•Quarterly same-store revenue and NOI increased by 5.8% and 10.4%, respectively, for the three months ended December 31, 2012 compared to the three months ended December 31, 2011. The increase in same-store revenues was primarily attributable to an increase in average occupancy of approximately 4%. Same-store NOI improved due to the same-store revenue increase, in combination with a decrease in property operating expenses as a percentage of revenue of approximately 0.7% primarily due to cost reduction initiatives and economies of scale. •General and administrative expenses for the three months ended December 31, 2012 compared to the three months ended December 31, 2011 decreased as a percentage of total revenues to 3.0% from 3.7%, primarily due to increased revenues. •MFFO for the quarter ended December 31, 2012 as compared to the quarter ended September 30, 2012 increased 59% or approximately $1.6 million. The improvement was primarily the result of sequential quarter improvements in same-store NOI and incremental NOI from our third and fourth quarter acquisitions. •MFFO for the quarter ended December 31, 2012 as compared to the quarter ended December 31, 2011 increased 46% or approximately $1.3 million. The improvement was primarily the result of increased same-store NOI and incremental NOI from the properties acquired during the fourth quarter of 2011 and the year ended December 31, 2012, offset by additional interest expense. •Occupancy for the Homeland Portfolio increased to 69% as of December 31, 2012 from 46% as of December 31, 2011. The Homeland Portfolio consists of 12 lease-up self-storage facilities which were acquired in December 2011 for $80 million.
•On October 1, 2012 and November 5, 2012, we closed on the acquisition of the second and third phases, respectively, of the Stockade Portfolio, which consisted of an additional eight properties for a purchase price of approximately $50 million. The Stockade Portfolio consists of 16 properties located in South Carolina, Florida and Georgia. Additionally, on December 28, 2012, we acquired the remaining interests in Madison County Self Storage, DST, a two property portfolio in Mississippi. For the year ended December 31, 2012, we acquired 19 properties for a total purchase price of approximately $93 million.
•In connection with the acquisition of the Stockade Portfolio, we obtained two separate loans with Citigroup Global Markets Realty Corp., both of which have a term of 10 years. The first loan, in the amount of $18.2 million and bearing a fixed interest rate of 4.60%, closed on October 1, 2012, and the second loan, in the amount of $19.4 million and bearing a fixed interest rate of 4.61%, closed on November 5, 2012. •On October 10, 2012 we refinanced $31 million of our Second Restated KeyBank Loan into a new KeyBank CMBS Loan with a term of 10 years and a favorable fixed interest rate of 4.65%, thereby significantly reducing our short-term debt maturities.
Our board of directors declared a distribution for the fourth quarter of 2012 of $0.00191257 per day per share on the outstanding shares of common stock (equivalent to an annual distribution rate of 7% assuming the share was purchased for $10 and approximately 6.5% assuming the share was purchased for $10.79).
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