July 26, 2016 11:12 AM ET

Real Estate Investment Trusts (REITs)

Company Overview of Sovran Acquisition Limited Partnership

Company Overview

Sovran Acquisition Limited Partnership, doing business as Uncle Bob's Self Storage LP, operates and manages self storage properties in the United States. The company offers storage and parking options for various vehicles, including motorcycles, automobiles, recreational vehicles, work or storage trailers, and boats on trailers; and business storage solutions to accommodate excess inventory, equipment, and files. The company was founded in 1985 and is based in Buffalo, New York.

6467 Main Street

Buffalo, NY 14221

United States

Founded in 1985

1,051 Employees

Phone:

716-633-1850

Key Executives for Sovran Acquisition Limited Partnership

Chairman of the Board - Sovran Holdings Inc - General Partner and Chief Executive Officer - Sovran Holdings Inc - General Partner
Age: 74
President of Sovran Holdings Inc General Partner, Chief Operating Officer of Sovran Holdings Inc General Partner, and Director of Sovran Holdings Inc General Partner
Age: 67
Compensation as of Fiscal Year 2016.

Sovran Acquisition Limited Partnership Key Developments

Sovran Acquisition Limited Partnership Reports Unaudited Consolidated Earnings Results for the First Quarter Ended of March 31, 2016

Sovran Acquisition Limited Partnership reported unaudited consolidated earnings results for the first quarter ended of March 31, 2016. For the quarter, the company reported total operating revenues of $99,124,000 compared to $85,408,000 a year ago. Income from operations was $36,443,000 compared to $31,077,000 a year ago. Net income was $28,230,000 compared to $22,557,000 a year ago. Net income attributable to common unit holders was $28,339,000 compared to $22,451,000 a year ago. Diluted earnings per share were $0.73 compared to $0.65 a year ago. Net income allocated to general partner was $283,000 compared to $225,000 a year ago. Net income allocated to limited partners was $28,056,000 compared to $22,226,000 a year ago. Net cash provided by operating activities was $37,923,000 compared to $30,940,000 a year ago. Acquisitions of storage facilities were $323,548,000 compared to $134,040,000 a year ago. Improvements, equipment additions, and construction in progress was $13,797,000 compared to $5,335,000 a year ago.

Sovran Acquisition Limited Partnership Reports Unaudited Consolidated Earnings Results for the Full Year Ended of December 31, 2015

Sovran Acquisition Limited Partnership reported unaudited consolidated earnings results for the full year ended of December 31, 2015. For the quarter, the company reported total operating revenues of $366,602,000 compared to $326,080,000 a year ago. Income from operations was $147,285,000 compared to $116,333,000 a year ago. Net income was $113,077,000 compared to $89,057,000 a year ago. Net income attributable to common unit holders was $112,524,000 compared to $88,531,000 a year ago. Diluted earnings per share were $3.16 compared to $2.67 a year ago. Net income allocated to general partner was $1,131,000 compared to $891,000 a year ago. Net income allocated to limited partners was $111,393,000 compared to $87,640,000 a year ago. Net cash provided by operating activities was $186,210,000 compared to $146,068,000 a year ago. Acquisitions of storage facilities were $280,010,000 compared to $281,731,000 a year ago. Improvements, equipment additions, and construction in progress were $41,739,000 compared to $35,097,000 a year ago.

Sovran Acquisition Limited Partnership Completes Acquisition of Thirteen Self-Storage Properties

On January 21, 2016, Sovran Self Storage Inc., through its operating limited partnership, Sovran Acquisition Limited Partnership, completed the acquisition of thirteen (13) self-storage properties located in New Hampshire (5), California (4), Texas (3) and Massachusetts (1) for an aggregate cash consideration of approximately $186 million. The properties were acquired from a group of related sellers: Calabasas Storage, LLC, 123 Westminster Storage, LLC, Magellan Commercial, LLC, Magellan Slauson, LLC, HSRE Stonebridge South, LP, Stonebridge North, LP, ADV Legendary Property Owner, LLC, Salisbury Storage I, LLC, Heritage Storage I, LLC, Lee Storage I, LLC, HF Storage, LLC, KS Storage, LLC, and DV Storage, LLC.

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