Sovran Self Storage, Inc. Announces Acquisition of 19 Properties for New Joint Venture

Sovran Self Storage, Inc. (NYSE:SSS) (www.unclebobs.com/company), a self storage real estate investment trust (REIT), announced today that it has formed a second joint venture with an affiliate of Heitman LLC. Subsequently, the company has purchased 19 properties for the newly formed venture, Sovran HHF Storage Holdings II, LLC (the Venture). The storage facilities encompass a total of 1.4 million square feet of net rentable storage space. Seventeen of the stores are located in New Jersey, and two others are located in Pennsylvania.

The Heitman affiliate contributed 85% of equity to the Venture and Sovran 15%. Mortgage financing was provided primarily by PNC Bank, N.A.

David Rogers, Sovran’s Chief Financial Officer commented, “We are excited to launch our second joint venture with such an attractive group of properties. These acquisitions are Class A stores that expand our footprint into New Jersey.”

On behalf of the Venture, Sovran will manage the stores and re-brand all locations under its trade name of Uncle Bob’s Self Storage®. The Company now manages a total of 47 properties through its joint venture and third party management agreements.

About Sovran Self Storage, Inc.

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 over 400 self storage facilities in twenty-five 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.

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