According to an October 5 posting on business website briefing.com (an internet provider of live market analysis for U.S. Stock, Bond, and world FX market participants), Sovran Self Storage (SSS) announced updated financial guidance for FY09 resulting from its recent common stock public offering. SSS reaffirmed its FY09 FFO's of $2.69-2.74, excluding $0.34 in charges and a dilutive impact of $0.02-0.03, versus $2.68 consensus. SSS sees Q4 FFO's of $0.63-0.65, excluding $0.34 in charges and a dilutive impact of $0.02-0.03, versus $0.62 consensus.
On September 29, 2009, SSS announced that it agreed to sell 3,500,000 shares of its common stock in an underwritten public offering. Sovran’s common stock trades on the New York Stock Exchange under the symbol SSS.
Founded in Buffalo, New York in 1982, Sovran Self Storage, Inc. is a fully integrated, self-administered and self-managed real estate investment trust (REIT) that acquires and manages self storage properties throughout the United States. (A Real Estate Investment Trust - REIT - enables individual investors to invest in commercial real estate. A REIT is a corporation or business that combines the capital of many investors to acquire or provide financing for all forms of real estate, including, but not limited to: apartments, offices, self storage and shopping centers.)
SSS typically purchases existing operating facilities that meet a specific set of marketing, maintenance, and financial criteria. Sovran Self Storage owns and/or operates 350+ self storage facilities encompassing more than 20 million square feet, making it one of the five largest self-storage companies in the United States. Competitors of SSS include Extra Space Storage, (extraspace.com), and U-Stor-It (UStoreit.com)
SSS believes they have differentiated themselves from their competitors with innovative products and services like Dri-guard, their state-of-the art dehumidification system
Sovran operates its stores under the trade name Uncle Bob’s Self Storage®, and serves over 170,000 customers in 50 markets and 24 states (AL, AZ, CO, CT, FL, GA, KY, LA, MA, MD, ME, MI, MO, MS, NC, NH, NY, OH, PA, RI, SC, TN, TX and VA.)