Sovran Self Storage Prices 6M Share Offering @$100/Share

Sovran Self Storage, Inc. (NYSE: SSS), announced Thursday that it priced an underwritten public offering of 6,000,000 shares of its common stock at $100.00 per share. Net proceeds to the Company after deducting underwriting discounts and commissions and estimated offering expenses are expected to be approximately $578.4 million. The underwriters have a 30-day option to buy up to an additional 900,000 shares. The offering is expected to close on Wednesday, May 25, 2016 subject to customary closing conditions. Net proceeds from the offering will be used to partially fund the acquisition of LifeStorage totaling 84 properties for $1.3 billion, debt prepayment, and general corporate purposes. Wells Fargo Securities, Citigroup and SunTrust Robinson Humphrey are acting as joint book-running managers for the offering. BB&T Capital Markets, HSBC Securities (USA) Inc., Piper Jaffray and PNC Capital Markets LLC are acting as co-managers.