Exhibit 99.1

Sovran Self Storage Reports Third Quarter Results; Achieves Same Store Revenue Growth of 8%, Acquires Ten Properties, Raises Guidance

BUFFALO, N.Y.--(BUSINESS WIRE)--October 31, 2012--Sovran Self Storage, Inc. (NYSE:SSS), (www.unclebobs.com/company) a self storage real estate investment trust (REIT), reported operating results for the quarter ended September 30, 2012.

Net income available to common shareholders for the third quarter of 2012 was $18.8 million or $0.63 per fully diluted share. For the same period in 2011, net income available to common shareholders was $2.3 million, or $0.08 per fully diluted common share. The 2012 results include a gain on sale of assets of $4.5 million, and the 2011 results were impacted by refinancing costs further described below.

Funds from operations (FFO) for the quarter were $0.85 per fully diluted common share compared to $0.41 for the same period last year. The Company incurred net acquisition costs of $1.1 million in connection with the properties it acquired during the quarter as compared to $3.0 million in the third quarter of 2011. Further, the Company incurred costs of $5.6 million in connection with a debt refinancing transaction in August, 2011. Absent these acquisition and financing costs, FFO per share was $0.88 and $0.72 for the third quarter of 2012 and 2011, respectively.

Stronger occupancy, lower operating costs and the reduced use of move-in incentives contributed to the increase in FFO for the third quarter of 2012.

David Rogers, the Company’s Chief Executive Officer, commented, “We enjoyed a great summer season. Our web based marketing platform is driving high levels of sales inquiries, our revenue management system is driving strong occupancy and our call center reps and store personnel are taking great care of our customers.”

As previously announced, the Company acquired ten premium self storage facilities during the quarter, and sold 17 of its older properties in Texas (12), Michigan (4), and Maryland (1).

With regard to Hurricane Sandy, the Company reports that every employee in the affected areas has been accounted for. Further, all 68 stores - save two - were open for business as of 12:00 p.m. EDT this afternoon, although 17 remain without power. Most damage reports have been minor, with only one store reporting widespread issues.

OPERATIONS:

Total revenues increased 18.6% over last year’s third quarter, while property operating costs increased 9.3%, resulting in an NOI ⁽³⁾ increase of 23.6%. Overall occupancy averaged 88.1% for the period and rental rates averaged $10.79 per sq. ft.

Revenues for the 334 stores wholly owned by the Company for the entire quarter of each year increased 8.0% from those of the third quarter of 2011, the result of an increase in average occupancy from 81.5% to 88.2%, and strong growth in other revenues, primarily insurance commissions.

Continuing decreases in utility costs, credit card fees and yellow page advertising, offset by modest increases in curb appeal expenses and personnel costs, contributed to an overall reduction in same store operating costs of 1.0%.

Consequently, same store net operating income increased 13.1% this period over the third quarter of 2011.

General and administrative expenses grew by approximately $1.5 million over the same period in 2011, primarily due to increased internet advertising, personnel and income taxes.

During the third quarter of 2012, the stores with the strongest impact on net operating income include those in Texas, North Carolina, Georgia and Florida.

PROPERTIES:

The Company acquired ten properties during the quarter – all in its existing markets. The properties were acquired at a cost of $63.2 million and added approximately 835,600 net rentable square feet of storage space to the portfolio. Five stores were acquired in or near Atlanta, GA; three were acquired in the Jacksonville, FL market; and one each was purchased in Chicago, IL and Raleigh, NC.

“We continue to upgrade the quality of the assets in our portfolio”, commented Rogers. “We’ve added some high quality stores in markets that are important to us, rebranded them as Uncle Bob’s, and are gaining market share as a result.”

During the quarter, the Company sold three properties in Dallas, TX; nine in Houston, TX; four in Michigan and one in Maryland for total net proceeds of $47.7 million resulting in a gain of approx. $4.5 million.

CAPITAL TRANSACTIONS:

The Company did not enter into any significant debt origination or repayment agreements during the quarter. A table detailing outstanding maturities and interest rates is shown as Exhibit B.

At September 30, 2012, the Company had approximately $5.4 million of cash on hand, and $149 million available on its line of credit (without considering the additional $75 million available under the expansion feature).

On September 14, 2011, the Company announced an “at the market” equity issuance program. During the third quarter of 2012, the Company issued 1,004,934 shares pursuant to this program at an average price per share of $56.95, netting $56.1 million after expenses. The proceeds were used to repay a portion of the Company’s outstanding line of credit balance.

YEAR 2012 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 balance of 2012:

The Company intends to spend up to $23 million in 2012 on its expansion and enhancement program. It has also budgeted $14 million to provide for recurring capitalized expenditures including roofing, paving, and office renovations.

Fourth quarter 2012 purchases and dispositions of properties are not considered in providing guidance inasmuch as they will not have a significant impact on the balance of this year’s results. Acquisition costs relating to any purchases that may be made in the remaining months of 2012 are not included in core guidance.

General and administrative expenses are expected to increase to $31 - $32 million in 2012 (exclusive of acquisition related costs) due to the need for additional personnel required for recent acquisitions, higher incentive compensation, income taxes on its taxable REIT subsidiaries, and the Company’s plans to continue expanding its internet marketing presence and revenue management programs.

At September 30, 2012, all but $26 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 September 30, 2012, the Company had 30.4 million shares of common stock outstanding and 0.20 million Operating Partnership Units outstanding. The issuance of 1.0 million shares in the third quarter (primarily in September) will have a short term dilutive impact on the Company’s EPS and FFO per share results.

As a result of the above assumptions, management expects funds from operations (excluding acquisition costs) for the full year 2012 to be approximately $3.25 to $3.27 per share, and between $0.80 and $0.82 per share for the fourth quarter of 2012.

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 Third Quarter Earnings Release Conference Call at 9:00 a.m. Eastern Time on Thursday, November 1, 2012. 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 pass codes 286/400674.

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 443 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.

(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.

(2) Includes the 334 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.

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CONTACT:
Sovran Self Storage, Inc.
Diane Piegza, Vice President of Corporate Communications
or
Andy Gregoire, Chief Financial Officer
716-633-1850