* Q3 FFO $0.84/shr misses estimates by $0.02
* Sees Q4, FY08 FFO below estimates
Nov 5 (Reuters) - Sovran Self Storage Inc posted lower quarterly funds from operations, hurt by higher interest expense and damage costs related to hurricanes, and the self-storage real estate investment trust forecast full-year FFO below market estimates.
For the third quarter, FFO fell to 84 cents a share from 89 cents a year earlier.
Higher interest expense associated with its recent long-term financing, increased customer move-in incentives and damage costs of almost $300,000 associated with Hurricanes Gustav and Ike hurt quarterly earnings, the company said in a statement.
For the rest of the year, the company expects net operating income on a same store basis to be flat due to increased costs for advertising and marketing.
Shares of the company closed at $30.65 Wednesday on the New York Stock Exchange.
(Reporting by Mary Meyase in Bangalore; Editing by Deepak Kannan) Keywords: SOVRAN/ (mary.meyase@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: mary.meyase.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
* Sees Q4, FY08 FFO below estimates
Nov 5 (Reuters) - Sovran Self Storage Inc posted lower quarterly funds from operations, hurt by higher interest expense and damage costs related to hurricanes, and the self-storage real estate investment trust forecast full-year FFO below market estimates.
For the third quarter, FFO fell to 84 cents a share from 89 cents a year earlier.
Higher interest expense associated with its recent long-term financing, increased customer move-in incentives and damage costs of almost $300,000 associated with Hurricanes Gustav and Ike hurt quarterly earnings, the company said in a statement.
For the rest of the year, the company expects net operating income on a same store basis to be flat due to increased costs for advertising and marketing.
Shares of the company closed at $30.65 Wednesday on the New York Stock Exchange.
(Reporting by Mary Meyase in Bangalore; Editing by Deepak Kannan) Keywords: SOVRAN/ (mary.meyase@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: mary.meyase.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.