Sovran Self Storage Inc., a Buffalo, N.Y.-based real estate investment trust, updated financial guidance for the fiscal year 2009 as a result of its recent common-stock public offering.
On Sept. 29, the company agreed to sell 3.5 million shares of its common stock in an underwritten public offering, and granted the underwriters an option to purchase 525,000 additional shares to cover over allotment. The underwriters exercised the option in full on Oct. 2. On Oct. 5, the company closed its public offering totaling 4,025,000 shares of common stock, resulting in net proceeds of approximately $114.4 million, excluding offering expenses.
In August, the company issued guidance relating to its expected funds from operations (FFO), estimating that FFO for 2009 would be between $2.70 and $2.74 per fully diluted share. Based on recent transactions, the company now expects FFO between $2.33 and $2.37 per fully diluted share for the full year.
To read details about Sovran’s recent transactions, visit www.unclebobs.com/downloads/09-10-05.pdf.