Life Storage Inc - Registered Shares (LSI) 8-K Sovran Self Storage Reports Third Quarter Results; Same Store NOI Increases 7.9%; Adds 52 Stores to Uncle Bob’s Brand

Exhibit 99.1

Sovran Self Storage Reports Third Quarter Results; Same Store NOI Increases 7.9%; Adds 52 Stores to Uncle Bob’s Brand

BUFFALO, N.Y.--(BUSINESS WIRE)--November 2, 2011--Sovran Self Storage, Inc. (NYSE:SSS), (www.unclebobs.com/company) a self storage real estate investment trust (REIT), reported operating results for the quarter ended September 30, 2011.

Net income available to common shareholders for the third quarter of 2011 was $2.3 million or $0.08 per fully diluted share. For the same period in 2010, net income available to common shareholders was $8.9 million, or $0.32 per fully diluted common share.

Funds from operations (FFO) for the quarter were $0.41 per fully diluted common share compared to $0.63 for the same period last year. The Company recorded one-time charges of $5.6 million to terminate interest rate swap contracts and write-offs of unamortized financing fees in relation to its debt refinancing in August; it also incurred net acquisition costs of $2.9 million in connection with its property purchases this quarter. Absent these non-recurring charges, FFO per share for the quarter is $0.72.

Higher rental rates and the reduced use of move-in incentives contributed to the increase in FFO for the third quarter of 2011.

During the quarter, the Company increased the number of stores in operation under its “Uncle Bob’s” brand by 52: twenty-seven were acquired for its own portfolio at a cost of $146 million, 19 were added via a joint venture formed in July and six more stores have been placed in the care of Uncle Bob’s Management (the Company’s third party management subsidiary).

Robert J. Attea, the Company’s Chairman and CEO, commented, “We had a tremendous quarter in every respect – we added 52 first-rate properties to our portfolio, we negotiated a $500 million financing package that solidifies our balance sheet, and our stores performed exceptionally. We’ve been able to take advantage of favorable conditions in the acquisition, financial, and consumer arenas to add significant value to our Company.”

OPERATIONS:

Total revenues increased 11.6% over last year’s third quarter, while operating costs increased 5.5%, resulting in an NOI ⁽³⁾ increase of 15.2%. Overall occupancy averaged 81.2% for the period and rental rates improved to an average of $10.71 per sq. ft.

Revenues for the 344 stores wholly owned by the Company for the entire quarter of each year increased 5.3% from those of the third quarter of 2010, the result of a 5.7% increase in rental rates and strong growth in other revenues, primarily insurance commissions.

Same store operating expenses increased 0.8% for the third quarter of 2011 compared to the prior year period, the result of a property tax increase of 1.6% and modest increases in property payroll expenses and maintenance costs.

Consequently, same store net operating income increased 7.9% this period over the third quarter of 2010.

“We’re very pleased with the performance of our core portfolio” said Kenneth F. Myszka, President and COO. “The top line growth is in large part a result of the efforts of David Paolini and our Revenue Management group, in partnership with Veritec Solutions, and their application of advanced pricing analytics. By reducing the amount of free rent given at move-in, we are attracting a more stable customer base and discouraging short term price-shoppers. The end result is lower turnover, longer lengths of stay, and solid revenue growth.”

General and administrative expenses grew by approximately $1.7 million over the same period in 2011, primarily due to start-up and takeover costs at the newly acquired stores, increased training, internet advertising, and personnel costs.

During the third quarter of 2011, every state in which the Company has operated stores for more than a year achieved sales greater than the same period in 2010. The stores with the strongest revenue impact include those in New England, New York, Tennessee, and Ohio. With regard to these results, Myszka commented, “We continue to be pleased by the solid results shown at the majority of our stores and especially the Florida and Texas properties, with NOI increases of 7.5% and 6.2% respectively.”

PROPERTIES:

The Company acquired 27 stores for its own portfolio during the quarter at a cost of $146 million. In July, it acquired two stores in Newark, New Jersey; and one in St. Louis, MO. In August, it acquired one storage facility in Atlanta, GA; and in September it acquired 22 storage facilities in Texas: three in Austin, one in Dallas, and 18 in Houston. It also acquired one store in Newport News, VA.

As previously announced, the Company entered into a joint venture agreement to acquire 19 properties in New Jersey and eastern Pennsylvania. The venture paid $164 million for the properties (including closing costs), of which approximately $89 million was financed via mortgage notes, $64 million was contributed by the JV Partner, and $11 million was contributed by the Company. All of the properties have been re-branded “Uncle Bob’s Self Storage®” and are managed by the Company.

The Company also added six properties to its Uncle Bob’s Management platform, which now has a total of 53 properties under management through joint venture and third party contracts.

The Company continues its program of expanding and enhancing its properties, expecting construction of over 500,000 square feet of additional and/or improved space at existing stores in 2011/2012.

CAPITAL TRANSACTIONS:

As previously announced, on August 5, 2011, the Company completed transactions which provided financing arrangements totaling $500 million of senior, unsecured debt.

It used proceeds from a ten year, $100 million privately placed term note (the Company’s “Series D” notes) and the proceeds from a seven year, $125 million unsecured term loan provided by a syndicated bank group to repay a $150 million term loan maturing in June, 2012, and $71 million outstanding on its line of credit.

$100 million was also committed by the bank lending syndicate for a delayed draw note to provide funding for the Company’s repayment of mortgage debt maturing in late 2011 and early 2012, as well as borrowings the Company incurred to fund its acquisitions. The term of the note is seven years and is unsecured.

The Company also negotiated a five year, $175 million unsecured line of credit, with an accordion feature of an additional $75 million, and an extension provision of up to two additional years.

The $100 million of Series D notes bear interest at 5.54% for their ten year term.

The Company has entered into interest rate swap contracts which effectively fix the interest rate on the $125 million bank group term note at 4.37% payable over its seven-year term. Additional rate swap contracts have been used to fix the rate on the $100 million delayed draw note (expected to be funded in early December) at 3.61% through December, 2016.

David Rogers, Chief Financial Officer of the Company, commented, “This financing package provides us with lower interest rates, greater capacity and flexibility, and extends and smoothes our debt maturity dates through 2021.”

The Company incurred a one-time charge of approximately $5.6 million ($0.20 per share) in the third quarter of 2011 relating to the early termination of interest rate swap agreements and unamortized costs associated with the repayment of the $150 million term note.

Illustrated below are key financial ratios at September 30, 2011:

• Debt to Enterprise Value (at $40.00/share) 37.0%
• Debt to Book Cost of Storage Facilities 41.9%
• Debt to EBITDA Ratio 5.9x
• Debt Service Coverage 3.6x

At September 30, 2011, the Company had approximately $6.6 million of cash on hand, and $61 million available on its line of credit (without considering the additional $75 million available under the expansion feature).

On September 14, 2011, the Company announced an “at the market” equity issuance program. During the quarter, the Company issued 130,837 shares of common stock pursuant to this program at an average price of $39.35 per share.

YEAR 2011 EARNINGS GUIDANCE:

Management is encouraged by greater pricing power and resiliency in most markets. Nonetheless, the Company anticipates the continuation of leasing incentives supplemented by aggressive and increased advertising. An increase in same store revenue of 4% to 5% is projected from that of 2010. Property operating costs are projected to increase by 2% to 3%, including an expected 4% annual increase in property taxes. Accordingly, the Company continues to anticipate an increase of 4% to 6% in same store net operating income for 2011.

The Company intends to spend up to $30 million on its aforementioned expansion and enhancement program. It has also budgeted $12 million to provide for recurring capitalized expenditures including roofing, painting, paving, and office renovations.

Future purchases of properties made in 2011 are not expected to significantly impact 2011’s guidance inasmuch as the Company expects to invest in both low occupancy “turn-around” opportunities as well as stabilized properties.

General and administrative expenses are expected to increase due to the need for personnel required for expected acquisitions, income taxes on its taxable REIT subsidiaries, and the Company’s plans to continue expanding its internet marketing presence.

At September 30, 2011, all but $114 million of the Company’s debt is either fixed rate or covered by rate swap contracts that essentially fix the rate. Subsequent borrowings that may occur will be pursuant to the Company’s Line of Credit agreement at a floating rate of LIBOR plus 2.0%.

At September 30, 2011, the Company had 27.8 million shares of common stock outstanding and 0.34 million Operating Partnership Units outstanding.

As a result of the above assumptions, management expects funds from operations for the full year 2011 (inclusive of the above mentioned one time debt refinancing and acquisition charges of $8.6 million or $0.31 per share) to be approximately $2.41 to $2.43 per share, and between $0.71 and $0.73 for the fourth quarter of 2011.

FORWARD LOOKING STATEMENTS:

When used within this news release, the words “intends,” “believes,” “expects,” “anticipates,” and similar expressions are intended to identify “forward looking statements” within the meaning of that term in Section 27A of the Securities Act of 1933, and in Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward looking statements. Such factors include, but are not limited to, the effect of competition from new self storage facilities, which could cause rents and occupancy rates to decline; the Company’s ability to evaluate, finance and integrate acquired businesses into the Company’s existing business and operations; the Company’s existing indebtedness may mature in an unfavorable credit environment, preventing refinancing or forcing refinancing of the indebtedness on terms that are not as favorable as the existing terms; interest rates may fluctuate, impacting costs associated with the Company’s outstanding floating rate debt; the Company’s ability to comply with debt covenants; the future ratings on the Company’s debt instruments; the regional concentration of the Company’s business may subject it to economic downturns in the states of Florida and Texas; the Company’s ability to effectively compete in the industries in which it does business; the Company’s reliance on its call center; the Company’s cash flow may be insufficient to meet required payments of principal, interest and dividends; and tax law changes which may change the taxability of future income.

CONFERENCE CALL:

Sovran Self Storage will hold its Third Quarter Earnings Release Conference Call at 9:00 a.m. Eastern Time on Thursday, November 3, 2011. To access the conference call, dial 877.407.8033 (domestic), or 201.689.8033 (international). Management will accept questions from registered financial analysts after prepared remarks; all others are encouraged to listen to the call via webcast by accessing “events and conference calls” under the investor relations tab at www.unclebobs.com/company.

The webcast will be archived for a period of 90 days; a telephone replay will also be available for 72 hours by calling 877.660.6853 and entering pass codes 286/379417.

Sovran Self Storage, Inc. is a self-administered and self-managed equity REIT that is in the business of acquiring and managing self storage facilities. The Company operates 434 self storage facilities in 25 states under the name “Uncle Bob’s Self Storage”^®. For more information, visit www.unclebobs.com, like us on Facebook, or follow us on Twitter.

SOVRAN SELF STORAGE, INC.
BALANCE SHEET DATA
(unaudited)
	September 30,			December 31,
(dollars in thousands)	2011			2010
Assets
Investment in storage facilities:
Land	$	269,450		$	240,651
Building, equipment and construction in progress		1,314,477			1,179,305
		1,583,927			1,419,956
Less: accumulated depreciation		(297,147	)		(271,797	)
Investment in storage facilities, net		1,286,780			1,148,159
Cash and cash equivalents		6,573			5,766
Accounts receivable		2,413			2,377
Receivable from joint venture		502			253
Investment in joint venture		30,911			19,730
Prepaid expenses		4,948			4,408
Other assets		8,361			4,848
Total Assets	$	1,340,488		$	1,185,541
Liabilities
Line of credit	$	114,000		$	10,000
Term notes		475,000			400,000
Accounts payable and accrued liabilities		30,365			23,991
Deferred revenue		5,929			4,925
Fair value of interest rate swap agreements		8,649			10,528
Mortgages payable		74,182			78,954
Total Liabilities		708,125			528,398
Noncontrolling redeemable Operating Partnership Units at redemption value		12,601			12,480
Equity
Common stock		290			288
Additional paid-in capital		820,641			816,986
Accumulated deficit		(165,629	)		(148,264	)
Accumulated other comprehensive loss		(8,365	)		(10,254	)
Treasury stock at cost		(27,175	)		(27,175	)
Total Shareholders' Equity		619,762			631,581
Noncontrolling interest - consolidated joint venture		-			13,082
Total Equity		619,762			644,663
Total Liabilities and Equity	$	1,340,488		$	1,185,541

CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
	July 1, 2011			July 1, 2010
	to			to
(dollars in thousands, except share data)	September 30, 2011			September 30, 2010
Revenues
Rental income	$	50,332		$	46,196
Other operating income		2,604			2,109
Management fee income		643			318
Acquisition fee income		675			-
Total operating revenues		54,254			48,623
Expenses
Property operations and maintenance		13,888			13,197
Real estate taxes		5,243			4,940
General and administrative		6,637			4,960
Acquisition related costs		2,913			23
Depreciation and amortization		8,655			8,215
Amortization of in-place customer leases		285			-
Total operating expenses		37,621			31,335
Income from operations		16,633			17,288
Other income (expense)
Interest expense (A)		(13,760	)		(7,954	)
Interest income		5			24
Equity in (losses) income of joint ventures		(512	)		16
Net income		2,366			9,374
Net income attributable to noncontrolling interests		(27	)		(451	)
Net income attributable to common shareholders	$	2,339		$	8,923
Earnings per common share attributable to common shareholders - basic	$	0.08		$	0.32
Earnings per common share attributable to common shareholders - diluted	$	0.08		$	0.32
Common shares used in basic
earnings per share calculation		27,593,338			27,485,416
Common shares used in diluted
earnings per share calculation		27,634,029			27,525,279
Dividends declared per common share	$	0.4500		$	0.4500
(A) Interest expense for the three months ending September 30 consists of the following
Interest expense	$	7,937		$	7,696
Amortization of deferred financing fees		250			258
Write-off of unamortized financing fees related to
$150 million term note repaid in 2011		88			-
Interest rate swap termination payments		5,485			-
Total interest expense	$	13,760		$	7,954

CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
	January 1, 2011			January 1, 2010
	to			to
(dollars in thousands, except share data)	September 30, 2011			September 30, 2010
Revenues
Rental income	$	145,472		$	136,606
Other operating income		7,006			5,669
Management fee income		1,346			941
Acquisition fee income		675			-
Total operating revenues		154,499			143,216
Expenses
Property operations and maintenance		40,291			38,673
Real estate taxes		15,331			15,290
General and administrative		18,344			14,954
Acquisition related costs		3,048			136
Depreciation and amortization		25,655			24,617
Amortization of in-place customer leases		567			-
Total operating expenses		103,236			93,670
Income from operations		51,263			49,546
Other income (expense)
Interest expense (A)		(29,739	)		(23,762	)
Interest income		31			65
Equity in (losses) income of joint ventures		(408	)		154
Income from continuing operations		21,147			26,003
Income from discontinued operations (including gain on disposal of $6,944 in 2010)		-			7,562
Net income		21,147			33,565
Net income attributable to noncontrolling interests		(811	)		(1,454	)
Net income attributable to common shareholders	$	20,336		$	32,111
Earnings per common share attributable to common shareholders - basic
Continuing operations	$	0.74		$	0.89
Discontinued operations		-			0.28
Earnings per common share - basic	$	0.74		$	1.17
Earnings per common share attributable to common shareholders - diluted
Continuing operations	$	0.74		$	0.89
Discontinued operations		-			0.28
Earnings per common share - diluted	$	0.74		$	1.17
Common shares used in basic
earnings per share calculation		27,563,536			27,464,672
Common shares used in diluted
earnings per share calculation		27,607,567			27,504,175
Dividends declared per common share	$	1.3500		$	1.3500
(A) Interest expense for the nine months ending September 30 consists of the following
Interest expense	$	23,323		$	22,989
Amortization of deferred financing fees		843			773
Write-off of unamortized financing fees related to
$150 million term note repaid in 2011		88			-
Interest rate swap termination payments		5,485			-
Total interest expense	$	29,739		$	23,762

COMPUTATION OF FUNDS FROM OPERATIONS (FFO) (1) - (unaudited)
	July 1, 2011			July 1, 2010
	to			to
(dollars in thousands, except share data)	September 30, 2011			September 30, 2010
Net income attributable to common shareholders	$	2,339		$	8,923
Net income attributable to noncontrolling interests		27			451
Depreciation of real estate and amortization of intangible
assets exclusive of deferred financing fees		8,940			8,215
Depreciation and amortization from unconsolidated joint ventures		240			197
Funds from operations allocable to noncontrolling
interest in Operating Partnership		(133	)		(214	)
Funds from operations allocable to noncontrolling
interest in consolidated joint ventures		-			(340	)
Funds from operations available to common shareholders		11,413			17,232
FFO per share - diluted	$	0.41		$	0.63
Non-recurring Adjustments to FFO
Acquisition costs expensed		2,913			-
Company's share of acquisition costs expensed by Sovran HHF Storage Holdings II		734			-
Interest rate swap termination payments		5,485			-
Write-off of unamortized financing fees related to debt payoff		88			-
Acquisition fee income from Sovran HHF Storage Holdings II		(675	)		-
Funds from operations resulting from non-recurring items allocable to noncontrolling
interest in Operating Partnership		(103	)		-
Adjusted funds from operations available to common shareholders		19,855			17,232
Adjusted FFO per share - diluted	$	0.72		$	0.63
Common shares - diluted		27,634,029			27,525,279
	January 1, 2011			January 1, 2010
	to			to
(dollars in thousands, except share data)	September 30, 2011			September 30, 2010
Net income attributable to common shareholders	$	20,336		$	32,111
Net income attributable to noncontrolling interests		811			1,454
Depreciation of real estate and amortization of intangible
assets exclusive of deferred financing fees		26,222			24,617
Depreciation of real estate included in discontinued operations		-			217
Depreciation and amortization from unconsolidated joint ventures		636			588
Gain on sale of real estate		-			(6,944	)
Funds from operations allocable to noncontrolling
interest in Operating Partnership		(560	)		(677	)
Funds from operations allocable to noncontrolling
interest in consolidated joint ventures		(567	)		(1,020	)
Funds from operations available to common shareholders		46,878			50,346
FFO per share - diluted	$	1.70		$	1.83
Non-recurring Adjustments to FFO
Acquisition costs expensed		3,048			-
Company's share of acquisition costs expensed by Sovran HHF Storage Holdings II		734			-
Interest rate swap termination payments		5,485			-
Write-off of unamortized financing fees related to debt payoff		88			-
Acquisition fee income from Sovran HHF Storage Holdings II		(675	)		-
Funds from operations resulting from non-recurring items allocable to noncontrolling
interest in Operating Partnership		(105	)		-
Adjusted funds from operations available to common shareholders		55,453			50,346
Adjusted FFO per share - diluted	$	2.01		$	1.83
Common shares - diluted		27,607,567			27,504,175

(1) We believe that Funds from Operations (“FFO”) provides relevant and meaningful information about our operating performance that is necessary, along with net earnings and cash flows, for an understanding of our operating results.  FFO adds back historical cost depreciation, which assumes the value of real estate assets diminishes predictably in the future. In fact, real estate asset values increase or decrease with market conditions. Consequently, we believe FFO is a useful supplemental measure in evaluating our operating performance by disregarding (or adding back) historical cost depreciation.

Funds from operations is defined by the National Association of Real Estate Investment Trusts, Inc. (“NAREIT”) as net income computed in accordance with generally accepted accounting principles (“GAAP”), excluding gains or losses on sales of properties, plus depreciation and amortization and after adjustments to record unconsolidated partnerships and joint ventures on the same basis. We believe that to further understand our performance, FFO should be compared with our reported net income and cash flows in accordance with GAAP, as presented in our consolidated financial statements.

Our computation of FFO may not be comparable to FFO reported by other REITs or real estate companies that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently. FFO does not represent cash generated from operating activities determined in accordance with GAAP, and should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP) as a measure of our liquidity, or as an indicator of our ability to make cash distributions.

QUARTERLY SAME STORE DATA (2) *	July 1, 2011		July 1, 2010
	to		to		Percentage
(dollars in thousands)	September 30, 2011		September 30, 2010		Change
Revenues:
Rental income	$	48,314	$	46,134	4.7	%
Other operating income		2,337		1,988	17.6	%
Total operating revenues		50,651		48,122	5.3	%
Expenses:
Property operations and maintenance		13,189		13,123	0.5	%
Real estate taxes		5,005		4,925	1.6	%
Total operating expenses		18,194		18,048	0.8	%
Net operating income (3)	$	32,457	$	30,074	7.9	%

(2) Includes the 344 stores owned and/or managed by the Company for the entire periods presented that are consolidated in our financial statements. Does not include unconsolidated joint venture stores managed by the Company.

(3) Net operating income or "NOI" is a non-GAAP (generally accepted accounting principles) financial measure that we define as total continuing revenues less continuing property operating expenses. NOI also can be calculated by adding back to net income: interest expense, amounts attributable to noncontrolling interests, depreciation and amortization expense, general and administrative expense, and deducting from net income: income from discontinued operations, interest income, and equity in income of joint ventures. We believe that NOI is a meaningful measure of operating performance, because we utilize NOI in making decisions with respect to capital allocations, in determining current property values, and comparing period-to-period and market-to-market property operating results. NOI should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as total revenues, operating income and net income.

* See exhibit A for supplemental same store data.

YEAR TO DATE SAME STORE DATA (2)	January 1, 2011	January 1, 2010
	to	to	Percentage
(dollars in thousands)	September 30, 2011	September 30, 2010	Change
Revenues:
Rental income	$ 141,722	$ 136,473	3.8%
Other operating income	6,447	5,351	20.5%
Total operating revenues	148,169	141,824	4.5%
Expenses:
Property operations and maintenance	38,974	38,452	1.4%
Real estate taxes	14,914	15,248	-2.2%
Total operating expenses	53,888	53,700	0.4%
Net operating income (3)	$ 94,281	$ 88,124	7.0%

OTHER DATA	Same Store (2)						All Stores (4)
	2011			2010			2011			2010
Weighted average quarterly occupancy		81.7	%		82.8	%		81.2	%		82.6	%
Occupancy at September 30		81.5	%		82.5	%		81.0	%		82.3	%
Rent per occupied square foot	$	10.68		$	10.10		$	10.71		$	10.09
(4) Does not include unconsolidated joint venture stores managed by the Company
Investment in Storage Facilities:
The following summarizes activity in storage facilities during the nine months ended September 30, 2011:
Beginning balance	$	1,419,956
Property acquisitions		147,094
Improvements and equipment additions:
Expansions		6,886
Roofing, paving, and equipment:
Stabilized stores		9,965
Recently acquired stores		226
Change in construction in progress (Total CIP $8.2 million)		168
Dispositions		(368	)
Storage facilities at cost at period end	$	1,583,927
Comparison of Selected G&A Costs	Quarter Ended
	September 30, 2011			September 30, 2010
Internet advertising & marketing		744			527
Revenue management		224			-
Uncle Bob's Management costs		121			2
Taxes		375			363
Training & travel		698			366
	September 30, 2011			September 30, 2010
Common shares outstanding		27,834,616			27,648,329
Operating Partnership Units outstanding		339,025			342,936

Exhibit A
Sovran Self Storage, Inc.
Same Store Performance Summary
Three Months Ended September 30, 2011
(unaudited)
					Avg Quarterly Occupancy		Revenue					Expenses					NOI
			Avg Qtrly Rent		for the Three Months Ended		for the Three Months					for the Three Months					for the Three Months
		Square	per Occupied		September 30,		Ended September 30,					Ended September 30,					Ended September 30,
State	Stores	Feet	Square Foot		2011	2010		2011		2010	% Change		2011		2010	% Change		2011		2010	% Change
Alabama	22	1,588	$	8.40	78.7%	76.9%	$	2,863	$	2,694	6.27%	$	999	$	1,023	-2.35%	$	1,864	$	1,671	11.55%
Arizona	9	515		10.51	83.9%	86.7%		1,222		1,171	4.36%		442		436	1.38%		780		735	6.12%
Connecticut	5	301		16.96	85.3%	77.4%		1,122		1,039	7.99%		370		243	52.26%		752		796	-5.53%
Florida	53	3,430		10.56	78.1%	80.0%		7,436		7,182	3.54%		2,956		3,015	-1.96%		4,480		4,167	7.51%
Georgia	22	1,409		9.65	79.4%	80.9%		2,872		2,801	2.53%		1,071		1,029	4.08%		1,801		1,772	1.64%
Louisiana	14	867		10.80	83.5%	85.2%		2,025		1,979	2.32%		645		628	2.71%		1,380		1,351	2.15%
Maine	2	113		12.41	82.6%	84.0%		303		271	11.81%		92		102	-9.80%		211		169	24.85%
Maryland	4	172		14.56	87.4%	89.2%		565		543	4.05%		195		212	-8.02%		370		331	11.78%
Massachusetts	12	664		13.31	83.6%	82.5%		1,943		1,781	9.10%		649		651	-0.31%		1,294		1,130	14.51%
Michigan	4	238		9.78	94.5%	92.5%		579		510	13.53%		188		200	-6.00%		391		310	26.13%
Mississippi	12	925		9.60	81.3%	85.3%		1,913		1,815	5.40%		600		619	-3.07%		1,313		1,196	9.78%
Missouri	7	432		11.66	86.0%	88.2%		1,117		1,059	5.48%		414		401	3.24%		703		658	6.84%
New Hampshire	4	261		11.59	83.2%	82.9%		623		564	10.46%		200		206	-2.91%		423		358	18.16%
New York	28	1,609		13.84	87.4%	86.3%		5,053		4,606	9.70%		1,561		1,525	2.36%		3,492		3,081	13.34%
North Carolina	11	539		9.57	80.1%	83.9%		1,061		1,045	1.53%		408		391	4.35%		653		654	-0.15%
Ohio	17	1,132		9.23	84.9%	87.4%		2,311		2,159	7.04%		783		756	3.57%		1,528		1,403	8.91%
Pennsylvania	4	219		10.08	89.1%	80.9%		468		429	9.09%		153		149	2.68%		315		280	12.50%
Rhode Island	4	168		12.46	83.2%	80.7%		484		449	7.80%		189		180	5.00%		295		269	9.67%
South Carolina	8	443		10.04	83.7%	82.7%		981		904	8.52%		378		386	-2.07%		603		518	16.41%
Tennessee	4	291		9.03	91.3%	90.6%		622		554	12.27%		251		259	-3.09%		371		295	25.76%
Texas	81	5,916		10.36	81.2%	82.4%		12,789		12,325	3.76%		4,914		4,909	0.10%		7,875		7,416	6.19%
Virginia	17	1,021		11.23	76.5%	83.4%		2,299		2,242	2.54%		736		728	1.10%		1,563		1,514	3.24%
Portfolio Total	344	22,253	$	10.68	81.7%	82.8%	$	50,651	$	48,122	5.26%	$	18,194	$	18,048	0.81%	$	32,457	$	30,074	7.92%
Dollars in thousands except for average quarterly rent per occupied square foot. Square feet in thousands.
344 wholly owned same stores.

CONTACT:
Sovran Self Storage, Inc.
David Rogers, 716.633.1850
CFO
or
Diane Piegza, 716.633.1850
VP Corp. Communications