Sovran Self Storage Announces Pricing of Public Offering of 6,000,000 Common Shares

BUFFALO, N.Y.–(BUSINESS WIRE)–$sss #SovranSelfStorage—Sovran
Self Storage, Inc. (NYSE:SSS),
announced today that it priced an underwritten public offering of
6,000,000 shares of its common stock at $100.00 per share. Net proceeds
to the Company after deducting underwriting discounts and commissions
and estimated offering expenses are expected to be approximately $578.4
million. The underwriters have a 30-day option to buy up to an
additional 900,000 shares. The offering is expected to close on
Wednesday, May 25, 2016 subject to customary closing conditions.

Net proceeds from the offering will be used to partially fund the
acquisition of LifeStorage totaling 84 properties for $1.3 billion, debt
prepayment, and general corporate purposes.

Wells Fargo Securities, Citigroup and SunTrust Robinson Humphrey are
acting as joint book-running managers for the offering. BB&T Capital
Markets, HSBC Securities (USA) Inc., Piper Jaffray and PNC Capital
Markets LLC are acting as co-managers.

This offering was made pursuant to a prospectus supplement to the
Company’s prospectus dated April 30, 2014 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 are being made only by means of a prospectus and the related
prospectus supplement.

Copies of the prospectus supplement (when available) and the
accompanying prospectus relating to these securities may be obtained by
contacting either:

• Wells Fargo Securities, Attention: Equity Syndicate Department, 375
  Park Avenue, New York, New York, 10152, by telephone at 800-326-5897,
  or email a request to cmclientsupport@wellsfargo.com.
• Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island
  Avenue, Edgewood, NY 11717, or by telephone at 800-831-9146.
• SunTrust Robinson Humphrey, Attention: Prospectus Department, 3333
  Peachtree Road NE, 9th Floor, Atlanta, GA 30326, by telephone at
  404-926-5744, or email to strh.prospectus@suntrust.com.

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 ability to enter new
markets where it has little or no operational experience; 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.

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 550 self storage facilities in 26
states under the name “Uncle Bob’s Self Storage”®.

Contacts

Sovran Self Storage, Inc.
Diane Piegza, 716-650-6115
Vice
President
Investor Relations & Community Affairs