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):February 20, 1998
(November 20, 1997)
SOVRAN SELF STORAGE, INC.
(Exact name of Registrant as specified in its charter)
Maryland 16-1194043
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
5166 Main Street
Williamsville, NY 14221
(Address of principal executive offices) (Zip code)
(716) 633-1850
(Registrant's telephone number including area code)
Not applicable
(Former name and former address, if changed since last report)
Item 2. Acquisition or Disposition of Assets
Sovran Self Storage, Inc. (the "Company") has consummated, during the
period November 20, 1997 through February 20, 1998, acquisition of 11
self-storage facilities through Sovran Acquisition Limited Partnership, a
limited partnership controlled by the Company. The 11 facilities totaling
approximately 758 thousand square feet are located in 6 states and were
purchased for approximately $36 million.
All of the facilities were acquired from unaffiliated third parties.
The acquisitions were funded by cash generated from operations, borrowings under
the Company's line of credit and one facility was acquired through the issuance
of Common Stock of Sovran Self Storage, Inc. 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
cost of taxes, utilities, personnel and other anticipated expenses.
The following provides certain additional information concerning the 11
facilities acquired:
LOCATION SELLER DATE OF ACQUISITION
Acquired as of February 19, 1998
Baton Rouge, Louisiana Alter, Inc. 11/20/97
Harriman, New York Stor-It All of Woodbury Ltd. 02/04/98
Tampa, Florida Zambito Enterprises, Inc. 02/04/98
Chesapeake, Virginia Ameribest, Inc. 02/05/98
Chesapeake, Virginia Ameribest, Inc. 02/05/98
Virginia Beach, Virginia Ameribest, Inc. 02/05/98
Virginia Beach, Virginia Ameribest, Inc. 02/05/98
Norfolk, Virginia Ameribest, Inc. 02/05/98
Worcester, Massachusetts Ross W. Smith 02/09/98
Greensboro, North Carolina Triad Holding LLC 02/10/98
Lynchburg, Virginia M. B. Long 02/18/98
The following unaudited data related to the Acquired and Acquisition
Facilities is derived from the Company's internal records as of the property
closing date or the most current information available
LOCATION ....... SQUARE FEET PRICE
Acquired as of February 19, 1998
Baton Rouge, La .. 44,500 $ 1,480,000
Harriman, N.Y .... 65,400 4,175,000
Tampa, Fl ........ 84,500 3,885,000
Chesapeake, Va ... 63,000 3,100,000
Chesapeake, Va ... 58,345 2,875,000
Virginia Beach, Va 52,571 3,100,000
Virginia Beach, Va 96,600 4,600,000
Norfolk, Va ...... 125,850 5,825,000
Worcester, Ma .... 50,000 2,180,000
Greensboro, N.C .. 69,285 2,150,000
Lynchburg, Va .... 48,350 2,255,000
----------- -----------
Total ............ 758,401 $35,625,000
=========== ===========
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 the filing of this Report
on From 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
SIGNATURES
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.
February 20, 1998 By:__/S/ David L. Rogers
Date David L. Rogers
Chief Financial Officer and Secretary