Sovran Self Storage Announces First-Quarter 2014 Dividend, Completes $175M Financing of Unsecured Term Notes

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Real estate investment trust Sovran Self Storage Inc., which operates the Uncle Bob’s Self Storage brand, will pay its shareholders a quarterly dividend of $0.68 per share of common stock for the first quarter of 2014, which ended March 31. The amount is equal to that of the 2013 fourth quarter, and will be paid on April 28 to shareholders of record on April 17.

The annualized dividend is $2.72 per share, which, based on today’s opening share price, equates to an annual rate of approximately 3.7 percent, according to a company press release. It is equivalent to the amount paid in the fourth quarter of 2013.

Sovran also announced details of a financing arrangement totaling $175 million of senior, unsecured debt. The company will use proceeds from the privately placed term notes (Series E) to repay the $115 million outstanding balance on its line of credit and fund future property acquisitions. The Series E notes bear an interest of 4.5 percent for a 10-year term.

M&T Bank was the placement agent in the transaction.

Buffalo, N.Y.-based Sovran operates 486 self-storage facilities in 25 states. The company ranked No. 5 on the Inside Self-Storage 2013 Top-Operators List.

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