BUFFALO, N.Y. — Sovran Self Storage Inc. (NYSE: SSS), a self storage real estate investment trust (REIT), has entered into a definitive agreement to acquire LifeStorage LP, a privately owned self storage operator, for approximately $1.3 billion. Sovran has secured $1.35 billion in bridge financing, but the REIT intends to permanently finance the transaction with proceeds from future equity and debt offerings.

“We are delighted to announce this acquisition. LifeStorage has built a high-quality national portfolio, and these stores will enhance and complement our physical footprint and digital presence,” says David Rogers, CEO of Buffalo-based Sovran, which operates over 550 self storage facilities in 26 states under the name “Uncle Bob’s Self Storage.”

LifeStorage, which is the sixth-largest private owner and operator of self storage facilities in the United States, currently operates 92 properties in nine states. Upon completion of the acquisition, Sovran will own 84 LifeStorage stores with a purchase contract for three additional certificates of occupancy deals to be delivered in late 2016 and early 2017.

The newly acquired facilities are located within Sovran’s existing markets, including 25 facilities in Chicago, 19 facilities across the Texas major markets including eight in Austin and five in Dallas, and three each in Orlando, Fla., and Los Angeles. The acquisition will also mark the REIT’s entrance into several new markets, including 10 facilities in Northern California and 17 facilities in Las Vegas.

Based in Roseville, Calif., LifeStorage was founded in 2011 and its stores were built or purchased in the past five years. Rogers believes the LifeStorage portfolio provides Sovran with an opportunity to enhance efficiencies at the new facilities.

“While we believe these properties have been well run, we foresee improved operating results as we apply our customer-service standards and transition these stores onto our web marketing and revenue management platforms,” says Rogers.

Wells Fargo Securities LLC and SunTrust Robinson Humphrey served as financial advisors to Sovran Self Storage, and Phillips Lytle LLP and Bruce Gilchrist of Hogan Lovells served as Sovran’s legal counsel in connection with the transaction. Mike McTiernan and Lee Berner of Hogan Lovells represented the underwriters on the concurrent equity offering.

Citgroup Global Markets Inc. acted as exclusive financial advisor to LifeStorage, and Latham & Watkins LLP served as counsel to LifeStorage.

Sovran’s management team expects the acquisition to close in the third quarter. Sovran’s stock price closed on Wednesday, May 18 at $111.33 per share, up from $92.05 per share at this time last year.

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