U-Store-It Trust, a self-storage real estate investment trust, released its operating results for the three months ended March 31, 2010.
"Our first-quarter earnings reflect a stabilizing environment in the self-storage sector. While consumer demand has yet to return to pre-recessionary levels, we are seeing trends in sequential monthly occupancy that are returning to historical seasonal norms," said CEO Dean Jernigan. "We continue to focus on cost-control measures and creative marketing programs to maintain and enhance our market share. We are well-positioned to return to higher levels of profitability heading into our prime rental season as consumer demand for self-storage begins to return to normalized levels."
Highlights include:
- Funds from operations (FFO) was $0.12 per share for the first quarter
- Same-store revenue for the company’s 364 facilities decreased 3.2 percent from the first quarter of 2009.
- Same-store net operating income decreased 3.6 percent from the first quarter of 2009.
- Ending physical occupancy was 75.1 percent compared to 75.3 during the same time period in 2009.
Source: The Washington Post, U-Store-It Exceeds First Quarter FFO Guidance; Reports First Quarter FFO per Share of $0.12
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