Sovran Self Storage Inc., a self-storage real estate investment trust (REIT) based in Buffalo, N.Y., has commenced a public offering of 3 million shares of common stock. The underwriters will be granted a 30-day option to purchase up to 450,000 additional shares of common stock to cover overallotments, if any.
Sovran intends to use the net proceeds from the offering to repay a portion of the company’s unsecured indebtedness and terminate one or more interest-rate swaps relating to the debt. The remaining proceeds, if any, will be used for general business purposes.
BofA Merrill Lynch is acting as sole book-running manager for the offering.
Sovran acquires, develops and manages self-storage facilities. The company owns or operates 383 stores under the "Uncle Bob's Self Storage" trade name in 24 states.