Exhibit 99.1

Sovran Self Storage Reports Fourth Quarter Results; Funds from Operations Per Share Increase 17.7%; Announces Acquisition of 12 New Locations

BUFFALO, N.Y.--(BUSINESS WIRE)--February 22, 2012--Sovran Self Storage, Inc. (NYSE: SSS), (www.unclebobs.com/company) a self storage real estate investment trust (REIT), reported operating results for the quarter and year ended December 31, 2011.

Net income available to common shareholders for the fourth quarter of 2011 was $10.3 million or $0.37 per fully diluted share. For the same period in 2010, net income available to common shareholders was $8.5 million, or $0.31 per fully diluted common share.

Funds from operations (FFO) for the quarter were $0.73 per fully diluted common share compared to $0.62 for the same period last year. The Company incurred net acquisition costs of $0.3 million in connection with its property purchases in the fourth quarter of 2011; in the fourth quarter of 2010, it incurred acquisition costs of $0.8 million. Absent these non-recurring charges, FFO per share was $0.74 and $0.64 for the fourth quarter of 2011 and 2010, respectively.

Stronger occupancy, higher rental rates and the reduced use of move-in incentives contributed to the increase in FFO for the fourth quarter of 2011.

Robert J. Attea, the Company’s Chairman and CEO, commented, “We’ve done an excellent job positioning ourselves for strong growth going forward. We’ve added 68 high quality stores to our portfolio, made significant investments in our marketing and technology platforms, and strengthened our balance sheet considerably. We’re looking forward to 2012.”

OPERATIONS:

Total revenues increased 16.0% over last year’s fourth quarter, while operating costs increased 16.2%, resulting in an NOI ⁽³⁾ increase of 15.8%. Overall occupancy averaged 81.2% for the period and rental rates improved to an average of $10.54 per sq. ft.

Revenues for the 344 stores wholly owned by the Company for the entire quarter of each year increased 3.4% from those of the fourth quarter of 2010, the result of increased rental rates, a 60 basis point increase in average occupancy and strong growth in other revenues, primarily insurance commissions.

Same store operating expenses increased 2.3% for the fourth quarter of 2011 compared to the prior year period, the result of increased property tax charges of 17.4% offsetting a decrease in all other operating costs of 2.1%.

Consequently, same store net operating income increased 4.1% this period over the fourth quarter of 2010.

General and administrative expenses grew by approximately $1.7 million over the same period in 2010, primarily due to start-up and takeover costs at the newly acquired stores, increased training, internet advertising, and personnel costs.

During the fourth quarter of 2011, the stores with the strongest revenue impact include those in New England, New York, and Tennessee. The Company’s storage facilities in Georgia and Virginia experienced modest declines.

For the full year 2011, same store revenues increased by 4.2% and same store NOI improved by 6.2%. Same store occupancy at December 31^st increased by 150 basis points to 81.7% from that of December 31, 2010.

“We enjoyed a good quarter, and a very strong year,” commented Kenneth F. Myszka, President and COO. “We’re especially encouraged by the strong push in occupancy going into the new year. The investment in our revenue management program has begun to bear fruit, and we expect to see continued benefits well into 2012 and beyond.”

PROPERTIES:

The Company acquired one store in Pensacola, FL for its own portfolio during the quarter at a cost of $4.6 million. It also acquired a store on behalf of its Joint Venture, HHF II (“JV”), near Philadelphia, PA for $5.7 million. Subsequent to the end of the year, the JV also acquired 10 properties in the Dallas/Ft. Worth market.

Summarizing the acquisition activities for the year, 29 stores comprising 2.0 million square feet of rental space were acquired by the Company at a cost of $155.1 million. Twenty stores comprising 1.6 million sq. ft. were acquired by the joint venture announced in August, 2011, and an additional ten stores were acquired for the JV in early February, 2012. Additionally, nine stores were added via third party management programs. In total, 68 stores were added to the Uncle Bob’s platform since January, 2011.

CAPITAL TRANSACTIONS:

As previously announced, on August 5, 2011, the Company completed transactions which provided financing arrangements totaling $500 million of senior, unsecured debt. $400 million of that transaction, including a $100 million 10 year term note, a $125 million 7 year term note and a $175 million line of credit were completed on that date and previously reported upon.

Also at that time, $100 million was committed by the bank lending syndicate for a delayed draw note to provide funding for repayment of the Company’s obligations maturing in late 2011 and early 2012. This transaction occurred in December, 2011 with proceeds from the note used to repay approximately $74 million in mortgage debt and $26 million of outstanding line debt. The delayed draw term loan matures August, 2018, is unsecured, and the Company entered into an interest rate swap contract fixing the rate of interest on this note at 3.61% through December, 2017.

At December 31, 2011, the Company had approximately $7.3 million of cash on hand, and $129 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 1,034,375 shares of common stock pursuant to this program at an average price of $40.75 per share.

YEAR 2012 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 3.5% to 4.5% is projected from that of 2011. Property operating costs are projected to increase by 3% to 4%, including an expected 4% annual increase in property taxes. Accordingly, the Company anticipates an increase of 3.5% to 4.5% in same store net operating income for 2012.

The Company intends to spend up to $20 million on its expansion and enhancement program. It has also budgeted $14 million to provide for recurring capitalized expenditures including roofing, painting, paving, and office renovations.

Purchases of properties made in 2012 are not expected to significantly impact guidance inasmuch as the Company expects to invest in both low occupancy turn-around opportunities as well as stabilized properties. Accordingly, neither the NOI nor the acquisition costs relating to any acquisitions that may be made in 2012 is included in guidance.

General and administrative expenses are expected to increase to $29 million due to the need for additional personnel required for recent acquisitions, income taxes on its taxable REIT subsidiaries, and the Company’s plans to continue expanding its internet marketing presence and revenue management programs.

At December 31, 2011, all but $46 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 December 31, 2011, the Company had 29.0 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 2012 to be approximately $3.05 to $3.09 per share, and between $0.70 and $0.72 per share for the first quarter of 2012.

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 Fourth Quarter Earnings Release Conference Call at 9:00 a.m. Eastern Time on Thursday, February 23, 2012. 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 286/386400.

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 445 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.

(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 available to common shareholders computed in accordance with generally accepted accounting principles (“GAAP”), excluding gains or losses on sales of properties, plus impairment of real estate assets, 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.

(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, casualty losses, depreciation and amortization expense, impairments, acquisition related costs, general and administrative expense, and deducting from net income: income from discontinued operations, gain on sale of real estate, 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 quarterly same store data.

** See exhibit B for supplemental year-to-date same store data.

(4) Does not include unconsolidated joint venture stores managed by the Company

CONTACT:
Sovran Self Storage, Inc.
David Rogers, CFO
or
Diane Piegza, 716-633-1850
VP of Corporate Communciations