- The company has agreed to purchase 25 facilities in eight states for a total purchase price of $371M. Sovran (SSS) also closed on five buys in Q4 and January for roughly $27M, bringing the total under contract/closed to 30.
- Eight of those under contract are in the Los Angeles area - a new market for Sovran. Seven of these are stabilized and account for $167M of the purchases, and the eighth is a newly-developed store in North LA County being purchased for $18.6M.
- CEO David Rogers: "While its taken us a while to get there, we are thrilled to enter the Los Angeles market."
- Source: Press release