Uncle Bob's Self Storage

Uncle Bob's Self Storage
Public (NYSE: SSS)[1]
Industry Real estate investment trust
Founded 1982 (1982)[2]
1985 (as Uncle Bob's Self Storage)
Headquarters Williamsville, New York, United States
Key people
 Robert J. Attea (Chairman, CEO)[3]
Kenneth F. Myszka (President, COO)
David Rogers (CFO)
Services Public Storage Facilities, Rental Trucks, Facility Management
Revenue Increase$192.1 million USD (2010)[4]
Increase$35.0 million USD (2010)[4]
Increase$42.5 million USD (2010)[4]
Total equity Increase$644.7 million USD (2010)[4]
Owner Sovran Self Storage, Inc[1]
Number of employees
 1,027 (2010)[5]
Website UncleBobs.com

Uncle Bob's Self Storage is a self storage company, the fifth-largest of its kind in the United States. Owned and managed by Sovran Self Storage, Inc., a real estate investment trust (REIT) based in Buffalo, New York, it was founded in 1985.[6] The company operates more than 500 self-storage facilities in 26 states and employs over 1,300 individuals. It serves approximately 250,000 customers.[1][6]

History

Uncle Bob's Self Storage is owned and managed by Sovran Self Storage, Inc., a real estate investment trust (REIT) that acquires and manages self-storage properties.[1] As an REIT, at least 90% of Sovran's taxable income is distributed to its stockholders. Sovran was founded in 1982 and is headquartered at 6467 Main Street in Buffalo, New York.[5] Uncle Bob's Self Storage itself was founded in 1985 with the founders breaking ground on its first self-storage facility[6] in Sunrise, Florida.[7][8][9]

On July 15, 2016, the company completed a $1.3B merger[10] with LifeStorage LP[11] and announced plans to change their corporate name from Sovran Self Storage, Inc to Life Storage, Inc. As of August 15, 2016, the company’s stock ticket symbol changed from SSS to LSI.

The company announced plans to rebrand all existing Uncle Bob’s Self Storage® stores to Life Storage® starting in mid August, 2016 through early 2017.

Overview

The company has served millions of customers since its inception[7] and as of 2014, actively serves approximately 250,000 customers.[1] Also as of 2014, it employs over a thousand people.[6]

It offers temporary storage space to residential and commercial users and also offers outside storage for automobiles, recreational vehicles and boats.[5] Their facilities utilize Dri-guard, a dehumidification system[12] and computerized access systems and surveillance cameras.[6] Customers can rent Uncle Bob's Rental Trucks for transporting goods to and from the facilities. There is also a national call center to organize sales and reservations and rental spaces and trucks.[12] They also host hundreds of networked PC computers and two data centers to manage the business.

Facilities

It has over 450[6] self-storage facilities encompassing over 20,000,000 square feet (1,900,000 m2) of rentable space.[1][5] In the year 2000, the company owned 226 self-storage facilities[9] and 339 stores by May 2007.[13] In March 2007, Sovran closed a $44 million deal to buy 12 Storage Pro self-storage facilities from Benderson Development Co. in New York state.[14] In 2010, they acquired seven new stores, four in Charlotte, North Carolina and three in Raleigh, North Carolina.[3] The facilities are in 25 states and in 150 American cities, largely in the eastern United States.[7][15] The following is a list of the served regions as of March 2011:

Finances

Sovran Self Storage, Inc. is on the New York Stock Exchange under the symbol NYSE: SSS.[1] It went public in June 1995, when Sovran owned 74 storage facilities. The company sold 5.92 million shares to the public at the time, raising about $136 million within the week. About $70 million of that amount was used to repay debt and the rest was mainly spent to purchase additional facilities. The public owns approximately 86.5% of Sovran's million outstanding shares.[16] The value of 156% million in 1995 had grown to $660 enterprise value in June 2000.[9] The company's market value in 2004 was $504 million.[15] Their enterprise value is estimated at $1.56 billion (USD) as of March 21, 2011. Their market capitalization is estimated at 1.07 billion (USD) also as of March 2011. As of December 31, 2010, their operating cash flow is 73.67 million. Their revenue (ttm) is 183.10 million, their gross profit is 121.16 million. Their EBITDA ("earning before interest, taxes, depreciation and amortization") is 99.54 million.[15] From 2009 to 2010, revenues for the 344 stores owned entirely by the company increased by 2.6%.[3]

In 2010, the formation of Uncle Bob's Management was announced, which offers management and systems expertise to private owners and third-party operators outside of their main ventures. Companies and facilities under contract with Uncle Bob's Management are branded by Uncle Bob's name, while retaining private ownership.[12]

In the community

The company has participated in the U.S. Marine Corps Reserve program Toys for Tots and has opened up several of their facilities to become drop-off points for donations.[17] In November 2010, the company hosted a fund-raising barbecue for the program in its three Charlotte, North Carolina sites.[18] In December 2010, Uncle Bob's partnered with the American Hockey League's Syracuse Crunch in a "Name Your Own Price" ticket promotion.[19]

In January 2011, they sponsored a month-long coat drive in Lafayette, Louisiana for local children. The drive was in support of Coats for Kids and culminated in a social event and a live remote with KMDL Radio (93.7).[20]

Uncle Bob's also assisted the National Association of Letter Carriers (NALC) in their Stamp Out Hunger campaign, particularly the massive food drive on May 14, 2011.[21][22]

The company has banned the use of glue traps at all its facilities.[23]

Sports

In 2014 Uncle Bob's sponsored NASCAR Xfinity series driver Ryan Sieg for 1 race at Mid-Ohio, they came back in 2015 and sponsored Sieg for an additional 15 races.

Key people

References

  1. 1 2 3 4 5 6 7 "About Sovran Self Storage, Inc., professional management of Uncle Bob's Self Storage" Check |url= value (help). Uncle Bob's Self Storage. Retrieved 2011-04-18.
  2. ↑ "About Sovran Self Storage, Inc., professional management of Uncle Bob's Self Storage". Uncle Bob's Self Storage. 2016. Retrieved 2016-02-20.
  3. 1 2 3 4 "Investment Releases" Check |url= value (help). Uncle Bob's Self Storage. February 23, 2011. Retrieved 2011-04-18.
  4. 1 2 3 4 "Listed Securities: Sovran Self Storage Inc.". NYSE. March 2011. Retrieved 2011-06-06.
  5. 1 2 3 4 "Sovran Self Storage Inc. (SSS)". Yahoo! Finance. March 2011. Retrieved 2011-04-18.
  6. 1 2 3 4 5 6 "Sovran's Uncle Bob's Chain Celebrates 25 Years In". Inside Self Storage. July 1, 2010. Retrieved 2011-04-18.
  7. 1 2 3 4 "Storage Facility Locations" Check |url= value (help). Uncle Bob's Self Storage. Retrieved 2011-04-18.
  8. ↑ Martin, Susan (January 27, 2002). "Office Envy". Buffalo News.
  9. 1 2 3 Linstedt, Sharon (June 1, 2000). "New Headquarters Bolsters Sovran's Ties to Region". The Buffalo News.
  10. ↑ "Sovran, LifeStorage to Merge in $1.3B Deal". Commercial Property Executive. May 20, 2016. Retrieved 2016-08-04.
  11. ↑ "Company Overview of Lifestorage, LP". Bloomberg. August 4, 2016. Retrieved 2016-08-04.
  12. 1 2 3 O'Neill, Melissa (December 16, 2010). "Uncle Bob's Self Storage Expands to Professional Management". Business News Express. Retrieved 2011-04-18.
  13. ↑ Robinson, David (May 22, 2007). "Sovran looks for good growth in Buffalo-area storage market". Buffalo News.
  14. ↑ Robinson, David (March 31, 2007). "Sovran Self Storage acquires Benderson's Storage Pro units". The Buffalo News.
  15. 1 2 3 4 5 Coffey, Brendan (April 30, 2004). "Unlocking Value in Self Storage". Forbes. Archived from the original on 2013-01-23. Retrieved 2011-04-18.
  16. ↑ Robinson, David (June 22, 1995). "Sovran's Stock Sale Raises $136 Million". Buffalo News.
  17. ↑ "Toys for Tots" Check |url= value (help). Uncle Bob's Self Storage. Retrieved 2011-04-18.
  18. ↑ "Uncle Bob's Self Storage in Charlotte Holds Barbecue to Benefit Toys for Tots". Inside Self Storage. November 19, 2010. Retrieved 2011-04-18.
  19. ↑ "Uncle Bob's Self Storage Partners with Syracuse Crunch Hockey Team in Ticket Promotion". Inside Self Storage. December 10, 2010. Retrieved 2011-04-18.
  20. ↑ "Uncle Bob's Self Storage Hosts Benefit for Coats for Kids". Inside Self Storage. January 6, 2011. Retrieved 2011-04-18.
  21. ↑ "Uncle Bob's Self Storage Partners with The National Association of Letter Carriers to Help Stamp Out Hunger". NewsBlaze. May 10, 2011. Retrieved 2011-04-18.
  22. ↑ "Uncle Bob's Self Storage® Partners with The National Association of Letter Carriers to Help Stamp Out Hunger". Morningstar. May 10, 2011. Retrieved 2011-04-18.
  23. ↑ Robinson, David (2013-06-12). "PETA praises Sovran for glue trap ban". The Buffalo News. Retrieved 5 July 2013.

External links

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