Penny Roger$
13 years ago
Sovran Self Storage Reports Fourth Quarter Results; Funds from Operations Per Share Increase 17.7%; Announces Acquisition of ...
Date : 02/22/2012 @ 5:45PM
Source : Business Wire
Stock : Sovran Self Storage, Inc. (SSS)
Quote : 47.78 -0.55 (-1.14%) @ 7:02PM
Sovran Self Storage Reports Fourth Quarter Results; Funds from Operations Per Share Increase 17.7%; Announces Acquisition of ...
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Sovran Storage (NYSE:SSS)
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Today : Thursday 23 February 2012
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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 fu
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3percent
14 years ago
Sovran Self Storage Reports Second Quarter 2010 Results;
Sees Leasing Activity Improving
Sovran Storage (NYSE:SSS)
Historical Stock Chart
1 Month : July 2010 to August 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.
3percent
15 years ago
Sovran Self Storage, Inc. is a fully integrated, self-administered and self-managed real estate investment trust (REIT) that acquires and manages self storage properties. The Company owns and/or operates more than 350 self storage facilities encompassing over 20 million square feet, making it one of the five largest self-storage companies in the United States.
Sovran operates its stores under the trade name Uncle Bob’s Self Storage®, and serves over 170,000 customers in 24 states. Through innovative marketing and product development, the Company has differentiated itself with value-added products and services like Dri-guard, their state-of-the art dehumidification system; Uncle Bob’s Rental Trucks; and a national Customer Care Center featuring a fully integrated sales and reservation system for the Company’s rental spaces.
Founded in 1982, the Company is headquartered in Buffalo, New York, and employs over 1,000 people. Sovran’s common stock trades on the New York Stock Exchange under the symbol SSS
3percent
15 years ago
DOW JONES NEWSWIRES
Fitch Ratings upgraded Sovran Self Storage Inc. (SSS) and Sovran Acquisition LP a notch, pulling their ratings out of junk territory as the companies got back into compliance with lending covenants.
The ratings firm in May had cut the ratings a notch and put the issuer default rating on watch for downgrade after it violated its total leverage covenant, which limited the company's liquidity and flexibility. Sovran got a waiver then, but Fitch remained concerned the self-storage real estate investment trust would have limited capacity on its unsecured revolving credit facility.
Fitch, which now has Sovran's ratings one notch into investment-grade at BBB-, cited the company's stock sales and dividend cut for its improved rating. The outlook is now stable.
Sovran shares were recently trading down 1.8% at $31.38. The stock, having nearly doubled from its low in early March, is now down less than 10% this year
3percent
15 years ago
Fitch Ratings Upgrades Sovran Self Storage
10/19/2009
On Friday, Fitch Ratings upgraded the investment-grade credit rating of Sovran Self Storage, a Williamsville, N.Y.-based real estate investment trust. Fitch had downgraded the company’s rating in May after Sovran experienced some trouble with the covenants in its loan agreements. But earlier this month, Sovran raised $114 million by selling additional shares of its stock, reducing its debt and overall leverage.
The company also cut its dividend by 30 percent and is saving cash by trimming its facility expansion and upgrade program. The Fitch upgrade should have significant financial benefit for Sovran. The interest savings from the upgrade are expected to offset the dilution to the company’s earnings per share caused by the sale of the additional 4 million shares of stock.
Sovran owns or manages 382 Uncle Bob’s Self Storage facilities in 24 states.
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