Sovran Self Storage Announces Common Stock Dividend Increase
BUFFALO, N.Y.--(BUSINESS WIRE)--
The Board of Directors of Sovran Self Storage, Inc. (NYSE:SSS), a self-storage real estate investment trust (REIT), announced today an increase in its quarterly common stock dividend from $.62 per share to $.63 per share ($2.48 to $2.52 annualized). The increase is effective with the third quarter 2007 dividend. The dividend will be paid on October 22, 2007 to Shareholders of record on October 5, 2007 and equates to an annual rate of approximately 5.7% on today's share price.
David Rogers, Chief Financial Officer of the Company, commented, "We have increased our dividend each year for the past 12 years while continuing to invest in quality properties, technology and people. This increase reflects our confidence in the fundamental strength of the self-storage industry and the ability of our Company to continue its growth."
Sovran Self Storage, Inc. is a self-administered and self-managed equity REIT whose business is acquiring, developing and managing self-storage facilities. The Company operates 354 stores in 22 states under the name "Uncle Bob's Self Storage"(R).
For more information, please contact David Rogers, CFO or Diane Piegza, VP Corporate Communications at (716) 633-1850 or the Company's Web Site at http://www.sovranss.com.
Source: Sovran Self Storage, Inc.
Released September 6, 2007