BUFFALO, N.Y.--(BUSINESS WIRE)--Sovran Self Storage, Inc. (NYSE:SSS), a self storage real estate investment trust (REIT), announced the acquisition of 19 self storage facilities for a total cost of approximately $130 Million. Sixteen stores were purchased on behalf of the Company for a cost of $96 million and the balance was acquired for Sovran HHF Storage Holdings LLC, a joint venture in which the Company owns a 20% interest.
The properties, purchased during the 2nd quarter of 2014, total approximately 1.3 million square feet. All are located in markets where the company already has a presence: seven in New Jersey; seven in St. Louis; and one each in Metro New York, Philadelphia, Atlanta, Chicago, and San Antonio.
“This is a terrific group of stores. They fit our strategy of acquiring good properties in quality markets in which we can apply our marketing and management platforms to add significant value,” said David Rogers, the Company’s Chief Executive Officer. “They are great additions to the Uncle Bob’s brand.”
The properties, acquired in eight different transactions, were funded with the remaining funds from the company’s $175 million 10-year term note issued in April, proceeds from the Company’s ATM program and advances on the Company’s line of credit.
Each of the self storage facilities will be rebranded under the Uncle Bob’s Self Storage® name and fully integrated into the Company’s operating platforms. The Company now operates over 500 self storage facilities in 25 states.
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 501 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.