SOVRAN SIGNS 15-YEAR LEASES FOR FOUR SELF STORAGE PROPERTIES

BUFFALO, N.Y. — Sovran Self Storage Inc. (NYSE:SSS), a self storage real estate investment trust (REIT), has entered into several lease agreements to rebrand and operate four self storage facilities formerly known as Westy Self Storage. The properties are located in Danbury and Milford, Conn., and Hicksville and Farmington, N.Y. The 15-year leases were negotiated in an off-market transaction and provide the REIT with an option to purchase the four properties for $120 million during a fixed period of time between February 2015 and September 2016. The REIT is required to make annual lease payments of $6 million, with annual increases of 4 percent per year.