SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report(Date of earliest event reported): July 25, 1996 (January 3, 1996)
SOVRAN SELF STORAGE, INC.
(Exact Name of Registrant as Specified in Charter)
Maryland 1-13820 16-1194043
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation or File Number) Identification No.)
organization)
5166 Main Street
Williamsville, NY 14221
(Address of Principal Executive Offices)
Registrant's telephone number, including area code: (716) 633-1850
Item 2. Acquisition or Disposition of Assets
Sovran Self Storage, Inc., (the "Company") has consummated the
acquisition of 20 self-storage facilities through Sovran Acquisition Limited
Partnership, L.P. ("OP"), a limited partnership controlled by the Company. The
20 facilities totaling approximately 988,000 square feet are located in 8 states
and were purchased for approximately $37 million.
All of the facilities were acquired with cash from unaffiliated third parties.
The acquisitions were funded by cash generated from operations and borrowings
under the Company's lines of credit. Each of the facilities acquired was used by
the seller as a self-storage facility prior to its acquisition by the Company,
and the Company intends to continue the use of all facilities for that purpose.
The Company's management determined the contract price through arms-length
negotiations, after taking into consideration such factors as: the age and
condition of the facility; the projected amounts of maintenance costs;
anticipated capital improvements; the facility's current revenues; comparable
facilities competing in the applicable market; market rental rates for
comparable facilities; the occupancy rate of the facility; and the estimated
amount of taxes, utility costs, personnel costs, and other anticipated expenses.
The following provides certain additional information concerning the 20
facilities acquired:
Date of Square
Location Seller Acquisition Price Feet
Newport News, VA Dr. Sara E. Forbes 1/05/96 $2,013,613 64,175
Birmingham, AL Rodney Boykin/Bruce Chandler 1/16/96 1,909,035 72,470
Montgomery, AL Spruce Street Properties LLC 1/23/96 1,632,361 42,245
Charleston, SC Storage Place VII LP 3/04/96 1,075,653 41,258
Tampa, FL Richard Bennett /Donald Greer 3/28/96 2,548,476 60,675
Arlington, TX Colonial Pacific/Colonial RMC Inc. 3/29/96 2,187,970 45,965
Arlington, TX Colonial Pacific/Colonial RMC Inc. 3/29/96 2,051,598 67,100
Ft. Worth, TX Colonial Pacific/Colonial RMC Inc. 3/29/96 1,633,682 40,825
San Antonio, TX Colonial Pacific/Colonial RMC Inc. 3/29/96 2,176,834 48,280
San Antonio, TX Colonial Pacific/Colonial RMC Inc. 3/29/96 1,431,476 40,550
Montgomery, AL P.B. Realty Inc. 5/21/96 1,241,061 41,550
W. Palm Beach, FL CEZ, Inc. 5/29/96 1,564,025 33,120
Ft. Myers, FL Douglas & Charlene Nolan 5/29/96 1,075,546 35,935
Syracuse, NY U-Stow-It Self Storage Associates 6/06/96 1,986,738 44,350
Pittsburgh, PA Harry Zeune 6/19/96 2,402,115 57,375
Plant City, FL Londonberry Aire, Inc. 6/26/96 1,603,166 41,860
Springfield, MA Self Storage Centers, Inc. 6/28/96 1,457,000 41,399
Ft. Myers, FL Full Service Storage Corp. 6/28/96 1,923,810 58,536
Dayton, OH Hendry & Co. 7/22/96 2,510,000 61,410
Cincinnati, OH Hendry & Co. 7/22/96 3,040,000 48,930
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$37,464,159 988,008
Item 7. Financial Statements and Exhibits
(a) Financial Statements Applicable to Real Estate Properties Acquired
It is impracticable to provide at the time of filing this Report on
Form 8-K any of the financial statements and the additional information
specified by Rule 3-14 of Regulation S-X as required by Item 7(a)(3) of Form
8-K. The required financial information and additional information will be filed
by amendment within 60 days of the date of the filing of this Report.
(b) Pro Forma Financial Information
It is impracticable to provide at the time of filing of this Report on
Form 8-K any of the pro forma financial information required pursuant to Article
11 of Regulation S-X as required by Item 7(b)(1) of Form 8-K. The required pro
forma financial information will be filed by amendment within 60 days of the
date of filing the Report.
(c) Exhibits
None.
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
SOVRAN SELF STORAGE, INC.
By: David L. Rogers
David L. Rogers Chief Financial Officer and Secretary
Date: July 25, 1996