Press Releases

Sovran Self Storage Reports Second Quarter Results; Same Store NOI Increases 8.5%; Announces Acquisition of Four Properties

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 ended June 30, 2011.

Net income available to common shareholders for the second quarter of 2011 was $9.7 million or $0.35 per fully diluted share. For the same period in 2010, net income available to common shareholders was $15.8 million, or $0.57 (including income from discontinued operations and a gain on sale of properties of $7.7 million or $.28 per share) per fully diluted common share.

Funds from operations (FFO) for the quarter were $0.67 per fully diluted common share compared to $0.61 for the same period last year.

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

The Company acquired one store at the end of June and three more subsequent to the end of the quarter for total consideration of $21.2 million.

Kenneth F. Myszka, the Company’s President and COO said, “As the busy season is well under way, we’re encouraged by the strong showing in all of our markets and the healthy rebound of our pricing power. Occupancy is holding steady while we substantially reduce the use of move-in concessions.”

OPERATIONS:

Total revenues increased 7.2% over last year’s second quarter, while operating costs increased 1.4%, resulting in an NOI(3) increase of 10.6%. Overall occupancy averaged 80% for the period and rental rates improved to an average of $10.56 per sq. ft.

Revenues for the 344 stores wholly owned by the Company for the entire quarter of each year increased 5.2% from those of the second quarter of 2010, the result of a 4.0% increase in rental rates and strong growth in other revenues, primarily insurance commissions.

Same store operating expenses decreased 0.4% for the second quarter of 2011 compared to the prior year period, the result of a property tax decrease of 3.3%, offset somewhat by modest increases in property payroll expenses and maintenance costs.

Consequently, same store net operating income increased 8.5% this period over the second quarter of 2010.

General and administrative expenses grew by about $1.1 million over the same period in 2011, primarily due to increased training, internet advertising and personnel costs.

During the second quarter of 2011, all 24 states included in the Company’s same store pool achieved sales greater than the same period in 2010. The stores with the strongest revenue growth include those in New England, New York, Tennessee, and South Carolina. With regard to these results, Myszka commented, “We are especially pleased by the solid results shown in the Florida and Texas stores, with NOI increases of 8.3% and 7.7% respectively.”

PROPERTIES:

The Company acquired one store in West Deptford, NJ (just outside Philadelphia, PA) during the quarter via a consolidated joint venture at a cost of $4.2 million. In July, it acquired two additional stores in Newark, New Jersey; and one in St. Louis, MO. The total purchase price for the three properties acquired in July was $17 million and was financed via borrowings on the Company’s line of credit.

In May 2011, the Company made an additional investment of $17.0 million in Locke Sovran II, LLC and now owns 100% of that entity.

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

The Company is in negotiations and/or contract to directly acquire approximately $129 million of property in Georgia, Texas and Virginia. Since all of the acquisitions are subject to remaining due diligence and other contingencies, no assurance can be given that any or all of the transactions will be consummated.

The Company also added three properties to its management platform, which now has a total of 47 properties under management through joint venture and third party contracts.

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

CAPITAL TRANSACTIONS:

At June 30, 2011, the Company had $400 million of unsecured term note debt, $77.8 million of mortgage debt outstanding and $35 million drawn on its line of credit. The Company is currently in negotiations to refinance its 2011 and 2012 obligations and renew its revolving credit facility.

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

  • Debt to Enterprise Value (at $40.50/share) 31.1%
  • Debt to Book Cost of Storage Facilities 35.7%
  • Debt to EBITDA Ratio 4.9x
  • Debt Service Coverage 3.4x

At June 30, 2011, the Company had approximately $7.7 million of cash on hand, and $90 million available on its line of credit.

YEAR 2011 EARNINGS GUIDANCE:

Management is encouraged by improving 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% to 4% is projected from that of 2010. Property operating costs are projected to increase by 2% to 3%, including an expected 4% annual increase in property taxes. Accordingly, the Company continues to anticipate an increase of 2% to 4% in same store net operating income for 2011.

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

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

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

At June 30, 2011, all but $35 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 1.375%. As previously mentioned, the Company is in negotiations to refinance its 2011 and 2012 obligations and renew its revolving credit facility, but the potential effect of these refinancing arrangements has not been factored into guidance.

At June 30, 2011, the Company had 27.7 million shares of common stock outstanding and 0.34 million Operating Partnership Units outstanding.

As a result of the above assumptions, exclusive of the potential impact of debt refinancing and/or acquisition costs pertaining to acquisition of additional properties, management expects funds from operations for the full year 2011 to be approximately $2.64 to $2.68 per share, and between $0.69 and $0.71 for the third quarter of 2011.

FORWARD LOOKING STATEMENTS:

When used within this news release, the words “intends,” “believes,” “expects,” “anticipates,” and similar expressions are intended to identify “forward looking statements” within the meaning of that term in Section 27A of the Securities Act of 1933, and in Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward looking statements. Such factors include, but are not limited to, the effect of competition from new self storage facilities, which could cause rents and occupancy rates to decline; the Company’s ability to evaluate, finance and integrate acquired businesses into the Company’s existing business and operations; the Company’s existing indebtedness may mature in an unfavorable credit environment, preventing refinancing or forcing refinancing of the indebtedness on terms that are not as favorable as the existing terms; interest rates may fluctuate, impacting costs associated with the Company’s outstanding floating rate debt; the Company’s ability to comply with debt covenants; the future ratings on the Company’s debt instruments; the regional concentration of the Company’s business may subject it to economic downturns in the states of Florida and Texas; the Company’s ability to effectively compete in the industries in which it does business; the Company’s reliance on its call center; the Company’s cash flow may be insufficient to meet required payments of principal, interest and dividends; and tax law changes which may change the taxability of future income.

CONFERENCE CALL:

Sovran Self Storage will hold its Second Quarter Earnings Release Conference Call at 9:00 a.m. Eastern Time on Thursday, August 4, 2011. To access the conference call, dial 877.407.8033 (domestic), or 201.689.8033 (international). Management will accept questions from registered financial analysts after prepared remarks; all others are encouraged to listen to the call via webcast by accessing “events and conference calls” under the investor relations tab at www.unclebobs.com/company/.

The webcast will be archived for a period of 90 days; a telephone replay will also be available for 72 hours by calling 877.660.6853 and entering pass codes 286/375595.

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 402 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)
 
    June 30,     December 31,
(dollars in thousands) 2011     2010
Assets
Investment in storage facilities:
Land $ 242,121 $ 240,651
Building, equipment and construction in progress   1,192,001     1,179,305  
1,434,122 1,419,956
Less: accumulated depreciation   (288,529 )   (271,797 )
Investment in storage facilities, net 1,145,593 1,148,159
Cash and cash equivalents 7,691 5,766
Accounts receivable 2,148 2,377
Receivable from joint venture 315 253
Investment in joint venture 19,558 19,730
Prepaid expenses 5,385 4,408
Other assets   3,505     4,848  
Total Assets $ 1,184,195   $ 1,185,541  
 
Liabilities
Line of credit $ 35,000 $ 10,000
Term notes 400,000 400,000
Accounts payable and accrued liabilities 20,461 23,991
Deferred revenue 5,162 4,925
Fair value of interest rate swap agreements 7,780 10,528
Mortgages payable   77,753     78,954  
Total Liabilities 546,156 528,398
 
Noncontrolling redeemable Operating Partnership Units at redemption value 13,900 12,480
 
Equity
Common stock 289 288
Additional paid-in capital 815,199 816,986
Accumulated deficit (156,675 ) (148,264 )
Accumulated other comprehensive loss (7,499 ) (10,254 )
Treasury stock at cost   (27,175 )   (27,175 )
Total Shareholders' Equity 624,139 631,581
Noncontrolling interest - consolidated joint venture   -     13,082  
Total Equity   624,139     644,663  
Total Liabilities and Equity $ 1,184,195   $ 1,185,541  
 
 
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
    April 1, 2011     April 1, 2010
to to
(dollars in thousands, except share data) June 30, 2011     June 30, 2010
 
Revenues
Rental income $ 48,014 $ 45,061
Other operating income 2,307 1,937
Management and acquisition fee income   388     311  
Total operating revenues 50,709 47,309
 
Expenses
Property operations and maintenance 12,890 12,543
Real estate taxes 5,044 5,140
General and administrative 6,028 4,967
Depreciation and amortization 8,516 8,202
Amortization of in-place customer leases   141     -  
Total operating expenses   32,619     30,852  
 
Income from operations 18,090 16,457
 
Other income (expense)
Interest expense (A) (8,082 ) (7,929 )
Interest income 8 21
Equity in income of joint ventures   64     69  
 
Income from continuing operations 10,080 8,618
Income from discontinued operations (including gain on disposal of $7,524 in 2010)   -     7,686  
Net income 10,080 16,304
Net income attributable to noncontrolling interests   (343 )   (543 )
Net income attributable to common shareholders $ 9,737   $ 15,761  
 
Earnings per common share attributable to common shareholders - basic
Continuing operations $ 0.35 $ 0.29
Discontinued operations   -     0.28  
Earnings per common share - basic $ 0.35   $ 0.57  
 
Earnings per common share attributable to common shareholders - diluted
Continuing operations $ 0.35 $ 0.29
Discontinued operations   -     0.28  
Earnings per common share - diluted $ 0.35   $ 0.57  
 
Common shares used in basic
earnings per share calculation 27,559,992 27,463,500
 
Common shares used in diluted
earnings per share calculation 27,611,237 27,508,097
 
Dividends declared per common share $ 0.4500   $ 0.4500  
 
 
(A) Interest expense for the three months ending June 30 consists of the following
Interest expense $ 7,746 $ 7,671
Amortization of deferred financing fees   336     258  
Total interest expense $ 8,082   $ 7,929  
 
 
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
    January 1, 2011     January 1, 2010
to to
(dollars in thousands, except share data) June 30, 2011     June 30, 2010
 
Revenues
Rental income $ 95,140 $ 90,410
Other operating income 4,399 3,560
Management and acquisition fee income   705     623  
Total operating revenues 100,244 94,593
 
Expenses
Property operations and maintenance 26,402 25,477
Real estate taxes 10,088 10,350
General and administrative 11,842 10,107
Depreciation and amortization 17,000 16,402
Amortization of in-place customer leases   282     -  
Total operating expenses   65,614     62,336  
 
Income from operations 34,630 32,257
 
Other income (expense)
Interest expense (A) (15,979 ) (15,808 )
Interest income 26 41
Equity in income of joint ventures   104     139  
 
Income from continuing operations 18,781 16,629
Income from discontinued operations (including gain on disposal of $6,944 in 2010)   -     7,562  
Net income 18,781 24,191
Net income attributable to noncontrolling interests   (784 )   (1,003 )
Net income attributable to common shareholders $ 17,997   $ 23,188  
 
Earnings per common share attributable to common shareholders - basic
Continuing operations $ 0.65 $ 0.57
Discontinued operations   -     0.27  
Earnings per common share - basic $ 0.65   $ 0.84  
 
Earnings per common share attributable to common shareholders - diluted
Continuing operations $ 0.65 $ 0.57
Discontinued operations   -     0.27  
Earnings per common share - diluted $ 0.65   $ 0.84  
 
Common shares used in basic
earnings per share calculation 27,548,635 27,454,301
 
Common shares used in diluted
earnings per share calculation 27,594,336 27,493,623
 
Dividends declared per common share $ 0.9000   $ 0.9000  
 
 
(A) Interest expense for the six months ending June 30 consists of the following
Interest expense $ 15,386 $ 15,293
Amortization of deferred financing fees   593     515  
Total interest expense $ 15,979   $ 15,808  
 
 
COMPUTATION OF FUNDS FROM OPERATIONS (FFO) (1) - (unaudited)
 
    April 1, 2011     April 1, 2010
to to
(dollars in thousands, except share data) June 30, 2011     June 30, 2010
 
Net income attributable to common shareholders $ 9,737 $ 15,761
Net income attributable to noncontrolling interests 343 543
Depreciation of real estate and amortization of intangible
assets exclusive of deferred financing fees 8,657 8,202
Depreciation of real estate included in discontinued operations - 54
Depreciation and amortization from unconsolidated joint ventures 199 196
Loss on sale of real estate - (7,524 )
Funds from operations allocable to noncontrolling
interest in Operating Partnership (222 ) (215 )
Funds from operations allocable to noncontrolling
interest in consolidated joint ventures   (227 )   (340 )
Funds from operations available to common
shareholders 18,487 16,677
FFO per share - diluted $ 0.67 $ 0.61
 
Common shares - diluted 27,611,237 27,508,097
 
 
COMPUTATION OF FUNDS FROM OPERATIONS (FFO) (1) - (unaudited)
 
January 1, 2011 January 1, 2010
to to
(dollars in thousands, except share data) June 30, 2011     June 30, 2010
 
Net income attributable to common shareholders $ 17,997 $ 23,188
Net income attributable to noncontrolling interests 784 1,003
Depreciation of real estate and amortization of intangible
assets exclusive of deferred financing fees 17,282 16,402
Depreciation of real estate included in discontinued operations - 217
Depreciation and amortization from unconsolidated joint ventures 397 391
Gain on sale of real estate - (6,944 )
Funds from operations allocable to noncontrolling
interest in Operating Partnership (428 ) (463 )
Funds from operations allocable to noncontrolling
interest in consolidated joint ventures   (567 )   (680 )
Funds from operations available to common
shareholders 35,465 33,114
FFO per share - diluted $ 1.29 $ 1.20
 
Common shares - diluted 27,594,336 27,493,623
 
 
(1) We believe that Funds from Operations (“FFO”) provides relevant and meaningful information about our operating performance that is necessary, along with net earnings and cash flows, for an understanding of our operating results. FFO adds back historical cost depreciation, which assumes the value of real estate assets diminishes predictably in the future. In fact, real estate asset values increase or decrease with market conditions. Consequently, we believe FFO is a useful supplemental measure in evaluating our operating performance by disregarding (or adding back) historical cost depreciation.
 
Funds from operations is defined by the National Association of Real Estate Investment Trusts, Inc. (“NAREIT”) as net income computed in accordance with generally accepted accounting principles (“GAAP”), excluding gains or losses on sales of properties, plus depreciation and amortization and after adjustments to record unconsolidated partnerships and joint ventures on the same basis. We believe that to further understand our performance, FFO should be compared with our reported net income and cash flows in accordance with GAAP, as presented in our consolidated financial statements.
 
Our computation of FFO may not be comparable to FFO reported by other REITs or real estate companies that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently. FFO does not represent cash generated from operating activities determined in accordance with GAAP, and should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP) as a measure of our liquidity, or as an indicator of our ability to make cash distributions.
 
 
QUARTERLY SAME STORE DATA (2) *   April 1, 2011   April 1, 2010  
to to Percentage
(dollars in thousands) June 30, 2011   June 30, 2010 Change
 
Revenues:
Rental income $ 47,125 $ 45,018 4.7 %
Other operating income   2,150   1,826 17.7 %
Total operating revenues 49,275 46,844 5.2 %
 
Expenses:
Property operations and maintenance 12,572 12,470 0.8 %
Real estate taxes   4,955   5,126 -3.3 %
Total operating expenses   17,527   17,596 -0.4 %
 

Net operating income (3)

$ 31,748 $ 29,248 8.5 %
 
(2) Includes the 344 stores owned and/or managed by the Company for the entire periods presented that are consolidated in our financial statements. Does not include unconsolidated joint venture stores managed by the Company.
 

(3) Net operating income or "NOI" is a non-GAAP (generally accepted accounting principles) financial measure that we define as total continuing revenues less continuing property operating expenses. NOI also can be calculated by adding back to net income: interest expense, amounts attributable to noncontrolling interests, depreciation and amortization expense, general and administrative expense, and deducting from net income: income from discontinued operations, interest income, and equity in income of joint ventures.   We believe that NOI is a meaningful measure of operating performance, because we utilize NOI in making decisions with respect to capital allocations, in determining current property values, and comparing period-to-period and market-to-market property operating results.  NOI should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as total revenues, operating income and net income.

 
* See exhibit A for supplemental same store data.
 
YEAR TO DATE SAME STORE DATA (2) January 1, 2011 January 1, 2011
to to Percentage
(dollars in thousands) June 30, 2011   June 30, 2011 Change
 
Revenues:
Rental income $ 93,407 $ 90,339 3.4 %
Other operating income   4,110   3,363 22.2 %
Total operating revenues 97,517 93,702 4.1 %
 
Expenses:
Property operations and maintenance 25,785 25,330 1.8 %
Real estate taxes   9,909   10,322 -4.0 %
Total operating expenses   35,694   35,652 0.1 %
 

Net operating income (3)

$ 61,823 $ 58,050 6.5 %
 
 
OTHER DATA     Same Store (2)    

All Stores (4)

Open

2011

   

2010

2011

   

2010

 
Weighted average quarterly occupancy 80.5 % 80.7 % 80.0 % 80.5 %
 
Occupancy at June 30 81.0 % 82.0 % 80.5 % 81.8 %
 
Rent per occupied square foot $ 10.57 $ 10.16 $ 10.56 $ 10.16
 

(4) Does not include 25 unconsolidated joint venture stores managed by the Company

 
 

Investment in Storage Facilities:

The following summarizes activity in storage facilities during the six months ended June 30, 2011:
 
Beginning balance $ 1,419,956
Property acquisitions 4,045
Improvements and equipment additions:
Expansions 6,773
Roofing, paving, and equipment:
Stabilized stores 6,466
Recently acquired stores 117
Change in construction in progress (Total CIP $5.1 million) (2,918 )
Dispositions   (317 )
Storage facilities at cost at period end $ 1,434,122  
 
 

June 30, 2011

June 30, 2010

 
Common shares outstanding 27,699,279 27,591,109
Operating Partnership Units outstanding 339,025 342,936
 
Exhibit A
 
Sovran Self Storage, Inc.
 
Same Store Performance Summary
Three Months Ended June 30, 2011
(unaudited)
 
 
       

Square

   

Avg Qtrly
Rent per
Occupied

   

Avg Quarterly Occupancy
for the Three Months Ended
June 30,

   

Revenue
for the Three Months Ended
June 30,

   

Expenses
for the Three Months
Ended June 30,

   

NOI
for the Three Months
Ended June 30,

State     Stores    

Feet

   

Square Foot

    2011     2010 2011     2010     % Change 2011     2010     % Change 2011     2010     % Change
                           
Alabama 22 1,588 $ 8.19 77.4 % 75.0 % $ 2,742 $ 2,630 4.26 % $ 969 $ 967 0.21 % $ 1,773 $ 1,663 6.61 %
Arizona 9 531 10.54 82.6 % 82.9 % 1,226 1,164 5.33 % 416 415 0.24 % 810 749 8.14 %
Connecticut 5 301 17.30 81.2 % 73.3 % 1,085 989 9.71 % 354 381 -7.09 % 731 608 20.23 %
Florida 53 3,442 10.64 76.3 % 78.1 % 7,327 7,001 4.66 % 2,847 2,863 -0.56 % 4,480 4,138 8.26 %
Georgia 22 1,422 9.57 78.1 % 79.2 % 2,797 2,747 1.82 % 978 1,022 -4.31 % 1,819 1,725 5.45 %
Louisiana 14 865 10.64 82.3 % 83.0 % 1,950 1,926 1.25 % 602 594 1.35 % 1,348 1,332 1.20 %
Maine 2 113 11.95 80.6 % 79.9 % 284 252 12.70 % 95 86 10.47 % 189 166 13.86 %
Maryland 4 172 14.58 86.8 % 86.4 % 558 531 5.08 % 190 194 -2.06 % 368 337 9.20 %
Massachusetts 12 664 12.88 82.0 % 81.2 % 1,841 1,701 8.23 % 645 641 0.62 % 1,196 1,060 12.83 %
Michigan 4 238 9.10 92.7 % 84.9 % 526 462 13.85 % 201 192 4.69 % 325 270 20.37 %
Mississippi 12 926 9.50 80.9 % 83.5 % 1,882 1,792 5.02 % 566 565 0.18 % 1,316 1,227 7.25 %
Missouri 7 432 11.59 84.8 % 86.5 % 1,094 1,050 4.19 % 394 409 -3.67 % 700 641 9.20 %
New Hampshire 4 260 11.15 82.7 % 86.1 % 607 551 10.16 % 196 200 -2.00 % 411 351 17.09 %
New York 28 1,609 13.56 86.3 % 83.2 % 4,857 4,448 9.20 % 1,548 1,511 2.45 % 3,309 2,937 12.67 %
North Carolina 11 539 9.58 79.6 % 79.7 % 1,049 1,032 1.65 % 391 398 -1.76 % 658 634 3.79 %
Ohio 17 1,132 9.00 85.0 % 85.8 % 2,251 2,112 6.58 % 794 785 1.15 % 1,457 1,327 9.80 %
Pennsylvania 4 219 10.07 86.8 % 80.9 % 449 423 6.15 % 149 148 0.68 % 300 275 9.09 %
Rhode Island 4 168 12.32 81.6 % 79.9 % 466 441 5.67 % 182 186 -2.15 % 284 255 11.37 %
South Carolina 8 443 9.85 81.9 % 79.6 % 939 877 7.07 % 358 382 -6.28 % 581 495 17.37 %
Tennessee 4 291 8.83 90.4 % 85.2 % 602 519 15.99 % 251 243 3.29 % 351 276 27.17 %
Texas 81 5,917 10.33 79.9 % 80.8 % 12,495 11,990 4.21 % 4,673 4,727 -1.14 % 7,822 7,263 7.70 %
Virginia 17 1,031 10.95 77.0 % 80.6 % 2,248 2,206 1.90 % 728 687 5.97 % 1,520 1,519 0.07 %
                                                                         
Portfolio Total     344     22,303     $ 10.57     80.5 %     80.7 % $ 49,275     $ 46,844     5.19 % $ 17,527     $ 17,596     -0.39 % $ 31,748     $ 29,248     8.55 %
 
Dollars in thousands except for average quarterly rent per occupied square foot. Square feet in thousands.
344 wholly owned same stores.

Sovran Self Storage, Inc.
David Rogers, CFO / Diane Piegza, VP of Communications
716-633-1850

Source: Sovran Self Storage, Inc.