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.

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