Sovran Self Storage, Inc. Announces the Sale of Twelve Assets
BUFFALO, N.Y.--(BUSINESS WIRE)-- Sovran Self Storage, Inc. (NYSE:SSS), a self storage real estate investment trust (REIT), announced today the sale of 12 storage facilities. The properties, located in Houston and Dallas, TX, encompass approximately 900,000 NRSF. Proceeds from the sale were $35.5 million.
David Rogers, the Companys Chief Executive Officer, commented, Within the last 12 months, weve acquired 32 properties in Texas. The decision to sell this group is part of our ongoing strategy of pruning select assets and recycling capital. The proceeds were used to reduce the outstanding balance on the Companys line of credit.
Subsequent to the sale, the Company continues to operate 110 Texas self storage facilities under the name Uncle Bobs Self Storage®.
About Sovran Self Storage, Inc.
Sovran Self Storage, Inc. is a self-administered and self-managed equity REIT that is in the business of acquiring and managing self storage facilities. The Company operates 434 self storage facilities in 25 states under the name Uncle Bobs Self Storage®. For more information, visit www.unclebobs.com, like us on Facebook, or follow us on Twitter.
Sovran Self Storage, Inc.
Vice President, Corporate Communications
Source: Sovran Self Storage, Inc.Copyright Business Wire 2012