097 1,064 3.10 % 383 415 -7.71
% 714 649 10.02 % New Hampshire 4 261 11.24 82.8 % 82.0 % 605 569
6.33 % 216 208 3.85 % 389 361 7.76 % New York 28 1,609 13.55 85.8 %
83.7 % 5,276 4,859 8.58 % 1,670 1,629 2.52 % 3,606 3,230 11.64 %
North Carolina 11 538 9.26 78.5 % 79.8 % 1,026 1,005 2.09 % 408 412
-0.97 % 618 593 4.22 % Ohio 17 1,132 9.10 83.5 % 84.8 % 2,240 2,186
2.47 % 739 819 -9.77 % 1,501 1,367 9.80 % Pennsylvania 4 219 10.16
87.6 % 80.5 % 465 427 8.90 % 146 153 -4.58 % 319 274 16.42 % Rhode
Island 4 168 12.30 84.7 % 79.6 % 483 456 5.92 % 209 226 -7.52 % 274
230 19.13 % South Carolina 8 436 9.71 83.7 % 80.6 % 945 914 3.39 %
379 352 7.67 % 566 562 0.71 % Tennessee 4 291 9.07 89.7 % 89.7 %
615 570 7.89 % 251 246 2.03 % 364 324 12.35 % Texas 81 5,886 10.29
80.9 % 80.6 % 12,628 12,322 2.48 % 4,688 4,269 9.81 % 7,940 8,053
-1.40 % Virginia 17 1,020 10.68 78.0 % 80.6 % 2,177 2,212 -1.58 %
658 689 -4.50 % 1,519 1,523 -0.26 %
Portfolio Total 344
22,234 $ 10.48 81.6 % 81.0 % $ 49,988
$ 48,329 3.43 % $ 17,219 $ 16,840 2.25
% $ 32,769 $ 31,489 4.06 %
Dollars in
thousands except for average quarterly rent per occupied square
foot. Square feet in thousands.
344 wholly owned same stores.
Exhibit B Sovran Self
Storage, Inc. Same Store Performance Summary
Twelve Months Ended December 31, 2011 (unaudited)
Revenue
Expenses
NOI
for the Twelve Months
for the Twelve Months
for the Twelve Months
Square
Ended December 31,
Ended December 31,
Ended December 31,
State Stores
Feet
2011 2010 % Change 2011
2010 % Change 2011
2010 % Change Alabama 22 1,586 $ 10,994
$ 10,516 4.55 % $ 3,852 $ 3,827 0.65 % $ 7,142 $ 6,689 6.77 %
Arizona 9 514 4,882 4,737 3.06 % 1,593 1,698 -6.18 % 3,289 3,039
8.23 % Connecticut 5 301 4,417 4,046 9.17 % 1,521 1,435 5.99 %
2,896 2,611 10.92 % Florida 53 3,466 29,525 28,591 3.27 % 11,138
11,190 -0.46 % 18,387 17,401 5.67 % Georgia 22 1,410 11,220 11,100
1.08 % 4,055 3,993 1.55 % 7,165 7,107 0.82 % Louisiana 14 867 7,887
7,800 1.12 % 2,425 2,370 2.32 % 5,462 5,430 0.59 % Maine 2 113
1,147 1,044 9.87 % 418 408 2.45 % 729 636 14.62 % Maryland 4 172
2,230 2,142 4.11 % 780 802 -2.74 % 1,450 1,340 8.21 % Massachusetts
12 664 7,473 6,920 7.99 % 2,785 2,712 2.69 % 4,688 4,208 11.41 %
Michigan 4 229 2,095 1,887 11.02 % 815 815 0.00 % 1,280 1,072 19.40
% Mississippi 12 920 7,457 7,204 3.51 % 2,266 2,325 -2.54 % 5,191
4,879 6.39 % Missouri 7 432 4,366 4,217 3.53 % 1,631 1,645 -0.85 %
2,735 2,572 6.34 % New Hampshire 4 261 2,425 2,231 8.70 % 845 845
0.00 % 1,580 1,386 14.00 % New York 28 1,609 19,820 18,285 8.39 %
6,665 6,402 4.11 % 13,155 11,883 10.70 % North Carolina 11 538
4,142 4,100 1.02 % 1,607 1,582 1.58 % 2,535 2,518 0.68 % Ohio 17
1,132 9,011 8,583 4.99 % 3,184 3,234 -1.55 % 5,827 5,349 8.94 %
Pennsylvania 4 219 1,821 1,703 6.93 % 612 630 -2.86 % 1,209 1,073
12.67 % Rhode Island 4 168 1,890 1,788 5.70 % 786 775 1.42 % 1,104
1,013 8.98 % South Carolina 8 436 3,770 3,565 5.75 % 1,463 1,488
-1.68 % 2,307 2,077 11.07 % Tennessee 4 291 2,412 2,165 11.41 %
1,008 999 0.90 % 1,404 1,166 20.41 % Texas 81 5,886 50,248 48,731
3.11 % 18,824 18,537 1.55 % 31,424 30,194 4.07 % Virginia 17 1,020
8,926 8,799 1.44 % 2,836 2,829 0.25 % 6,090 5,970 2.01 %
Portfolio Total 344 22,234 $ 198,158
$ 190,154 4.21 % $ 71,109 $ 70,541 0.81
% $ 127,049 $ 119,613 6.22 %
Dollars and
square feet in thousands except for average quarterly rent per
occupied square foot. 344 wholly owned same stores.
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