Sovran Self Storage Prices Offering

• Press Release
• Source: Sovran Self Storage, Inc.
• On 9:20 am EDT, Wednesday September 30, 2009

BUFFALO, N.Y.--(BUSINESS WIRE)--Sovran Self Storage, Inc. (the "Company"), (NYSE:SSS), a self-storage real estate investment trust (REIT), announced today that it priced a public offering of 3,500,000 shares of its common stock at $29.75 each. Net proceeds to the Company after deducting underwriting discounts and commissions and estimated offering expenses are expected to be approximately $98.8 million.

Related Quotes

Symbol	Price	Change
SSS	32.51	-0.28

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The Company has granted the underwriters a 30-day option to buy up to an additional 525,000 shares.

The Company intends to use the net proceeds from the offering to repay a portion of the Company’s unsecured indebtedness and to terminate one or more interest rate swaps relating to the debt to be repaid. The Company intends to use the remaining proceeds, if any, for general business purposes.

The offering is expected to close on Monday, October 5, 2009.

This offering was made pursuant to a prospectus supplement to the Company’s prospectus dated November 28, 2006, filed as part of the Company’s effective shelf registration statement relating to these securities. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. Offers to sell any security will be made only by means of a prospectus and the related prospectus supplement.

Copies of the prospectus supplement and accompanying prospectus relating to these securities may be obtained by contacting BofA Merrill Lynch, Attention: Prospectus Department, 4 World Financial Center, New York, New York 10080, telephone: 212-449-1000.

ABOUT THE COMPANY:

Sovran Self Storage, Inc. is a self-administered and self-managed equity REIT whose business is acquiring, developing and managing self-storage facilities. The Company owns and/or operates 383 stores under the "Uncle Bob's Self Storage"® trade name in 24 states.

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.

Sovran Self Storage, Inc.
David Rogers, CFO, 716-633-1850