Sovran Self Storage, Inc. Announces Closing of Public Offering of 1.38 Million Shares of Common Stock for Gross Proceeds of $125 Million; Underwriters Exercise Over-Allotment Option in Full

Sovran Self Storage, Inc. (NYSE: SSS), announced today that it closed the sale of its previously announced underwritten public offering of shares of its common stock. The Company sold a total of 1.38 million shares of common stock at a public offering price of $90.40 per share, including 180,000 shares of common stock issued pursuant to the exercise in full of the underwriters' over-allotment option. The Company received approximately $119.6 million from the offering after deducting the underwriting discounts and commissions and expenses related to the offering. The Company will use the net proceeds from the offering to repay indebtedness outstanding on the Company's unsecured line of credit. See full press release