Sovran Self Storage Q3 FFO Rises

(RTTNews) - Sovran Self Storage Inc. (SSS) Tuesday reported third-quarter funds from operations or FFO of $31.1 million or $0.98 per share compared to $25.1 million or $0.85 per share last year.

On average, 11 analysts polled by Thomson Reuters expected the company to report FFO of $0.97 per share for the quarter. Analysts' estimates typically exclude special items.

Net income for the third quarter was $19.7 million or $0.62 per share, compared to $18.8 million or $0.63 per share last year.

Total operating revenues for the quarter rose to $71.0 million from $61.8 million last year. Analysts estimated revenues of $67.69 million for the quarter.

The company now sees FFO of about $3.77 to $3.79 per share, up from its previous guidance range of $3.70 to $3.74 per share. Analysts currently estimate FFO $3.70 per share.

For the fourth quarter, the company expects FFO of $0.98 to $1.00 per share. Analysts currently estimates FFO $0.97 per share.