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Sovran Self Storage Explores Solar-Panel Option


Amherst, N.Y.-based Sovran Self Storage, which owns or manages more than 25 million square feet of storage units across 24 states, has set its sights on solar panels as a green option for its properties. CEO Kenneth Myszka addressed the possibility at the company’s annual shareholders meeting yesterday. While it’s not a sure thing, he believes the company should investigate whether installing the panels is viable, especially with all of the state and federal incentives for green-energy projects.
Sovran executives are looking into potential revenue sources because of the recession. The company expects revenue to drop by about 2 percent this year and has decreased its second-quarter earnings forecast. It is also cutting its dividend by 30 percent to 45 cents per share, suspending its program to upgrade and expand facilities, and offering various discounts to customers.
Earlier this week, Fitch Ratings downgraded Sovran, costing the company one of the two investment-grade ratings it needed to keep its preferred interest rates on its debt.
Sovran operates 385 facilities under the name Uncle Bob’s Self Storage.
Source: Buffalo News, Sovran Self Storage Looks to the Sun

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