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In considering future acquisitions, Rogers said the company isn’t as concerned about going cap rates as it is with a property’s future potential.
Andy Gregoire, chief financial officer at Sovran, said the company is ready if more opportunities arise. Paul Powell, executive vice president of real estate investment at Sovran, said the company also is tracking 57 facilities under development that could spark competition in markets where Uncle Bob’s operates. The company is watching out for third-party management opportunities with some of these new developments, Powell said. Asked about Uncle Bob’s branding, Powell said: “We like Uncle Bob, and we think he is the right guy to lead us to the next level. In the third quarter, Sovran saw one of its most aggressive quarters in terms of rate increases on existing customers.
Funds from operations (FFO)—a key financial indicator for REITs—were 98 cents a share in the third quarter, compared with 85 cents a share for the same period last year.
Welcome.The Storage Facilitator is the modern self-storage professional's destination for useful education, intriguing news, diverse expert perspectives, technology updates, and beyond.
Get our free white paperThe Four Pillars of Profitable Self-Storage Management is an in-depth resource that empowers facility owners and managers to get more out of your business and stay ahead. The information contained herein has been obtained from third parties and we cannot guarantee the accuracy or completeness of the information. 30, the self-storage REIT bought three facilities for $28 million: two on Long Island, NY, and one in Colorado Springs, CO. The company said it has offers on the table—totaling more than $400 million—for more than 30 self-storage facilities. Still, new development remains muted compared with self-storage development that was under way in the early part of this decade, he said. In the third quarter, the company signed leasing deals to rebrand and operate four self-storage facilities formerly known as Westy Self Storage. This white paper identifies major trends and best practices in rate management, occupancy analysis, rental contracts and profit management. It also has two facilities under contract: one in Toms River, NJ, and another in Palm Beach, FL.
Make sure we have the ability to take down those big acquisitions if they come along,” Gregoire said.
The facilities, which Sovran has an option to buy for $120 million, are in Connecticut and New York.
Buffalo, NY-based Sovran operates close to 500 facilities under the Uncle Bob’s Self Storage brand name.
The information in this advertisement is correct to the best of our knowledge and in no other way can we guarantee accuracy of it.
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