Sovran Self Storage Lower Following Announcement Of Stock Offering

Shares of Sovran Self Storage Inc (NYSE: SSS) were trading lower by nearly 4 percent at $105.50 late Wednesday morning after the company announced a public offering of 2.3 million shares of its common stock at $105.75 per share.

Shares of Sovran Self Storage closed at $109.79 on Tuesday.

Sovran Self Storage stated it will use the approximate proceeds of $234.5 million to fund a portion of its pending property acquisitions and repay certain amounts outstanding on its unsecured line of credit.