BUFFALO, N.Y.--(BUSINESS WIRE)--
Sovran Self Storage, Inc. (SSS), a self storage real estate investment trust (REIT), announced today the acquisition of seven self storage facilities totaling over 575,000 sq. ft. of rental space. The properties were acquired in five separate transactions for a combined purchase price of $98.7 million which was funded by advances on the Company’s line of credit, proceeds from the sale of several properties, and the Company’s ATM program.
Five properties were acquired during the fourth quarter 2013 for a combined purchase price of $44.7 million and are all located in markets where the Company already has a presence – one each in Connecticut, Texas, and Southeast Florida, and two in New Jersey.
Subsequent to the end of the quarter, the Company purchased two additional facilities located in Southeast Florida for a combined purchase price of $54.0 million.
The various locations provide an upscale mix of amenities including climate controlled storage spaces, wireless internet, record and wine storage. All of the storage facilities will be rebranded under the Uncle Bob’s Self Storage® name and fully integrated into the Company’s operating platforms.
“We are pleased to add these modern, top tier properties to our portfolio,” said David Rogers, Chief Executive Officer. “They fit well into our strategy of acquiring high quality assets in core markets, and we look forward to strong growth from each of them."
In addition to the previously announced sale of one property in Dayton, OH, the Company also disposed of three additional facilities during the fourth quarter of 2013. The stores, located in Tallahassee, FL (2) and Christiansburg, VA were sold for $8.9 million. The Company recognized a gain of approximately $2.0 million on the transactions.
About Sovran Self Storage, Inc.
Sovran Self Storage, Inc. is an equity REIT that is in the business of acquiring and managing self storage facilities. The Company operates 480 self storage facilities in 25 states under the name Uncle Bob’s Self Storage®. For more information, visit www.unclebobs.com, like us on Facebook, or follow us on Twitter.
- Real Estate
- Mergers, Acquisitions & Takeovers
Diane Piegza, 716-650-6115
Vice President, Corporate Communications