Exhibit 99.1

Sovran Self Storage Reports First Quarter Results; Adjusted FFO per Share Increases 11.9%; Acquires 25 Properties for $332 Million

BUFFALO, N.Y.--(BUSINESS WIRE)--April 27, 2016--Sovran Self Storage, Inc. (NYSE:SSS), a self storage real estate investment trust (REIT), reported operating results for the quarter ended March 31, 2016.

First Quarter 2016 Highlights:

• Achieved adjusted funds from operations per fully diluted common share of $1.22, representing a 11.9% increase over the same period last year.
• Increased same store revenue by 6.7% and net operating income ("NOI")⁽¹⁾ by 9.9% as compared to the first quarter of 2015.
• Grew same store average occupancy for the quarter by 90 basis points to 90.5% compared to the same period in 2015.
• Acquired 25 self storage facilities at a cost of approximately $332 million.
• Paid a quarterly dividend of $0.85 per share of common stock. The Company’s Board of Directors approved, commencing with the April 2016 payment, an increase of 11.8% in the quarterly dividend to $0.95 per share of common stock.
• Increased the Company’s borrowing capacity under its Line of Credit facility to $500 million.
• Completed a follow-on common stock offering of 2,645,000 shares of the Company’s common stock, resulting in net proceeds to the Company of approximately $270 million.

Net income available to common shareholders for the first quarter of 2016 was $28.3 million or $0.73 per fully diluted common share. For the same period in 2015, net income available to common shareholders was $22.5 million or $0.65 per fully diluted common share.

Funds from operations (“FFO”)⁽²⁾ for the quarter were $1.16 per fully diluted common share compared to $1.07 for the same period last year. Absent $2.4 million of acquisition costs incurred in the first quarter of 2016, and $0.7 million of acquisition costs and straight-line rent adjustments in the first quarter of 2015, adjusted FFO per fully diluted common share was $1.22 and $1.09 for the first quarter ended March 31, 2016 and 2015, respectively.

Increased rental rates and reduced operating costs were the primary contributors to the Company’s strong FFO growth during the quarter.

OPERATIONS:

Total revenues increased 16.1% over last year’s first quarter while operating costs increased 13.3%, resulting in an NOI increase of 17.5%. Overall occupancy averaged 89.9% for the period, and rental rates averaged $12.77 per sq. ft.

Revenues for the 428 stabilized stores wholly owned by the Company since January 1, 2015 increased 6.7% from those of the first quarter of 2015, the result of a 90 basis point increase in average occupancy, a 5.4% increase in rental rates and increases in tenant insurance administrative fees.

Same store operating expenses increased 0.8% for the first quarter of 2016 compared to the prior year period. Higher property taxes and internet advertising expenses were offset by significant reductions in utilities and snow removal costs.

Consequently, same store net operating income increased 9.9% this period over the first quarter of 2015.

General and administrative expenses increased by approximately $1.1 million over the same period in 2015, primarily due to increases in personnel costs associated with operating 41 more stores during the quarter than at this time last year, income taxes and legal fees.

During the first quarter of 2016, the Company experienced same store revenue growth in all 30 of its major markets in the same store pool. Overall, the markets with the strongest revenue impact include New England; Downstate NY/NJ; Atlanta, GA; Miami, FL; and San Antonio, TX.

PROPERTIES:

As described in its prospectus filed January 19, 2016, the Company entered into contracts to acquire 30 self storage facilities in ten different states for a total purchase price of approximately $398 million. As of March 31, 2016, the Company had acquired 24 of those properties at a cost of approximately $310 million. Subsequent to the end of the quarter, five more of the stores from this pool were acquired at a cost of $78.4 million. The remaining property is expected to be purchased in early May 2016.

The Company also acquired two stores not previously announced; one in Los Angeles, CA for approximately $17 million and one in Miami, FL for approximately $11 million. The Miami facility was purchased upon issuance of a certificate of occupancy.

Not including the single property remaining from the transactions announced on January 19, 2016, the Company has contracts to acquire seven additional stores for total consideration of approximately $60 million. Three of the properties costing $20 million are stabilized (two in Buffalo, NY and one in Dallas, TX). Four others, totaling $40 million, will be acquired upon issuance of certificates of occupancy anticipated at various dates between late 2^nd quarter 2016 and early 2017. These properties are located in Chicago, IL (2), Charleston, SC and Charlotte, NC.

The aforementioned purchases are subject to customary closing conditions, and there is no assurance that these properties will be acquired as described herein.

CAPITAL TRANSACTIONS:

Illustrated below are key financial ratios at March 31, 2016:

At March 31, 2016, the Company had approximately $6.4 million of cash on hand, and $359 million available on its line of credit.

On January 4, 2016, the Company increased its line of credit facility from $300 million to $500 million. This increase was pursuant to an expansion feature set forth in the Company’s existing unsecured credit agreement. The other terms of the Company’s line of credit facility were unchanged.

On April 26, 2016, the Company repaid a ten year term note maturing on that date in the amount of $150 million. Funds were provided by a draw on the Company’s line of credit.

On January 20, 2016, the Company agreed to issue and sell 2,300,000 shares of the Company’s common stock, par value $.01 per share, plus up to an additional 345,000 shares of common stock pursuant to the underwriters’ option, at a price to the public of $105.75 per share. The offering of 2,645,000 shares of the Company’s common stock closed on January 25, 2016, resulting in net proceeds to the Company of approximately $270 million, part of which was used to fund the aforementioned properties.

In January, the Company issued 44,018 shares at a price of $105.32 through its Dividend Reinvestment Plan.

COMMON STOCK DIVIDEND:

Subsequent to quarter-end, the Company’s Board of Directors approved a quarterly dividend of $0.95 per share or $3.80 annualized, an increase of $0.10 per share over that of the prior three quarters.

YEAR 2016 EARNINGS GUIDANCE:

Management is encouraged by its occupancy gains and its ability to attain significant rental rate growth in most markets. The following assumptions covering operations have been utilized in formulating guidance for the second quarter and full year 2016:

The Company’s 2016 same store pool consists of the 428 stabilized stores owned since December 31, 2014. The stores purchased in 2014 at Certificate of Occupancy or that were in the early stages of lease-up are not included, regardless of their current occupancies. The Company believes that occupancy levels achieved during the lease-up period, using discounted rates, are not truly indicative of a new store’s performance, and therefore do not result in a meaningful year-over-year comparison in future years. The Company will include such stores in its same store pool in the first year after the stores achieve 80% sustained occupancy using market rates and incentives.

The Houston market is expected to comprise approximately 9.8% of the 2016 forecasted NOI of the Company’s wholly owned stores. Forecasts for the 41 same store pool of properties in the Company’s Houston market include revenue growth of 5.0% – 6.0%, operating expense increases of 4.0% – 5.0% (inclusive of a 6% projected increase in property taxes), and NOI growth of between 6.0% and 7.0%.

The Company plans to complete $25 - $30 million of expansions. It has also budgeted $22 million to provide for recurring capitalized expenditures including roofing, paving, and office renovations as well as aesthetic improvements at select locations.

The Company has assumed $60 million of accretive acquisitions in 2016 in addition to the aforementioned properties under contract or already acquired. Per share FFO guidance is projected after adding back third party acquisition costs. Purchases of these additional properties are expected to be funded via draws on its line of credit which carries an interest rate of LIBOR plus 1.10%.

At the conclusion of 2015, the Company operated six self-storage facilities that it acquired during 2014 and 2015 upon issuance of Certificate of Occupancy or in the early stages of lease-up. It also acquired one in Phoenix, AZ and one in Miami, FL in February 2016, and one in Los Angeles, CA in March 2016. Further, it expects to acquire four more such Certificate of Occupancy facilities at various dates later in 2016 and early 2017. Upon acquisition, these properties have insufficient rental revenue to cover operating costs; accordingly, for the first 24 to 36 months of operation, ownership of these facilities is dilutive to FFO per share. The Company expects that during 2016, it will incur such dilution to the extent of $0.07 to $0.08 per share due to the aforementioned acquisitions.

Annual general and administrative expenses are expected to be approximately $41 - $42 million. The increase over the prior year is primarily due to the need for additional personnel required for recent acquisitions and the Company’s plans to continue expanding its Corporate Alliance program.

As a result of the above assumptions, management expects adjusted funds from operations for the full year 2016 to be approximately $5.49 to $5.55 per share, and between $1.37 and $1.39 per share for the second quarter of 2016.

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.

CONFERENCE CALL:

Sovran Self Storage will hold its First Quarter Earnings Release Conference Call at 9:00 a.m. Eastern Time on Thursday, April 28, 2016. To help avoid connection delays, participants are encouraged to pre-register using this link. Anyone unable to pre-register may access the conference call at 877.737.7051 (domestic) or 201.689.8878 (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 “news and events” under the investor relations tab at www.unclebobs.com/company/.

The webcast will be archived for 90 days; a telephone replay will also be available for 72 hours by calling 877.660.6853 and entering conference ID 13634542.

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^®. For more information, visit www.unclebobs.com, like us on Facebook, or follow us on Twitter.

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