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Sovran Self Storage enters into lease agreements to operate facilities

Sovran Self Storage announced that it has entered into several lease agreements to rebrand and operate four self storage facilities formerly known as “Westy Self Storage” as Uncle Bob’s Self Storage. The stores are located in Danbury, Connecticut; Milford, Connecticut, Hicksville, New York, and Farmington, New York. The 15 year leases were negotiated in an off- market transaction and provide the company with an option to purchase the four stores for an aggregate of $120M during a fixed period of time between February, 2015 and September, 2016. The company is required to make annual lease payments of $6M, with a provision for annual increases of 4% per year.