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 September 30, 2015.
Third Quarter 2015 Highlights:
- Achieved adjusted funds from operations ("FFO") per fully diluted common share of $1.32, representing a 12.8% increase over the same period last year.
- Increased same store revenue by 6.5% and net operating income ("NOI") by 8.4% as compared to the third quarter of 2014.
- Grew same store average occupancy for the quarter by 80 basis points to 92.0% compared to the same period in 2014. Same store occupancy at September 30, 2015, was 91.4%; a full 100 basis points over September 30, 2014.
- Attained a record high occupancy of 93.1% during the month of July.
- Acquired eleven self storage facilities for approximately $66 million.
- Paid a quarterly dividend of $0.85 per share of common stock.
Net income available to common shareholders for the third quarter of 2015 was $31.5 million or $0.88 per fully diluted common share. For the same period in 2014, net income available to common shareholders was $25.6 million or $0.77 per fully diluted common share.
Funds from operations (FFO) for the quarter were $1.29 per fully diluted common share compared to $1.12 for the same period last year. Absent $1.0 million of acquisition costs incurred in the third quarter of 2015 and $1.7 million of acquisition costs and straight-line rent adjustments in the third quarter of 2014, adjusted FFO per share was $1.32 and $1.17 for the third quarter of 2015 and 2014, respectively.
Increased occupancy and rental rates were the primary contributors to the Company’s strong FFO growth during the quarter.
OPERATIONS:
Total revenues increased 11.9% over last year’s third quarter while operating costs increased 9.6%, resulting in an NOI (4) increase of 13.1%. Overall occupancy averaged 91.5% for the period, and rental rates averaged $12.79 per sq. ft.
Revenues for the 399 stores wholly owned by the Company since January 1, 2014 increased 6.5% from those of the third quarter of 2014, the result of an 80 basis point increase in average occupancy, a 5.1% increase in rental rates, increases in tenant insurance administrative fees, and other income.
Same store operating expenses increased 2.6% for the third quarter of 2015 compared to the prior year period, primarily the result of increased personnel costs, real estate taxes and internet marketing expenses.
Consequently, same store net operating income increased 8.4% this period over the third quarter of 2014.
General and administrative expenses increased by approximately $0.7 million over the same period in 2014, primarily due to increases in personnel costs associated with operating 36 more stores during the quarter than at this time last year, legal fees and income taxes on its taxable REIT subsidiary. Beginning with the first quarter of 2015, the company reclassified internet marketing costs from general and administrative expenses to property operations expense for all periods presented so as to be consistent with industry practices.
During the third quarter of 2015, the Company experienced same store revenue growth in 23 of the 24 states in the same store pool. Overall, the stores with the strongest revenue impact include those in Texas, Florida, New York and Georgia.
PROPERTIES:
During the quarter, the Company acquired eleven storage facilities at a cost of approximately $66 million. Seven of the stores are in established Company markets in North and South Carolina. The other four are in Syracuse, NY where the Company now operates a total of eight stores.
At September 30, 2015, the Company was in contract to acquire an additional nine stores for total consideration of $67 million. These pending acquisitions are subject to further due diligence and closing conditions; therefore no assurance can be given that these properties will be purchased according to the terms described.
CAPITAL TRANSACTIONS:
Illustrated below are key financial ratios at September 30, 2015:
- Debt to Enterprise Value (at $94.30/share) 20.2%
- Debt to Book Cost of Storage Facilities 35.0%
- Debt to EBITDA Ratio 3.9x
- Debt Service Coverage 6.1x
At September 30, 2015, the Company had approximately $6.1 million of cash on hand, and $186 million available on its line of credit.
During the quarter, the Company issued 300,211 shares pursuant to its “At The Market” (ATM) program at an average price of $96.13 per share. The net proceeds of $28.5 million were used to acquire the aforementioned properties. In July, the Company issued 32,690 shares at a price of $90.60 through its Dividend Reinvestment Plan.
COMMON STOCK DIVIDEND:
Subsequent to quarter-end, the Company’s Board of Directors approved a quarterly dividend of $0.85 per share or $3.40 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 fourth quarter and full year 2015:
| Same Store | |||||||||||||||||||||||
|
Projected Increases Over 2014 |
|||||||||||||||||||||||
|
4Q 2015 |
Full Year 2015 |
||||||||||||||||||||||
| Revenue | 6.25 – 6.75% | 5.75 – 6.75% | |||||||||||||||||||||
| Operating Costs (excluding property taxes) | 2.0 – 3.0% | 2.0 – 3.0% | |||||||||||||||||||||
| Property Taxes |
14.0 – 15.0%* |
5.0 – 6.0% |
|||||||||||||||||||||
| Total Operating Expenses | 5.0 – 6.0% | 3.0 – 4.0% | |||||||||||||||||||||
| Net Operating Income | 6.5 – 7.5% | 7.0 – 8.0% | |||||||||||||||||||||
*The Company recorded a significant reduction in property tax expense in 4Q 2014 as a result of several successful protests. Such benefits are not expected in 2015, and as a result, the estimated property tax increase for 4Q, while expected, appears unusual.
The Houston market comprises approximately 11% of the 2015 forecasted NOI of the Company’s 453 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 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 no impact from acquisitions for the remainder of 2015. Approximately $275 million of acquisitions have been completed through September 30, 2015. Per share adjusted FFO guidance is projected after adding back third party acquisition costs. Any 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 1.30%.
Annual general and administrative expenses, excluding internet marketing costs, are expected to be approximately $38 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 September 30, 2015, the Company had 36.2 million shares of common stock outstanding and 0.2 million Operating Partnership Units outstanding.
As a result of the above assumptions, management expects adjusted funds from operations for the full year 2015 to be approximately $4.91 to $4.93 per share, and between $1.26 and $1.28 per share for the fourth 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 Third Quarter Earnings Release Conference Call at 9:00 a.m. Eastern Time on Thursday, October 29, 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 90 days; a telephone replay will also be available for 72 hours by calling 877.660.6853 and entering conference ID 13621470.
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) | ||||||||||
| September 30, | December 31, | |||||||||
| (dollars in thousands) | 2015 | 2014 | ||||||||
| Assets | ||||||||||
| Investment in storage facilities: | ||||||||||
| Land | $ | 478,872 | $ | 397,642 | ||||||
| Building, equipment and construction in progress | 1,993,604 | 1,780,341 | ||||||||
| 2,472,476 | 2,177,983 | |||||||||
| Less: accumulated depreciation | (451,117 | ) | (411,701 | ) | ||||||
| Investment in storage facilities, net | 2,021,359 | 1,766,282 | ||||||||
| Cash and cash equivalents | 6,067 | 8,543 | ||||||||
| Accounts receivable | 6,480 | 5,758 | ||||||||
| Receivable from joint venture | 814 | 583 | ||||||||
| Investment in joint venture | 57,185 | 57,803 | ||||||||
| Prepaid expenses | 5,766 | 6,533 | ||||||||
| Intangible asset - in-place customer leases (net of accumulated | ||||||||||
| amortization of $20,335 in 2015 and $17,662 in 2014) | 1,970 | 2,204 | ||||||||
| Other assets | 7,171 | 7,094 | ||||||||
| Total Assets | $ | 2,106,812 | $ | 1,854,800 | ||||||
| Liabilities | ||||||||||
| Line of credit | $ | 114,000 | $ | 49,000 | ||||||
| Term notes | 750,000 | 750,000 | ||||||||
| Accounts payable and accrued liabilities | 47,146 | 43,551 | ||||||||
| Deferred revenue | 7,475 | 7,290 | ||||||||
| Fair value of interest rate swap agreements | 19,426 | 13,341 | ||||||||
| Mortgages payable | 2,028 | 2,127 | ||||||||
| Total Liabilities | 940,075 | 865,309 | ||||||||
| Noncontrolling redeemable Operating Partnership Units at redemption value | 16,698 | 13,622 | ||||||||
| Equity | ||||||||||
| Common stock | 373 | 353 | ||||||||
| Additional paid-in capital | 1,337,645 | 1,156,213 | ||||||||
| Accumulated deficit | (168,871 | ) | (167,692 | ) | ||||||
| Accumulated other comprehensive loss | (19,108 | ) | (13,005 | ) | ||||||
| Total Shareholders' Equity | 1,150,039 | 975,869 | ||||||||
| Total Liabilities and Equity | $ | 2,106,812 | $ | 1,854,800 | ||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||
| (unaudited) | |||||||||
| July 1, 2015 | July 1, 2014 | ||||||||
| to | to | ||||||||
| (dollars in thousands, except share data) | September 30, 2015 | September 30, 2014 | |||||||
| Revenues | |||||||||
| Rental income | $ | 88,066 | $ | 79,092 | |||||
| Other operating income | 5,838 | 4,958 | |||||||
| Management fee income | 1,524 | 1,199 | |||||||
| Total operating revenues | 95,428 | 85,249 | |||||||
| Expenses | |||||||||
| Property operations and maintenance (1) | 20,954 | 19,243 | |||||||
| Real estate taxes | 9,247 | 8,312 | |||||||
| General and administrative (1) | 9,367 | 8,711 | |||||||
| Acquisition related costs | 1,046 | 1,210 | |||||||
| Operating leases of storage facilities | - | 1,997 | |||||||
| Depreciation and amortization | 13,954 | 12,113 | |||||||
| Amortization of in-place customer leases | 717 | 1,244 | |||||||
| Total operating expenses | 55,285 | 52,830 | |||||||
| Income from operations | 40,143 | 32,419 | |||||||
| Other income (expense) | |||||||||
| Interest expense (A) | (9,419 | ) | (9,116 | ) | |||||
| Interest income | 1 | 1 | |||||||
| Gain on sale of real estate | - | 1,777 | |||||||
| Equity in income of joint ventures | 936 | 662 | |||||||
| Net income | 31,661 | 25,743 | |||||||
| Net income attributable to noncontrolling interests | (157 | ) | (154 | ) | |||||
| Net income attributable to common shareholders | $ | 31,504 | $ | 25,589 | |||||
| Earnings per common share attributable to common shareholders - basic | $ | 0.88 | $ | 0.77 | |||||
| Earnings per common share attributable to common shareholders - diluted | $ | 0.88 | $ | 0.77 | |||||
| Common shares used in basic | |||||||||
| earnings per share calculation | 35,700,375 | 33,234,660 | |||||||
| Common shares used in diluted | |||||||||
| earnings per share calculation | 35,917,105 | 33,398,648 | |||||||
| Dividends declared per common share | $ | 0.85 | $ | 0.68 | |||||
| (A) Interest expense for the three months ending September 30 consists of the following | |||||||||
| Interest expense | $ | 9,123 | $ | 8,903 | |||||
| Amortization of deferred financing fees | 296 | 213 | |||||||
| Total interest expense | $ | 9,419 | $ | 9,116 | |||||
| January 1, 2015 | January 1, 2014 | ||||||||
| to | to | ||||||||
| (dollars in thousands, except share data) | September 30, 2015 | September 30, 2014 | |||||||
| Revenues | |||||||||
| Rental income | $ | 250,439 | $ | 223,438 | |||||
| Other operating income | 16,780 | 14,123 | |||||||
| Management fee income | 4,344 | 3,453 | |||||||
| Acquisition fee income | - | 136 | |||||||
| Total operating revenues | 271,563 | 241,150 | |||||||
| Expenses | |||||||||
| Property operations and maintenance (1) | 61,001 | 55,720 | |||||||
| Real estate taxes | 27,311 | 24,433 | |||||||
| General and administrative (1) | 28,459 | 26,111 | |||||||
| Acquisition related costs | 2,415 | 5,926 | |||||||
| Operating leases of storage facilities | 683 | 5,991 | |||||||
| Depreciation and amortization | 40,734 | 35,057 | |||||||
| Amortization of in-place customer leases | 2,703 | 2,723 | |||||||
| Total operating expenses | 163,306 | 155,961 | |||||||
| Income from operations | 108,257 | 85,189 | |||||||
| Other income (expense) | |||||||||
| Interest expense (A) | (27,796 | ) | (25,331 | ) | |||||
| Interest income | 4 | 31 | |||||||
| (Loss) gain on sale of real estate | (7 | ) | 1,777 | ||||||
| Equity in income of joint ventures | 2,436 | 1,553 | |||||||
| Net income | 82,894 | 63,219 | |||||||
| Net income attributable to noncontrolling interests | (407 | ) | (381 | ) | |||||
| Net income attributable to common shareholders | $ | 82,487 | $ | 62,838 | |||||
| Earnings per common share attributable to common shareholders - basic | $ | 2.35 | $ | 1.92 | |||||
| Earnings per common share attributable to common shareholders - diluted | $ | 2.33 | $ | 1.91 | |||||
| Common shares used in basic | |||||||||
| earnings per share calculation | 35,135,946 | 32,806,164 | |||||||
| Common shares used in diluted | |||||||||
| earnings per share calculation | 35,358,332 | 32,972,262 | |||||||
| Dividends declared per common share | $ | 2.35 | $ | 2.04 | |||||
| (A) Interest expense for the nine months ending September 30 consists of the following | |||||||||
| Interest expense | $ | 26,908 | $ | 24,712 | |||||
| Amortization of deferred financing fees | 888 | 619 | |||||||
| Total interest expense | $ | 27,796 | $ | 25,331 | |||||
| (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 September 30, 2015 and 2014, total internet marketing expense was $1,512 and $1,330, respectively. For the nine months ended September 30, 2015 and 2014, total internet marketing expense was $4,517 and $4,290, respectively. Same store internet marketing expense for both periods is noted below. |
| COMPUTATION OF FUNDS FROM OPERATIONS (FFO) (2) - (unaudited) | ||||||||||
| July 1, 2015 | July 1, 2014 | |||||||||
| to | to | |||||||||
| (dollars in thousands, except share data) | September 30, 2015 | September 30, 2014 | ||||||||
| Net income attributable to common shareholders | $ | 31,504 | $ | 25,589 | ||||||
| Net income attributable to noncontrolling interests | 157 | 154 | ||||||||
| Depreciation of real estate and amortization of intangible | ||||||||||
| assets exclusive of deferred financing fees | 14,430 | 13,127 | ||||||||
| Depreciation and amortization from unconsolidated joint ventures | 610 | 430 | ||||||||
| Gain on sale of real estate | - | (1,777 | ) | |||||||
| Funds from operations allocable to noncontrolling | ||||||||||
| interest in Operating Partnership | (231 | ) | (224 | ) | ||||||
| Funds from operations available to common shareholders | 46,470 | 37,299 | ||||||||
| FFO per share - diluted | $ | 1.29 | $ | 1.12 | ||||||
| Adjustments to FFO | ||||||||||
| Acquisition costs expensed | 1,046 | 1,210 | ||||||||
| Operating leases straight line rent adjustment | - | 497 | ||||||||
| Funds from operations resulting from non-recurring items allocable to noncontrolling | ||||||||||
| interest in Operating Partnership | (5 | ) | (10 | ) | ||||||
| Adjusted funds from operations available to common shareholders | 47,511 | 38,996 | ||||||||
| Adjusted FFO per share - diluted | $ | 1.32 | $ | 1.17 | ||||||
| Common shares - diluted | 35,917,105 | 33,398,648 | ||||||||
| January 1, 2015 | January 1, 2014 | |||||||||
| to | to | |||||||||
| (dollars in thousands, except share data) | September 30, 2015 | September 30, 2014 | ||||||||
| Net income attributable to common shareholders | $ | 82,487 | $ | 62,838 | ||||||
| Net income attributable to noncontrolling interests | 407 | 381 | ||||||||
| Depreciation of real estate and amortization of intangible | ||||||||||
| assets exclusive of deferred financing fees | 42,649 | 37,097 | ||||||||
| Depreciation and amortization from unconsolidated joint ventures | 1,845 | 1,166 | ||||||||
| Loss (gain) on sale of real estate | 7 | (1,777 | ) | |||||||
| Funds from operations allocable to noncontrolling | ||||||||||
| interest in Operating Partnership | (625 | ) | (601 | ) | ||||||
| Funds from operations available to common shareholders | 126,770 | 99,104 | ||||||||
| FFO per share - diluted | $ | 3.59 | $ | 3.01 | ||||||
| Adjustments to FFO | ||||||||||
| Acquisition costs expensed | 2,415 | 5,926 | ||||||||
| 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 | 146 | 1,491 | ||||||||
| Funds from operations resulting from non-recurring items allocable to noncontrolling | ||||||||||
| interest in Operating Partnership | (12 | ) | (45 | ) | ||||||
| Adjusted funds from operations available to common shareholders | 129,319 | 106,525 | ||||||||
| Adjusted FFO per share - diluted | $ | 3.66 | $ | 3.23 | ||||||
| Common shares - diluted | 35,358,332 | 32,972,262 | ||||||||
| (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) | July 1, 2015 | July 1, 2014 | ||||||||||||||
| to | to | Percentage | ||||||||||||||
| (dollars in thousands) | September 30, 2015 | September 30, 2014 | Change | Change | ||||||||||||
| Revenues: | ||||||||||||||||
| Rental income | $ | 78,018 | $ | 73,452 | $ | 4,566 | 6.2 | % | ||||||||
|
Tenant insurance |
2,804 | 2,486 | 318 | 12.8 | % | |||||||||||
| Other operating income | 1,458 | 1,314 | 144 | 11.0 | % | |||||||||||
| Total operating revenues | 82,280 | 77,252 | 5,028 | 6.5 | % | |||||||||||
| Expenses: | ||||||||||||||||
| Payroll and benefits | 6,941 | 6,643 | 298 | 4.5 | % | |||||||||||
| Real estate taxes | 7,939 | 7,701 | 238 | 3.1 | % | |||||||||||
| Utilities | 3,124 | 3,137 | (13 | ) | -0.4 | % | ||||||||||
| Repairs and maintenance | 2,765 | 2,666 | 99 | 3.7 | % | |||||||||||
| Office and other operating expense | 2,608 | 2,631 | (23 | ) | -0.9 | % | ||||||||||
| Insurance | 1,013 | 1,017 | (4 | ) | -0.4 | % | ||||||||||
| Advertising & yellow pages | 320 | 365 | (45 | ) | -12.3 | % | ||||||||||
| Internet marketing (1) | 1,354 | 1,247 | 107 | 8.6 | % | |||||||||||
| Total operating expenses | 26,064 | 25,407 | 657 | 2.6 | % | |||||||||||
| Net operating income (4) | $ | 56,216 | $ | 51,845 | $ | 4,371 | 8.4 | % | ||||||||
| QTD Same store move ins | 40,679 | 42,161 | (1,482 | ) | ||||||||||||
| QTD Same store move outs | 45,247 | 46,132 | (885 | ) | ||||||||||||
| OTHER COMPARABLE QUARTERLY SAME STORE DATA * (unaudited) | July 1, 2015 | July 1, 2014 | ||||||||||||||
| to | to | Percentage | ||||||||||||||
| September 30, 2015 | September 30, 2014 | Change | Change | |||||||||||||
| Stores owned since 12/31/12 (384 stores) (3) | ||||||||||||||||
| Revenues | $ | 77,096 | $ | 72,327 | $ | 4,769 | 6.6 | % | ||||||||
| Expenses including internet advertising | 24,297 | 23,747 | 550 | 2.3 | % | |||||||||||
| Net operating income (4) | $ | 52,799 | $ | 48,580 | $ | 4,219 | 8.7 | % | ||||||||
| Stores owned since 12/31/11 (356 stores) (3) | ||||||||||||||||
| Revenues | $ | 69,954 | $ | 65,693 | $ | 4,261 | 6.5 | % | ||||||||
| Expenses including internet advertising | 22,060 | 21,491 | 569 | 2.6 | % | |||||||||||
| Net operating income (4) | $ | 47,894 | $ | 44,202 | $ | 3,692 | 8.4 | % | ||||||||
| (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. |
|
| YEAR TO DATE SAME STORE DATA (3) * 399 stores owned since 12/31/13 (unaudited) | January 1, 2015 | January 1, 2014 | |||||||||||||||||
| to | to | Percentage | |||||||||||||||||
| (dollars in thousands) | September 30, 2015 | September 30, 2014 | Change | Change | |||||||||||||||
| Revenues: | |||||||||||||||||||
| Rental income | $ | 224,871 | $ | 212,692 | $ | 12,179 | 5.7 | % | |||||||||||
|
Tenant insurance |
8,202 | 7,189 | 1,013 | 14.1 | % | ||||||||||||||
| Other operating income | 4,223 | 3,983 | 240 | 6.0 | % | ||||||||||||||
| Total operating revenues | 237,296 | 223,864 | 13,432 | 6.0 | % | ||||||||||||||
| Expenses: | |||||||||||||||||||
| Payroll and benefits | 20,480 | 19,779 | 701 | 3.5 | % | ||||||||||||||
| Real estate taxes | 23,827 | 23,182 | 645 | 2.8 | % | ||||||||||||||
| Utilities | 8,517 | 8,809 | (292 | ) | -3.3 | % | |||||||||||||
| Repairs and maintenance | 9,127 | 8,025 | 1,102 | 13.7 | % | ||||||||||||||
| Office and other operating expense | 7,573 | 7,779 | (206 | ) | -2.6 | % | |||||||||||||
| Insurance | 3,042 | 3,132 | (90 | ) | -2.9 | % | |||||||||||||
| Advertising & yellow pages | 991 | 1,099 | (108 | ) | -9.8 | % | |||||||||||||
| Internet marketing (1) | 4,111 | 4,122 | (11 | ) | -0.3 | % | |||||||||||||
| Total operating expenses | 77,668 | 75,927 | 1,741 | 2.3 | % | ||||||||||||||
| Net operating income (4) | $ | 159,628 | $ | 147,937 | $ | 11,691 | 7.9 | % | |||||||||||
| YTD Same store move ins | 125,683 | 129,686 | (4,003 | ) | |||||||||||||||
| YTD Same store move outs | 119,388 | 122,611 | (3,223 | ) | |||||||||||||||
| OTHER DATA | Same Store (3) | All Stores (5) | |||||||||||||||||
|
2015 |
2014 |
2015 |
2014 |
||||||||||||||||
| Weighted average quarterly occupancy | 92.0 | % | 91.2 | % | 91.5 | % | 90.9 | % | |||||||||||
| Occupancy at September 30 | 91.4 | % | 90.4 | % | 90.6 | % | 90.0 | % | |||||||||||
| Rent per occupied square foot | $12.64 | $12.03 | $12.79 | $12.19 | |||||||||||||||
| (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 nine months ended September 30, 2015: | |||||||||||||||||||
| Beginning balance | $ | 2,177,983 | |||||||||||||||||
| Property acquisitions | 272,148 | ||||||||||||||||||
| Improvements and equipment additions: | |||||||||||||||||||
| Expansions | 4,520 | ||||||||||||||||||
| Roofing, paving, and equipment: | |||||||||||||||||||
| Stabilized stores | 12,187 | ||||||||||||||||||
| Recently acquired stores | 2,191 | ||||||||||||||||||
| Change in construction in progress (Total CIP $10.3 million) | 5,586 | ||||||||||||||||||
| Dispositions and Impairments | (2,139 | ) | |||||||||||||||||
| Storage facilities at cost at period end | $ | 2,472,476 | |||||||||||||||||
|
Comparison of Selected G&A Costs (unaudited) |
Quarter Ended | ||||||||||||||||||
| September 30, 2015 | September 30, 2014 | ||||||||||||||||||
| Management and administrative salaries and benefits | 5,787 | 5,450 | |||||||||||||||||
| Training | 235 | 208 | |||||||||||||||||
| Call center | 484 | 404 | |||||||||||||||||
| Uncle Bob's Management costs | 76 | 162 | |||||||||||||||||
| Income taxes | 617 | 352 | |||||||||||||||||
| Legal, accounting and professional | 490 | 360 | |||||||||||||||||
| Other administrative expenses (6) | 1,678 | 1,775 | |||||||||||||||||
| $ | 9,367 | $ | 8,711 | ||||||||||||||||
| (6) Other administrative expenses include office rent, travel expense, investor relations and miscellaneous other expenses. | |||||||||||||||||||
|
Net rentable square feet |
September 30, 2015 | ||||||||||||||||||
| Wholly owned properties | 30,604,074 | ||||||||||||||||||
| Joint venture properties | 5,192,101 | ||||||||||||||||||
| Third party managed properties | 1,133,525 | ||||||||||||||||||
| 36,929,700 | |||||||||||||||||||
| September 30, 2015 | September 30, 2014 | ||||||||||||||||||
| Common shares outstanding | 36,168,440 | 33,708,457 | |||||||||||||||||
| Operating Partnership Units outstanding | 178,866 | 198,913 | |||||||||||||||||
| Exhibit A | |||||||||||||||||||||||||||||||||||
| Sovran Self Storage, Inc. | |||||||||||||||||||||||||||||||||||
| Same Store Performance Summary by Market | |||||||||||||||||||||||||||||||||||
| Three Months Ended September 30, 2015 | |||||||||||||||||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
|
Avg Qtrly |
Avg Qtrly Occupancy for |
Revenue |
Expenses |
NOI |
|||||||||||||||||||||||||||||||
|
|
Rent per |
the Three Months Ended |
for the Three Months |
for the Three Months |
for the Three Months |
||||||||||||||||||||||||||||||
|
Square |
Occupied |
September 30, |
Ended September 30, |
Ended September 30, |
Ended September 30, |
||||||||||||||||||||||||||||||
| 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 | $ | 13.48 | 92.5% | 94.3% | $ | 10,045 | $ | 9,393 | 6.9% | $ | 3,484 | $ | 3,386 | 2.9% | $ | 6,561 | $ | 6,007 | 9.2% | ||||||||||||||
| New England-CT-RI-NH-MA-ME | 31 | 1,913 | 16.57 | 92.0% | 90.5% | 7,658 | 7,191 | 6.5% | 2,224 | 2,121 | 4.9% | 5,434 | 5,070 | 7.2% | |||||||||||||||||||||
| Dallas-Fort Worth-Arlington, TX | 20 | 1,374 | 11.50 | 94.5% | 93.2% | 3,881 | 3,620 | 7.2% | 1,302 | 1,289 | 1.0% | 2,579 | 2,331 | 10.6% | |||||||||||||||||||||
| Atlanta-Sandy Springs-Roswell, GA | 20 | 1,353 | 11.88 | 94.1% | 93.7% | 4,045 | 3,721 | 8.7% | 1,112 | 1,126 | -1.2% | 2,933 | 2,595 | 13.0% | |||||||||||||||||||||
| Buffalo-Upstate, NY | 19 | 1,255 | 13.13 | 92.4% | 92.7% | 4,007 | 3,689 | 8.6% | 1,175 | 1,171 | 0.3% | 2,832 | 2,518 | 12.5% | |||||||||||||||||||||
| New York-Newark-Jersey City, NY-NJ-PA | 18 | 1,068 | 22.29 | 93.1% | 89.6% | 5,724 | 5,356 | 6.9% | 1,868 | 1,764 | 5.9% | 3,856 | 3,592 | 7.3% | |||||||||||||||||||||
| Austin-Round Rock, TX | 15 | 1,169 | 12.85 | 89.8% | 89.8% | 3,550 | 3,380 | 5.0% | 1,202 | 1,123 | 7.0% | 2,348 | 2,257 | 4.0% | |||||||||||||||||||||
| New Orleans-Lafayette, LA | 14 | 813 | 11.52 | 93.4% | 90.6% | 2,303 | 2,233 | 3.1% | 684 | 637 | 7.4% | 1,619 | 1,596 | 1.4% | |||||||||||||||||||||
| Miami-Fort Lauderdale-West Palm Beach, FL | 13 | 858 | 16.39 | 91.5% | 90.9% | 3,388 | 3,131 | 8.2% | 984 | 962 | 2.3% | 2,404 | 2,169 | 10.8% | |||||||||||||||||||||
| San Antonio-New Braunfels, TX | 12 | 713 | 12.43 | 92.4% | 90.7% | 2,159 | 1,926 | 12.1% | 703 | 692 | 1.6% | 1,456 | 1,234 | 18.0% | |||||||||||||||||||||
| Tampa-St. Petersburg-Clearwater, FL | 12 | 746 | 13.15 | 94.8% | 91.8% | 2,474 | 2,321 | 6.6% | 729 | 727 | 0.3% | 1,745 | 1,594 | 9.5% | |||||||||||||||||||||
| Virginia Beach-Norfolk-Newport News, VA | 11 | 844 | 10.71 | 88.0% | 86.9% | 2,081 | 2,084 | -0.1% | 689 | 647 | 6.5% | 1,392 | 1,437 | -3.1% | |||||||||||||||||||||
| Phoenix-Mesa-Scottsdale, AZ | 10 | 668 | 10.53 | 88.5% | 86.8% | 1,674 | 1,558 | 7.4% | 543 | 619 | -12.3% | 1,131 | 939 | 20.4% | |||||||||||||||||||||
| Chicago-Naperville-Elgin, IL | 9 | 685 | 14.16 | 91.3% | 87.2% | 2,323 | 2,161 | 7.5% | 821 | 803 | 2.2% | 1,502 | 1,358 | 10.6% | |||||||||||||||||||||
| Cleveland-Elyria, OH | 9 | 629 | 11.53 | 89.3% | 92.0% | 1,704 | 1,634 | 4.3% | 507 | 492 | 3.0% | 1,197 | 1,142 | 4.8% | |||||||||||||||||||||
| Raleigh-Durham, NC | 8 | 544 | 11.85 | 94.0% | 92.6% | 1,587 | 1,506 | 5.4% | 377 | 376 | 0.3% | 1,210 | 1,130 | 7.1% | |||||||||||||||||||||
| Pensacola-Ferry Pass-Brent, FL | 8 | 605 | 8.38 | 86.4% | 77.6% | 1,188 | 1,201 | -1.1% | 488 | 461 | 5.9% | 700 | 740 | -5.4% | |||||||||||||||||||||
| Jacksonville, FL | 8 | 548 | 10.16 | 95.8% | 94.9% | 1,416 | 1,307 | 8.3% | 464 | 479 | -3.1% | 952 | 828 | 15.0% | |||||||||||||||||||||
| St. Louis, MO | 8 | 515 | 12.83 | 92.7% | 90.5% | 1,603 | 1,494 | 7.3% | 509 | 487 | 4.5% | 1,094 | 1,007 | 8.6% | |||||||||||||||||||||
| Montgomery, AL | 7 | 490 | 9.34 | 90.4% | 89.1% | 1,098 | 1,024 | 7.2% | 341 | 328 | 4.0% | 757 | 696 | 8.8% | |||||||||||||||||||||
| Space Coast, FL | 7 | 500 | 11.56 | 93.7% | 95.3% | 1,433 | 1,335 | 7.3% | 402 | 397 | 1.3% | 1,031 | 938 | 9.9% | |||||||||||||||||||||
| Beaumont-Port Arthur, TX | 7 | 428 | 12.92 | 94.2% | 95.5% | 1,374 | 1,324 | 3.8% | 479 | 435 | 10.1% | 895 | 889 | 0.7% | |||||||||||||||||||||
| Charlotte-Concord-Gastonia, NC | 7 | 427 | 11.31 | 96.6% | 94.9% | 1,237 | 1,148 | 7.8% | 336 | 333 | 0.9% | 901 | 815 | 10.6% | |||||||||||||||||||||
| Jackson, MS | 6 | 404 | 11.32 | 90.4% | 93.6% | 1,080 | 1,036 | 4.2% | 318 | 318 | 0.0% | 762 | 718 | 6.1% | |||||||||||||||||||||
| Cape Coral-Fort Myers, FL | 6 | 314 | 11.04 | 94.8% | 88.1% | 878 | 760 | 15.5% | 290 | 263 | 10.3% | 588 | 497 | 18.3% | |||||||||||||||||||||
| Chattanooga, TN-GA | 5 | 353 | 11.06 | 90.8% | 90.4% | 931 | 873 | 6.6% | 338 | 315 | 7.3% | 593 | 558 | 6.3% | |||||||||||||||||||||
| Youngstown-Warren-Boardman, OH-PA | 5 | 337 | 8.86 | 89.8% | 90.9% | 713 | 694 | 2.7% | 250 | 223 | 12.1% | 463 | 471 | -1.7% | |||||||||||||||||||||
| Birmingham-Hoover, AL | 5 | 313 | 8.63 | 87.7% | 86.1% | 644 | 587 | 9.7% | 231 | 209 | 10.5% | 413 | 378 | 9.3% | |||||||||||||||||||||
| Columbia, SC | 5 | 287 | 9.91 | 94.2% | 91.4% | 729 | 700 | 4.1% | 278 | 264 | 5.3% | 451 | 436 | 3.4% | |||||||||||||||||||||
| Other markets | 54 | 3,591 | 10.68 | 91.3% | 90.8% | 9,353 | 8,865 | 5.5% | 2,936 | 2,960 | -0.8% | 6,417 | 5,905 | 8.7% | |||||||||||||||||||||
| Portfolio Total | 399 | 26,813 | $ | 12.64 | 92.0% | 91.2% | $ | 82,280 | $ | 77,252 | 6.5% | $ | 26,064 | $ | 25,407 | 2.6% | $ | 56,216 | $ | 51,845 | 8.4% | ||||||||||||||
| Properties owned since 12/31/13 (detail shown above) | 399 | 26,813 | 12.64 | 92.0% | 91.2% | 82,280 | 77,252 | 6.5% | 26,064 | 25,407 | 2.6% | 56,216 | 51,845 | 8.4% | |||||||||||||||||||||
| Properties owned since 12/31/12 | 384 | 25,710 | 12.33 | 92.1% | 91.3% | 77,096 | 72,327 | 6.6% | 24,297 | 23,747 | 2.3% | 52,799 | 48,580 | 8.7% | |||||||||||||||||||||
| Properties owned since 12/31/11 | 356 | 23,529 | 12.23 | 92.0% | 91.4% | 69,954 | 65,693 | 6.5% | 22,060 | 21,491 | 2.6% | 47,894 | 44,202 | 8.4% | |||||||||||||||||||||
| 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 September 30, 2015 | |||||||||||||||||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||||||||||||||||
|
Avg Qtrly |
Avg Qtrly Occupancy for |
Revenue |
Expenses |
NOI |
|||||||||||||||||||||||||||||||
|
|
Rent per |
the Three Months Ended |
for the Three Months |
for the Three Months |
for the Three Months |
||||||||||||||||||||||||||||||
|
Square |
Occupied |
September 30, |
Ended September 30, |
Ended September 30, |
Ended September 30, | ||||||||||||||||||||||||||||||
| State | Stores |
Feet |
Square Foot |
2015 | 2014 | 2015 | 2014 | % Change | 2015 | 2014 | % Change | 2015 | 2014 | % Change | |||||||||||||||||||||
| Alabama | 22 | 1,617 | $ | 9.41 | 88.4% | 89.0% | $ | 3,654 | $ | 3,397 | 7.6% | $ | 1,097 | $ | 1,064 | 3.1% | $ | 2,557 | $ | 2,333 | 9.6% | ||||||||||||||
| Arizona | 10 | 668 | 10.53 | 88.5% | 86.8% | 1,674 | 1,558 | 7.4% | 543 | 619 | -12.3% | 1,131 | 939 | 20.4% | |||||||||||||||||||||
| Colorado | 1 | 55 | 15.90 | 90.7% | 86.0% | 205 | 167 | 22.8% | 67 | 69 | -2.9% | 138 | 98 | 40.8% | |||||||||||||||||||||
| Connecticut | 8 | 640 | 19.57 | 92.0% | 87.0% | 2,967 | 2,829 | 4.9% | 804 | 755 | 6.5% | 2,163 | 2,074 | 4.3% | |||||||||||||||||||||
| Florida | 61 | 4,032 | 12.02 | 93.0% | 90.0% | 11,987 | 11,166 | 7.4% | 3,755 | 3,689 | 1.8% | 8,232 | 7,477 | 10.1% | |||||||||||||||||||||
| Georgia | 28 | 1,947 | 11.34 | 93.1% | 92.7% | 5,491 | 5,109 | 7.5% | 1,597 | 1,612 | -0.9% | 3,894 | 3,497 | 11.4% | |||||||||||||||||||||
| Illinois | 9 | 685 | 14.16 | 91.3% | 87.2% | 2,323 | 2,161 | 7.5% | 821 | 803 | 2.2% | 1,502 | 1,358 | 10.6% | |||||||||||||||||||||
| Louisiana | 14 | 813 | 11.52 | 93.4% | 90.6% | 2,303 | 2,233 | 3.1% | 684 | 637 | 7.4% | 1,619 | 1,596 | 1.4% | |||||||||||||||||||||
| Maine | 2 | 114 | 15.17 | 89.5% | 93.8% | 404 | 384 | 5.2% | 108 | 98 | 10.2% | 296 | 286 | 3.5% | |||||||||||||||||||||
| Maryland | 3 | 139 | 16.76 | 95.3% | 92.1% | 574 | 544 | 5.5% | 184 | 196 | -6.1% | 390 | 348 | 12.1% | |||||||||||||||||||||
| Massachusetts | 13 | 693 | 16.14 | 92.8% | 91.9% | 2,752 | 2,551 | 7.9% | 833 | 811 | 2.7% | 1,919 | 1,740 | 10.3% | |||||||||||||||||||||
| Mississippi | 12 | 916 | 10.35 | 89.5% | 91.7% | 2,242 | 2,154 | 4.1% | 705 | 676 | 4.3% | 1,537 | 1,478 | 4.0% | |||||||||||||||||||||
| Missouri | 8 | 515 | 12.83 | 92.7% | 90.5% | 1,603 | 1,494 | 7.3% | 509 | 487 | 4.5% | 1,094 | 1,007 | 8.6% | |||||||||||||||||||||
| New Hampshire | 4 | 260 | 12.90 | 92.6% | 93.2% | 816 | 762 | 7.1% | 242 | 236 | 2.5% | 574 | 526 | 9.1% | |||||||||||||||||||||
| New Jersey | 4 | 253 | 18.31 | 90.4% | 85.7% | 1,096 | 992 | 10.5% | 424 | 391 | 8.4% | 672 | 601 | 11.8% | |||||||||||||||||||||
| New York | 33 | 2,070 | 17.24 | 93.0% | 92.0% | 8,635 | 8,053 | 7.2% | 2,619 | 2,543 | 3.0% | 6,016 | 5,510 | 9.2% | |||||||||||||||||||||
| North Carolina | 19 | 1,154 | 10.98 | 95.4% | 93.9% | 3,189 | 3,004 | 6.2% | 854 | 849 | 0.6% | 2,335 | 2,155 | 8.4% | |||||||||||||||||||||
| Ohio | 16 | 1,112 | 10.63 | 90.6% | 91.7% | 2,829 | 2,701 | 4.7% | 873 | 833 | 4.8% | 1,956 | 1,868 | 4.7% | |||||||||||||||||||||
| Pennsylvania | 4 | 220 | 10.62 | 86.8% | 92.3% | 528 | 544 | -2.9% | 191 | 189 | 1.1% | 337 | 355 | -5.1% | |||||||||||||||||||||
| Rhode Island | 4 | 206 | 14.06 | 90.4% | 91.8% | 719 | 664 | 8.3% | 237 | 220 | 7.7% | 482 | 444 | 8.6% | |||||||||||||||||||||
| South Carolina | 8 | 443 | 11.06 | 94.5% | 92.2% | 1,249 | 1,192 | 4.8% | 427 | 419 | 1.9% | 822 | 773 | 6.3% | |||||||||||||||||||||
| Tennessee | 4 | 291 | 11.22 | 90.9% | 91.4% | 778 | 738 | 5.4% | 291 | 271 | 7.4% | 487 | 467 | 4.3% | |||||||||||||||||||||
| Texas | 94 | 6,753 | 12.82 | 92.6% | 93.0% | 21,011 | 19,646 | 6.9% | 7,174 | 6,929 | 3.5% | 13,837 | 12,717 | 8.8% | |||||||||||||||||||||
| Virginia | 18 | 1,217 | 11.42 | 89.0% | 87.1% | 3,251 | 3,209 | 1.3% | 1,025 | 1,011 | 1.4% | 2,226 | 2,198 | 1.3% | |||||||||||||||||||||
| Portfolio Total | 399 | 26,813 | $ | 12.64 | 92.0% | 91.2% | $ | 82,280 | $ | 77,252 | 6.5% | $ | 26,064 | $ | 25,407 | 2.6% | $ | 56,216 | $ | 51,845 | 8.4% | ||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| September 30, 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 | 1.50% | $ | - | $ | - | $ | - | $ | - | $ | 114,000 | $ | - | $ | 114,000 | ||||||||||||||||||||||||||||||||||||
| 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% | 34 | 142 | 151 | 160 | 170 | 1,371 | 2,028 | |||||||||||||||||||||||||||||||||||||||||||
| $ | 34 | $ | 150,142 | $ | 151 | $ | 160 | $ | 114,170 | $ | 601,371 | $ | 866,028 | ||||||||||||||||||||||||||||||||||||||||
| (1) Rate as of September 30, 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. |
| Exhibit D | |||||||||||||||||||||||||||||||||||||||||||||
| Sovran Self Storage, Inc. | |||||||||||||||||||||||||||||||||||||||||||||
| Certificate of Occupancy Performance Summary | |||||||||||||||||||||||||||||||||||||||||||||
| September 30, 2015 | |||||||||||||||||||||||||||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||||||||||||||||||||||||||
| (dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
|
|
Revenue |
Expenses |
NOI |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
for the Three Months |
for the Three Months |
for the Three Months |
||||||||||||||||||||||||||||||||||||||||
|
# of |
Net Rentable |
Occupancy at September 30, |
Ended September 30, |
Ended September 30, |
Ended September 30, |
||||||||||||||||||||||||||||||||||||||||
| Market | Acquired |
Stores |
Cost |
Square Feet |
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||||||||||||||
| Chicago, IL | May-2014 | 1 | $ | 5,500 | 52,280 | 78.4 | % | 38.5 | % | $ | 171 | $ | 48 | $ | 70 | $ | 43 | $ | 101 | $ | 5 | ||||||||||||||||||||||||
| Chattanooga, TN | Sep-2014 | 1 | 6,550 | 57,260 | 83.5 | % | 36.8 | % | 154 | 8 | 57 | 7 | 97 | 1 | |||||||||||||||||||||||||||||||
| Chicago, IL | Nov-2014 | 1 | 5,750 | 97,611 | 65.6 | % | 0.0 | % | 110 | - | 97 | - | 13 | - | |||||||||||||||||||||||||||||||
| Chicago, IL | Mar-2015 | 1 | 8,690 | 64,804 | 29.6 | % | 0.0 | % | 53 | - | 58 | - | (5 | ) | - | ||||||||||||||||||||||||||||||
| Phoenix, AZ | Jun-2015 | 1 | 7,904 | 64,470 | 38.1 | % | 0.0 | % | 83 | - | 83 | - | - | - | |||||||||||||||||||||||||||||||
| Boston, MA | Jun-2015 | 1 | 10,291 | 63,475 | 5.4 | % | 0.0 | % | 6 | - | 95 | - | (89 | ) | - | ||||||||||||||||||||||||||||||
| 6 | $ | 44,685 | 399,900 | $ | 577 | $ | 56 | $ | 460 | $ | 50 | $ | 117 | $ | 6 | ||||||||||||||||||||||||||||||
