Sovran Self Storage, Inc. Announces Closing of Public Offering of 2.645 Million Shares of Common Stock for Gross Proceeds of $280 Million; Underwriters Exercise Over-Allotment Option in Full

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BUFFALO, N.Y.–(BUSINESS WIRE)–Sovran
Self Storage, Inc
. (NYSE:SSS)
announced today that it closed the sale of its previously announced
underwritten public offering of shares of its common stock. The Company
sold a total of 2,645,000 shares of common stock at a public offering
price of $105.75 per share, including 345,000 shares of common stock
issued pursuant to the exercise in full of the underwriters’
over-allotment option.

The Company received approximately $269.7 million from the offering
after deducting the underwriting discounts and commissions and expenses
related to the offering. The Company will use the net proceeds from the
offering to fund a portion of its pending property acquisitions and to
repay indebtedness outstanding on the Company’s unsecured line of credit
that it incurred primarily in connection with property acquisitions.

Wells Fargo Securities, Jefferies LLC and SunTrust Robinson Humphrey
acted as joint book-running managers for the offering. BB&T Capital
Markets, HSBC and Piper acted 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.

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 500 self storage facilities in 26
states under the name “Uncle Bob’s Self Storage”®. For more information,
visit www.unclebobs.com/company.

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.

Contacts

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