Sovran Self Storage Acquires 20 Properties
BUFFALO, N.Y.--(BUSINESS WIRE)--August 17, 2007--Sovran Self Storage, Inc. (NYSE:SSS), a self-storage real estate trust (REIT) today announced the acquisition of 20 self-storage facilities from Cornerstone Development Corporation, a Dallas based real estate company.
Thirteen of the properties are operated in the Company's existing markets of Dallas, TX (6), San Antonio, TX (3), Tampa, FL (3) and Southeastern Louisiana (1). Seven of the properties are located in St. Louis, MO, which is a new market for Sovran. As a result of the purchase, 1.3 million square feet of rentable area will be added to the Company's portfolio, which now totals over 19 million feet of self-storage space.
The facilities were acquired at a total cost of $90 million. Funds were provided via the assumption of $32 million of mortgage debt, a $40 million draw on the Company's line of credit and $18 million of cash remaining from the Company's recent issuance of 10 year term notes.
Public Storage and Shurgard Announce Date of Shareholder Meetings
GLENDALE, Calif. & SEATTLE--(BUSINESS WIRE)--July 24, 2007--Public Storage, Inc. (NYSE:PSA) and Shurgard Storage Centers, Inc. (NYSE:SHU) announced today that each will hold a shareholder meeting on August 22, 2007 at 9:00 a.m. (PDT). As previously announced, San Antonio Storage and Shurgard shareholders of record at the close of business on June 23, 2006 will be entitled to vote at their respective meetings.
About Public Storage, Inc.
Public Storage, Inc., a member of the S&P 500 and the Forbes Global 2000, is a fully integrated, self-administered and self-managed real estate investment trust that primarily acquires, develops, owns and operates self-storage facilities. Public Storage's headquarters are located in Glendale, California. Public Storage's self-storage properties are located in 37 states.
Source: Extra Space Storage Inc.
SALT LAKE CITY, July 14 /PRNewswire-FirstCall/ -- Extra Space Storage Inc. (the "Company") (NYSE: EXR - News) today celebrates the one-year anniversary of its acquisition of San Antonio Storage Facility USA from GE Commercial Finance, the business-to-business financial services unit of the General Electric Corporation.
The transaction, for approximately $2.3 billion in cash, made the Company the second largest self-storage operator in the U.S. with over 630 properties owned or under management in 34 states including Washington, DC.
The Company purchased one-hundred percent of 61 Storage USA properties, and through a joint venture with Prudential Real Estate Investors ("PREI"), purchased an ownership interest in an additional 259 Storage USA properties. The Company also acquired Storage USA's equity interest in 54 joint venture properties, and assumed the management of 84 franchise and managed properties.
City Council considers suspension of on-site storage pods
No new on-site San Antonio storage containers would be allowed in Springfield for six months if the Springfield City Council approves a resolution to study how the containers impact property values tonight.
The six-month suspension would give the council a chance to consider new rules for keeping storage containers, on-site storage trailers and temporary storage units on private property in the city.
Self-storage sector in a secure position
San Antonio Storage is one of Texas's fastest growing industries, after starting from nowhere less than 30 years ago. We had the garden shed or spare room to fill with stuff but many of today's apartments dwellers have neither.
Rennie Schafer, executive officer of the Self Storage Association, says his job is to promote self storage without giving a free kick to individual businesses.
"Innovative operators pioneered the industry over here. It began on the assumption that Australians would keep more goods if they had a safe, secure, easily accessible place to keep them.
"Early marketing strategy of the industry was based on the notion that you can never have too much storage space. Slogans like 'you lock it and keep the key' helped educate customers."
Self-storage leans heavily on IT for marketing; http://www.selfstorage.com.au is a top-three return on most search engines and includes interactive features for quotes and bookings.