Sovran Self Storage, Inc. Closes on $55 Million of Assets
BUFFALO, N.Y.--(BUSINESS WIRE)-- Sovran Self Storage, Inc. (NYSE:SSS), a self storage real estate investment trust (REIT), announced today the acquisition of nine self storage facilities for a combined purchase price of $54.7 million. The acquisitions were funded through the Companys at-the-market equity program, advances on its line of credit, and operating cash flow.
Uncle Bob's Self Storage adds nine quality stores to its portfolio including four storage facilities in Atlanta, GA. (Photo: Business Wire)
The properties are located in markets where the company already has a presence, including four Atlanta, GA self storage facilities; three in Jacksonville, FL; one in Raleigh, NC; and one in Chicago, IL. The properties total over 770,000 square feet of rental space.
These acquisitions are high quality additions to our portfolio and allow us to provide our customers with premium, climate controlled spaces in markets where there is high demand, said David Rogers, Chief Executive Officer. We are especially pleased to expand our presence in the Chicago market, Rogers added.
Each of the storage facilities will be rebranded under the Uncle Bobs Self Storage® name and fully integrated into the Companys operating platforms.
About Sovran Self Storage (SSS)
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 443 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.
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Sovran Self Storage, Inc.
Diane Piegza, 716-650-6115
Vice President, Corporate Communications
Source: Sovran Self Storage, Inc.Copyright Business Wire 2012