Sovran Self Storage Announces Third-Quarter 2013 Dividend

Amherst, N.Y.-based real estate investment trust Sovran Self Storage Inc., which operates the Uncle Bobs Self Storage brand, will pay its shareholders a quarterly dividend of $0.53 per share of common stock for the third quarter of 2013, which ended Sept. 30. The amount is the same as for the second quarter and will be paid on Oct. 28 to shareholders of record as of Oct. 14.

Sovrans annualized dividend is $2.12 per share, which equates to an annual rate of approximately 2.7 percent, company officials said.

Sovran issued its quarterly earnings for the second quarter of 2013 on July 31. A conference call was held on Aug. 1 to review the companys financial performance.

Total revenue increased 18.4 percent over the previous year's second quarter, while operating costs increased 12.7 percent, resulting in a 21.1 percent increase in net operating income (NOI). Same-store NOI increased 12.2 percent year over year, while funds from operations for the quarter was 94 cents per fully diluted common share.

Same-store revenue during the second quarter increased 8.9 percent year over year due to an increase in average occupancy of 380 basis points (89.7 percent), increased rental rates and growth in insurance commissions. Average overall occupancy was 88.3 percent during the quarter.

Sovran was in the process of purchasing three properties in Colorado and New York for $27.9 million and expected to close the acquisitions during the third quarter. The company operates more than 470 self-storage properties in 25 states.