Sovran Self Storage Inc. Reports Operating Results (10-K)
Sovran Self Storage Inc. has a market cap of $1.03 billion; its shares were traded at around $37.21 with a P/E ratio of 17.6 and P/S ratio of 5.3. The dividend yield of Sovran Self Storage Inc. stocks is 4.8%.Hedge Fund Gurus that owns SSS: Manning & Napier Advisors, Inc, Jim Simons of Renaissance Technologies LLC. Mutual Fund and Other Gurus that owns SSS: Kenneth Fisher of Fisher Asset Management, LLC, John Keeley of Keeley Fund Management.
Highlight of Business Operations: As of June 30, 2010, 27,591,109 shares of Common Stock, $.01 par value per share, were outstanding, and the aggregate market value of the Common Stock held by non-affiliates was approximately $927,634,682 (based on the closing price of the Common Stock on the New York Stock Exchange on June 30, 2010).
During 2010 we sold ten non-strategic storage facilities located in Georgia, Michigan, North Carolina and Virginia for net cash proceeds of $23.7 million resulting in a gain of $6.9 million. During 2009 we sold five non-strategic storage facilities located in Massachusetts, North Carolina and Pennsylvania for net cash proceeds of $16.3 million resulting in a loss of $1.6 million. During 2008 we sold one non-strategic storage facility located in Michigan for net cash proceeds of $7.0 million resulting in a gain of $0.7 million.
On May 6, 2009, recognizing the need to maintain maximum financial flexibility in light of the current state of the capital markets, our Board of Directors reduced the quarterly common stock dividend from $0.64 per share to $0.45 per share, for an annual dividend rate of $1.80 per share.
mature in September 2008, the Companys term note that was to mature in September 2009, the term note maturing in July 2008, and to provide for working capital. In October 2009, the Company repaid $100 million of the term note entered into in June 2008. The 2008 agreements also provide for a $125 million revolving line of credit maturing June 2011 bearing interest at a variable rate equal to LIBOR plus 1.375%, and requires a 0.25% facility fee. At our option the revolving line of credit can be extended for one year until June 2012 for a fee of 0.25%. At December 31, 2010, there was $115 million available on the unsecured line of credit.
We also maintain an $80 million term note maturing September 2013 bearing interest at a fixed rate of 6.26%, a $20 million term note maturing September 2013 bearing interest at a variable rate equal to LIBOR plus 1.50%, and a $150 million unsecured term note maturing in April 2016 bearing interest at 6.38%.
Reduction in or Loss of Credit Rating. Certain of our debt instruments require us to maintain an investment grade rating from at least one and in some cases two debt ratings agencies. Should we fail to attain an investment grade rating from the agencies, the interest rate on our line of credit and our $150 million bank term note would increase by 0.375%, and the rate on our $150 million term note due 2016 would increase by 1.750%.
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