Sovran Self Storage, Inc. Reports Revised Outlook Due to Fitch Rating Downgrade

Sovran Self Storage, Inc. (NYSE:SSS) today reported that the recent action taken by Fitch Ratings to adjust the credit rating of its unsecured term notes and revolving line of credit to BB+ from BBB- will result in higher interest costs and thus have an impact on its 2nd quarter and full year 2009 net income and funds from operations.

At March 31, 2009, the Company had $500 million of unsecured term notes outstanding. The blended interest rate on these notes will increase from 6.14% to 6.93% as a result of the ratings adjustment. The interest rate on the Company�s $125 million revolving line of credit will increase from the current Libor plus 1.375% to Libor plus 1.75%. As of March 31, 2009, the Company had a balance of $23 million outstanding on the line.

As a result of these rate increases, the Company expects to incur additional interest costs of approximately $2.6 million for the balance of 2009, and further expects to report a second quarter charge of up to $1 million in waiver, amendment and legal fees associated with its various unsecured notes. Accordingly, FFO guidance for the 2nd quarter of 2009 has been reduced by $0.08 per share to a projected range of $0.65 to $0.67, and by $0.17 per share for the year 2009 to between $2.83 and $2.91.

David Rogers, the Company�s Chief Financial Officer, stated, �We are obviously disappointed in this unexpected action taken by Fitch. We believe this abrupt change is unwarranted based on our long corporate history of conservatively managing our balance sheet and operations. We employ modest leverage, have no significant debt maturing for at least three years, and maintain a strong debt coverage ratio. We will be working in the coming weeks to re-achieve the favorable interest rates we feel our capital structure warrants.�

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 385 self-storage facilities in twenty-four states under the name "Uncle Bob's Self Storage"�.

When used in this discussion and elsewhere in this document, 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 our actual results, performance or achievements 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 would cause rents and occupancy rates to decline; our ability to evaluate, finance and integrate acquired businesses into our existing business and operations; our ability to effectively compete in the industry in which we do business; our 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 our outstanding floating rate debt; our ability to comply with debt covenants, our reliance on our call center; our cash flow may be insufficient to meet required payments of principal, interest and dividends; and tax law changes that may change the taxability of future income.

For more information, please contact David Rogers, CFO or Diane Piegza, VP Corporate Communications at 716-633-1850 or browse the Company's Web Site at http://www.sovranss.com.

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