Sovran Self Storage Reports Second Quarter Results, Adjusted FFO per Share Increases 14.9%, Guidance Raised

BUFFALO, N.Y.--()--Sovran Self Storage, Inc. (NYSE:SSS), a self storage real estate investment trust (REIT), reported operating results for the quarter ended June 30, 2014.

Net income available to common shareholders for the second quarter of 2014 was $20.6 million or $0.62 per fully diluted common share. For the same period in 2013, net income available to common shareholders was $17.9 million, or $0.57 per fully diluted common share.

Funds from operations (FFO) for the quarter were $1.00 per fully diluted common share compared to $0.94 for the same period last year. In the second quarter of 2014, the Company incurred net acquisition costs of $2.0 million in connection with its property purchases and had a straight line rent adjustment of $0.5 million relating to the lease expense of the former Westy properties. In the second quarter of 2013, the Company incurred no such costs or adjustments. Absent these charges, adjusted FFO per share was $1.08 and $0.94 for the second quarter of 2014 and 2013, respectively.

Improved occupancies and rising rental rates more than offset the anticipated increases in property taxes, repair and maintenance and utilities, resulting in the strong FFO growth.

“This spring’s leasing season has proven to be a good one, and we’ve been able to achieve strong rate growth across all of our markets” said David Rogers, the Company’s CEO. “We hit our best ever earnings level this quarter, and we are on pace to beat our all-time high for occupancy and rental rates later this summer.”

OPERATIONS:

Total revenues increased 19.9% over last year’s second quarter, while operating costs increased 16.9%, resulting in an NOI (3) increase of 21.2%. Overall occupancy averaged 90.7% for the period and rental rates increased 8.3% to an average of $11.79 per sq. ft.

Revenues for the 386 stores wholly owned by the Company since January 1, 2013 increased 8.6% from those of the second quarter of 2013, the result of a 270 basis point increase in average occupancy, a 4.4% increase in rental rates and strong growth in insurance commissions.

Same store operating expenses increased 5.7% for the second quarter of 2014 compared to the prior year period, primarily the result of increased property tax charges of 12.1%. Repair and maintenance costs were also higher than expected due to the extended harsh winter.

Consequently, same store net operating income increased 10.0% this period over the second quarter of 2013.

General and administrative expenses increased by approximately $1.4 million over the same period in 2013, primarily due to increases in internet advertising and personnel costs associated with operating more stores during the quarter than at this time last year.

During the second quarter of 2014, the Company experienced significant same store revenue and NOI growth in every state in which it operates. The stores with the strongest revenue impact include those in Texas, Florida, New York, Illinois, and Georgia.

PROPERTIES:

As previously announced, the Company acquired 19 self storage facilities for a total cost of approximately $130 million in the second quarter. Sixteen stores were purchased on behalf of the Company for a cost of $96 million and the balance was acquired for Sovran HHF Storage Holdings LLC, a joint venture in which the Company owns a 20% interest.

The properties total approximately 1.3 million square feet and are all located in markets where the Company already has a presence: seven in New Jersey; seven in St. Louis; and one each in Metro New York, Philadelphia, Atlanta, Chicago and San Antonio.

Subsequent to quarter end, the Company also acquired a 78,000 sq. ft. facility in New Jersey for $11.8 million.

CAPITAL TRANSACTIONS:

Illustrated below are key financial ratios at June 30, 2014:

  • Debt to Enterprise Value (at $77.25/share) 22.7%
  • Debt to Book Cost of Storage Facilities 36.8%
  • Debt to EBITDA Ratio 4.5x
  • Debt Service Coverage 4.9x

At June 30, 2014, the Company had approximately $7 million of cash on hand, and $166 million available on its line of credit (without considering the additional $75 million available under the expansion feature).

As previously announced, on April 8, 2014 the Company issued $175 million of ten-year unsecured notes at a fixed rate of 4.533%. $115 million of the proceeds were used to pay down the Company’s line of credit balance with the remainder used to fund acquisitions and property expansions.

The Company issued 250,000 shares of its common stock via its previously announced ATM program during the quarter at an average price of $77.08 per share, resulting in net proceeds of $18.9 million after issuance costs. The Company used the proceeds to fund the purchase of the aforementioned properties. Also in April, the Company issued 43,092 shares at an average price of $73.45 through its Dividend Reinvestment Plan.

COMMON STOCK DIVIDEND:

Subsequent to quarter end, the Company announced a quarterly dividend of $0.68 per share or $2.72 annualized.

YEAR 2014 EARNINGS GUIDANCE:

Management is encouraged by its occupancy gains, rent growth, and resiliency in most markets. The following assumptions covering operations have been utilized in formulating guidance for the third quarter and full year 2014:

      Same Store

Projected Increases Over 2013

3Q 2014

 

Full Year 2014

Revenue 6.5 – 7.5% 7.0 – 8.0%
Operating Costs (excluding property taxes) 2.5 – 3.5% 3.5 – 4.5%
Property Taxes 5.0 – 6.0% 8.5 – 9.5%
Total Operating Expenses 3.5 – 4.5% 5.0 – 6.0%
Net Operating Income 8.5 – 9.5% 8.0 – 9.0%
 

The Company intends to spend up to $25 million on its expansion and enhancement program. It has also budgeted $16 million to provide for recurring capitalized expenditures including roofing, paving, and office renovations.

In addition to the $203 million of properties acquired on the Company’s behalf thus far this year, it has assumed $50 million of additional acquisitions in 2014. Per share FFO guidance is projected after adding back third party acquisition costs. Purchases of 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 1.5%.

Annual general and administrative expenses are expected to be approximately $40 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, Corporate Alliance and third party management programs.

At June 30, 2014, the Company had 33.2 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 2014 to be approximately $4.32 to $4.36 per share, and between $1.14 and $1.16 per share for the third quarter of 2014.

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, July 31, 2014. 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 conference ID 13586701.

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 502 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)                                         2014         2013  
Assets
Investment in storage facilities:
Land $ 370,243 $ 312,053
Building, equipment and construction in progress   1,693,331     1,552,584  
2,063,574 1,864,637
Less: accumulated depreciation   (389,310 )   (366,472 )
Investment in storage facilities, net 1,674,264 1,498,165
Cash and cash equivalents 6,959 9,524
Accounts receivable 5,332 5,119
Receivable from joint venture 543 883
Investment in joint venture 36,750 30,391
Prepaid expenses 8,264 5,978
Intangible asset - in-place customer leases (net of accumulated
amortization of $15,030 in 2014 and $13,551 in 2013) 3,149 1,092
Fair value of interest rate swap agreements - 794
Other assets   5,030     9,929  
Total Assets $ 1,740,291   $ 1,561,875  
 
Liabilities
Line of credit $ 8,000 $ 49,000
Term notes 750,000 575,000
Accounts payable and accrued liabilities 35,040 37,741
Deferred revenue 7,736 6,708
Fair value of interest rate swap agreements 12,376 7,523
Mortgages payable   2,191     2,254  
Total Liabilities 815,343 678,226
 
Noncontrolling redeemable Operating Partnership Units at redemption value 15,348 12,940
 
Equity
Common stock 344 337
Additional paid-in capital 1,120,650 1,066,399
Accumulated deficit (172,162 ) (162,450 )
Accumulated other comprehensive loss (12,057 ) (6,402 )
Treasury stock at cost   (27,175 )   (27,175 )
Total Shareholders' Equity   909,600     870,709  
Total Liabilities and Equity $ 1,740,291   $ 1,561,875  
 

CONSOLIDATED STATEMENTS OF OPERATIONS                  
(unaudited)
April 1, 2014 April 1, 2013
to to
(dollars in thousands, except share data) June 30, 2014     June 30, 2013
 
Revenues
Rental income $ 74,394 $ 62,127
Other operating income 4,758 3,919
Management fee income 1,156 1,063
Acquisition fee income   136     -  
Total operating revenues 80,444 67,109
 
Expenses
Property operations and maintenance 16,453 14,594
Real estate taxes 8,055 6,363
General and administrative 10,404 8,988
Acquisition related costs 1,938 -
Operating leases of storage facilities 1,997 -
Depreciation and amortization 11,668 10,404
Amortization of in-place customer leases   813     954  
Total operating expenses   51,328     41,303  
 
Income from operations 29,116 25,806
 
Other income (expense)
Interest expense (A) (8,872 ) (8,446 )
Interest income 24 1
Equity in income of joint ventures   433     455  
 
Income from continuing operations 20,701 17,816
Income from discontinued operations   -     236  
Net income 20,701 18,052
Net income attributable to noncontrolling interests   (125 )   (115 )
Net income attributable to common shareholders $ 20,576   $ 17,937  
 
Earnings per common share attributable to common shareholders - basic
Continuing operations $ 0.63 $ 0.56
Discontinued operations $ -   $ 0.01  
Earnings per share - basic $ 0.63   $ 0.57  
 
Earnings per common share attributable to common shareholders - diluted
Continuing operations $ 0.62 $ 0.56
Discontinued operations $ -   $ 0.01  
Earnings per share - diluted $ 0.62   $ 0.57  
 
Common shares used in basic
earnings per share calculation 32,799,837 31,275,850
 
Common shares used in diluted
earnings per share calculation 32,979,708 31,425,016
 
Dividends declared per common share $ 0.68   $ 0.48  
 
 
(A) Interest expense for the three months ending June 30 consists of the following
Interest expense $ 8,660 $ 8,232
Amortization of deferred financing fees   212     214  
 
Total interest expense $ 8,872   $ 8,446  
 

                January 1, 2014     January 1, 2013
to to
(dollars in thousands, except share data) June 30, 2014     June 30, 2013
 
Revenues
Rental income $ 144,347 $ 121,688
Other operating income 9,165 7,263
Management fee income 2,254 2,036
Acquisition fee income   136     -  
Total operating revenues 155,902 130,987
 
Expenses
Property operations and maintenance 33,518 29,719
Real estate taxes 16,121 12,782
General and administrative 20,360 17,781
Acquisition related costs 4,716 486
Operating leases of storage facilities 3,994 -
Depreciation and amortization 22,944 20,674
Amortization of in-place customer leases   1,479     1,885  
Total operating expenses   103,132     83,327  
 
Income from operations 52,770 47,660
 
Other income (expense)
Interest expense (A) (16,216 ) (16,904 )
Interest income 31 1
Gain on sale of real estate - 421
Equity in income of joint ventures   892     842  
 
Income from continuing operations 37,477 32,020
Income from discontinued operations   -     404  
Net income 37,477 32,424
Net income attributable to noncontrolling interests   (228 )   (207 )
Net income attributable to common shareholders $ 37,249   $ 32,217  
 
Earnings per common share attributable to common shareholders - basic
Continuing operations $ 1.14 $ 1.03
Discontinued operations $ -   $ 0.01  
Earnings per share - basic $ 1.14   $ 1.04  
 
Earnings per common share attributable to common shareholders - diluted
Continuing operations $ 1.14 $ 1.03
Discontinued operations $ -   $ 0.01  
Earnings per share - diluted $ 1.14   $ 1.04  
 
Common shares used in basic
earnings per share calculation 32,591,917 30,882,352
 
Common shares used in diluted
earnings per share calculation 32,759,069 31,039,756
 
Dividends declared per common share $ 1.36   $ 0.96  
 
 
(A) Interest expense for the six months ending June 30 consists of the following
Interest expense $ 15,809 $ 16,481
Amortization of deferred financing fees   407     423  
Total interest expense $ 16,216   $ 16,904  
 

COMPUTATION OF FUNDS FROM OPERATIONS (FFO) (1) - (unaudited)            
       
April 1, 2014 April 1, 2013
to to
(dollars in thousands, except share data) June 30, 2014     June 30, 2013
 
Net income attributable to common shareholders $ 20,576 $ 17,937
Net income attributable to noncontrolling interests 125 115
Depreciation of real estate and amortization of intangible
assets exclusive of deferred financing fees 12,255 11,138
Depreciation of real estate included in discontinued operations - 89
Depreciation and amortization from unconsolidated joint ventures 360 372
Gain on sale of real estate - -
Funds from operations allocable to noncontrolling
interest in Operating Partnership   (202 )   (189 )
Funds from operations available to common shareholders   33,114     29,462  
FFO per share - diluted $ 1.00 $ 0.94
 
Non-recurring Adjustments to FFO
Acquisition costs expensed 1,938 -
Company's share of acquisition costs expensed by Sovran HHF Storage Holdings 185 -
Acquisition fee income from Sovran HHF Storage Holdings (136 ) -
Operating leases straight line rent adjustment 497 -
Funds from operations resulting from non-recurring items allocable to noncontrolling
interest in Operating Partnership   (15 )   -  
Adjusted funds from operations available to common shareholders   35,583     29,462  
Adjusted FFO per share - diluted $ 1.08 $ 0.94
 
Common shares - diluted 32,979,708 31,425,016
 
 
January 1, 2014 January 1, 2013
to to
(dollars in thousands, except share data) June 30, 2014 June 30, 2013
 
Net income attributable to common shareholders $ 37,249 $ 32,217
Net income attributable to noncontrolling interests 228 207
Depreciation of real estate and amortization of intangible
assets exclusive of deferred financing fees 23,970 22,141
Depreciation of real estate included in discontinued operations - 177
Depreciation and amortization from unconsolidated joint ventures 736 746
Gain on sale of real estate - (421 )
Funds from operations allocable to noncontrolling
interest in Operating Partnership   (378 )   (351 )
Funds from operations available to common shareholders   61,805     54,716  
FFO per share - diluted $ 1.89 $ 1.76
 
Non-recurring Adjustments to FFO
Acquisition costs expensed 4,716 486
Company's share of acquisition costs expensed by Sovran HHF Storage Holdings 185 -
Acquisition fee income from Sovran HHF Storage Holdings (136 ) -
Operating leases straight line rent adjustment 994 -
Funds from operations resulting from non-recurring items allocable to noncontrolling
interest in Operating Partnership   (35 )   (3 )
Adjusted funds from operations available to common shareholders   67,529     55,199  
Adjusted FFO per share - diluted $ 2.06 $ 1.78
 
Common shares - diluted 32,759,069 31,039,756
 
 
(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) * 386 stores owned since 12/31/12 (unaudited)     April 1, 2014   April 1, 2013        
        to to Percentage
(dollars in thousands) June 30, 2014   June 30, 2013 Change   Change
 
Revenues:
Rental income $ 66,745 $ 61,641 $ 5,104 8.3 %
Tenant insurance commissions 2,354 1,871 483 25.8 %
Other operating income   1,432   1,423   9   0.6 %
Total operating revenues 70,531 64,935 5,596 8.6 %
 
Expenses:
Payroll and benefits 6,286 6,145 141 2.3 %
Real estate taxes 7,043 6,284 759 12.1 %
Utilities 2,421 2,359 62 2.6 %
Repairs and maintenance 2,315 2,091 224 10.7 %
Office and other operating expense 2,422 2,281 141 6.2 %
Insurance 988 1,113 (125 ) -11.2 %
Advertising & yellow pages   355   383   (28 ) -7.3 %
Total operating expenses   21,830   20,656   1,174   5.7 %
 
Net operating income (3) $ 48,701 $ 44,279 $ 4,422   10.0 %
 
 
QTD Same store move ins 45,898 47,791 (1,893 )
 
QTD Same store move outs 39,662 38,800 862
 
 
OTHER COMPARABLE QUARTERLY SAME STORE DATA * (unaudited) April 1, 2014 April 1, 2013
to to Percentage
June 30, 2014   June 30, 2013 Change   Change
Stores owned since 12/31/11 (358 stores) (2)
Revenues $ 64,178 $ 59,777 $ 4,401 7.4 %
Expenses   19,666   18,753   913   4.9 %
Net operating income (3) $ 44,512 $ 41,024 $ 3,488   8.5 %
 
 
 
Stores owned since 12/31/10 (330 stores) (2)
Revenues $ 58,370 $ 54,464 $ 3,906 7.2 %
Expenses   17,667   16,847   820   4.9 %
Net operating income (3) $ 40,703 $ 37,617 $ 3,086   8.2 %
 
(2) 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.
 
(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, 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 exhibit A for supplemental quarterly same store data.
 
YEAR TO DATE SAME STORE DATA (2) * 386 stores owned since 12/31/12 (unaudited)   January 1, 2014   January 1, 2013    
  to to Percentage
(dollars in thousands) June 30, 2014   June 30, 2013 Change   Change
 
Revenues:
Rental income $ 130,684 $ 121,029 $ 9,655 8.0 %
Tenant insurance commissions 4,643 3,539 1,104 31.2 %
Other operating income   2,635   2,623   12   0.5 %
Total operating revenues 137,962 127,191 10,771 8.5 %
 
Expenses:
Payroll and benefits 12,540 12,331 209 1.7 %
Real estate taxes 14,100 12,679 1,421 11.2 %
Utilities 5,283 4,861 422 8.7 %
Repairs and maintenance 5,026 4,535 491 10.8 %
Office and other operating expense 4,842 4,699 143 3.0 %
Insurance 2,061 2,136 (75 ) -3.5 %
Advertising & yellow pages   712   781   (69 ) -8.8 %
Total operating expenses   44,564   42,022   2,542   6.0 %
 
Net operating income (3) $ 93,398 $ 85,169 $ 8,229   9.7 %
 
 
YTD Same store move ins 84,516 85,906 (1,390 )
 
YTD Same store move outs 75,239 75,507 (268 )
 

OTHER DATA                     Same Store (2)   All Stores (4)
  2014           2013     2014           2013  
 
Weighted average quarterly occupancy 91.0 % 88.3 % 90.7 % 88.3 %
 
Occupancy at June 30 91.8 % 89.8 % 91.4 % 89.8 %
 
Rent per occupied square foot $ 11.36 $ 10.88 $ 11.79 $ 10.89
 
(4) Does not include unconsolidated joint venture stores managed by the Company
 

Investment in Storage Facilities: (unaudited)

   
The following summarizes activity in storage facilities during the months ended June 30, 2014:
 
Beginning balance $ 1,864,637
Property acquisitions 187,325
Improvements and equipment additions:
Expansions 7,646
Roofing, paving, and equipment:
Stabilized stores 6,085
Recently acquired stores 473
Change in construction in progress (Total CIP $7.4 million) (2,368 )
Dispositions and Impairments   (224 )
Storage facilities at cost at period end $ 2,063,574  
 
 

Comparison of Selected G&A Costs (unaudited)

Quarter Ended
June 30, 2014 June 30, 2013
 
Management and administrative salaries and benefits 5,604 4,760
Internet advertising & marketing 1,540 1,379
Training 277 256
Call center 409 401
Uncle Bob's Management costs 114 137
Income taxes 332 332
Other administrative expenses (5)   2,128     1,723
$ 10,404   $ 8,988
 
(5) Other administrative expenses include professional fees, office rent, travel expense, investor relations and miscellaneous other expenses.
   
 

June 30, 2014

June 30, 2013

 
Common shares outstanding 33,240,930 31,416,052
Operating Partnership Units outstanding 198,913 199,163
 

Exhibit A
                                 
Sovran Self Storage, Inc.
 
Same Store Performance Summary
Three Months Ended June 30, 2014
(unaudited)
 
 
Avg Qtrly Avg Quarterly Occupancy Revenue Expenses NOI
Rent per for the Three Months for the Three Months for the Three Months for the Three Months
Square Occupied Ended June 30, Ended June 30, Ended June 30, Ended June 30,
State   Stores  

Feet

 

Square Foot

  2014   2013 2014   2013   % Change 2014   2013   % Change 2014   2013   % Change
 
Alabama 22 1,618 $ 8.39 89.1% 86.9% $ 3,273 $ 3,069 6.6% $ 920 $ 886 3.8% $ 2,353 $ 2,183 7.8%
Arizona 10 669 10.01 83.9% 77.1% 1,516 1,385 9.5% 507 477 6.3% 1,009 908 11.1%
Connecticut 5 329 18.26 85.1% 93.9% 1,319 1,249 5.6% 390 358 8.9% 929 891 4.3%
Florida 60 3,976 11.25 89.1% 86.4% 10,593 9,732 8.8% 3,307 3,144 5.2% 7,286 6,588 10.6%
Georgia 28 1,949 10.27 91.6% 81.9% 4,915 4,236 16.0% 1,478 1,382 6.9% 3,437 2,854 20.4%
Illinois 9 701 12.97 88.1% 81.0% 2,097 1,821 15.2% 809 691 17.1% 1,288 1,130 14.0%
Louisiana 14 823 11.18 92.1% 90.0% 2,222 2,058 8.0% 571 548 4.2% 1,651 1,510 9.3%
Maine 2 114 13.11 95.8% 92.2% 376 345 9.0% 93 89 4.5% 283 256 10.5%
Maryland 3 139 16.26 91.1% 89.5% 533 515 3.5% 160 154 3.9% 373 361 3.3%
Massachusetts 12 656 14.30 92.2% 92.8% 2,284 2,172 5.2% 676 660 2.4% 1,608 1,512 6.3%
Mississippi 12 916 9.42 91.5% 89.5% 2,089 2,011 3.9% 573 583 -1.7% 1,516 1,428 6.2%
Missouri 8 515 11.84 91.1% 91.5% 1,459 1,347 8.3% 452 452 0.0% 1,007 895 12.5%
New Hampshire 4 260 11.69 92.1% 91.5% 734 676 8.6% 209 202 3.5% 525 474 10.8%
New Jersey 2 121 17.56 90.8% 81.8% 546 466 17.2% 198 192 3.1% 348 274 27.0%
New York 28 1,691 14.14 93.2% 89.0% 5,852 5,424 7.9% 1,737 1,665 4.3% 4,115 3,759 9.5%
North Carolina 19 1,155 10.12 93.8% 91.8% 2,900 2,670 8.6% 790 759 4.1% 2,110 1,911 10.4%
Ohio 16 1,089 9.89 91.5% 89.2% 2,600 2,429 7.0% 739 712 3.8% 1,861 1,717 8.4%
Pennsylvania 4 220 9.93 94.8% 89.7% 538 507 6.1% 162 160 1.3% 376 347 8.4%
Rhode Island 4 206 12.41 90.5% 87.9% 635 610 4.1% 215 214 0.5% 420 396 6.1%
South Carolina 8 449 10.61 91.5% 87.7% 1,159 1,048 10.6% 384 379 1.3% 775 669 15.8%
Tennessee 4 291 10.17 92.8% 91.6% 718 686 4.7% 246 230 7.0% 472 456 3.5%
Texas 94 6,720 11.67 92.7% 91.5% 19,023 17,478 8.8% 6,315 5,822 8.5% 12,708 11,656 9.0%
Virginia 18 1,236 11.23 86.7% 85.7% 3,150 3,001 5.0% 899 897 0.2% 2,251 2,104 7.0%
                                                   
Portfolio Total   386   25,843   $ 11.36   91.0%   88.3% $ 70,531   $ 64,935   8.6% $ 21,830   $ 20,656   5.7% $ 48,701   $ 44,279   10.0%
 
 
Properties owned since 12/31/12 (detail shown above) 386 25,843 11.36 91.0% 88.3% 70,531 64,935 8.6% 21,830 20,656 5.7% 48,701 44,279 10.0%
Properties owned since 12/31/11 358 23,644 11.27 91.2% 89.7% 64,178 59,777 7.4% 19,666 18,753 4.9% 44,512 41,024 8.5%
Properties owned since 12/31/10 330 21,822 11.09 91.3% 89.6% 58,370 54,464 7.2% 17,667 16,847 4.9% 40,703 37,617 8.2%
 
 
Dollars in thousands except for average quarterly rent per occupied square foot. Square feet in thousands.
 

Exhibit B
                   
Sovran Self Storage, Inc.
 
Debt Maturity Schedule
June 30, 2014
(unaudited)
 
Current
Maturity Basis of Interest
(dollars in thousands)   Date   Rate   Rate (1)     2014     2015     2016     2017     2018   Thereafter   Total
 
Line of credit Jun-2018 Variable 1.65 % $ - $ - $ - $ - $ 8,000 $ - $ 8,000
 
Term note Apr-2016 Fixed 6.38 % - - 150,000 - - - 150,000
Term note Jun-2020 Swapped to fixed 4.02 % - - - - - 125,000 125,000
Term note Jun-2020 Swapped to fixed 3.26 % - - - - - 100,000 100,000
Term note Jun-2020 Swapped to fixed 3.02 % - - - - - 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 % 64 134 142 151 160 1,540 2,191
                         
$ 64 $ 134 $ 150,142 $ 151 $ 8,160 $ 601,540 $ 760,191
 
 
(1) Rate as of June 30, 2014 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 2014.
 

Contacts

Sovran Self Storage, Inc.
Diane Piegza, 716-650-6115
Vice President, Corporate Communications

Uncle Bob's Self Storage located at 700 Mountain Road, Bristol, CT 06010 (Photo: Business Wire)

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Release Summary

Sovran Self Storage Inc. reports that total revenues are up 19.9% over the 2nd quarter 2013. The company operates over 500 storage facilities in 25 states under the name Uncle Bob’s Self Storage.

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Contacts

Sovran Self Storage, Inc.
Diane Piegza, 716-650-6115
Vice President, Corporate Communications