Sovran Self Storage Reports Fourth Quarter Results; Same Store Revenues Increase 8.2%

BUFFALO, N.Y.--(BUSINESS WIRE)--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, 2012.

“We had a very good quarter which capped off an exceptional year. We’re pleased with the continued strong performance of our core stores, and we are delighted with the new properties we acquired in December.”

Net income available to common shareholders for the fourth quarter of 2012 was $13.5 million or $0.44 per fully diluted share. For the same period in 2011, net income available to common shareholders was $10.3 million, or $0.37 per fully diluted common share.

Funds from operations (FFO) for the quarter were $0.77 per fully diluted common share compared to $0.73 for the same period last year. The Company incurred net acquisition costs of $1.9 million in connection with its property purchases in the fourth quarter of 2012; in the fourth quarter of 2011, it incurred acquisition costs of $0.3 million. Absent these acquisition charges, FFO per share was $0.83 and $0.74 for the fourth quarter of 2012 and 2011, respectively.

Strong demand, improved occupancies and the reduced use of move-in incentives contributed to the increase in FFO for the fourth quarter of 2012.

David Rogers, the Company’s CEO, commented, “We had a very good quarter which capped off an exceptional year. We’re pleased with the continued strong performance of our core stores, and we are delighted with the new properties we acquired in December.”

OPERATIONS:

Total revenues increased 13.9% over last year’s fourth quarter, while operating costs increased 8.4%, resulting in an NOI ⁽³⁾ increase of 16.8%. Overall occupancy averaged 86.2% for the period and rental rates improved to an average of $10.73 per sq. ft.

Revenues for the 361 stores wholly owned by the Company for the entire quarter of each year increased 8.2% from those of the fourth quarter of 2011, the result of a 590 basis point increase in average occupancy and strong growth in insurance commissions.

Same store operating expenses increased 1.8% for the fourth quarter of 2012 compared to the prior year period, the result of increased property tax charges of 9.3% offsetting a decrease in all other operating costs of 0.8%.

Consequently, same store net operating income increased 11.7% this period over the fourth quarter of 2011.

General and administrative expenses grew by approximately $1.0 million over the same period in 2011, primarily due to increased salaries and internet advertising offset by a reduction in taxes associated with our taxable REIT subsidiary as a result of solar tax credits.

During the fourth quarter of 2012, the Company experienced positive same store revenue growth in every state in which it operates. The stores with the strongest revenue impact include those in Texas, Florida, North Carolina, and Georgia.

For the full year 2012, same store revenues increased by 6.3% and same store NOI improved by 10.3%. Same store occupancy at December 31^st increased by 550 basis points to 87.0% from that of December 31, 2011.

PROPERTIES:

As previously announced, the Company acquired 14 self storage properties late in the fourth quarter of 2012: six self storage facilities in Chicago, IL; four in Southwest Florida; three in Austin, TX; and one in Phoenix, AZ. The stores were acquired via six separate transactions at a total cost of $83 million and were funded through advances on the Company’s line of credit.

The properties total approximately one million square feet and complement the Company’s existing portfolio as all are located in markets in which the Company already has a presence.

During 2012, the Company acquired a total of 28 stores for its own portfolio at a cost of $189 million. It also added 17 properties via its Uncle Bob’s Management platform.

CAPITAL TRANSACTIONS:

Illustrated below are key financial ratios at December 31, 2012:

- Debt to Enterprise Value (at $62.10/share)	26.4%
- Debt to Book Cost of Storage Facilities	39.0%
- Debt to EBITDA Ratio	5.4x
- Debt Service Coverage	3.0x

At December 31, 2012, the Company had approximately $7.3 million of cash on hand, and $70 million available on its line of credit (without considering the additional $75 million available under the expansion feature).

YEAR 2013 EARNINGS GUIDANCE:

Management is encouraged by greater customer traffic and resiliency in most markets. The following assumptions covering operations have been utilized in formulating guidance for the first quarter and full year 2013:

	Same Store Projected Increases Over 2012
	1Q 2013	Full Year 2013
Revenue	6.0 – 7.0%	4.5 – 5.0%
Operating Cost (excluding property taxes)	3.5 – 4.0%	3.5 – 4.5%
Property Taxes	3.5 – 4.0%	4.5 – 5.0%
Total Operating Expenses	3.25– 3.75%	4.0 – 4.75%
Net Operating Income	7.5 – 8.5%	5.0 – 5.5%

The Company intends to spend up to $25 million on its expansion and enhancement program. It has also budgeted $13 million to provide for recurring capitalized expenditures including roofing, paving, and office renovations.

Purchases of properties made in 2013 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 2013 is included in guidance.

General and administrative expenses are expected to increase to approximately $34 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, 2012, all but $105 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, 2012, the Company had 30.4 million shares of common stock outstanding and 0.2 million Operating Partnership Units outstanding.

As a result of the above assumptions, management expects funds from operations for the full year 2013 to be approximately $3.46 to $3.50 per share, and between $0.80 and $0.82 per share for the first quarter of 2013.

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 14, 2013. 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 conference ID 407404.

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 461 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)
	December 31,			December 31,
(dollars in thousands)	2012			2011
Assets
Investment in storage facilities:
Land	$	299,544		$	263,407
Building, equipment and construction in progress		1,456,410			1,275,188
		1,755,954			1,538,595
Less: accumulated depreciation		(328,952	)		(292,722	)
Investment in storage facilities, net		1,427,002			1,245,873
Cash and cash equivalents		7,255			7,321
Accounts receivable		3,450			2,938
Receivable from joint venture		856			589
Investment in joint venture		34,255			31,939
Prepaid expenses		4,947			3,939
Intangible asset - in-place customer leases (net of accumulated
amortization of $10,337 in 2012 and $7,019 in 2011)		2,891			2,523
Other assets		3,785			4,850
Net assets of discontinued operations		-			43,702
Total Assets	$	1,484,441		$	1,343,674
Liabilities
Line of credit	$	105,000		$	46,000
Term notes		575,000			575,000
Accounts payable and accrued liabilities		36,667			31,414
Deferred revenue		6,416			6,084
Fair value of interest rate swap agreements		15,707			10,748
Mortgages payable		4,251			4,423
Total Liabilities		743,041			673,669
Noncontrolling redeemable Operating Partnership Units at redemption value		12,670			14,466
Equity
Common stock		316			301
Additional paid-in capital		943,604			862,467
Accumulated deficit		(172,773	)		(169,799	)
Accumulated other comprehensive loss		(15,242	)		(10,255	)
Treasury stock at cost		(27,175	)		(27,175	)
Total Shareholders' Equity		728,730			655,539
Total Liabilities and Equity	$	1,484,441		$	1,343,674

CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
	October 1, 2012			October 1, 2011
	to			to
(dollars in thousands, except share data)	December 31, 2012			December 31, 2011
Revenues
Rental income	$	57,873		$	50,745
Other operating income		3,345			3,042
Management fee income		914			766
Total operating revenues		62,132			54,553
Expenses
Property operations and maintenance		14,757			13,972
Real estate taxes		5,601			4,808
General and administrative		8,605			7,643
Acquisition related costs		1,947			230
Impairment of storage facility		-			1,047
Depreciation and amortization		9,914			9,000
Amortization of in-place customer leases		517			1,003
Total operating expenses		41,341			37,703
Income from operations		20,791			16,850
Other income (expense)
Interest expense (A)		(8,252	)		(8,809	)
Interest income		1			52
Casualty loss		-			(126	)
Gain on sale of real estate		687			1,511
Equity in income (losses) of joint ventures		327			67
Income from continuing operations		13,554			9,545
Income from discontinued operations		-			837
Net income		13,554			10,382
Net income attributable to noncontrolling interests		(92	)		(126	)
Net income attributable to common shareholders	$	13,462		$	10,256
Earnings per common share attributable to common shareholders - basic
Continuing operations	$	0.44		$	0.34
Discontinued operations	$	-		$	0.03
Earnings per share - basic	$	0.44		$	0.37
Earnings per common share attributable to common shareholders - diluted
Continuing operations	$	0.44		$	0.34
Discontinued operations	$	-		$	0.03
Earnings per share - diluted	$	0.44		$	0.37
Common shares used in basic
earnings per share calculation		30,289,256			28,006,221
Common shares used in diluted
earnings per share calculation		30,453,059			28,077,773
Dividends declared per common share	$	0.4500		$	0.4500
(A) Interest expense for the three months ending December 31 consists of the following
Interest expense	$	8,043		$	8,557
Amortization of deferred financing fees		209			252
Total interest expense	$	8,252		$	8,809

CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
	January 1, 2012			January 1, 2011
	to			to
(dollars in thousands, except share data)	December 31, 2012			December 31, 2011
Revenues
Rental income	$	219,730		$	190,147
Other operating income		12,633			9,782
Management fee income		3,496			2,111
Acquisition fee income		148			679
Total operating revenues		236,007			202,719
Expenses
Property operations and maintenance		55,751			52,382
Real estate taxes		22,236			19,340
General and administrative		32,313			25,986
Acquisition related costs		4,328			3,278
Impairment of storage facility		-			1,047
Depreciation and amortization		37,575			33,597
Amortization of in-place customer leases		3,317			1,570
Total operating expenses		155,520			137,200
Income from operations		80,487			65,519
Other income (expense)
Interest expense (B)		(33,166	)		(38,549	)
Interest income		4			83
Casualty loss		-			(126	)
Gain on sale of real estate		687			1,511
Equity in income (losses) of joint ventures		936			(340	)
Income from continuing operations		48,948			28,098
Income from discontinued operations (including gain on sale of $4.5 million in 2012)		6,693			3,431
Net income		55,641			31,529
Net income attributable to noncontrolling interests		(513	)		(937	)
Net income attributable to common shareholders	$	55,128		$	30,592
Earnings per common share attributable to common shareholders - basic
Continuing operations	$	1.65		$	0.99
Discontinued operations	$	0.23		$	0.12
Earnings per share - basic	$	1.88		$	1.11
Earnings per common share attributable to common shareholders - diluted
Continuing operations	$	1.64		$	0.98
Discontinued operations	$	0.23		$	0.12
Earnings per share - diluted	$	1.87		$	1.10
Common shares used in basic
earnings per share calculation		29,358,312			27,674,207
Common shares used in diluted
earnings per share calculation		29,489,025			27,725,119
Dividends declared per common share	$	1.8000		$	1.8000
(B) Interest expense for the year ended December 31 consists of the following
Interest expense	$	32,330		$	31,880
Amortization of deferred financing fees		836		$	1,096
Write-off of unamortized financing fees related to
$150 million term note repaid 2011		-		$	88
Interest rate swap termination payments		-			5,485
Total interest expense	$	33,166		$	38,549

COMPUTATION OF FUNDS FROM OPERATIONS (FFO) (1) - (unaudited)
	October 1, 2012			October 1, 2011
	to			to
(dollars in thousands, except share data)	December 31, 2012			December 31, 2011
Net income attributable to common shareholders	$	13,462		$	10,256
Net income attributable to noncontrolling interests		92			126
Depreciation of real estate and amortization of intangible
assets exclusive of deferred financing fees		10,324			10,004
Depreciation of real estate included in discontinued operations		-			352
Depreciation and amortization from unconsolidated joint ventures		389			381
Impairment of storage facility		-			1,047
Casualty loss		-			126
Gain on sale of real estate		(687	)		(1,511	)
Funds from operations allocable to noncontrolling
interest in Operating Partnership		(160	)		(253	)
Funds from operations available to common shareholders		23,420			20,528
FFO per share - diluted	$	0.77		$	0.73
Non-recurring Adjustments to FFO
Acquisition costs expensed		1,947			230
Company's share of acquisition costs expensed by Sovran HHF Storage Holdings II		-			96
Funds from operations resulting from non-recurring items allocable to noncontrolling
interest in Operating Partnership		(13	)		(4	)
Adjusted funds from operations available to common shareholders		25,354			20,850
Adjusted FFO per share - diluted	$	0.83		$	0.74
Common shares - diluted		30,453,059			28,077,773
	January 1, 2012			January 1, 2011
	to			to
(dollars in thousands, except share data)	December 31, 2012			December 31, 2011
Net income attributable to common shareholders	$	55,128		$	30,592
Net income attributable to noncontrolling interests		513			937
Depreciation of real estate and amortization of intangible
assets exclusive of deferred financing fees		40,503			35,167
Depreciation of real estate included in discontinued operations		787			1,410
Depreciation and amortization from unconsolidated joint ventures		1,595			1,018
Impairment of storage facility		-			1,047
Casualty (gain) loss		-			126
Gain on sale of real estate		(5,185	)		(1,511	)
Funds from operations allocable to noncontrolling
interest in Operating Partnership		(881	)		(812	)
Funds from operations allocable to noncontrolling
interest in consolidated joint ventures		-			(567	)
Funds from operations available to common shareholders		92,460			67,407
FFO per share - diluted	$	3.14		$	2.43
Non-recurring Adjustments to FFO
Acquisition costs expensed		4,328			3,278
Company's share of acquisition costs expensed by Sovran HHF Storage Holdings II		162			831
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		(146	)		(675	)
Funds from operations resulting from non-recurring items allocable to noncontrolling
interest in Operating Partnership		(37	)		(109	)
Adjusted funds from operations available to common shareholders		96,767			76,305
Adjusted FFO per share - diluted	$	3.28		$	2.75
Common shares - diluted		29,489,025			27,725,119

(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.

QUARTERLY SAME STORE DATA (2) *	October 1, 2012		October 1, 2011
	to		to					Percentage
(dollars in thousands)	December 31, 2012		December 31, 2011		Change			Change
Revenues:
Rental income	$	54,795	$	50,551	$	4,244		8.4	%
Tenant insurance commissions		1,540		1,189		351		29.5	%
Other operating income		1,294		1,510		(216	)	-14.3	%
Total operating revenues		57,629		53,250		4,379		8.2	%
Expenses:
Payroll and benefits		5,635		5,627		8		0.1	%
Real estate taxes		5,235		4,788		447		9.3	%
Utilities		2,108		2,172		(64	)	-2.9	%
Repairs and maintenance		2,530		2,210		320		14.5	%
Office and other operating expense		2,215		2,364		(149	)	-6.3	%
Insurance		874		814		60		7.4	%
Advertising & yellow pages		382		662		(280	)	-42.3	%
Total operating expenses		18,979		18,637		342		1.8	%
Net operating income (3)	$	38,650	$	34,613	$	4,037		11.7	%
QTD Same store move ins		34,181		35,126		(945	)	-2.7	%
QTD Same store move outs		36,803		34,975		1,828		5.2	%

(2) Includes the 361 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 ventures or other stores managed by the Company or the 17 stores sold in 2012.

(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, impairment and casualty losses, depreciation and amortization expense, acquisition related costs, general and administrative expense, and deducting from net income: income from discontinued operations, interest income, gain on sale of real estate, 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.

YEAR TO DATE SAME STORE DATA (4) **	January 1, 2012		January 1, 2011
	to		to					Percentage
(dollars in thousands)	December 31, 2012		December 31, 2011		Change			Change
Revenues:
Rental income	$	195,003	$	184,200	$	10,803		5.9	%
Tenant insurance commissions		5,474		4,083		1,391		34.1	%
Other operating income		4,716		4,774		(58	)	-1.2	%
Total operating revenues		205,193		193,057		12,136		6.3	%
Expenses:
Payroll and benefits		20,741		20,339		402		2.0	%
Real estate taxes		18,997		18,572		425		2.3	%
Utilities		8,327		8,812		(485	)	-5.5	%
Repairs and maintenance		7,768		7,398		370		5.0	%
Office and other operating expense		7,635		7,866		(231	)	-2.9	%
Insurance		3,007		2,980		27		0.9	%
Advertising & yellow pages		1,654		2,870		(1,216	)	-42.4	%
Total operating expenses		68,129		68,837		(708	)	-1.0	%
Net operating income (3)	$	137,064	$	124,220	$	12,844		10.3	%
YTD Same store move ins		147,397		137,986		9,411		6.8	%
YTD Same store move outs		137,458		133,842		3,616		2.7	%

(4) Includes the 333 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 ventures or other stores managed by the Company or the 17 stores sold in 2012.

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

OTHER DATA	Same Store (2)						All Stores (4)
	2012			2011			2012			2011
Weighted average quarterly occupancy		87.4	%		81.5	%		86.2	%		81.2	%
Occupancy at December 31		87.0	%		81.5	%		85.8	%		81.2	%
Rent per occupied square foot	$	10.64		$	10.64		$	10.73		$	10.54
(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 year ended December 31, 2012:
Beginning balance	$	1,538,595
Property acquisitions		185,431
Improvements and equipment additions:
Expansions		24,841
Roofing, paving, and equipment:
Stabilized stores		15,768
Recently acquired stores		1,948
Change in construction in progress (Total CIP $8.4 million)		(6,031	)
Dispositions and Impairments		(4,598	)
Storage facilities at cost at period end	$	1,755,954
Comparison of Selected G&A Costs	Quarter Ended						Year-to-Date
	December 31, 2012			December 31, 2011			December 31, 2012			December 31, 2011
Management and administrative salaries and benefits		5,277			4,363			17,147			13,292
Internet advertising & marketing		910			716			3,848			2,386
Training		424			425			1,315			1,315
Call center		355			349			1,530			1,359
Uncle Bob's Management costs		166			103			481			417
Income taxes		(270	)		190			1,326			1,524
Other administrative expenses (5)		1,743			1,497			6,666			5,693
	$	8,605		$	7,643		$	32,313		$	25,986
(5) Other administrative expenses include professional fees, office rent, travel expense, investor relations and miscellaneous other expenses.
	December 31, 2012			December 31, 2011
Common shares outstanding		30,446,620			28,952,356
Operating Partnership Units outstanding		204,028			339,025

Exhibit A
Sovran Self Storage, Inc.
Same Store Performance Summary
Three Months Ended December 31, 2012
(unaudited)
		Square	Avg Qtrly Rent per Occupied		Avg Quarterly Occupancy for the Three Months Ended December 31,				Revenue for the Three Months Ended December 31,						Expenses for the Three Months Ended December 31,						NOI for the Three Months Ended December 31,
State	Stores	Feet	Square Foot		2012		2011		2012		2011		% Change		2012		2011		% Change		2012		2011		% Change
Alabama	22	1,648	$	7.84	83.3	%	77.4	%	$	2,893	$	2,718	6.44	%	$	907	$	899	0.89	%	$	1,986	$	1,819	9.18	%
Arizona	9	539		10.22	85.3	%	86.9	%		1,228		1,200	2.33	%		389		299	30.10	%		839		901	-6.88	%
Connecticut	5	295		16.98	93.0	%	88.1	%		1,205		1,151	4.69	%		357		353	1.13	%		848		798	6.27	%
Florida	53	3,437		10.25	86.6	%	79.5	%		8,102		7,451	8.74	%		2,610		2,566	1.71	%		5,492		4,885	12.43	%
Georgia	23	1,473		9.85	87.7	%	80.4	%		3,366		3,056	10.14	%		1,001		1,075	-6.88	%		2,365		1,981	19.38	%
Louisiana	14	867		10.63	88.1	%	84.3	%		2,145		2,029	5.72	%		616		605	1.82	%		1,529		1,424	7.37	%
Maine	2	113		11.94	87.6	%	77.8	%		311		295	5.42	%		112		105	6.67	%		199		190	4.74	%
Maryland	3	139		16.13	88.6	%	88.9	%		512		495	3.43	%		167		169	-1.18	%		345		326	5.83	%
Massachusetts	12	656		13.18	90.5	%	83.1	%		2,050		1,891	8.41	%		683		693	-1.44	%		1,367		1,198	14.11	%
Mississippi	12	919		9.15	87.5	%	80.9	%		1,932		1,836	5.23	%		579		549	5.46	%		1,353		1,287	5.13	%
Missouri	8	501		10.99	89.3	%	83.7	%		1,277		1,195	6.86	%		432		425	1.65	%		845		770	9.74	%
New Hampshire	4	261		10.64	90.0	%	82.8	%		652		605	7.77	%		203		216	-6.02	%		449		389	15.42	%
New Jersey	3	218		13.91	75.9	%	68.9	%		601		597	0.67	%		306		275	11.27	%		295		322	-8.39	%
New York	28	1,677		13.87	85.4	%	85.8	%		5,394		5,276	2.24	%		1,695		1,670	1.50	%		3,699		3,606	2.58	%
North Carolina	18	1,058		9.34	86.8	%	72.2	%		2,231		1,916	16.44	%		685		780	-12.18	%		1,546		1,136	36.09	%
Ohio	17	1,137		9.38	87.6	%	83.5	%		2,442		2,240	9.02	%		688		739	-6.90	%		1,754		1,501	16.86	%
Pennsylvania	4	220		9.89	86.3	%	87.6	%		484		465	4.09	%		150		146	2.74	%		334		319	4.70	%
Rhode Island	4	207		12.06	82.1	%	84.7	%		551		483	14.08	%		217		209	3.83	%		334		274	21.90	%
South Carolina	8	431		9.90	87.4	%	83.7	%		984		945	4.13	%		315		379	-16.89	%		669		566	18.20	%
Tennessee	4	291		9.59	91.7	%	89.7	%		666		615	8.29	%		257		251	2.39	%		409		364	12.36	%
Texas	91	6,389		10.78	89.9	%	82.7	%		16,063		14,412	11.46	%		5,816		5,501	5.73	%		10,247		8,911	14.99	%
Virginia	17	1,111		10.80	81.4	%	77.9	%		2,540		2,379	6.77	%		794		733	8.32	%		1,746		1,646	6.08	%
Portfolio Total	361	23,587	$	10.64	87.4	%	81.5	%	$	57,629	$	53,250	8.22	%	$	18,979	$	18,637	1.84	%	$	38,650	$	34,613	11.66	%
Dollars in thousands except for average quarterly rent per occupied square foot. Square feet in thousands.
361 wholly owned same stores.

Exhibit B
Sovran Self Storage, Inc.
Same Store Performance Summary
Twelve Months Ended December 31, 2012
(unaudited)
		Square	Revenue for the Twelve Months Ended December 31,						Expenses for the Twelve Months Ended December 31,						NOI for the Twelve Months Ended December 31,
State	Stores	Feet	2012		2011		% Change		2012		2011		% Change		2012		2011		% Change
Alabama	22	1,648	$	11,426	$	10,994	3.93	%	$	3,769	$	3,852	-2.15	%	$	7,657	$	7,142	7.21	%
Arizona	9	539		4,924		4,882	0.86	%		1,571		1,593	-1.38	%		3,353		3,289	1.95	%
Connecticut	5	295		4,742		4,417	7.36	%		1,451		1,521	-4.60	%		3,291		2,896	13.64	%
Florida	53	3,437		31,444		29,525	6.50	%		10,919		11,138	-1.97	%		20,525		18,387	11.63	%
Georgia	22	1,404		12,086		11,220	7.72	%		3,933		4,055	-3.01	%		8,153		7,165	13.79	%
Louisiana	14	867		8,433		7,887	6.92	%		2,450		2,425	1.03	%		5,983		5,462	9.54	%
Maine	2	113		1,234		1,147	7.59	%		425		418	1.67	%		809		729	10.97	%
Maryland	3	139		2,051		1,973	3.95	%		669		661	1.21	%		1,382		1,312	5.34	%
Massachusetts	12	656		7,985		7,473	6.85	%		2,675		2,785	-3.95	%		5,310		4,688	13.27	%
Mississippi	12	919		7,589		7,457	1.77	%		2,318		2,266	2.29	%		5,271		5,191	1.54	%
Missouri	7	428		4,581		4,366	4.92	%		1,589		1,631	-2.58	%		2,992		2,735	9.40	%
New Hampshire	4	261		2,566		2,425	5.81	%		812		845	-3.91	%		1,754		1,580	11.01	%
New York	28	1,677		20,621		19,820	4.04	%		6,664		6,665	-0.02	%		13,957		13,155	6.10	%
North Carolina	18	1,058		8,486		7,478	13.48	%		2,806		2,931	-4.26	%		5,680		4,547	24.92	%
Ohio	17	1,137		9,512		9,011	5.56	%		3,039		3,184	-4.55	%		6,473		5,827	11.09	%
Pennsylvania	4	220		1,927		1,821	5.82	%		628		612	2.61	%		1,299		1,209	7.44	%
Rhode Island	4	207		2,079		1,890	10.00	%		814		786	3.56	%		1,265		1,104	14.58	%
South Carolina	8	431		3,946		3,770	4.67	%		1,402		1,463	-4.17	%		2,544		2,307	10.27	%
Tennessee	4	291		2,597		2,412	7.67	%		995		1,008	-1.29	%		1,602		1,404	14.10	%
Texas	69	4,958		47,628		44,163	7.85	%		16,387		16,162	1.39	%		31,241		28,001	11.57	%
Virginia	16	1,020		9,336		8,926	4.59	%		2,813		2,836	-0.81	%		6,523		6,090	7.11	%
Portfolio Total	333	21,705	$	205,193	$	193,057	6.29	%	$	68,129	$	68,837	-1.03	%	$	137,064	$	124,220	10.34	%
Dollars in thousands. Square feet in thousands.
333 wholly owned same stores.

Exhibit C
Sovran Self Storage, Inc.
Debt Maturity Schedule
December 31, 2012
(unaudited)
			Current
	Maturity	Basis of	Interest
(dollars in thousands)	Date	Rate	Rate (1)		2013		2014		2015		2016		2017		Thereafter		Total
Line of credit	Aug-2016	Variable	2.21	%	$	-	$	-	$	-	$	105,000	$	-	$	-	$	105,000
Term note	Sep-2013	Swapped to fixed	5.94	%		20,000		-		-		-		-		-		20,000
Term note	Sep-2013	Fixed	6.26	%		80,000		-		-		-		-		-		80,000
Mortgage note	Sep-2013	Fixed	6.76	%		896		-		-		-		-		-		896
Mortgage note	Mar-2014	Fixed	6.35	%		34		949		-		-		-		-		983
Term note	Apr-2016	Fixed	6.38	%		-		-		-		150,000		-		-		150,000
Term note	Aug-2018	Swapped to fixed	4.37	%		-		-		-		-		-		125,000		125,000
Term note	Aug-2018	Swapped to fixed	3.61	%		-		-		-		-		-		100,000		100,000
Term note	Aug-2021	Fixed	5.54	%		-		-		-		-		-		100,000		100,000
Mortgage note	May-2026	Fixed	5.99	%		119		126		134		142		151		1,700		2,372
					$	101,049	$	1,075	$	134	$	255,142	$	151	$	326,700	$	684,251
(1) Rate as of December 31, 2012 based on existing debt rating. Interest rates shown do not include amortization of financing fees and facility fees which are expected to be $1.2 million in 2013.