Press Releases

Sovran Self Storage Reports First Quarter Results, Adjusted FFO per Share Increases 11.2%

BUFFALO, N.Y.--(BUSINESS WIRE)-- Sovran Self Storage, Inc. (NYSE:SSS), a self storage real estate investment trust (REIT), reported operating results for the quarter ended March 31, 2015.

SSS Q1 Performance Snapshot - a visual tour of results, locations and growth. (Graphic: Business Wir ...

SSS Q1 Performance Snapshot - a visual tour of results, locations and growth. (Graphic: Business Wire)

Net income available to common shareholders for the first quarter of 2015 was $22.5 million or $0.65 per fully diluted common share. For the same period in 2014, net income available to common shareholders was $16.7 million or $0.51 per fully diluted common share.

Funds from operations (FFO) for the quarter were $1.07 per fully diluted common share compared to $0.88 for the same period last year. In the first quarter of 2015, the Company incurred net acquisition costs of $0.6 million in connection with its property purchases and had a straight-line rent adjustment of $0.1 million relating to the lease expense of the former Westy properties. In the first quarter of 2014, the Company incurred $2.8 million of acquisition costs and a $0.5 million straight-line rent adjustment. Absent these charges, adjusted FFO per share was $1.09 and $0.98 for the first quarter of 2015 and 2014, respectively.

Increased occupancy, rental rates and controlled operating costs were the primary contributors to the Company’s strong FFO growth in the quarter.

OPERATIONS:

Total revenues increased 13.2% over last year’s first quarter while operating costs increased 11.0%, resulting in an NOI (4) increase of 14.4%. Overall occupancy averaged 89.3% for the period, and rental rates averaged $12.12 per sq. ft.

Revenues for the 399 stores wholly owned by the Company since January 1, 2014 increased 5.7% from those of the first quarter of 2014, the result of a 100 basis point increase in average occupancy, a 3.4% increase in rental rates and increases in tenant insurance commissions and other income.

Same store operating expenses increased 2.5% for the first quarter of 2015 compared to the prior year period, primarily the result of increased repair and maintenance costs, offset by decreases in utilities cost and insurance expense. The company reclassifed internet marketing costs for all periods presented from general and administrative expenses to property operations and maintenance expense to be consistent with industry practices.

Consequently, same store net operating income increased 7.5% this period over the first quarter of 2014.

General and administrative expenses increased by approximately $0.9 million over the same period in 2014, primarily due to increases in personnel costs associated with operating 35 more stores during the quarter than at this time last year.

During the first quarter of 2015, the Company experienced same store revenue growth in 23 of the 24 states in which it operates. While the severe weather in the Northeast muted results in that geographic area, same store sales remained positive with revenue rebounding in March. Overall, the stores with the strongest revenue impact include those in Texas, Florida, and Georgia. Further, revenues at the Company’s 40 same store pool of properties in the Houston, TX metro area increased by 6.5% over that of the 1st quarter of 2014.

PROPERTIES:

As previously announced, the Company purchased the four properties on Long Island, NY and in southern Connecticut that it had been leasing since late 2013 for a previously negotiated price of $120 million.

During the quarter, the Company acquired two facilities in Chicago, IL totaling 157,000 sq. ft. of premium storage space at a cost of $15.2 million. The Company now operates 16 storage properties in the Chicago market.

Subsequent to the end of the quarter, the Company acquired three additional stores at a cost of $23.9 million. All of the properties are in markets where the Company already has a presence: Dallas, TX, and Jacksonville and Ft. Myers, FL.

The Company also sold one non-strategic facility which was purchased as part of a larger portfolio during 2014. The Company received net proceeds of $691,000 resulting in a $7,000 loss.

CAPITAL TRANSACTIONS:

Illustrated below are key financial ratios at March 31, 2015:

         

-

   

Debt to Enterprise Value (at $93.94/share)

      19.5%

-

Debt to Book Cost of Storage Facilities

35.2%

-

Debt to EBITDA Ratio

4.4x

-

Debt Service Coverage

5.2x

At March 31, 2015, the Company had approximately $10.3 million of cash on hand, and $237 million available on its line of credit.

On February 26, 2015, the Company issued 1.38 million shares of its common stock at a price of $90.40 per share, resulting in net proceeds of $119.5 million after issuance costs. The Company used the proceeds to fund the purchase of the aforementioned Long Island, NY and Connecticut properties. In January, the Company issued 28,317 shares at a price of $91.72 through its Dividend Reinvestment Plan.

COMMON STOCK DIVIDEND:

Subsequent to quarter end, the Company’s Board of Directors approved a quarterly dividend of $0.75 per share or $3.00 annualized.

YEAR 2015 EARNINGS GUIDANCE:

Management is encouraged by its occupancy gains and its ability to attain significant rental rate growth in most markets. The following assumptions covering operations have been utilized in formulating guidance for the second quarter and full year 2015:

                    Same Store

Projected Increases Over 2014

    2Q 2015    

       

Full Year 2015

Revenue 5.0 – 6.0% 5.0 – 6.0%
Operating Costs (excluding property taxes) 3.0 – 4.0% 3.0 – 4.0%
Property Taxes

2.0 – 3.0%

5.0 – 6.0%

Total Operating Expenses 2.5 – 3.5% 3.5 – 4.5%
Net Operating Income 6.5 – 7.5% 6.0 – 7.0%
 

The Houston market comprises approximately 11.0% of the 2015 forecasted NOI of the Company’s 433 wholly owned stores, and is expected to perform at least as well as the overall portfolio. Forecasts for the 40 same store pool of properties in the Company’s Houston market include revenue growth of 6.0% – 6.5%, operating expense increases of 3.0% – 4.0% (inclusive of a 5% projected increase in property taxes), and NOI growth of between 7.0% and 8.0%.

The Company intends to spend up to $25-30 million on its expansion and enhancement program. It has also budgeted $19 million to provide for recurring capitalized expenditures including roofing, paving, and office renovations.

The Company has assumed $100 million of accretive acquisitions in 2015 in addition to the aforementioned $120 million purchase of the four properties it had been leasing. Per share FFO guidance is projected after adding back third party acquisition costs. Purchases of these additional properties are expected to be funded via proceeds from the Company’s ATM program and draws on its line of credit which carries an interest rate of LIBOR plus 1.30%.

Annual general and administrative expenses, excluding internet marketing costs, are expected to be approximately $39 million. The increase over the prior year is primarily 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 Corporate Alliance and third party management programs.

At March 31, 2015, the Company had 35.6 million shares of common stock outstanding and 0.2 million Operating Partnership Units outstanding.

As a result of the above assumptions, management expects funds from operations for the full year 2015 to be approximately $4.79 to $4.85 per share, and between $1.21 and $1.23 per share for the second quarter of 2015.

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 Second Quarter Earnings Release Conference Call at 9:00 a.m. Eastern Time on Thursday, April 30, 2015. 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 “news and events” 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 conference ID 13605895.

ABOUT SOVRAN SELF STORAGE, INC:

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 over 500 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)
 

   March 31,   

December 31,
(dollars in thousands) 2015     2014
Assets
Investment in storage facilities:
Land $ 433,026 $ 397,642
Building, equipment and construction in progress   1,883,571     1,780,341  
2,316,597 2,177,983
Less: accumulated depreciation   (424,764 )   (411,701 )
Investment in storage facilities, net 1,891,833 1,766,282
Cash and cash equivalents 10,312 8,543
Accounts receivable 5,745 5,758
Receivable from joint venture 728 583
Investment in joint venture 57,659 57,803
Prepaid expenses 6,976 6,533
Intangible asset - in-place customer leases (net of accumulated
amortization of $18,645 in 2015 and $17,662 in 2014) 1,282 2,204
Other assets   7,643     7,094  
Total Assets $ 1,982,178   $ 1,854,800  
 
Liabilities
Line of credit $ 63,000 $ 49,000
Term notes 750,000 750,000
Accounts payable and accrued liabilities 33,324 43,551
Deferred revenue 7,679 7,290
Fair value of interest rate swap agreements 17,318 13,341
Mortgages payable   2,095     2,127  
Total Liabilities 873,416 865,309
 
Noncontrolling redeemable Operating Partnership Units at redemption value 16,987 13,622
 
Equity
Common stock 367 353
Additional paid-in capital 1,307,653 1,183,388
Accumulated deficit (172,078 ) (167,692 )
Accumulated other comprehensive loss (16,992 ) (13,005 )
Treasury stock at cost   (27,175 )   (27,175 )
Total Shareholders' Equity   1,091,775     975,869  
Total Liabilities and Equity $ 1,982,178   $ 1,854,800  
 

CONSOLIDATED STATEMENTS OF OPERATIONS      
(unaudited)
January 1, 2015 January 1, 2014
to to
(dollars in thousands, except share data) March 31, 2015     March 31, 2014
 
Revenues
Rental income $ 78,886 $ 69,953
Other operating income 5,158 4,406
Management fee income   1,364     1,098  
Total operating revenues 85,408 75,457
 
Expenses
Property operations and maintenance (1) 20,559 18,484
Real estate taxes 8,920 8,066
General and administrative (1) 9,406 8,536
Acquisition related costs 582 2,778
Operating leases of storage facilities 683 1,997
Depreciation and amortization 13,168 11,276
Amortization of in-place customer leases   1,013     666  
Total operating expenses   54,331     51,803  
 
Income from operations 31,077 23,654
 
Other income (expense)
Interest expense (A) (9,161 ) (7,343 )
Interest income 2 6
Loss on sale of storage facility (7 ) -
Equity in income of joint ventures   646     458  
 
Net income 22,557 16,775
Net income attributable to noncontrolling interests   (106 )   (102 )
Net income attributable to common shareholders $ 22,451   $ 16,673  
 
Earnings per common share attributable to common shareholders - basic $ 0.65   $ 0.51  
 
Earnings per common share attributable to common shareholders - diluted $ 0.65   $ 0.51  
 
Common shares used in basic
earnings per share calculation 34,329,768 32,383,996
 
Common shares used in diluted
earnings per share calculation 34,554,871 32,538,429
 
Dividends declared per common share $ 0.75   $ 0.68  
 
 
(A) Interest expense for the three months ending March 31 consists of the following
Interest expense $ 8,865 $ 7,148
Amortization of deferred financing fees   296     195  
Total interest expense $ 9,161   $ 7,343  
 
(1) For all periods presented internet marketing costs are included in property operations and maintenance expense. The internet marketing costs had previously been included in general and administrative expenses. For the three months ended March 31, 2015 and 2014, total internet marketing expense was $1,542 and $1,420, respectively. Same store internet marketing expense for both periods is noted below.
 

COMPUTATION OF FUNDS FROM OPERATIONS (FFO) (2) - (unaudited)
     
January 1, 2015 January 1, 2014
to to
(dollars in thousands, except share data) March 31, 2015     March 31, 2014
 
Net income attributable to common shareholders $ 22,451 $ 16,673
Net income attributable to noncontrolling interests 106 102
Depreciation of real estate and amortization of intangible
assets exclusive of deferred financing fees 13,911 11,716
Depreciation and amortization from unconsolidated joint ventures 618 376
Loss on sale of real estate 7 -
Funds from operations allocable to noncontrolling
interest in Operating Partnership   (174 )   (176 )
Funds from operations available to common shareholders   36,919     28,691  
FFO per share - diluted $ 1.07 $ 0.88
 
Adjustments to FFO
Acquisition costs expensed 582 2,778
Operating leases straight line rent adjustment 145 497
Funds from operations resulting from non-recurring items allocable to noncontrolling
interest in Operating Partnership   (3 )   (20 )
Adjusted funds from operations available to common shareholders   37,643     31,946  
Adjusted FFO per share - diluted $ 1.09 $ 0.98
 
Common shares - diluted 34,554,871 32,538,429
 
(2) 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 (3) * 399 stores owned since 12/31/13 (unaudited)   January 1, 2015   January 1, 2014    
to to Percentage
(dollars in thousands) March 31, 2015 March 31, 2014

  Change  

Change
 
Revenues:
Rental income $ 71,849 $ 68,159 $ 3,690 5.4 %
Tenant insurance commissions 2,641 2,309 332 14.4 %
Other operating income   1,261   1,213   48   4.0 %
Total operating revenues 75,751 71,681 4,070 5.7 %
 
Expenses:
Payroll and benefits 6,748 6,550 198 3.0 %
Real estate taxes 7,938 7,791 147 1.9 %
Utilities 2,906 3,086 (180 ) -5.8 %
Repairs and maintenance 3,627 2,886 741 25.7 %
Office and other operating expense 2,433 2,605 (172 ) -6.6 %
Insurance 1,015 1,099 (84 ) -7.6 %
Advertising & yellow pages 334 368 (34 ) -9.2 %
Internet marketing (1)   1,425   1,394   31   2.2 %
Total operating expenses   26,426   25,779   647   2.5 %
 
Net operating income (4) $ 49,325 $ 45,902 $ 3,423   7.5 %
 
 
QTD Same store move ins 39,665 39,830 (165 )
 
QTD Same store move outs 35,179 36,127 (948 )
 
 
OTHER COMPARABLE QUARTERLY SAME STORE DATA * (unaudited) January 1, 2015 January 1, 2014
to to Percentage
March 31, 2015 March 31, 2014

  Change  

Change
Stores owned since 12/31/12 (384 stores) (3)
Revenues $ 70,958 $ 67,038 $ 3,920 5.8 %
Expenses including internet advertising   24,652   23,937   715   3.0 %
Net operating income (4) $ 46,306 $ 43,101 $ 3,205   7.4 %
 
 
 
Stores owned since 12/31/11 (356 stores) (3)
Revenues $ 64,463 $ 61,161 $ 3,302 5.4 %
Expenses including internet advertising   22,367   21,532   835   3.9 %
Net operating income (4) $ 42,096 $ 39,629 $ 2,467   6.2 %
 
(3) Includes the 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 ventures or other stores managed by the Company.
 
(4) 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, impairment and casualty losses, depreciation and amortization expense, acquisition related costs, general and administrative expense, and deducting from net income: income from discontinued operations, interest income, gain on sale of real estate, 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 exhibits A and B for supplemental quarterly same store data.

OTHER DATA   Same Store (3)     All Stores (5)

2015

 

2014

      2015      

 

      2014      

 
Weighted average quarterly occupancy 89.8 % 88.8 % 89.3 % 88.7 %
 
Occupancy at March 31 90.5 % 89.2 % 89.9 % 89.1 %
 
Rent per occupied square foot $ 11.94 $ 11.55 $ 12.12 $ 11.75
 
(5) Does not include unconsolidated joint venture stores or other stores managed by the Company
 
 

Investment in Storage Facilities: (unaudited)

The following summarizes activity in storage facilities during the three months ended March 31, 2015:
 
Beginning balance $ 2,177,983
Property acquisitions 134,043
Improvements and equipment additions:
Expansions 2,237
Roofing, paving, and equipment:
Stabilized stores 2,415
Recently acquired stores 590
Change in construction in progress (Total CIP $4.9 million) 157
Dispositions and Impairments   (828 )
Storage facilities at cost at period end $ 2,316,597  
 
 

Comparison of Selected G&A Costs (unaudited)

Quarter Ended
March 31, 2015 March 31, 2014
 
Management and administrative salaries and benefits 5,795 5,288
Training 206 273
Call center 431 395
Uncle Bob's Management costs 110 121
Income taxes 392 272
Legal, accounting and professional 554 413
Other administrative expenses (6)   1,918     1,774  
$ 9,406   $ 8,536  
 
(6) Other administrative expenses include office rent, travel expense, investor relations and miscellaneous other expenses.
 
 
March 31, 2015 March 31, 2014
 
Common shares outstanding 35,562,772 32,938,654
Operating Partnership Units outstanding 178,866 198,913
 

Exhibit A
                           
Sovran Self Storage, Inc.
 
Same Store Performance Summary by Market
Three Months Ended March 31, 2015
(unaudited)
 

 

Avg Qtrly

Avg Quarterly Occupancy Revenue Expenses NOI for the

 

Rent per

for the Three Months Ended for the Three Months for the Three Months Three Months

Square

Occupied

March 31, Ended March 31,     Ended March 31,     Ended March 31,    
Market   Stores  

Feet

 

Square Foot

  2015   2014   2015   2014   % Change   2015   2014   % Change   2015   2014   % Change
 
Houston-The Woodlands-Sugar Land, TX 40 3,069 $ 12.72 91.2% 92.0% $ 9,258 8,694 6.5% $ 3,233 $ 3,226 0.2% $ 6,025 5,468 10.2%
New England-CT-MA-RI-NH-MA-ME 31 1,914 15.59 89.2% 89.2% 6,949 6,737 3.1% 2,796 2,534 10.3% 4,153 4,203 -1.2%
Dallas-Fort Worth-Arlington, TX 20 1,374 10.84 93.1% 90.4% 3,599 3,383 6.4% 1,242 1,283 -3.2% 2,357 2,100 12.2%
Atlanta-Sandy Springs-Roswell, GA 20 1,353 11.04 91.7% 89.1% 3,676 3,383 8.7% 1,092 1,096 -0.4% 2,584 2,287 13.0%
Buffalo-Upstate, NY 19 1,256 11.92 88.9% 89.0% 3,526 3,332 5.8% 1,472 1,363 8.0% 2,054 1,969 4.3%
New York-Newark-Jersey City, NY-NJ-PA 18 1,069 21.50 88.6% 90.4% 5,240 5,120 2.3% 2,050 1,979 3.6% 3,190 3,141 1.6%
Austin-Round Rock, TX 15 1,170 12.03 85.5% 86.7% 3,150 2,971 6.0% 1,108 1,100 0.7% 2,042 1,871 9.1%
New Orleans-Lafayette, LA 14 813 11.23 90.9% 91.1% 2,191 2,136 2.6% 621 600 3.5% 1,570 1,536 2.2%
Miami-Fort Lauderdale-West Palm Beach, FL 13 859 15.56 89.9% 91.0% 3,160 2,969 6.4% 918 953 -3.7% 2,242 2,016 11.2%
San Antonio-New Braunfels, TX 12 713 11.45 90.0% 87.5% 1,948 1,737 12.1% 645 677 -4.7% 1,303 1,060 22.9%
Tampa-St. Petersburg-Clearwater, FL 12 748 12.62 93.7% 90.1% 2,350 2,221 5.8% 707 688 2.8% 1,643 1,533 7.2%
Virginia Beach-Norfolk-Newport News, VA 11 847 10.45 86.2% 84.3% 1,999 2,008 -0.4% 672 668 0.6% 1,327 1,340 -1.0%
Phoenix-Mesa-Scottsdale, AZ 10 669 9.96 87.8% 81.1% 1,601 1,483 8.0% 487 497 -2.0% 1,114 986 13.0%
Chicago-Naperville-Elgin, IL 9 686 13.51 87.8% 84.9% 2,126 1,989 6.9% 929 999 -7.0% 1,197 990 20.9%
Cleveland-Elyria, OH 9 630 10.96 86.6% 87.6% 1,573 1,476 6.6% 583 520 12.1% 990 956 3.6%
Raleigh-Durham, NC 8 544 11.15 91.9% 90.6% 1,468 1,408 4.3% 378 359 5.3% 1,090 1,049 3.9%
Pensacola-Ferry Pass-Brent, FL 8 605 9.02 79.0% 87.9% 1,162 1,154 0.7% 430 449 -4.2% 732 705 3.8%
Jacksonville, FL 8 548 9.58 94.4% 86.4% 1,322 1,167 13.3% 468 450 4.0% 854 717 19.1%
St. Louis, MO 8 515 11.96 88.1% 88.1% 1,424 1,370 3.9% 487 531 -8.3% 937 839 11.7%
Montgomery, AL 7 490 8.75 86.9% 88.2% 991 964 2.8% 340 335 1.5% 651 629 3.5%
Space Coast, FL 7 480 10.96 95.6% 89.5% 1,336 1,214 10.0% 375 361 3.9% 961 853 12.7%
Beaumont-Port Arthur, TX 7 428 12.20 94.4% 89.6% 1,307 1,225 6.7% 460 381 20.7% 847 844 0.4%
Charlotte-Concord-Gastonia, NC 7 427 10.72 92.7% 92.2% 1,133 1,031 9.9% 349 317 10.1% 784 714 9.8%
Jackson, MS 6 404 10.63 91.9% 89.5% 1,035 977 5.9% 296 291 1.7% 739 686 7.7%
Cape Coral-Fort Myers, FL 6 315 10.38 91.1% 80.5% 799 685 16.6% 259 256 1.2% 540 429 25.9%
Chattanooga, TN-GA 5 353 10.32 88.6% 87.3% 849 794 6.9% 308 294 4.8% 541 500 8.2%
Youngstown-Warren-Boardman, OH-PA 5 337 8.46 89.5% 89.5% 678 651 4.1% 273 248 10.1% 405 403 0.5%
Birmingham-Hoover, AL 5 313 8.18 84.5% 87.2% 581 524 10.9% 222 202 9.9% 359 322 11.5%
Columbia, SC 5 292 9.64 90.8% 87.8% 687 643 6.8% 289 263 9.9% 398 380 4.7%
Other markets 54 3,591 10.02 89.9% 88.3% 8,633 8,235 4.8% 2,937 2,859 2.7% 5,696 5,376 6.0%
                                                   
Portfolio Total   399   26,812   $ 11.94   89.8%   88.8% $ 75,751   $ 71,681   5.7% $ 26,426   $ 25,779   2.5% $ 49,325   $ 45,902   7.5%
 
 
Properties owned since 12/31/13 (detail shown above) 399 26,812 11.94 89.8% 88.8% 75,751 71,681 5.7% 26,426 25,779 2.5% 49,325 45,902 7.5%
Properties owned since 12/31/12 384 25,708 11.63 89.9% 88.9% 70,958 67,038 5.8% 24,652 23,937 3.0% 46,306 43,101 7.4%
Properties owned since 12/31/11 356 23,525 11.53 90.0% 89.4% 64,463 61,161 5.4% 22,367 21,532 3.9% 42,096 39,629 6.2%
 
 
Dollars in thousands except for average quarterly rent per occupied square foot. Square feet in thousands.
List includes markets where the Company has five or more stores.
 

Exhibit B
                           
Sovran Self Storage, Inc.
 
Same Store Performance Summary by State
Three Months Ended March 31, 2015
(unaudited)
 
 
Avg Qtrly Avg Quarterly Occupancy Revenue Expenses NOI
Rent per for the Three Months Ended for the Three Months for the Three Months for the Three Months
Square Occupied March 31, Ended March 31,     Ended March 31,     Ended March 31,    
State   Stores  

Feet

 

Square Foot

  2015   2014   2015   2014   % Change   2015   2014   % Change   2015   2014   % Change
 
Alabama 22 1,617 $ 8.57 87.0% 87.6% $ 3,252 $ 3,074 5.8% $ 1,049 $ 1,026 2.2% $ 2,203 $ 2,048 7.6%
Arizona 10 669 9.96 87.8% 81.1% 1,601 1,483 8.0% 487 497 -2.0% 1,114 986 13.0%
Colorado 1 55 12.94 89.9% 87.8% 166 153 8.5% 61 69 -11.6% 105 84 25.0%
Connecticut 8 640 19.24 89.0% 86.8% 2,810 2,683 4.7% 908 874 3.9% 1,902 1,809 5.1%
Florida 61 4,016 11.60 90.8% 88.2% 11,255 10,445 7.8% 3,557 3,541 0.5% 7,698 6,904 11.5%
Georgia 28 1,948 10.58 91.0% 88.4% 5,025 4,670 7.6% 1,558 1,551 0.5% 3,467 3,119 11.2%
Illinois 9 686 13.51 87.8% 84.9% 2,126 1,989 6.9% 929 999 -7.0% 1,197 990 20.9%
Louisiana 14 813 11.23 90.9% 91.1% 2,191 2,136 2.6% 621 600 3.5% 1,570 1,536 2.2%
Maine 2 114 13.32 86.5% 90.7% 343 343 0.0% 160 125 28.0% 183 218 -16.1%
Maryland 3 139 16.68 91.5% 88.2% 548 504 8.7% 210 193 8.8% 338 311 8.7%
Massachusetts 13 694 14.79 88.8% 89.6% 2,403 2,371 1.3% 1,162 964 20.5% 1,241 1,407 -11.8%
Mississippi 12 916 9.76 90.3% 89.2% 2,143 2,030 5.6% 613 613 0.0% 1,530 1,417 8.0%
Missouri 8 515 11.96 88.1% 88.1% 1,424 1,370 3.9% 487 531 -8.3% 937 839 11.7%
New Hampshire 4 260 12.04 91.1% 91.8% 745 711 4.8% 282 250 12.8% 463 461 0.4%
New Jersey 4 253 17.47 84.7% 88.1% 978 954 2.5% 444 458 -3.1% 534 496 7.7%
New York 33 2,071 16.17 89.2% 89.7% 7,788 7,498 3.9% 3,077 2,884 6.7% 4,711 4,614 2.1%
North Carolina 19 1,153 10.40 92.5% 91.4% 2,942 2,769 6.2% 886 827 7.1% 2,056 1,942 5.9%
Ohio 16 1,113 10.12 88.6% 88.7% 2,636 2,484 6.1% 982 893 10.0% 1,654 1,591 4.0%
Pennsylvania 4 220 10.17 88.4% 91.9% 516 521 -1.0% 230 207 11.1% 286 314 -8.9%
Rhode Island 4 206 12.79 90.5% 90.3% 647 628 3.0% 283 320 -11.6% 364 308 18.2%
South Carolina 8 447 10.60 91.9% 89.5% 1,168 1,107 5.5% 456 404 12.9% 712 703 1.3%
Tennessee 4 291 10.62 88.2% 89.6% 714 682 4.7% 265 253 4.7% 449 429 4.7%
Texas 94 6,756 12.05 90.7% 90.1% 19,261 18,010 6.9% 6,689 6,665 0.4% 12,572 11,345 10.8%
Virginia 18 1,220 11.09 86.3% 84.5% 3,069 3,066 0.1% 1,030 1,035 -0.5% 2,039 2,031 0.4%
                                                   
Portfolio Total   399   26,812   $ 11.94   89.8%   88.8% $ 75,751   $ 71,681   5.7% $ 26,426   $ 25,779   2.5% $ 49,325   $ 45,902   7.5%
 
Dollars in thousands except for average quarterly rent per occupied square foot. Square feet in thousands.
 

Exhibit C
                   
Sovran Self Storage, Inc.
 
Debt Maturity Schedule
March 31, 2015
(unaudited)
 
Current
Maturity Basis of Interest
(dollars in thousands)   Date   Rate   Rate (1)   2015   2016   2017   2018   2019   Thereafter   Total
 
Line of credit Dec-2019 Variable 1.48 % $ - $ - $ - $ - $ 63,000 $ - $ 63,000
 
Term note Apr-2016 Fixed 6.38 % - 150,000 - - - - 150,000
Term note Jun-2020 Swapped to fixed 3.77 % - - - - - 125,000 125,000
Term note Jun-2020 Swapped to fixed 3.01 % - - - - - 100,000 100,000
Term note Jun-2020 Swapped to fixed 2.77 % - - - - - 100,000 100,000
Term note Aug-2021 Fixed 5.54 % - - - - - 100,000 100,000
Term note Apr-2024 Fixed 4.53 % - - - - - 175,000 175,000
Mortgage note May-2026 Fixed 5.99 % 102 142 151 160 170 1,370 2,095
                         
$ 102 $ 150,142 $ 151 $ 160 $ 63,170 $ 601,370 $ 815,095
 
 
(1) Rate as of March 31, 2015 based on existing debt rating. Interest rates shown do not include amortization of financing fees and facility fees which are expected to be $1.2 million in 2015.

Sovran Self Storage, Inc.
Diane Piegza, 716-650-6115
Vice President
Investor Relations and Community Affairs

Source: Sovran Self Storage, Inc.