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Sovran’s profits meet analyst forecasts

Higher rents and slightly higher occupancy levels helped Sovran Self Storage meet analyst forecasts and increase its second-quarter earnings by 26 percent, excluding one-time expenses.

Sovran’s funds from operations rose to $55.6 million, or $1.32 per share, from $44.2 million, or $1.24 per share, a year ago, as occupancy levels at stores open for at least a year strengthened to 92.3 percent, while average rents rose 5 percent.

Sovran, which runs 650 Uncle Bob’s self storage facilities in 29 states, said it expects its funds from operations to rise to between $1.37 and $1.39 per share, during the current quarter, better than the $1.34 per share that analysts were expecting. Sovran said it expects to earn between $5.30 and $5.34 per share this year, which is in line with the $5.33 that analysts forecast.

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