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February 10, 2016 12:23 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



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: 73
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: 66
Chief Financial Officer of Sovran Holdings Inc - General Partner, Principal Accounting Officer of Sovran Holdings Inc - General Partner and Secretary of Sovran Holdings Inc - General Partner
Age: 59
Compensation as of Fiscal Year 2015.

Sovran Acquisition Limited Partnership Key Developments

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.

Sovran Self Storage, Inc. and Sovran Acquisition Limited Partnership Enter Sixth Amended and Restated Revolving Credit and Term Loan Agreement with Wells Fargo Bank, National Association

On December 10, 2014, Sovran Self Storage Inc. and Sovran Acquisition Limited Partnership entered into a sixth amended and restated revolving credit and term loan agreement with Wells Fargo Bank, National Association, Manufacturers and Traders Trust Company and certain other lenders and parties named therein. The restated credit agreement amends and restates the fifth amended and restated revolving credit and term loan agreement, dated June 4, 2013, among the company, the partnership, and certain lenders and parties named therein. Among other things, the restated credit agreement: provides for an unsecured revolving credit facility in an aggregate principal amount at any one time outstanding of up to $300 million (previously $175 million). The Revolving Credit Facility has a five-year term; Provides for an unsecured term loan facility in the principal amount of $325 Million, with the Term Loan Facility having a maturity date of June 4, 2020 (with the entire principal amount being due and payable on such date); Provides for an increase in such facilities at the Borrowers request to an aggregate principal amount of up to $850 million; Provides for interest, at a rate based on LIBOR plus a margin determined using the applicable credit rating of the Borrowers for long-term unsecured debt securities (the Revolving Credit Facility margin is 1.30% and the margin for the Term Loan Facility is 1.40% using the company's current credit rating); and Includes certain affirmative and negative covenants and contains customary events of default, including payment defaults, cross defaults with certain other indebtedness, breaches of covenants and bankruptcy events. In the case of an event of default, the lenders may, among other remedies, accelerate the payment of all obligations due from the Borrowers. The proceeds from the Term Loan Facility and the initial draws from the Revolving Credit Facility were used by the Borrowers to refinance indebtedness issued under the June 2013 Credit Agreement.

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