Sovran Self Storage Q2 Results Top Estimates; Boosts FY14 FFO Outlook

(RTTNews) - Sovran Self Storage, Inc. (SSS) reported net income for the second quarter of $20.6 million or $0.62 per share, compared to $17.9 million or $0.57 per share for the year-ago quarter.

Funds from operations for the second quarter were $1.00 per share, compared to $0.94 for the same period last year.

Excluding charges, adjusted FFO per share was $1.08 for the second quarter of 2014, compared to $0.94 for the second quarter of 2013.

Total revenues increased 19.9% to $80.44 million from $67.11 million a year ago.

Analysts polled by Thomson Reuters expected the company to report FFO of $1.04 per share on revenue of $79.65 million for the second quarter. Analysts' estimates typically exclude special items.

The company now expects expects funds from operations of $1.14 to $1.16 per share for the third quarter and $4.32 to $4.36 per share for the full year 2014. Previously, the company forecast funds from operations of $4.25 to $4.29 per share for the full year 2014.

Analysts currently expect the company to report FFO of $1.10 per share for the third quarter and $4.14 per share for the full year 2014.