Sovran Self Storage Reports Third Quarter Results; Adjusted FFO per Share Increases 12.8%, Acquired Eleven Properties

BUFFALO, N.Y.–(BUSINESS WIRE)–Sovran Self Storage, Inc. (NYSE:SSS), a self
storage
real estate investment trust (REIT), reported operating
results for the quarter ended September 30, 2015.

Third Quarter 2015 Highlights:

  • Achieved adjusted funds from operations (“FFO”) per fully diluted
    common share of $1.32, representing a 12.8% increase over the same
    period last year.
  • Increased same store revenue by 6.5% and net operating income (“NOI”)
    by 8.4% as compared to the third quarter of 2014.
  • Grew same store average occupancy for the quarter by 80 basis points
    to 92.0% compared to the same period in 2014. Same store occupancy at
    September 30, 2015, was 91.4%; a full 100 basis points over September
    30, 2014.
  • Attained a record high occupancy of 93.1% during the month of July.
  • Acquired eleven self storage facilities for approximately $66 million.
  • Paid a quarterly dividend of $0.85 per share of common stock.

Net income available to common shareholders for the third quarter of
2015 was $31.5 million or $0.88 per fully diluted common share. For the
same period in 2014, net income available to common shareholders was
$25.6 million or $0.77 per fully diluted common share.

Funds from operations (FFO) for the quarter were $1.29 per fully diluted
common share compared to $1.12 for the same period last year. Absent
$1.0 million of acquisition costs incurred in the third quarter of 2015
and $1.7 million of acquisition costs and straight-line rent adjustments
in the third quarter of 2014, adjusted FFO per share was $1.32 and $1.17
for the third quarter of 2015 and 2014, respectively.

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

OPERATIONS:

Total revenues increased 11.9% over last year’s third quarter while
operating costs increased 9.6%, resulting in an NOI (4)
increase of 13.1%. Overall occupancy averaged 91.5% for the period, and
rental rates averaged $12.79 per sq. ft.

Revenues for the 399 stores wholly owned by the Company since January 1,
2014 increased 6.5% from those of the third quarter of 2014, the result
of an 80 basis point increase in average occupancy, a 5.1% increase in
rental rates, increases in tenant insurance administrative fees, and
other income.

Same store operating expenses increased 2.6% for the third quarter of
2015 compared to the prior year period, primarily the result of
increased personnel costs, real estate taxes and internet marketing
expenses.

Consequently, same store net operating income increased 8.4% this period
over the third quarter of 2014.

General and administrative expenses increased by approximately $0.7
million over the same period in 2014, primarily due to increases in
personnel costs associated with operating 36 more stores during the
quarter than at this time last year, legal fees and income taxes on its
taxable REIT subsidiary. Beginning with the first quarter of 2015, the
company reclassified internet marketing costs from general and
administrative expenses to property operations expense for all periods
presented so as to be consistent with industry practices.

During the third quarter of 2015, the Company experienced same store
revenue growth in 23 of the 24 states in the same store pool. Overall,
the stores with the strongest revenue impact include those in Texas,
Florida,
New
York
and Georgia.

PROPERTIES:

During the quarter, the Company acquired eleven storage facilities at a
cost of approximately $66 million. Seven of the stores are in
established Company markets in North and South Carolina. The other four
are in Syracuse, NY where the Company now operates a total of eight
stores.

At September 30, 2015, the Company was in contract to acquire an
additional nine stores for total consideration of $67 million. These
pending acquisitions are subject to further due diligence and closing
conditions; therefore no assurance can be given that these properties
will be purchased according to the terms described.

CAPITAL TRANSACTIONS:

Illustrated below are key financial ratios at September 30, 2015:

  • Debt to Enterprise Value (at $94.30/share) 20.2%
  • Debt to Book Cost of Storage Facilities 35.0%
  • Debt to EBITDA Ratio 3.9x
  • Debt Service Coverage 6.1x

At September 30, 2015, the Company had approximately $6.1 million of
cash on hand, and $186 million available on its line of credit.

During the quarter, the Company issued 300,211 shares pursuant to its
“At The Market” (ATM) program at an average price of $96.13 per share.
The net proceeds of $28.5 million were used to acquire the
aforementioned properties. In July, the Company issued 32,690 shares at
a price of $90.60 through its Dividend Reinvestment Plan.

COMMON STOCK DIVIDEND:

Subsequent to quarter-end, the Company’s Board of Directors approved a
quarterly dividend of $0.85 per share or $3.40 annualized.

YEAR 2015 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 fourth quarter and full year 2015:

                           
Same Store

Projected Increases Over 2014

4Q 2015

             

Full Year 2015

Revenue 6.25 – 6.75% 5.75 – 6.75%
Operating Costs (excluding property taxes) 2.0 – 3.0% 2.0 – 3.0%
Property Taxes

14.0 – 15.0%*

5.0 – 6.0%

Total Operating Expenses 5.0 – 6.0% 3.0 – 4.0%
Net Operating Income 6.5 – 7.5% 7.0 – 8.0%
 

*The Company recorded a significant reduction in property tax expense in
4Q 2014 as a result of several successful protests. Such benefits are
not expected in 2015, and as a result, the estimated property tax
increase for 4Q, while expected, appears unusual.

The Houston market comprises approximately 11% of the 2015 forecasted
NOI of the Company’s 453 wholly owned stores, and is expected to perform
at least as well as the overall portfolio. Forecasts for the 40 same
store pool of properties in the Company’s Houston market include revenue
growth of 6.0% – 6.5%, operating expense increases of 3.0% – 4.0%
(inclusive of a 5% projected increase in property taxes), and NOI growth
of between 7.0% and 8.0%.

The Company intends to spend up to $25 million on its expansion and
enhancement program. It has also budgeted $19 million to provide for
recurring capitalized expenditures including roofing, paving, and office
renovations.

The Company has assumed no impact from acquisitions for the remainder of
2015. Approximately $275 million of acquisitions have been completed
through September 30, 2015. Per share adjusted FFO guidance is projected
after adding back third party acquisition costs. Any purchases of
additional properties are expected to be funded via proceeds from the
Company’s ATM program and draws on its line of credit which carries an
interest rate of LIBOR plus 1.30%.

Annual general and administrative expenses, excluding internet marketing
costs, are expected to be approximately $38 million. The increase over
the prior year is primarily due to the need for additional personnel
required for recent acquisitions, income taxes on its taxable REIT
subsidiaries, and the Company’s plans to continue expanding its
Corporate Alliance and third party management programs.

At September 30, 2015, the Company had 36.2 million shares of common
stock outstanding and 0.2 million Operating Partnership Units
outstanding.

As a result of the above assumptions, management expects adjusted funds
from operations for the full year 2015 to be approximately $4.91 to
$4.93 per share, and between $1.26 and $1.28 per share for the fourth
quarter of 2015.

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, October 29, 2015.
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 “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 13621470.

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 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.

       
SOVRAN SELF STORAGE, INC.
BALANCE SHEET DATA
(unaudited)
 
September 30, December 31,
(dollars in thousands) 2015     2014
Assets
Investment in storage facilities:
Land $ 478,872 $ 397,642
Building, equipment and construction in progress   1,993,604     1,780,341  
2,472,476 2,177,983
Less: accumulated depreciation   (451,117 )   (411,701 )
Investment in storage facilities, net 2,021,359 1,766,282
Cash and cash equivalents 6,067 8,543
Accounts receivable 6,480 5,758
Receivable from joint venture 814 583
Investment in joint venture 57,185 57,803
Prepaid expenses 5,766 6,533
Intangible asset – in-place customer leases (net of accumulated
amortization of $20,335 in 2015 and $17,662 in 2014) 1,970 2,204
Other assets   7,171     7,094  
Total Assets $ 2,106,812   $ 1,854,800  
 
Liabilities
Line of credit $ 114,000 $ 49,000
Term notes 750,000 750,000
Accounts payable and accrued liabilities 47,146 43,551
Deferred revenue 7,475 7,290
Fair value of interest rate swap agreements 19,426 13,341
Mortgages payable   2,028     2,127  
Total Liabilities 940,075 865,309
 
Noncontrolling redeemable Operating Partnership Units at redemption
value
16,698 13,622
 
Equity
Common stock 373 353
Additional paid-in capital 1,337,645 1,156,213
Accumulated deficit (168,871 ) (167,692 )
Accumulated other comprehensive loss   (19,108 )   (13,005 )
Total Shareholders’ Equity   1,150,039     975,869  
Total Liabilities and Equity $ 2,106,812   $ 1,854,800  
 
     
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
July 1, 2015 July 1, 2014
to to
(dollars in thousands, except share data) September 30, 2015     September 30, 2014
 
Revenues
Rental income $ 88,066 $ 79,092
Other operating income 5,838 4,958
Management fee income   1,524     1,199  
Total operating revenues 95,428 85,249
 
Expenses
Property operations and maintenance (1) 20,954 19,243
Real estate taxes 9,247 8,312
General and administrative (1) 9,367 8,711
Acquisition related costs 1,046 1,210
Operating leases of storage facilities 1,997
Depreciation and amortization 13,954 12,113
Amortization of in-place customer leases   717     1,244  
Total operating expenses   55,285     52,830  
 
Income from operations 40,143 32,419
 
Other income (expense)
Interest expense (A) (9,419 ) (9,116 )
Interest income 1 1
Gain on sale of real estate 1,777
Equity in income of joint ventures   936     662  
 
Net income 31,661 25,743
Net income attributable to noncontrolling interests   (157 )   (154 )
Net income attributable to common shareholders $ 31,504   $ 25,589  
 
Earnings per common share attributable to common shareholders –
basic
$ 0.88   $ 0.77  
 
Earnings per common share attributable to common shareholders –
diluted
$ 0.88   $ 0.77  
 
Common shares used in basic
earnings per share calculation 35,700,375 33,234,660
 
Common shares used in diluted
earnings per share calculation 35,917,105 33,398,648
 
Dividends declared per common share $ 0.85   $ 0.68  
 
 
(A) Interest expense for the three months ending September 30
consists of the following
Interest expense $ 9,123 $ 8,903
Amortization of deferred financing fees   296     213  
Total interest expense $ 9,419   $ 9,116  
 
 
January 1, 2015 January 1, 2014
to to
(dollars in thousands, except share data) September 30, 2015     September 30, 2014
 
Revenues
Rental income $ 250,439 $ 223,438
Other operating income 16,780 14,123
Management fee income 4,344 3,453
Acquisition fee income       136  
Total operating revenues 271,563 241,150
 
Expenses
Property operations and maintenance (1) 61,001 55,720
Real estate taxes 27,311 24,433
General and administrative (1) 28,459 26,111
Acquisition related costs 2,415 5,926
Operating leases of storage facilities 683 5,991
Depreciation and amortization 40,734 35,057
Amortization of in-place customer leases   2,703     2,723  
Total operating expenses   163,306     155,961  
 
Income from operations 108,257 85,189
 
Other income (expense)
Interest expense (A) (27,796 ) (25,331 )
Interest income 4 31
(Loss) gain on sale of real estate (7 ) 1,777
Equity in income of joint ventures   2,436     1,553  
 
Net income 82,894 63,219
Net income attributable to noncontrolling interests   (407 )   (381 )
Net income attributable to common shareholders $ 82,487   $ 62,838  
 
Earnings per common share attributable to common shareholders –
basic
$ 2.35   $ 1.92  
 
Earnings per common share attributable to common shareholders –
diluted
$ 2.33   $ 1.91  
 
Common shares used in basic
earnings per share calculation 35,135,946 32,806,164
 
Common shares used in diluted
earnings per share calculation 35,358,332 32,972,262
 
Dividends declared per common share $ 2.35   $ 2.04  
 
 
(A) Interest expense for the nine months ending September 30
consists of the following
Interest expense $ 26,908 $ 24,712
Amortization of deferred financing fees   888     619  
Total interest expense $ 27,796   $ 25,331  
 
(1) For all periods presented internet marketing costs are included
in property operations and maintenance expense. The internet
marketing costs had previously been included in general and
administrative expenses. For the three months ended September 30,
2015 and 2014, total internet marketing expense was $1,512 and
$1,330, respectively. For the nine months ended September 30, 2015
and 2014, total internet marketing expense was $4,517 and $4,290,
respectively. Same store internet marketing expense for both periods
is noted below.
       
COMPUTATION OF FUNDS FROM OPERATIONS (FFO) (2) – (unaudited)
 
July 1, 2015 July 1, 2014
to to
(dollars in thousands, except share data) September 30, 2015     September 30, 2014
 
Net income attributable to common shareholders $ 31,504 $ 25,589
Net income attributable to noncontrolling interests 157 154
Depreciation of real estate and amortization of intangible
assets exclusive of deferred financing fees 14,430 13,127
Depreciation and amortization from unconsolidated joint ventures 610 430
Gain on sale of real estate (1,777 )
Funds from operations allocable to noncontrolling
interest in Operating Partnership   (231 )   (224 )
Funds from operations available to common shareholders   46,470     37,299  
FFO per share – diluted $ 1.29 $ 1.12
 
Adjustments to FFO
Acquisition costs expensed 1,046 1,210
Operating leases straight line rent adjustment 497
Funds from operations resulting from non-recurring items allocable
to noncontrolling
interest in Operating Partnership   (5 )   (10 )
Adjusted funds from operations available to common shareholders   47,511     38,996  
Adjusted FFO per share – diluted $ 1.32 $ 1.17
 
Common shares – diluted 35,917,105 33,398,648
 
 
January 1, 2015 January 1, 2014
to to
(dollars in thousands, except share data) September 30, 2015     September 30, 2014
 
Net income attributable to common shareholders $ 82,487 $ 62,838
Net income attributable to noncontrolling interests 407 381
Depreciation of real estate and amortization of intangible
assets exclusive of deferred financing fees 42,649 37,097
Depreciation and amortization from unconsolidated joint ventures 1,845 1,166
Loss (gain) on sale of real estate 7 (1,777 )
Funds from operations allocable to noncontrolling
interest in Operating Partnership   (625 )   (601 )
Funds from operations available to common shareholders   126,770     99,104  
FFO per share – diluted $ 3.59 $ 3.01
 
Adjustments to FFO
Acquisition costs expensed 2,415 5,926
Company’s share of acquisition costs expensed by Sovran HHF Storage
Holdings
185
Acquisition fee income from Sovran HHF Storage Holdings (136 )
Operating leases straight line rent adjustment 146 1,491
Funds from operations resulting from non-recurring items allocable
to noncontrolling
interest in Operating Partnership   (12 )   (45 )
Adjusted funds from operations available to common shareholders   129,319     106,525  
Adjusted FFO per share – diluted $ 3.66 $ 3.23
 
Common shares – diluted 35,358,332 32,972,262
 
(2) 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.
 
             
QUARTERLY SAME STORE DATA (3) * 399 stores owned since 12/31/13
(unaudited)
July 1, 2015 July 1, 2014
to to Percentage
(dollars in thousands) September 30, 2015     September 30, 2014 Change     Change
 
Revenues:
Rental income $ 78,018 $ 73,452 $ 4,566 6.2 %

Tenant insurance

2,804 2,486 318 12.8 %
Other operating income   1,458   1,314   144   11.0 %
Total operating revenues 82,280 77,252 5,028 6.5 %
 
Expenses:
Payroll and benefits 6,941 6,643 298 4.5 %
Real estate taxes 7,939 7,701 238 3.1 %
Utilities 3,124 3,137 (13 ) -0.4 %
Repairs and maintenance 2,765 2,666 99 3.7 %
Office and other operating expense 2,608 2,631 (23 ) -0.9 %
Insurance 1,013 1,017 (4 ) -0.4 %
Advertising & yellow pages 320 365 (45 ) -12.3 %
Internet marketing (1)   1,354   1,247   107   8.6 %
Total operating expenses   26,064   25,407   657   2.6 %
 
Net operating income (4) $ 56,216 $ 51,845 $ 4,371   8.4 %
 
 
QTD Same store move ins 40,679 42,161 (1,482 )
 
QTD Same store move outs 45,247 46,132 (885 )
 
 
OTHER COMPARABLE QUARTERLY SAME STORE DATA * (unaudited) July 1, 2015 July 1, 2014
to to Percentage
September 30, 2015     September 30, 2014 Change     Change
Stores owned since 12/31/12 (384 stores) (3)
Revenues $ 77,096 $ 72,327 $ 4,769 6.6 %
Expenses including internet advertising   24,297   23,747   550   2.3 %
Net operating income (4) $ 52,799 $ 48,580 $ 4,219   8.7 %
 
 
 
Stores owned since 12/31/11 (356 stores) (3)
Revenues $ 69,954 $ 65,693 $ 4,261 6.5 %
Expenses including internet advertising   22,060   21,491   569   2.6 %
Net operating income (4) $ 47,894 $ 44,202 $ 3,692   8.4 %
 
(3) Includes the 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.
 
(4) 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 exhibits A and B for supplemental quarterly same store data.

 
             
YEAR TO DATE SAME STORE DATA (3) * 399 stores owned since
12/31/13 (unaudited)
January 1, 2015 January 1, 2014
to to Percentage
(dollars in thousands) September 30, 2015     September 30, 2014 Change     Change
 
Revenues:
Rental income $ 224,871 $ 212,692 $ 12,179   5.7 %

Tenant insurance

8,202 7,189 1,013 14.1 %
Other operating income   4,223     3,983     240     6.0 %
Total operating revenues 237,296 223,864 13,432 6.0 %
 
Expenses:
Payroll and benefits 20,480 19,779 701 3.5 %
Real estate taxes 23,827 23,182 645 2.8 %
Utilities 8,517 8,809 (292 ) -3.3 %
Repairs and maintenance 9,127 8,025 1,102 13.7 %
Office and other operating expense 7,573 7,779 (206 ) -2.6 %
Insurance 3,042 3,132 (90 ) -2.9 %
Advertising & yellow pages 991 1,099 (108 ) -9.8 %
Internet marketing (1)   4,111     4,122     (11 )   -0.3 %
Total operating expenses   77,668     75,927     1,741     2.3 %
 
Net operating income (4) $ 159,628   $ 147,937   $ 11,691     7.9 %
 
 
YTD Same store move ins 125,683 129,686 (4,003 )
 
YTD Same store move outs 119,388 122,611 (3,223 )
 
OTHER DATA Same Store (3) All Stores (5)

2015

2014

2015

2014

 
Weighted average quarterly occupancy 92.0 % 91.2 % 91.5 % 90.9 %
 
Occupancy at September 30 91.4 % 90.4 % 90.6 % 90.0 %
 
Rent per occupied square foot $12.64 $12.03 $12.79 $12.19
 
(5) Does not include unconsolidated joint venture stores or other
stores managed by the Company
 
 

Investment in Storage Facilities: (unaudited)

The following summarizes activity in storage facilities during the
nine months ended September 30, 2015:
 
Beginning balance $ 2,177,983
Property acquisitions 272,148
Improvements and equipment additions:
Expansions 4,520
Roofing, paving, and equipment:
Stabilized stores 12,187
Recently acquired stores 2,191
Change in construction in progress (Total CIP $10.3 million) 5,586
Dispositions and Impairments   (2,139 )
Storage facilities at cost at period end $ 2,472,476  
 
 

Comparison of Selected G&A Costs (unaudited)

Quarter Ended
September 30, 2015 September 30, 2014
 
Management and administrative salaries and benefits 5,787 5,450
Training 235 208
Call center 484 404
Uncle Bob’s Management costs 76 162
Income taxes 617 352
Legal, accounting and professional 490 360
Other administrative expenses (6)   1,678     1,775  
$ 9,367   $ 8,711  
 
(6) Other administrative expenses include office rent, travel
expense, investor relations and miscellaneous other expenses.
 
 

Net rentable square feet

September 30, 2015
Wholly owned properties 30,604,074
Joint venture properties 5,192,101
Third party managed properties   1,133,525  
36,929,700
 
 
September 30, 2015 September 30, 2014
 
Common shares outstanding 36,168,440 33,708,457
Operating Partnership Units outstanding 178,866 198,913
 

Contacts

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

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