Delaware
|
16-1481551
|
(State
or other jurisdiction of
incorporation
or organization)
|
(I.R.S.
Employer
Identification
No.)
|
Part
I.
Item
1.
|
Financial
Information
Financial
Statements
|
(dollars in thousands,
except unit data)
|
September
30,
2009
(unaudited)
|
December
31,
2008
|
Assets
|
||
Investment
in storage facilities:
|
||
Land
|
$ 237,813
|
$ 237,825
|
Building,
equipment, and construction in progress
|
1,152,598
|
1,136,938
|
1,390,411
|
1,374,763
|
|
Less:
accumulated depreciation
|
(239,152)
|
(214,213)
|
Investment
in storage facilities, net
|
1,151,259
|
1,160,550
|
Cash
and cash equivalents
|
29,281
|
4,486
|
Accounts
receivable
|
2,340
|
2,937
|
Receivable
from related parties
|
-
|
14
|
Receivable
from unconsolidated joint venture
|
133
|
336
|
Investment
in unconsolidated joint ventures
|
19,974
|
20,111
|
Prepaid
expenses
|
5,033
|
4,680
|
Other
assets
|
6,237
|
7,460
|
Net
assets of discontinued operations
|
-
|
12,003
|
Total
Assets
|
$ 1,214,257
========
|
$ 1,212,577
========
|
Liabilities
|
||
Line
of credit
|
$ -
|
$ 14,000
|
Term
notes
|
500,000
|
500,000
|
Accounts
payable and accrued liabilities
|
25,912
|
23,710
|
Deferred
revenue
|
5,185
|
5,610
|
Fair
value of interest rate swap agreements
|
20,632
|
25,490
|
Accrued
distributions
|
-
|
14,359
|
Mortgages
payable
|
107,842
|
109,261
|
Total
Liabilities
|
659,571
|
692,430
|
Limited
partners' redeemable capital interest (419,952 units in
2009
and 2008)
|
12,779
|
15,118
|
Partners'
Capital
|
||
General
partner (219,567 units outstanding in 2009 and 2008)
|
3,641
|
3,650
|
Limited
partner (23,259,013 and 21,796,781 units outstanding in 2009 and 2008,
respectively)
|
545,663
|
513,459
|
Accumulated
other comprehensive loss
|
(20,479)
|
(25,162)
|
Total
Controlling Partners' Capital
|
528,825
|
491,947
|
Noncontrolling
interest - consolidated joint venture
|
13,082
|
13,082
|
Total
Partners' Capital
|
541,907
|
505,029
|
Total
Liabilities and Partners' Capital
|
$ 1,214,257
========
|
$ 1,212,577
========
|
See
notes to financial statements.
|
(dollars in thousands,
except per unit data)
|
July
1, 2009
to
September 30,
2009
|
July
1, 2008
to
September 30,
2008
|
Revenues
|
||
Rental
income
|
$ 47,708
|
$ 49,355
|
Other
operating income
|
2,120
|
2,684
|
Total
operating revenues
|
49,828
|
52,039
|
Expenses
|
||
Property
operations and maintenance
|
13,242
|
14,568
|
Real
estate taxes
|
5,165
|
4,816
|
General
and administrative
|
4,568
|
4,267
|
Depreciation
and amortization
|
8,364
|
8,561
|
Total
operating expenses
|
31,339
|
32,212
|
Income
from operations
|
18,489
|
19,827
|
Other
income (expenses)
|
||
Interest
expense
|
(10,873)
|
(10,034)
|
Interest
income
|
22
|
94
|
Gain
on the sale of land
|
1,127
|
-
|
Equity
in income (loss) of joint ventures
|
60
|
(56)
|
Income
from continuing operations
|
8,825
|
9,831
|
(Loss)
income from discontinued operations (including loss on disposal
of $1,009 in 2009)
|
(855)
|
220
|
Net
income
|
7,970
|
10,051
|
Net
income attributable to noncontrolling interests
|
(340)
|
(340)
|
Net
income attributable to controlling interests
|
$ 7,630
=======
|
$ 9,711
=======
|
Earnings
per common unit attributable to
controlling
interests – basic
|
||
Continuing
operations
|
$ 0.36
|
$ 0.43
|
Discontinued
operations
|
(0.04)
|
0.01
|
Earnings
per common unit – basic
|
$ 0.32
=======
|
$ 0.44
=======
|
Earnings
per common unit attributable to
controlling
interests – diluted
|
||
Continuing
operations
|
$ 0.36
|
$ 0.43
|
Discontinued
operations
|
(0.04)
|
0.01
|
Earnings
per common unit – diluted
|
$ 0.32
=======
|
$ 0.44
=======
|
Common
units used in basic earnings per unit calculation
|
23,755,909
|
22,232,896
|
Common
units used in diluted earnings per unit calculation
|
23,769,431
|
22,255,763
|
Distributions
declared per common unit
|
$ 0.45
=======
|
$ 0.64
=======
|
(dollars in thousands,
except per unit data)
|
January
1, 2009
to
September 30,
2009
|
January
1, 2008
to
September 30,
2008
|
Revenues
|
||
Rental
income
|
$ 141,228
|
$ 144,991
|
Other
operating income
|
6,075
|
5,909
|
Total
operating revenues
|
147,303
|
150,900
|
Expenses
|
||
Property
operations and maintenance
|
38,879
|
41,433
|
Real
estate taxes
|
15,394
|
14,326
|
General
and administrative
|
13,292
|
12,487
|
Depreciation
and amortization
|
25,267
|
25,516
|
Total
operating expenses
|
92,832
|
93,762
|
Income
from operations
|
54,471
|
57,138
|
Other
income (expenses)
|
||
Interest
expense
|
(32,552)
|
(27,966)
|
Interest
income
|
75
|
273
|
Gain
on the sale of land
|
1,127
|
-
|
Equity
in income of joint ventures
|
154
|
(38)
|
Income
from continuing operations
|
23,275
|
29,407
|
(Loss)
income from discontinued operations (including loss on disposal of $1,009
in 2009 and gain on disposal of $716 in 2008)
|
(441)
|
1,400
|
Net
income
|
22,834
|
30,807
|
Net
income attributable to noncontrolling interests
|
(1,020)
|
(1,224)
|
Net
income attributable to controlling interests
|
$ 21,814
=======
|
$ 29,583
=======
|
Earnings
per common unit attributable to
controlling
interests – basic
|
||
Continuing
operations
|
$ 0.97
|
$ 1.27
|
Discontinued
operations
|
(0.02)
|
0.07
|
Earnings
per common unit – basic
|
$ 0.95
=======
|
$ 1.34
=======
|
Earnings
per common unit attributable to
controlling
interests – diluted
|
||
Continuing
operations
|
$ 0.97
|
$ 1.27
|
Discontinued
operations
|
(0.02)
|
0.06
|
Earnings
per common unit – diluted
|
$ 0.95
=======
|
$ 1.33
=======
|
Common
units used in basic earnings per unit calculation
|
23,059,465
|
22,150,998
|
Common
units used in diluted earnings per unit calculation
|
23,066,083
|
22,175,441
|
Distributions
declared per common unit
|
$ 1.09
=======
|
$
1.90
=======
|
(dollars in
thousands)
|
January
1, 2009
to
September 30,
2009
|
January
1, 2008
to
September 30,
2008
|
Operating
Activities
|
|
|
Net
income
|
$ 22,834
|
$
30,807
|
Adjustments
to reconcile net income to net cash provided
by
operating activities:
|
||
Depreciation
and amortization
|
26,418
|
26,662
|
Gain
on sale of land
|
(1,127)
|
-
|
Loss
(gain) on sale of investments in storage facilities
|
1,009
|
(716)
|
Equity
in (income) losses of joint ventures
|
(154)
|
38
|
Distributions
from unconsolidated joint venture
|
537
|
160
|
Non-vested
stock earned
|
1,013
|
1,074
|
Stock
option expense
|
252
|
208
|
Changes
in assets and liabilities:
|
||
Accounts
receivable
|
577
|
(336)
|
Prepaid
expenses
|
(339)
|
(1,058)
|
Accounts
payable and other liabilities
|
1,828
|
3,425
|
Deferred
revenue
|
(403)
|
40
|
Net
cash provided by operating activities
|
52,445
|
60,304
|
Investing
Activities
|
||
Acquisitions
of storage facilities
|
-
|
(14,037)
|
Improvements,
equipment additions, and construction in progress
|
(15,827)
|
(32,379)
|
Net
proceeds from the sale of investments in storage
facilities
|
12,006
|
7,002
|
Investment
in unconsolidated joint venture
|
(294)
|
(22,915)
|
Reimbursement
of advances to joint ventures
|
203
|
-
|
Reimbursement
of property deposits
|
-
|
1,259
|
Receipts
from related parties
|
14
|
13
|
Net
cash used in investing activities
|
(3,898)
|
(61,057)
|
Financing
Activities
|
||
Net
proceeds from sale of common stock
|
31,900
|
9,525
|
Proceeds
from borrowings on line of credit
|
-
|
253,000
|
Repayments
of borrowings on line of credit
|
(14,000)
|
(206,000)
|
Financing
costs
|
-
|
(2,946)
|
Distributions
paid
|
(40,233)
|
(43,219)
|
Redemption
of operating partnership units
|
-
|
(94)
|
Mortgage
principal and capital lease payments
|
(1,419)
|
(1,240)
|
Net
cash (used in) provided by financing activities
|
(23,752)
|
9,026
|
Net
increase in cash
|
24,795
|
8,273
|
Cash
at beginning of period
|
4,486
|
4,010
|
Cash
at end of period
|
$ 29,281
=======
|
$ 12,283
=======
|
Supplemental
cash flow information
Cash
paid for interest
|
$ 29,554
|
$ 26,441
|
Fair
value of net liabilities assumed on the acquisition of
storage
facilities
*
|
-
|
68
|
* See
Note 4 for fair value of land, building, and equipment
acquired
during
the period
|
(dollars
in thousands)
|
Jan.
1, 2009
To
Sep. 30,
2009
|
Jan.
1, 2008
To
Sep. 30,
2008
|
Jul.
1, 2009
To
Sep. 30,
2009
|
Jul.
1, 2008
To
Sep. 30,
2008
|
Net
income
|
$22,834
|
$30,807
|
$7,970
|
$10,051
|
Other
comprehensive income:
|
|
|
||
Change
in fair value of derivatives
|
4,683
|
(4,546)
|
(1,130)
|
(1,716)
|
Total
comprehensive income
|
27,517
|
26,261
|
6,840
|
8,335
|
1.
|
BASIS
OF PRESENTATION
|
2.
|
ORGANIZATION
|
(dollars
in thousands)
|
Parent
|
Noncontrolling
Interests
|
Total
|
Balance
at December 31, 2008
|
$ 491,947
|
$ 13,082
|
$ 505,029
|
Net
income attributable to the parent
|
21,418
|
-
|
21,418
|
Net
income attributable to noncontrolling interest holders
|
-
|
1,020
|
1,020
|
Change
in fair value of derivatives
|
4,683
|
-
|
4,683
|
Distributions
|
(24,665)
|
-
|
(24,665)
|
Distributions
to noncontrolling interest holders
|
-
|
(1,020)
|
(1,020)
|
Adjustment
of noncontrolling redeemable Operating
Partnership
units to carrying value
|
2,278
|
-
|
2,278
|
Net
proceeds from issuance of stock through Dividend
Reinvestment
and Stock Purchase Plan
|
31,900
|
-
|
31,900
|
Other
|
1,264
|
-
|
1,264
|
Balance
at September 30, 2009
|
$ 528,825
|
$ 13,082
|
$ 541,907
|
3.
|
STOCK
BASED COMPENSATION
|
4.
|
INVESTMENT
IN STORAGE FACILITIES
|
(dollars in
thousands)
|
|
Cost:
|
|
Beginning
balance
|
$ 1,374,763
|
Improvements
and equipment additions
|
11,015
|
Net
increase in construction in progress
|
4,733
|
Dispositions
|
(100)
|
Ending
balance
|
$ 1,390,411
|
Accumulated
Depreciation:
|
|
Beginning
balance
|
$ 214,213
|
Depreciation
expense during the period
|
25,005
|
Dispositions
|
(66)
|
Ending
balance
|
$ 239,152
|
5.
|
DISCONTINUED
OPERATIONS
|
(dollars in
thousands)
|
Jul.
1, 2009
to
Sep. 30,
2009
|
Jul.
1, 2008
to
Sep. 30,
2008
|
Jan.
1, 2009
to
Sep. 30,
2009
|
Jan.
1, 2008
to
Sep. 30,
2008
|
Total
revenue
|
$ 292
|
$ 459
|
$ 1,162
|
$ 1,571
|
Property
operations and maintenance expense
|
(78)
|
(134)
|
(319)
|
(496)
|
Real
estate tax expense
|
(15)
|
(27)
|
(71)
|
(113)
|
Depreciation
and amortization expense
|
(45)
|
(78)
|
(204)
|
(278)
|
Net
realized (loss) gain on sale of property
|
(1,009)
|
-
|
(1,009)
|
716
|
Total(loss)
income from discontinued operations
|
$ (855)
|
$ 220
|
$ (441)
|
$ 1,400
|
6.
|
UNSECURED
LINE OF CREDIT AND TERM NOTES
|
7.
|
MORTGAGES
PAYABLE
|
(dollars in
thousands)
|
September
30,
2009
|
December
31,
2008
|
7.80%
mortgage note due December 2011, secured by 11 self-storage facilities
(Locke Sovran I) with an aggregate net book value of $42.9 million,
principal and interest paid monthly
|
$ 28,599
|
$ 29,033
|
7.19%
mortgage note due March 2012, secured by 27 self-storage facilities (Locke
Sovran II) with an aggregate net book value of $80.0 million, principal
and interest paid monthly
|
41,766
|
42,603
|
7.25%
mortgage note due December 2011, secured by 1 self-storage facility with
an aggregate net book value of $5.7 million, principal and interest paid
monthly. Estimated market rate at time of acquisition
5.40%
|
3,405
|
3,510
|
6.76%
mortgage note due September 2013, secured by 1 self-storage facility with
an aggregate net book value of $2.0 million, principal and interest paid
monthly
|
983
|
1,000
|
6.35%
mortgage note due March 2014, secured by 1 self-storage facility with an
aggregate net book value of $3.7 million, principal and interest paid
monthly
|
1,079
|
1,098
|
5.55%
mortgage notes due November 2009, secured by 8 self-storage facilities
with an aggregate net book value of $34.3 million, interest only paid
monthly. Estimated market rate at time of acquisition
6.44%
|
26,078
|
25,930
|
7.50%
mortgage notes due August 2011, secured by 3 self-storage facilities with
an aggregate net book value of $14.1 million, principal and interest paid
monthly. Estimated market rate at time of acquisition
6.42%
|
5,932
|
6,087
|
Total
mortgages payable
|
$ 107,842
|
$ 109,261
|
Expected
Maturity Date Including
Discount
|
|
|||||||
(dollars
in thousands)
|
2009
|
2010
|
2011
|
2012
|
2013
|
Thereafter
|
Total
|
Fair
Value
|
Line
of credit - variable rate LIBOR + 1.75
(2.00%
at September 30, 2009)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Notes
Payable:
|
||||||||
Term
note - variable rate LIBOR+2.0%
(2.25%
at September 30, 2009)
|
-
|
-
|
-
|
$250,000
|
-
|
-
|
$250,000
|
$250,000
|
Term
note - variable rate LIBOR+1.50%
(2.23%
at September 30, 2009)
|
-
|
-
|
-
|
-
|
$ 20,000
|
-
|
$ 20,000
|
$ 20,000
|
Term
note - fixed rate 6.26%
|
-
|
-
|
-
|
-
|
$ 80,000
|
-
|
$ 80,000
|
$ 76,427
|
Term
note - fixed rate 8.38%
|
-
|
-
|
-
|
-
|
-
|
$ 150,000
|
$150,000
|
$148,083
|
Mortgage
note - fixed rate 7.80%
|
$ 152
|
$ 630
|
$ 27,817
|
-
|
-
|
-
|
$ 28,599
|
$ 29,844
|
Mortgage
note - fixed rate 7.19%
|
$ 291
|
$ 1,211
|
$ 1,301
|
$ 38,963
|
-
|
-
|
$ 41,766
|
$ 43,301
|
Mortgage
note - fixed rate 7.25%
|
$ 36
|
$ 149
|
$ 3,220
|
-
|
-
|
-
|
$ 3,405
|
$ 3,436
|
Mortgage
note - fixed rate 6.76%
|
$ 6
|
$ 25
|
$ 27
|
$ 29
|
$
896
|
-
|
$ 983
|
$ 998
|
Mortgage
note - fixed rate 6.35%
|
$ 7
|
$ 28
|
$ 30
|
$ 31
|
$ 34
|
$ 949
|
$ 1,079
|
$ 1,080
|
Mortgage
notes - fixed rate 5.55%
|
$ 26,078
|
-
|
-
|
-
|
-
|
-
|
$ 26,078
|
$ 26,200
|
Mortgage
notes - fixed rate 7.50%
|
$ 53
|
$ 222
|
$ 5,657
|
-
|
-
|
-
|
$ 5,932
|
$ 6,095
|
Interest
rate derivatives – liability
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
$ 20,632
|
8.
|
DERIVATIVE
FINANCIAL INSTRUMENTS
|
Notional
Amount
|
Effective
Date
|
Expiration
Date
|
Fixed
Rate
Paid
|
Floating
Rate
Received
|
$20
Million
|
9/4/05
|
9/4/13
|
4.4350%
|
6
month LIBOR
|
$50
Million
|
7/1/08
|
6/25/12
|
4.2825%
|
1
month LIBOR
|
$100
Million
|
7/1/08
|
6/22/12
|
4.2965%
|
1
month LIBOR
|
$75
Million
|
9/1/09
|
6/22/12
|
4.7100%
|
1
month LIBOR
|
$25
Million
|
9/1/09
|
6/22/12
|
4.2875%
|
1
month LIBOR
|
(dollars in
thousands)
|
Jan.
1, 2009
to
Sep. 30,
2009
|
Jan.
1, 2008
to
Sep. 30,
2008
|
Adjustments
to interest expense:
|
||
Realized
loss reclassified from accumulated other comprehensive loss
to
interest
expense
|
$ (8,053)
|
$ (1,649)
|
Adjustments
to other comprehensive income (loss):
|
||
Realized
loss reclassified to interest expense for 2009 and 2008,
respectively
|
8,053
|
1,649
|
Unrealized
gain (loss) from changes in the fair value of the effective
portion
of the interest rate swaps for 2009 and 2008, respectively
|
(3,370)
|
(6,195)
|
Gain
(loss) included in other comprehensive loss
|
$ 4,683
|
$ (4,546)
|
9.
|
FAIR
VALUE MEASUREMENTS
|
Asset
(Liability)
|
Level
1
|
Level
2
|
Level
3
|
|
Interest
rate swaps
|
(20,632)
|
-
|
(20,632)
|
-
|
10.
|
INVESTMENT
IN JOINT VENTURES
|
(dollars
in thousands)
|
Sovran
HHF
Storage
Holdings
LLC
|
Iskalo
Office
Holdings,
LLC
|
Balance Sheet
Data:
|
||
Investment
in storage facilities, net
|
$ 168,921
|
$
-
|
Investment
in office building
|
-
|
5,371
|
Other
assets
|
4,297
|
698
|
Total
Assets
|
$ 173,218
=======
|
$ 6,069
=======
|
Due
to the Operating Partnership
|
$ 133
|
$ -
|
Mortgages
payable
|
78,889
|
7,070
|
Other
liabilities
|
3,004
|
228
|
Total
Liabilities
|
82,026
|
7,298
|
Unaffiliated
partners' equity (deficiency)
|
72,954
|
(702)
|
Operating
Partnership equity (deficiency)
|
18,238
|
(527)
|
Total
Liabilities and Partners' Equity (deficiency)
|
$ 173,218
=======
|
$ 6,069
======
|
Income Statement
Data:
|
||
Total
revenues
|
$ 13,222
|
$ 857
|
Total
expenses
|
12,689
|
822
|
Net
income
|
$ 533
=======
|
$ 35
======
|
11.
|
INCOME
TAXES
|
12.
|
EARNINGS
PER UNIT
|
(in thousands except
per unit data)
|
Three
Months
Ended
Sep. 30,
2009
|
Three
Months
Ended
Sep. 30,
2008
|
Nine
Months
Ended
Sep. 30,
2009
|
Nine
Months
Ended
Sep. 30,
2008
|
Numerator:
|
||||
Net
income from continuing operations
attributable
to controlling interests
|
$ 7,630
|
$ 9,711
|
$ 21,814
|
$ 29,583
|
Denominator:
|
||||
Denominator
for basic earnings per unit -
weighted
average units
|
23,756
|
22,233
|
23,059
|
22,151
|
Effect
of Dilutive Securities:
|
||||
Stock
options, warrants and non-vested stock
|
13
|
23
|
7
|
24
|
Denominator
for diluted earnings per unit -
adjusted
weighted average units and
assumed
conversion
|
23,769
|
22,256
|
23,066
|
22,175
|
Basic
earnings per common unit from
continuing
operations attributable to
controlling
interests
|
$ 0.36
|
$ 0.43
|
$ 0.97
|
$ 1.27
|
Basic
earnings per common unit attributable
to
controlling interests
|
$ 0.32
|
$ 0.44
|
$ 0.95
|
$ 1.34
|
Diluted
earnings per common unit from
continuing
operations attributable to
controlling
interests
|
$ 0.36
|
$ 0.43
|
$ 0.97
|
$ 1.27
|
Diluted
earnings per common unit attributable
to
controlling interests
|
$ 0.32
|
$ 0.44
|
$ 0.95
|
$ 1.33
|
13.
|
RECENT
ACCOUNTING PRONOUNCEMENTS
|
14.
|
COMMITMENT
AND CONTINGENCIES
|
15.
|
SUBSEQUENT
EVENTS
|
Item
2.
|
Management's
Discussion and Analysis of Financial Condition and Results
of Operations
|
Nine months
ended
|
||
(in
thousands)
|
September 30,
2009
|
September 30,
2008
|
Net
income attributable to controlling interests
|
$ 21,814
|
$ 29,583
|
Net
income attributable to noncontrolling interest
|
1,020
|
1,224
|
Depreciation
of real estate and amortization
of
intangible assets exclusive of deferred
financing
fees
|
25,471
|
25,795
|
Depreciation
and amortization from
unconsolidated
joint ventures
|
620
|
262
|
Gain
on sale of real estate
|
(118)
|
(716)
|
Funds
from operations allocable to
noncontrolling
redeemable Operating Partnership Units
|
(868)
|
(1,042)
|
Funds
from operations allocable to
noncontrolling
interest in consolidated joint venture
|
(1,020)
|
(1,224)
|
FFO
available to controlling unitholders
|
$ 46,919
=======
|
$ 53,882
======
|
*
|
7.80%
mortgage note due December 2011, secured by 11 self-storage facilities
(Locke Sovran I) with an aggregate net book value of $42.9 million,
principal and interest paid monthly. The outstanding balance at
September 30, 2009 on this mortgage was $28.6 million.
|
*
|
7.19%
mortgage note due March 2012, secured by 27 self-storage facilities (Locke
Sovran II) with an aggregate net book value of $80.0 million, principal
and interest paid monthly. The outstanding balance at September
30, 2009 on this mortgage was $41.8 million.
|
*
|
7.25%
mortgage note due December 2011, secured by 1 self-storage facility with
an aggregate net book value of $5.7 million, principal and interest paid
monthly. Estimated market rate at time of acquisition
5.40%. The outstanding balance at September 30, 2009 on this
mortgage was $3.4 million.
|
*
|
6.76%
mortgage note due September 2013, secured by 1 self-storage facility with
an aggregate net book value of $2.0 million, principal and interest paid
monthly. The outstanding balance at September 30, 2009 on this
mortgage was $1.0 million.
|
*
|
6.35%
mortgage note due March 2014, secured by 1 self-storage facility with an
aggregate net book value of $3.7 million, principal and interest paid
monthly. The outstanding balance at September 30, 2009 on this
mortgage was $1.1 million.
|
*
|
5.55%
mortgage notes due November 2009, secured by 8 self-storage facilities
with an aggregate net book value of $34.3 million, interest only paid
monthly. Estimated market rate at time of acquisition
6.44%. The outstanding balance at September 30, 2009 on this
mortgage was $26.1 million.
|
*
|
7.50%
mortgage notes due August 2011, secured by 3 self-storage facilities with
an aggregate net book value of $14.1 million, principal and interest paid
monthly. Estimated market rate at time of acquisition
6.42%. The outstanding balance at September 30, 2009 on this
mortgage was $5.9 million.
|
Notional
Amount
|
Effective
Date
|
Expiration
Date
|
Fixed
Rate
Paid
|
Floating
Rate
Received
|
$20
Million
|
9/4/05
|
9/4/13
|
4.4350%
|
6
month LIBOR
|
$50
Million
|
7/1/08
|
6/25/12
|
4.2825%
|
1
month LIBOR
|
$100
Million
|
7/1/08
|
6/22/12
|
4.2965%
|
1
month LIBOR
|
$75
Million
|
9/1/09
|
6/22/12
|
4.7100%
|
1
month LIBOR
|
$25
Million
|
9/1/09
|
6/22/12
|
4.2875%
|
1
month LIBOR
|
Item
3.
|
Quantitative
and Qualitative Disclosures About Market
Risk
|
Item
4.
|
Controls
and Procedures
|
PART
II.
Item
1.
|
Other
Information
Legal
Proceedings
|
Item
1A.
|
Risk
Factors
|
Item
2.
|
Unregistered
Sales of Equity Securities and Use of
Proceeds
|
Item
3.
|
Defaults
Upon Senior Securities
|
Item
4.
|
Submission
of Matters to a Vote of Security
Holders
|
Item
5.
|
Other
Information
|
Item
6.
|
Exhibits
|
||
31.1
|
Certification
of Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a)
of the Securities Exchange Act, as amended.
|
||
31.2
|
Certification
of Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a)
of the Securities Exchange Act, as amended.
|
||
32
|
Certification
of Chief Executive Officer and Chief Financial Officer Pursuant to 18
U.S.C. Section 1350 as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002.
|
November 6,
2009
Date
|
Sovran
Self Storage, Inc.
SOVRAN
ACQUISITION LIMITED PARTNERSHIP
By: Sovran
Holdings, Inc.
Its: General
Partner
By: /s/
David L.
Rogers
David
L. Rogers,
Chief
Financial Officer
(Principal Accounting Officer)
|