BUFFALO-Sovran Self Storage Inc., an equity REIT headquartered here, said Monday it has entered into lease agreements to rebrand and operate New York City metro area four self-storage facilities formerly operated under the Westy Self Storage brand. The company has an option to buy all four for an aggregate of $120 million between February 2015 and September 2016.

Under terms of the off-market deal between Sovran and Westy, Sovran is required to make annual lease payments of $6 million, with a provision for annual increases of 4% per year. The four properties, which will operate under the Uncle Bob's Self Storage brand, have been leased for 15 years.

The deal announced Monday gives Sovran two additional locations on Long Island—Hicksville, NY and Farmingdale, NY—and two additional southern Connecticut sites, in Danbury and Milford. Earlier this year in two separate deals, Sovran acquired a pair of self-storage properties in Babylon, NY and one each in the Long Island communities of Deer Park, Amityville and Lindenhurst. Monday's deal gives the REIT a total of 10 stores on Long Island and seven in southern Connecticut.

“We are thrilled to add these stores to the Uncle Bob's portfolio,” says Sovran CEO Dave Rogers. “They are truly 'best in class' properties, and fit very well with our established footprint in these markets.”

In its most recent quarterly report, Sovran posted an 8.9% increase in same-store revenues for the three months that ended June 30, and raised its guidance for the year. The company will post its third-quarter results later today. Founded in 1985, Sovran operates 4755 self-storage properties in 25 states under the Uncle Bob's brand.