Sovran Self Storage, Inc. (NYSE:SSS), a self storage real estate investment trust (REIT), announced today 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, CT; Milford, CT; Hicksville, NY; and Farmington, NY.
David Rogers, CEO of Sovran, said, “We are thrilled to add these stores to the Uncle Bob’s portfolio. They are truly “best in class” properties, and fit very well with our established footprint in these markets.”
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 $120 million during a fixed period of time between February, 2015 and September, 2016. The Company is required to make annual lease payments of $6 million, with a provision for annual increases of 4% per year.
Earlier this year, the Company acquired three additional properties on Long Island — one each in Deer Park, Amityville, and Lindenhurst. Including the stores the Company operates in the Hamptons, there are now ten Uncle Bob’s Self Storage facilities on Long Island. The new stores in Danbury and Milford add to the Company’s presence in southern Connecticut, where it now operates seven locations.
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 475 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.