Sovran Self Storage, Inc. (NYSE: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.
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 over 470 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.