Sovran Self Storage Acquires Assets - Analyst Blog
September 23 2011 - 12:56PM
Zacks
Sovran Self Storage Inc. (SSS) recently
announced the acquisition of 22 Texas self storage for $111.0
million. The acquired property spans approximately 1.3 million
square feet of net rentable storage space and will be operational
under the company’s trade name of Uncle Bob’s Self Storage. The
acquisition was funded by proceeds generated from the company’s
line of credit and cash flow from operations.
In a separate transaction, the company also announced that it
has acquired a storage facility in Atlanta Georgia, for $9.5
million. The facility encompasses 69,000 square feet of rentable
space, and is the 16th Uncle Bob’s location in the Atlanta
market.
This transaction is a strategic move on the company’s part to
expand its presence in the Texas market and the addition of Class A
properties will significantly boost the company’s portfolio.
Headquartered in Buffalo, New York, Sovran Self Storage operates
as a real estate investment trust (REIT) and engages in the
business of acquiring and managing self-storage facilities. The
company owns or manages 431 self storage facilities in 25
states.The company’s self-storage properties offer storage space to
residential and commercial users, as well as offer outside storage
for automobiles, recreational vehicles, and boats.
Sovran Self Storage currently retains a Zacks #3 Rank, which
translates into a short-term Hold rating. We are also maintaining
our long-term Neutral recommendation on the stock. One of its
competitors, Host Hotels & Resorts Inc. (HST)
also holds a Zacks #3 Rank.
HOST HOTEL&RSRT (HST): Free Stock Analysis Report
SOVRAN SLF STOR (SSS): Free Stock Analysis Report
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