Press Releases

Sovran Self Storage Reports Fourth Quarter Results; Funds from Operations Per Share Increase 17.7%; Announces Acquisition of 12 New Locations

BUFFALO, N.Y.--(BUSINESS WIRE)-- 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.

Sovran Self Storage, Inc.
David Rogers, CFO
or
Diane Piegza, 716-633-1850
VP of Corporate Communciations

Source: Sovran Self Storage, Inc.