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):
March 3, 1999 (September 29, 1998)
Sovran Self Storage, Inc.
(Exact name of Registrant as specified in its charter)
Commission File Number: 1-13820
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)
<PAGE>
Item 2. Acquisition or Disposition of Assets
Sovran Self Storage, Inc. (the "Company") consummated during the period
September 29, 1998 through February 17, 1999, the acquisition of 11 self-storage
facilities (the "Acquired Facilities") through Sovran Acquisition Limited
Partnership (the "Operating Partnership"), a limited partnership controlled by
the Company. The 11 facilities totaling approximately 638,000 square feet are
located in 5 states and were purchased for approximately $27.3 million.
All of the facilities were acquired from unaffiliated third parties.
The acquisitions were funded by cash generated from operations and borrowings
under the Company's line of credit and term note. 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 amount of taxes, utility costs, personnel costs and other
anticipated expenses.
The following provides certain additional information concerning the 11
Acquired Facilities.
<TABLE>
<CAPTION>
Date of Square
Location Seller Acquisition Price Feet
- -------- ------ ----------- ----- ----
<S> <C> <C> <C> <C>
Dallas, TX ... Charles Frederick 9/29/98 $ 2,500,000 93,120
Dallas, TX ... Davis Boulevard Ptnrs 10/9/98 3,040,000 76,545
Cincinnati, OH Poston Builders, Inc. 11/9/98 1,910,000 62,340
Jackson, MS .. Weiner Corporation 12/1/98 2,045,000 57,275
Houston, TX .. Russell J. Walla 12/15/98 2,525,000 67,185
Providence, RI Metro Mini Storage 2/2/99 2,210,000 44,011
Lafayette, LA Chastant Properties 2/17/99 2,492,000 57,000
Lafayette, LA Chastant Properties 2/17/99 3,551,000 47,005
Lafayette, LA Chastant Properties 2/17/99 1,392,000 34,035
Lafayette, LA Chastant Properties 2/17/99 823,000 35,250
Lafayette, LA Chastant Properties 2/17/99 4,842,000 63,735
----------- -----------
$27,330,000 637,501
</TABLE>
<PAGE>
Item 7. Financial Statements and Exhibits
(a) Financial Statements Applicable to Real Estate Properties Acquired
It is impractical 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 impractical to provide at the time of filing this Report on Form
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 the filing of this Report.
(c) Exhibits
None.
<PAGE>
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.
March 3, 1999 By:________________________________________
Date David L. Rogers, Secretary and
Chief Financial Officer
