Sovran Self Storage FFO Rises

(RTTNews) - Sovran Self Storage Inc (SSS), a self storage real estate investment trust, Wednesday reported first-quarter funds from operations, or FFO, of $28.7 million or $0.88 per share. This compares with FFO of $25.3 million or $0.82 per share last year.

Excluding items, adjusted FFO for the quarter wa $0.98 per share compared with $0.84 per share a year ago.

Analysts polled by Thomson Reuters estimated FFO of $0.96 per share for the quarter. Analysts' estimates typically exclude special items.

Net earnings for the quarter were $16.7 million or $0.51 per share compared with $14.3 million or $0.47 per share last year.

Revenues for the quarter were $75.5 million compared with $63.9 million in the prior year.

Analysts estimated revenues of $73 million for the quarter.

For the second quarter, the company expects revenue growth of 6.5% to 7.5%, and for fiscal 2014, growth of 6% to 7%.