Uncle Bob's REIT Stores Up Strong Q1

BUFFALO—Illustrating the strength in the sector, locally based Sovran Self Storage Inc. said first-quarter funds from operations was up 16.7% over the year prior. The self-storage REIT, which operates nearly 500 facilities nationwide under the Uncle Bob’s Self-Storage brand, had an 18.9% year-over-year increase in NOI for the quarter that ended March 31.

“We had a strongfirst quarter,” says CEO David Rogers. “Our marketing and pricing strategies continue to attract customers who tend to stay with us for the long haul, and as a result we experienced fewer move-outs than we have in recent winters. This enabled us to maintain high occupancies throughout the slow leasing season, and it set us up well for the busy months to come.”