Sovran Self Storage Inc (NYSE: SSS), a self storage real estate investment trust (REIT), announced on Thursday it has agreed to acquire LifeStorage LP, a privately-owned self storage operator, for $1.3 billion in cash.
LifeStorage is the sixth-largest private owner and operator of self storage facilities in the U.S. and operates 92 self storage properties across nine states. Sovran noted the acquisition will "strengthen" its strategic positioning in existing markets and also mark its entrance into new markets such as North California and Las Vegas, Nevada.
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"We are delighted to announce this acquisition. LifeStorage has built a high-quality national portfolio, and these stores will enhance and complement our physical footprint and digital presence," commented David Rogers, Chief Executive Officer of Sovran.
In conjunction with the acquisition announcement, Sovran also announced a public offering of 6 million shares of its common stock to finance the acquisition.