Sovran Self Storage Inc. (SSS) Wednesday reported second-quarter net income of $11.7 million or $0.40 per share, compared to $9.7 million or $0.35 per share last year.
Funds from operations for the quarter were $22.4 million or $0.77 per share compared to $18.5 million or $0.67 last year.
Excluding acquisition costs, FFO was $23.7 million or $0.82 per share for the quarter. On average, 8 analysts polled by Thomson Reuters expected FFO of $0.78 per share for the quarter. Analysts' estimates typically exclude special items.
Total operating revenues for the quarter increased to $58.7 million from $50.1 million last year. Analysts estimated revenues of $55.90 million for the quarter.
Looking forward to the third quarter, the company expects FFO in a range of $0.81 to $0.83 per share. Analysts currently estimate FFO of $0.80 per share last year.
The company now expects FFO for the full year 2012 to be about $3.15 to $3.19 per share, compared to prior estimate of $3.09 to $3.13 per share. Analysts currently estimate FFO of $3.11 per share for the quarter.
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