Sovran closes on sale of common stock shares

Buffalo, NY Sovran Self Storage, Inc. has closed the sale of its underwritten public offering of shares of its common stock. The company sold a total of 2.645 million shares of common stock at a public offering price of $105.75 per share, including 345,000 shares of common stock issued pursuant to the exercise in full of the underwriters’ over-allotment option.

Wells Fargo Securities, Jefferies LLC and SunTrust Robinson Humphrey acted as joint book-running managers for the offering. BB&T Capital Markets, HSBC and Piper acted as co-managers.

Sovran received $269.7 million from the offering after deducting underwriting discounts, commissions and expenses related to the offering.

The company will use the net proceeds from the offering to fund a portion of its pending property acquisitions and to repay indebtedness outstanding on the company’s unsecured line of credit that it incurred primarily in connection with property acquisitions.

This offering was made pursuant to a prospectus supplement to the company’s prospectus dated April 30, 2014, filed as part of the company’s effective shelf registration statement relating to these securities. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to the regist ration or qualification under the securities laws of any such jurisdiction. Offers to sell any security are being made only by means of a prospectus and the related prospectus supplement.