Attached files
| file | filename |
|---|---|
| 8-K - SOVRAN SELF STORAGE, INC. 8-K - LIFE STORAGE, INC. | a51042498.htm |
Exhibit 99.1
Sovran Self Storage Reports Fourth Quarter Results, Adjusted FFO per Share Increases 8.7%, Issues Guidance for 2015
BUFFALO, N.Y.--(BUSINESS WIRE)--February 18, 2015--Sovran Self Storage, Inc. (NYSE:SSS), a self storage real estate investment trust (REIT), reported operating results for the quarter and year ended December 31, 2014.
Net income available to common shareholders for the fourth quarter of 2014 was $25.7 million or $0.76 per fully diluted common share. Included in the fourth quarter 2014 net income is a $3.4 million gain related to the sale of a Texas storage facility. For the same period in 2013, net income available to common shareholders was $22.2 million or $0.69 per fully diluted common share.
Funds from operations (FFO) for the quarter were $1.08 per fully diluted common share compared to $0.98 for the same period last year. In the fourth quarter of 2014, the Company incurred net acquisition costs of $1.4 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 fourth quarter of 2013, the Company incurred $1.9 million of acquisition costs and a $0.3 million straight-line rent adjustment. Absent these charges, adjusted FFO per share was $1.13 and $1.04 for the fourth quarter of 2014 and 2013, respectively.
Increased rental rates, controlled operating costs, and a number of successful property tax appeals were the primary contributors to the Company’s strong FFO growth in the quarter.
“2014 was a terrific year for our Company,” said David Rogers, the Company’s CEO. “We acquired a large number of quality stores in excellent markets. Demand has been strong, and we’ve continued to grow customer share and rental rates. We’re looking forward to a great 2015.”
OPERATIONS:
Total revenues increased 17.9% over last year’s fourth quarter while operating costs increased 14.1%, resulting in an NOI (3) increase of 19.6%. Overall occupancy averaged 88.9% for the period, and rental rates averaged $12.19 per sq. ft.
Revenues for the 384 stores wholly owned by the Company since January 1, 2013 increased 6.3% from those of the fourth quarter of 2013, the result of a 60 basis point increase in average occupancy and a 5.2% increase in rental rates.
Same store operating expenses increased 2.5% for the fourth quarter of 2014 compared to the prior year period, primarily the result of increased employee benefits expense and repair and maintenance costs, offset by less than expected increases in property taxes.
Consequently, same store net operating income increased 8.1% this period over the fourth quarter of 2013.
General and administrative expenses increased by approximately $2.2 million over the same period in 2013, primarily due to increases in personnel costs associated with operating 40 more stores during the quarter than at this time last year and increased employee benefits expense.
During the fourth quarter of 2014, the Company experienced same store revenue and NOI growth in 22 of the 25 states in which it operates. The stores with the strongest revenue impact include those in Texas, Florida, Georgia, Alabama, and Illinois. Of particular interest, revenue at the Company’s 40 same store pool of properties in the Houston, TX metro area increased by 8.5% over that of the 4th quarter of 2013.
For the full year 2014, same store revenues increased by 7.5% and same store NOI improved by 9.1%. Same store occupancy at December 31, 2014 increased by 60 basis points to 89.0% from that of 2013.
PROPERTIES:
The Company acquired five self storage facilities for a total cost of approximately $55 million in the fourth quarter. The properties total nearly 470,000 square feet and are all located in markets where the Company already has a presence: Chicago, IL; New Orleans, LA; Austin and Houston, TX; and Orlando, FL.
In November, the Company acquired a portfolio of 11 properties in Houston, TX on behalf of one of its previously formed joint ventures. The properties contain over 940,000 sq. ft. of net rentable storage space and the Company contributed approximately $20 million to the joint venture as its share of equity required to fund the purchase.
During the quarter, the Company sold one of its Houston, TX stores for net proceeds of $6.1 million resulting in a gain of $3.4 million.
For the full year 2014, the Company acquired 33 properties at a cost of $291.9 million for its own account and added 14 properties at a cost of $187.2 million to a previously formed joint venture. It sold two properties in Houston for approximately $11.0 million.
Subsequent to quarter end, the Company purchased the four properties on Long Island and in southern Connecticut that it had been leasing since late 2013 for a previously negotiated price of $120 million. It also purchased another facility in Chicago with approximately 96,000 net rentable sq. ft. for $6.8 million. Since entering the Chicago market in mid-2012, the Company has amassed a total of 14 properties including one under management for an unrelated third party.
CAPITAL TRANSACTIONS:
Illustrated below are key financial ratios at December 31, 2014:
- Debt to Enterprise Value (at $87.22/share) 21.1%
- Debt to Book Cost of Storage Facilities 36.8%
- Debt to EBITDA Ratio 4.4x
- Debt Service Coverage 5.1x
At December 31, 2014, the Company had approximately $8.5 million of cash on hand, and $250 million available on its line of credit.
In December, the Company announced a refinancing of its Line of Credit and Bank Term Notes. As part of the new arrangement, the Company’s revolving credit limit increased from $175 million to $300 million, and the maturity date was extended to December 10, 2019. The interest rate on the revolving credit facility was reduced from 1.50% over LIBOR to 1.30% over LIBOR, based on the Company’s current investment grade credit of BBB-. The facility fee was unchanged at 0.20%.
The arrangement also reduced the interest rate on the Company’s $325 million term notes from 1.65% over LIBOR to 1.40% over LIBOR based on the Company’s current investment grade credit rating. The maturity date for the $325 million of bank term notes remains June 4, 2020.
The agreement provides the Company an option to increase the facility by an additional $225 million.
The Company issued 250,000 shares of its common stock via its previously announced ATM program during the quarter at an average price of $84.69 per share, resulting in net proceeds of $20.9 million after issuance costs. The Company used the proceeds to fund the purchase of the aforementioned properties and to pay down its line of credit. In October, the Company issued 42,017 shares at an average price of $79.69 through its Dividend Reinvestment Plan.
COMMON STOCK DIVIDEND:
Subsequent to quarter end, the Company’s Board of Directors authorized a 10% increase in its quarterly dividend to $0.75 per share or $3.00 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 first quarter and full year 2015:
| Same Store | |||||||||||
| Projected Increases Over 2014 | |||||||||||
|
1Q 2015 |
Full Year 2015 | ||||||||||
| Revenue | 5.0 – 6.0% | 5.0 – 6.0% | |||||||||
| Operating Costs (excluding property taxes) | 3.0 – 4.0% | 3.0 – 4.0% | |||||||||
| Property Taxes | 2.0 – 3.0% | 5.0 – 6.0% | |||||||||
| Total Operating Expenses | 2.5 – 3.5% | 3.5 – 4.5% | |||||||||
| Net Operating Income | 6.5 – 7.5% | 6.0 – 7.0% | |||||||||
The Houston market comprises approximately 11.0% of the 2015 forecasted NOI of the Company’s 432 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 $25-30 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 $100 million of accretive acquisitions in 2015 in addition to the aforementioned $120 million purchase of the four properties it had been leasing. Per share FFO guidance is projected after adding back third party acquisition costs. Purchases of these 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 are expected to be approximately $45 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 internet marketing presence, Corporate Alliance, and third party management programs.
At December 31, 2014, the Company had 34.1 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 2015 to be approximately $4.76 to $4.82 per share, and between $1.06 and $1.08 per share for the first 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 Fourth Quarter Earnings Release Conference Call at 9:00 a.m. Eastern Time on Thursday, February 19, 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 a period of 90 days; a telephone replay will also be available for 72 hours by calling 877.660.6853 and entering conference ID 13599559.
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) | |||||||||||||
| December 31, | December 31, | ||||||||||||
| (dollars in thousands) | 2014 | 2013 | |||||||||||
| Assets | |||||||||||||
| Investment in storage facilities: | |||||||||||||
| Land | $ | 397,642 | $ | 312,053 | |||||||||
| Building, equipment and construction in progress | 1,780,341 | 1,552,584 | |||||||||||
| 2,177,983 | 1,864,637 | ||||||||||||
| Less: accumulated depreciation | (411,701 | ) | (366,472 | ) | |||||||||
| Investment in storage facilities, net | 1,766,282 | 1,498,165 | |||||||||||
| Cash and cash equivalents | 8,543 | 9,524 | |||||||||||
| Accounts receivable | 5,758 | 5,119 | |||||||||||
| Receivable from joint venture | 583 | 883 | |||||||||||
| Investment in joint venture | 57,803 | 30,391 | |||||||||||
| Prepaid expenses | 6,533 | 5,978 | |||||||||||
| Intangible asset - in-place customer leases (net of accumulated | |||||||||||||
| amortization of $17,662 in 2014 and $13,551 in 2013) | 2,204 | 1,092 | |||||||||||
| Fair value of interest rate swap agreements | - | 794 | |||||||||||
| Other assets | 7,094 | 9,929 | |||||||||||
| Total Assets | $ | 1,854,800 | $ | 1,561,875 | |||||||||
| Liabilities | |||||||||||||
| Line of credit | $ | 49,000 | $ | 49,000 | |||||||||
| Term notes | 750,000 | 575,000 | |||||||||||
| Accounts payable and accrued liabilities | 43,551 | 37,741 | |||||||||||
| Deferred revenue | 7,290 | 6,708 | |||||||||||
| Fair value of interest rate swap agreements | 13,341 | 7,523 | |||||||||||
| Mortgages payable | 2,127 | 2,254 | |||||||||||
| Total Liabilities | 865,309 | 678,226 | |||||||||||
| Noncontrolling redeemable Operating Partnership Units at redemption value | 13,622 | 12,940 | |||||||||||
| Equity | |||||||||||||
| Common stock | 353 | 337 | |||||||||||
| Additional paid-in capital | 1,183,388 | 1,066,399 | |||||||||||
| Accumulated deficit | (167,692 | ) | (162,450 | ) | |||||||||
| Accumulated other comprehensive loss | (13,005 | ) | (6,402 | ) | |||||||||
| Treasury stock at cost | (27,175 | ) | (27,175 | ) | |||||||||
| Total Shareholders' Equity | 975,869 | 870,709 | |||||||||||
| Total Liabilities and Equity | $ | 1,854,800 | $ | 1,561,875 | |||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||
| (unaudited) | |||||||||
| October 1, 2014 | October 1, 2013 | ||||||||
| to | to | ||||||||
| (dollars in thousands, except share data) | December 31, 2014 | December 31, 2013 | |||||||
| Revenues | |||||||||
| Rental income | $ | 78,605 | $ | 66,387 | |||||
| Other operating income | 4,811 | 4,604 | |||||||
| Management fee income | 1,272 | 1,074 | |||||||
| Acquisition fee income | 241 | - | |||||||
| Total operating revenues | 84,929 | 72,065 | |||||||
| Expenses | |||||||||
| Property operations and maintenance | 18,331 | 16,028 | |||||||
| Real estate taxes | 7,664 | 6,761 | |||||||
| General and administrative | 10,393 | 8,194 | |||||||
| Acquisition related costs | 1,432 | 1,866 | |||||||
| Operating leases of storage facilities | 1,997 | 1,331 | |||||||
| Depreciation and amortization | 12,580 | 10,740 | |||||||
| Amortization of in-place customer leases | 1,389 | 641 | |||||||
| Total operating expenses | 53,786 | 45,561 | |||||||
| Income from operations | 31,143 | 26,504 | |||||||
| Other income (expense) | |||||||||
| Interest expense (A) | (9,247 | ) | (7,173 | ) | |||||
| Interest income | 9 | 37 | |||||||
| Gain on sale of storage facility | 3,399 | - | |||||||
| Equity in income of joint ventures | 533 | 531 | |||||||
| Income from continuing operations | 25,837 | 19,899 | |||||||
| Income from discontinued operations | - | 2,472 | |||||||
| Net income | 25,837 | 22,371 | |||||||
| Net income attributable to noncontrolling interests | (144 | ) | (138 | ) | |||||
| Net income attributable to common shareholders | $ | 25,693 | $ | 22,233 | |||||
| Earnings per common share attributable to common shareholders - basic | |||||||||
| Continuing operations | $ | 0.76 | $ | 0.62 | |||||
| Discontinued operations | $ | - | $ | 0.08 | |||||
| Earnings per share - basic | $ | 0.76 | $ | 0.70 | |||||
| Earnings per common share attributable to common shareholders - diluted | |||||||||
| Continuing operations | $ | 0.76 | $ | 0.61 | |||||
| Discontinued operations | $ | - | $ | 0.08 | |||||
| Earnings per share - diluted | $ | 0.76 | $ | 0.69 | |||||
| Common shares used in basic | |||||||||
| earnings per share calculation | 33,656,369 | 31,954,775 | |||||||
| Common shares used in diluted | |||||||||
| earnings per share calculation | 33,845,905 | 32,107,986 | |||||||
| Dividends declared per common share | $ | 0.68 | $ | 0.53 | |||||
| (A) Interest expense for the three months ending December 31 consists of the following | |||||||||
| Interest expense | $ | 9,007 | $ | 6,978 | |||||
| Amortization of deferred financing fees | 240 | 195 | |||||||
| Total interest expense | $ | 9,247 | $ | 7,173 | |||||
| January 1, 2014 | January 1, 2013 | |||||||||||||
| to | to | |||||||||||||
| (dollars in thousands, except share data) | December 31, 2014 | December 31, 2013 | ||||||||||||
| Revenues | ||||||||||||||
| Rental income | $ | 302,044 | $ | 253,384 | ||||||||||
| Other operating income | 18,934 | 15,906 | ||||||||||||
| Management fee income | 4,722 | 4,217 | ||||||||||||
| Acquisition fee income | 380 | - | ||||||||||||
| Total operating revenues | 326,080 | 273,507 | ||||||||||||
| Expenses | ||||||||||||||
| Property operations and maintenance | 69,763 | 61,316 | ||||||||||||
| Real estate taxes | 32,097 | 26,496 | ||||||||||||
| General and administrative | 40,792 | 34,939 | ||||||||||||
| Acquisition related costs | 7,359 | 3,129 | ||||||||||||
| Operating leases of storage facilities | 7,987 | 1,331 | ||||||||||||
| Depreciation and amortization | 47,637 | 41,910 | ||||||||||||
| Amortization of in-place customer leases | 4,112 | 3,323 | ||||||||||||
| Total operating expenses | 209,747 | 172,444 | ||||||||||||
| Income from operations | 116,333 | 101,063 | ||||||||||||
| Other income (expense) | ||||||||||||||
| Interest expense (A) | (34,578 | ) | (32,000 | ) | ||||||||||
| Interest income | 40 | 40 | ||||||||||||
| Gain on sale of storage facilities | 5,176 | - | ||||||||||||
| Gain on sale of real estate | - | 421 | ||||||||||||
| Equity in income of joint ventures | 2,086 | 1,948 | ||||||||||||
| Income from continuing operations | 89,057 | 71,472 | ||||||||||||
| Income from discontinued operations | - | 3,123 | ||||||||||||
| Net income | 89,057 | 74,595 | ||||||||||||
| Net income attributable to noncontrolling interests | (526 | ) | (469 | ) | ||||||||||
| Net income attributable to common shareholders | $ | 88,531 | $ | 74,126 | ||||||||||
| Earnings per common share attributable to common shareholders - basic | ||||||||||||||
| Continuing operations | $ | 2.68 | $ | 2.27 | ||||||||||
| Discontinued operations | $ | - | $ | 0.10 | ||||||||||
| Earnings per share - basic | $ | 2.68 | $ | 2.37 | ||||||||||
| Earnings per common share attributable to common shareholders - diluted | ||||||||||||||
| Continuing operations | $ | 2.67 | $ | 2.26 | ||||||||||
| Discontinued operations | $ | - | $ | 0.10 | ||||||||||
| Earnings per share - diluted | $ | 2.67 | $ | 2.36 | ||||||||||
| Common shares used in basic | ||||||||||||||
| earnings per share calculation | 33,018,716 | 31,297,126 | ||||||||||||
| Common shares used in diluted | ||||||||||||||
| earnings per share calculation | 33,190,673 | 31,453,283 | ||||||||||||
| Dividends declared per common share | $ | 2.72 | $ | 2.02 | ||||||||||
| (A) Interest expense for the year ending December 31 consists of the following | ||||||||||||||
| Interest expense | $ | 33,719 | $ | 31,166 | ||||||||||
| Amortization of deferred financing fees | 859 | 834 | ||||||||||||
| Total interest expense | $ | 34,578 | $ | 32,000 | ||||||||||
| COMPUTATION OF FUNDS FROM OPERATIONS (FFO) (1) - (unaudited) | |||||||||||
| October 1, 2014 | October 1, 2013 | ||||||||||
| to | to | ||||||||||
| (dollars in thousands, except share data) | December 31, 2014 | December 31, 2013 | |||||||||
| Net income attributable to common shareholders | $ | 25,693 | $ | 22,233 | |||||||
| Net income attributable to noncontrolling interests | 144 | 138 | |||||||||
| Depreciation of real estate and amortization of intangible | |||||||||||
| assets exclusive of deferred financing fees | 13,730 | 11,158 | |||||||||
| Depreciation of real estate included in discontinued operations | - | 47 | |||||||||
| Depreciation and amortization from unconsolidated joint ventures | 500 | 377 | |||||||||
| Gain on sale of real estate | (3,399 | ) | (2,431 | ) | |||||||
| Funds from operations allocable to noncontrolling | |||||||||||
| interest in Operating Partnership | (205 | ) | (194 | ) | |||||||
| Funds from operations available to common shareholders | 36,463 | 31,328 | |||||||||
| FFO per share - diluted | $ | 1.08 | $ | 0.98 | |||||||
| Adjustments to FFO | |||||||||||
| Acquisition costs expensed | 1,432 | 1,866 | |||||||||
| Company's share of acquisition costs expensed by Sovran HHF Storage Holdings | 182 | - | |||||||||
| Acquisition fee income from Sovran HHF Storage Holdings | (240 | ) | - | ||||||||
| Operating leases straight line rent adjustment | 497 | 331 | |||||||||
| Funds from operations resulting from non-recurring items allocable to noncontrolling | |||||||||||
| interest in Operating Partnership | (10 | ) | (14 | ) | |||||||
| Adjusted funds from operations available to common shareholders | 38,324 | 33,511 | |||||||||
| Adjusted FFO per share - diluted | $ | 1.13 | $ | 1.04 | |||||||
| Common shares - diluted | 33,845,905 | 32,107,986 | |||||||||
| January 1, 2014 | January 1, 2013 | ||||||||||
| to | to | ||||||||||
| (dollars in thousands, except share data) | December 31, 2014 | December 31, 2013 | |||||||||
| Net income attributable to common shareholders | $ | 88,531 | $ | 74,126 | |||||||
| Net income attributable to noncontrolling interests | 526 | 469 | |||||||||
| Depreciation of real estate and amortization of intangible | |||||||||||
| assets exclusive of deferred financing fees | 50,827 | 44,369 | |||||||||
| Depreciation of real estate included in discontinued operations | - | 313 | |||||||||
| Depreciation and amortization from unconsolidated joint ventures | 1,666 | 1,496 | |||||||||
| Gain on sale of real estate | (5,176 | ) | (2,852 | ) | |||||||
| Funds from operations allocable to noncontrolling | |||||||||||
| interest in Operating Partnership | (806 | ) | (742 | ) | |||||||
| Funds from operations available to common shareholders | 135,568 | 117,179 | |||||||||
| FFO per share - diluted | $ | 4.09 | $ | 3.72 | |||||||
| Adjustments to FFO | |||||||||||
| Acquisition costs expensed | 7,359 | 3,129 | |||||||||
| Company's share of acquisition costs expensed by Sovran HHF Storage Holdings | 367 | 331 | |||||||||
| Acquisition fee income from Sovran HHF Storage Holdings | (376 | ) | - | ||||||||
| Operating leases straight line rent adjustment | 1,987 | - | |||||||||
| Funds from operations resulting from non-recurring items allocable to noncontrolling | |||||||||||
| interest in Operating Partnership | (56 | ) | (22 | ) | |||||||
| Adjusted funds from operations available to common shareholders | 144,849 | 120,617 | |||||||||
| Adjusted FFO per share - diluted | $ | 4.37 | $ | 3.83 | |||||||
| Common shares - diluted | 33,190,673 | 31,453,283 | |||||||||
| (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) * 384 stores owned since 12/31/12 (unaudited) | October 1, 2014 | October 1, 2013 | ||||||||||||||
| to | to |
Percentage |
||||||||||||||
| (dollars in thousands) | December 31, 2014 | December 31, 2013 |
Change |
Change |
||||||||||||
| Revenues: | ||||||||||||||||
| Rental income | $ | 67,210 | $ | 63,045 | $ | 4,165 | 6.6 | % | ||||||||
| Tenant insurance commissions | 2,383 | 1,996 | 387 | 19.4 | % | |||||||||||
| Other operating income | 1,129 | 1,482 | (353 | ) | -23.8 | % | ||||||||||
| Total operating revenues | 70,722 | 66,523 | 4,199 | 6.3 | % | |||||||||||
| Expenses: | ||||||||||||||||
| Payroll and benefits | 6,396 | 6,078 | 318 | 5.2 | % | |||||||||||
| Real estate taxes | 6,296 | 6,260 | 36 | 0.6 | % | |||||||||||
| Utilities | 2,411 | 2,378 | 33 | 1.4 | % | |||||||||||
| Repairs and maintenance | 3,045 | 2,764 | 281 | 10.2 | % | |||||||||||
| Office and other operating expense | 2,475 | 2,442 | 33 | 1.4 | % | |||||||||||
| Insurance | 976 | 1,098 | (122 | ) | -11.1 | % | ||||||||||
| Advertising & yellow pages | 330 | 371 | (41 | ) | -11.1 | % | ||||||||||
| Total operating expenses | 21,929 | 21,391 | 538 | 2.5 | % | |||||||||||
| Net operating income (3) | $ | 48,793 | $ | 45,132 | $ | 3,661 | 8.1 | % | ||||||||
| QTD Same store move ins | 34,377 | 37,155 | (2,778 | ) | ||||||||||||
| QTD Same store move outs | 37,813 | 38,156 | (343 | ) | ||||||||||||
| OTHER COMPARABLE QUARTERLY SAME STORE DATA * (unaudited) | October 1, 2014 | October 1, 2013 | ||||||||||||||
| to | to | Percentage | ||||||||||||||
| December 31, 2014 | December 31, 2013 | Change | Change | |||||||||||||
| Stores owned since 12/31/11 (356 stores) (2) | ||||||||||||||||
| Revenues | $ | 64,245 | $ | 60,787 | $ | 3,458 | 5.7 | % | ||||||||
| Expenses | 20,136 | 19,734 | 402 | 2.0 | % | |||||||||||
| Net operating income (3) | $ | 44,109 | $ | 41,053 | $ | 3,056 | 7.4 | % | ||||||||
| Stores owned since 12/31/10 (328 stores) (2) | ||||||||||||||||
| Revenues | $ | 58,431 | $ | 55,263 | $ | 3,168 | 5.7 | % | ||||||||
| Expenses | 18,066 | 17,544 | 522 | 3.0 | % | |||||||||||
| Net operating income (3) | $ | 40,365 | $ | 37,719 | $ | 2,646 | 7.0 | % | ||||||||
| (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) ** 384 stores owned since 12/31/12 (unaudited) | January 1, 2014 | January 1, 2013 | ||||||||||||
| to | to | Percentage | ||||||||||||
| (dollars in thousands) | December 31, 2014 | December 31, 2013 |
Change |
Change |
||||||||||
| Revenues: | ||||||||||||||
| Rental income | $ | 265,788 | $ | 247,678 | $ | 18,110 | 7.3 | % | ||||||
| Tenant insurance commissions | 9,415 | 7,487 | 1,928 | 25.8 | % | |||||||||
| Other operating income | 5,011 | 5,436 | (425 | ) | -7.8 | % | ||||||||
| Total operating revenues | 280,214 | 260,601 | 19,613 | 7.5 | % | |||||||||
| Expenses: | ||||||||||||||
| Payroll and benefits | 25,178 | 24,505 | 673 | 2.7 | % | |||||||||
| Real estate taxes | 27,289 | 25,671 | 1,618 | 6.3 | % | |||||||||
| Utilities | 10,608 | 10,155 | 453 | 4.5 | % | |||||||||
| Repairs and maintenance | 10,540 | 9,448 | 1,092 | 11.6 | % | |||||||||
| Office and other operating expense | 9,783 | 9,555 | 228 | 2.4 | % | |||||||||
| Insurance | 3,987 | 4,303 | (316 | ) | -7.3 | % | ||||||||
| Advertising & yellow pages | 1,391 | 1,528 | (137 | ) | -9.0 | % | ||||||||
| Total operating expenses | 88,776 | 85,165 | 3,611 | 4.2 | % | |||||||||
| Net operating income (3) | $ | 191,438 | $ | 175,436 | $ | 16,002 | 9.1 | % | ||||||
| YTD Same store move ins | 159,274 | 166,116 | (6,842 | ) | ||||||||||
| YTD Same store move outs | 155,914 | 158,305 | (2,391 | ) | ||||||||||
| ** See exhibit B for supplemental year to date same store data. | ||||||||||||||
| OTHER DATA | Same Store (2) | All Stores (4) | |||||||||||||||
|
2014 |
2013 |
2014 |
2013 |
||||||||||||||
| Weighted average quarterly occupancy |
89.4% |
|
88.8% |
|
88.9% |
|
88.7% |
|
|||||||||
| Occupancy at December 31 |
89.0% |
|
88.4% |
|
88.4% |
|
88.4% |
|
|||||||||
| Rent per occupied square foot | $11.72 | $11.14 | $12.19 | $11.37 | |||||||||||||
| (4) 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 year ended December 31, 2014: | |||||||||||||||||
| Beginning balance | $ | 1,864,637 | |||||||||||||||
| Property acquisitions | 286,691 | ||||||||||||||||
| Improvements and equipment additions: | |||||||||||||||||
| Expansions | 19,731 | ||||||||||||||||
| Roofing, paving, and equipment: | |||||||||||||||||
| Stabilized stores | 17,571 | ||||||||||||||||
| Recently acquired stores | 2,835 | ||||||||||||||||
| Change in construction in progress (Total CIP $4.8 million) | (5,040 | ) | |||||||||||||||
| Dispositions and Impairments | (8,442 | ) | |||||||||||||||
| Storage facilities at cost at period end | $ | 2,177,983 | |||||||||||||||
|
Comparison of Selected G&A Costs (unaudited) |
Quarter Ended | Year-to-Date | |||||||||||||||
| December 31, 2014 | December 31, 2013 | December 31, 2014 | December 31, 2013 | ||||||||||||||
| Management and administrative salaries and benefits | 5,995 | 4,336 | 22,337 | 18,699 | |||||||||||||
| Internet advertising & marketing | 1,280 | 1,155 | 5,570 | 4,803 | |||||||||||||
| Training | 287 | 407 | 1,046 | 1,310 | |||||||||||||
| Call center | 444 | 409 | 1,651 | 1,573 | |||||||||||||
| Uncle Bob's Management costs | 51 | 105 | 448 | 508 | |||||||||||||
| Income taxes | (27 | ) | (58 | ) | 927 | 936 | |||||||||||
| Other administrative expenses (5) | 2,363 | 1,840 | 8,813 | 7,110 | |||||||||||||
| $ | 10,393 | $ | 8,194 | $ | 40,792 | $ | 34,939 | ||||||||||
| (5) Other administrative expenses include professional fees, office rent, travel expense, investor relations and miscellaneous other expenses. | |||||||||||||||||
| December 31, 2014 | December 31, 2013 | ||||||||||||||||
| Common shares outstanding | 34,105,955 | 32,532,991 | |||||||||||||||
| Operating Partnership Units outstanding | 155,484 | 198,913 | |||||||||||||||
| Exhibit A | |||||||||||||||||||||||||||||||||||||||
| Sovran Self Storage, Inc. | |||||||||||||||||||||||||||||||||||||||
| Same Store Performance Summary | |||||||||||||||||||||||||||||||||||||||
| Three Months Ended December 31, 2014 | |||||||||||||||||||||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||
| Avg Qtrly |
Avg Quarterly Occupancy |
Revenue |
Expenses for the |
NOI |
|||||||||||||||||||||||||||||||||||
| Rent per |
for the Three Months Ended |
for the Three Months |
Three Months |
for the Three Months |
|||||||||||||||||||||||||||||||||||
| Square | Occupied | December 31, |
Ended December 31, |
Ended December 31, |
Ended December 31, |
||||||||||||||||||||||||||||||||||
| State | Stores |
Feet |
Square Foot |
2014 | 2013 | 2014 | 2013 | % Change | 2014 | 2013 | % Change | 2014 | 2013 | % Change | |||||||||||||||||||||||||
| Alabama | 22 | 1,617 | $ | 8.71 | 86.0 | % | 86.6 | % | $ | 3,249 | $ | 3,019 | 7.6 | % | $ | 952 | $ | 898 | 6.0 | % | $ | 2,297 | $ | 2,121 | 8.3 | % | |||||||||||||
| Arizona | 10 | 669 | 9.94 | 87.2 | % | 80.5 | % | 1,554 | 1,470 | 5.7 | % | 418 | 374 | 11.8 | % | 1,136 | 1,096 | 3.6 | % | ||||||||||||||||||||
| Connecticut | 5 | 328 | 18.37 | 88.4 | % | 91.7 | % | 1,370 | 1,268 | 8.0 | % | 406 | 396 | 2.5 | % | 964 | 872 | 10.6 | % | ||||||||||||||||||||
| Florida | 60 | 3,971 | 11.61 | 89.4 | % | 88.6 | % | 10,915 | 10,181 | 7.2 | % | 3,197 | 3,169 | 0.9 | % | 7,718 | 7,012 | 10.1 | % | ||||||||||||||||||||
| Georgia | 28 | 1,949 | 10.60 | 90.8 | % | 86.4 | % | 4,995 | 4,524 | 10.4 | % | 1,302 | 1,303 | -0.1 | % | 3,693 | 3,221 | 14.7 | % | ||||||||||||||||||||
| Illinois | 9 | 686 | 13.59 | 87.0 | % | 83.5 | % | 2,127 | 1,933 | 10.0 | % | 743 | 621 | 19.6 | % | 1,384 | 1,312 | 5.5 | % | ||||||||||||||||||||
| Louisiana | 14 | 813 | 11.43 | 88.9 | % | 90.4 | % | 2,187 | 2,117 | 3.3 | % | 600 | 541 | 10.9 | % | 1,587 | 1,576 | 0.7 | % | ||||||||||||||||||||
| Maine | 2 | 114 | 14.04 | 86.1 | % | 88.9 | % | 359 | 337 | 6.5 | % | 113 | 114 | -0.9 | % | 246 | 223 | 10.3 | % | ||||||||||||||||||||
| Maryland | 3 | 139 | 16.67 | 91.5 | % | 88.6 | % | 547 | 516 | 6.0 | % | 180 | 159 | 13.2 | % | 367 | 357 | 2.8 | % | ||||||||||||||||||||
| Massachusetts | 12 | 655 | 14.58 | 88.6 | % | 90.2 | % | 2,229 | 2,196 | 1.5 | % | 688 | 717 | -4.0 | % | 1,541 | 1,479 | 4.2 | % | ||||||||||||||||||||
| Mississippi | 12 | 916 | 9.81 | 89.9 | % | 89.6 | % | 2,128 | 2,039 | 4.4 | % | 614 | 572 | 7.3 | % | 1,514 | 1,467 | 3.2 | % | ||||||||||||||||||||
| Missouri | 8 | 515 | 12.30 | 87.1 | % | 86.0 | % | 1,441 | 1,350 | 6.7 | % | 446 | 410 | 8.8 | % | 995 | 940 | 5.9 | % | ||||||||||||||||||||
| New Hampshire | 4 | 260 | 12.18 | 90.9 | % | 91.1 | % | 751 | 706 | 6.4 | % | 239 | 213 | 12.2 | % | 512 | 493 | 3.9 | % | ||||||||||||||||||||
| New Jersey | 2 | 120 | 18.35 | 91.3 | % | 88.7 | % | 526 | 476 | 10.5 | % | 220 | 204 | 7.8 | % | 306 | 272 | 12.5 | % | ||||||||||||||||||||
| New York | 28 | 1,717 | 14.62 | 88.6 | % | 91.3 | % | 5,822 | 5,530 | 5.3 | % | 1,787 | 1,726 | 3.5 | % | 4,035 | 3,804 | 6.1 | % | ||||||||||||||||||||
| North Carolina | 19 | 1,154 | 10.50 | 92.0 | % | 91.7 | % | 2,935 | 2,758 | 6.4 | % | 817 | 762 | 7.2 | % | 2,118 | 1,996 | 6.1 | % | ||||||||||||||||||||
| Ohio | 16 | 1,087 | 10.19 | 90.1 | % | 88.6 | % | 2,624 | 2,494 | 5.2 | % | 925 | 777 | 19.0 | % | 1,699 | 1,717 | -1.0 | % | ||||||||||||||||||||
| Pennsylvania | 4 | 220 | 10.30 | 88.0 | % | 90.5 | % | 518 | 511 | 1.4 | % | 153 | 168 | -8.9 | % | 365 | 343 | 6.4 | % | ||||||||||||||||||||
| Rhode Island | 4 | 206 | 12.88 | 89.9 | % | 89.1 | % | 653 | 620 | 5.3 | % | 227 | 221 | 2.7 | % | 426 | 399 | 6.8 | % | ||||||||||||||||||||
| South Carolina | 8 | 448 | 10.76 | 89.5 | % | 88.8 | % | 1,145 | 1,098 | 4.3 | % | 433 | 349 | 24.1 | % | 712 | 749 | -4.9 | % | ||||||||||||||||||||
| Tennessee | 4 | 291 | 10.73 | 89.0 | % | 88.8 | % | 723 | 688 | 5.1 | % | 235 | 245 | -4.1 | % | 488 | 443 | 10.2 | % | ||||||||||||||||||||
| Texas | 92 | 6,568 | 12.12 | 91.0 | % | 90.5 | % | 18,882 | 17,668 | 6.9 | % | 6,283 | 6,546 | -4.0 | % | 12,599 | 11,122 | 13.3 | % | ||||||||||||||||||||
| Virginia | 18 | 1,226 | 11.10 | 85.2 | % | 85.1 | % | 3,042 | 3,024 | 0.6 | % | 951 | 906 | 5.0 | % | 2,091 | 2,118 | -1.3 | % | ||||||||||||||||||||
| Portfolio Total | 384 | 25,669 | $ | 11.72 | 89.4 | % | 88.8 | % | $ | 70,722 | $ | 66,523 | 6.3 | % | $ | 21,929 | $ | 21,391 | 2.5 | % | $ | 48,793 | $ | 45,132 | 8.1 | % | |||||||||||||
| Properties owned since 12/31/12 (detail shown above) | 384 | 25,669 | 11.72 | 89.4 | % | 88.8 | % | 70,722 | 66,523 | 6.3 | % | 21,929 | 21,391 | 2.5 | % | 48,793 | 45,132 | 8.1 | % | ||||||||||||||||||||
| Properties owned since 12/31/11 | 356 | 23,485 | 11.62 | 89.5 | % | 89.5 | % | 64,245 | 60,787 | 5.7 | % | 20,136 | 19,734 | 2.0 | % | 44,109 | 41,053 | 7.4 | % | ||||||||||||||||||||
| Properties owned since 12/31/10 | 328 | 21,664 | 11.43 | 89.6 | % | 89.3 | % | 58,431 | 55,263 | 5.7 | % | 18,066 | 17,544 | 3.0 | % | 40,365 | 37,719 | 7.0 | % | ||||||||||||||||||||
| Dollars in thousands except for average quarterly rent per occupied square foot. Square feet in thousands. | |||||||||||||||||||||||||||||||||||||||
| Exhibit B | |||||||||||||||||||||||||||||||
| Sovran Self Storage, Inc. | |||||||||||||||||||||||||||||||
| Same Store Performance Summary | |||||||||||||||||||||||||||||||
| Twelve Months Ended December 31, 2014 | |||||||||||||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||||||||||||
|
Revenue |
Expenses |
NOI |
|||||||||||||||||||||||||||||
|
for the Twelve Months |
for the Twelve Months |
for the Twelve Months |
|||||||||||||||||||||||||||||
| Square | Ended December 31, | Ended December 31, |
Ended December 31, |
||||||||||||||||||||||||||||
| State | Stores |
Feet |
2014 | 2013 | % Change | 2014 | 2013 | % Change | 2014 | 2013 | % Change | ||||||||||||||||||||
| Alabama | 22 | 1,617 | $ | 12,990 | $ | 12,193 | 6.5 | % | $ | 3,816 | $ | 3,697 | 3.2 | % | $ | 9,174 | $ | 8,496 | 8.0 | % | |||||||||||
| Arizona | 10 | 669 | 6,110 | 5,677 | 7.6 | % | 1,975 | 1,847 | 6.9 | % | 4,135 | 3,830 | 8.0 | % | |||||||||||||||||
| Connecticut | 5 | 328 | 5,335 | 5,016 | 6.4 | % | 1,629 | 1,544 | 5.5 | % | 3,706 | 3,472 | 6.7 | % | |||||||||||||||||
| Florida | 60 | 3,971 | 42,699 | 39,469 | 8.2 | % | 13,160 | 12,748 | 3.2 | % | 29,539 | 26,721 | 10.5 | % | |||||||||||||||||
| Georgia | 28 | 1,949 | 19,684 | 17,344 | 13.5 | % | 5,757 | 5,582 | 3.1 | % | 13,927 | 11,762 | 18.4 | % | |||||||||||||||||
| Illinois | 9 | 686 | 8,372 | 7,440 | 12.5 | % | 3,294 | 3,193 | 3.2 | % | 5,078 | 4,247 | 19.6 | % | |||||||||||||||||
| Louisiana | 14 | 813 | 8,775 | 8,351 | 5.1 | % | 2,314 | 2,238 | 3.4 | % | 6,461 | 6,113 | 5.7 | % | |||||||||||||||||
| Maine | 2 | 114 | 1,462 | 1,365 | 7.1 | % | 415 | 416 | -0.2 | % | 1,047 | 949 | 10.3 | % | |||||||||||||||||
| Maryland | 3 | 139 | 2,128 | 2,069 | 2.9 | % | 710 | 676 | 5.0 | % | 1,418 | 1,393 | 1.8 | % | |||||||||||||||||
| Massachusetts | 12 | 655 | 9,026 | 8,686 | 3.9 | % | 2,876 | 2,797 | 2.8 | % | 6,150 | 5,889 | 4.4 | % | |||||||||||||||||
| Mississippi | 12 | 916 | 8,399 | 8,053 | 4.3 | % | 2,397 | 2,326 | 3.1 | % | 6,002 | 5,727 | 4.8 | % | |||||||||||||||||
| Missouri | 8 | 515 | 5,762 | 5,375 | 7.2 | % | 1,863 | 1,820 | 2.4 | % | 3,899 | 3,555 | 9.7 | % | |||||||||||||||||
| New Hampshire | 4 | 260 | 2,958 | 2,757 | 7.3 | % | 908 | 845 | 7.5 | % | 2,050 | 1,912 | 7.2 | % | |||||||||||||||||
| New Jersey | 2 | 120 | 2,090 | 1,836 | 13.8 | % | 826 | 808 | 2.2 | % | 1,264 | 1,028 | 23.0 | % | |||||||||||||||||
| New York | 28 | 1,717 | 23,229 | 21,883 | 6.2 | % | 7,321 | 6,965 | 5.1 | % | 15,908 | 14,918 | 6.6 | % | |||||||||||||||||
| North Carolina | 19 | 1,154 | 11,604 | 10,714 | 8.3 | % | 3,156 | 3,084 | 2.3 | % | 8,448 | 7,630 | 10.7 | % | |||||||||||||||||
| Ohio | 16 | 1,087 | 10,407 | 9,798 | 6.2 | % | 3,284 | 2,996 | 9.6 | % | 7,123 | 6,802 | 4.7 | % | |||||||||||||||||
| Pennsylvania | 4 | 220 | 2,121 | 2,025 | 4.7 | % | 685 | 661 | 3.6 | % | 1,436 | 1,364 | 5.3 | % | |||||||||||||||||
| Rhode Island | 4 | 206 | 2,579 | 2,446 | 5.4 | % | 955 | 890 | 7.3 | % | 1,624 | 1,556 | 4.4 | % | |||||||||||||||||
| South Carolina | 8 | 448 | 4,603 | 4,249 | 8.3 | % | 1,588 | 1,492 | 6.4 | % | 3,015 | 2,757 | 9.4 | % | |||||||||||||||||
| Tennessee | 4 | 291 | 2,860 | 2,737 | 4.5 | % | 978 | 968 | 1.0 | % | 1,882 | 1,769 | 6.4 | % | |||||||||||||||||
| Texas | 92 | 6,568 | 74,557 | 69,087 | 7.9 | % | 25,092 | 23,859 | 5.2 | % | 49,465 | 45,228 | 9.4 | % | |||||||||||||||||
| Virginia | 18 | 1,226 | 12,464 | 12,031 | 3.6 | % | 3,777 | 3,713 | 1.7 | % | 8,687 | 8,318 | 4.4 | % | |||||||||||||||||
| Portfolio Total | 384 | 25,669 | $ | 280,214 | $ | 260,601 | 7.5 | % | $ | 88,776 | $ | 85,165 | 4.2 | % | $ | 191,438 | $ | 175,436 | 9.1 | % | |||||||||||
| Dollars in thousands. Square feet in thousands. | |||||||||||||||||||||||||||||||
|
Exhibit C |
||||||||||||||||||||||||||||
| Sovran Self Storage, Inc. | ||||||||||||||||||||||||||||
| Debt Maturity Schedule | ||||||||||||||||||||||||||||
| December 31, 2014 | ||||||||||||||||||||||||||||
| (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 | 1.46 | % | $ | - | $ | - | $ | - | $ | - | $ | 49,000 | $ | - | $ | 49,000 | ||||||||||
| 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 | % | 134 | 142 | 151 | 160 | 170 | 1,370 | 2,127 | |||||||||||||||||
| $ | 134 | $ | 150,142 | $ | 151 | $ | 160 | $ | 49,170 | $ | 601,370 | $ | 801,127 | |||||||||||||||
| (1) Rate as of December 31, 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 2015. |
CONTACT:
Sovran Self Storage, Inc.
Diane Piegza, Vice President
Investor
Relations and Community Affairs
716-650-6115