Sovran Self Storage Reports Q1 Funds From Operations
Sovran Self Storage Inc. reported that its first-quarter funds from operations available to common shareholders increased to $21.56 million from $16.98 million in the year ago quarter. Funds from operations or FFO for the quarter were $0.75 per share compared to $0.62 for the same period last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.72 per share for the quarter. Analysts’ estimates typically exclude special items.
Net income available to common shareholders for the first quarter of 2012 was $11.1 million or $0.39 per share, compared to $8.3 million, or $0.30 per share last year.
Total operating revenues for the quarter rose to $57.08 million from $49.54 million in the prior year quarter. Eight analysts had consensus revenue estimate of $54.32 million for the quarter.
The company expects funds from operations to be between $0.76 and $0.78 per share for the second quarter of 2012. Analysts expect the company to report earnings of $0.77 per share for the second-quarter.
The company now expects expects funds from operations for the full year 2012 to be approximately $3.09 to $3.13 per share, compared to prior outlook of $3.05 to $3.09 per share. Analysts expect the company to report earnings of $3.05 per share for fiscal 2012.
(via RTT News)