BUFFALO—Illustrating the strength in the sector, locally basedSovran Self Storage Inc. said first-quarter fundsfrom operations was up 16.7% over the year prior. The self-storageREIT, which operates nearly 500 facilitiesnationwide under the Uncle Bob's Self-Storagebrand, had an 18.9% year-over-year increase in NOI for the quarterthat ended March 31.
“We had a strongfirst quarter,” says CEO David Rogers. “Ourmarketing and pricing strategies continue to attract customers whotend to stay with us for the long haul, and as a result weexperienced fewer move-outs than we have in recent winters. Thisenabled us to maintain high occupancies throughout the slow leasingseason, and it set us up well for the busy months to come.”
During Q1, SSS experienced positive same-store revenue and NOIgrowth in virtually every state in which it operates. The storeswith the strongest revenue impact included in Texas, Florida, NewYork, North Carolina and Georgia.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
