Sovran Self Storage, Inc. Announces Impact of Hurricanes on Its Properties

Business Wire, Sept 24, 2004

BUFFALO, N.Y. -- Sovran Self Storage, Inc. (NYSE: SSS) announced that approximately 22 of the 49 self storage properties it owns in the state of Florida, and 4 others in Alabama and Georgia were damaged by Hurricanes Charley, Frances and Ivan.

Heavy wind damage to signs, fences, doors and roofs accounted for most of the loss, and some of the stores incurred significant water intrusion to the rental offices and customer spaces. Almost all of the Florida stores were closed for at least two days during Ivan and a day each during Charley and Frances.

David Rogers, the Company's Chief Financial Officer, said "The only serious damage Hurricanes Frances and Charley did to our portfolio was to the Port St. Lucie facility, but Ivan had a much greater impact, especially at our Pensacola and Alabama stores. We are still assessing the situation on a store by store basis throughout the region, but at this point, we estimate that we have about $400,000 to $450,000 in uninsured damages."

As a result of the above, the Company is altering prior earnings guidance to reflect the impact of these costs. Funds from operations for the year 2004 are now expected to be between $2.64 and $2.67 per share. Funds from operations for the third quarter of 2004 are now projected at between $.60 and $.63 per share.

The Company will report its third quarter earnings on November 3, 2004, and host a conference call at 9:00 a.m. (EST) Thursday, November 4th, at which time management will discuss the results of operations for the quarter and elaborate further on the effects of the hurricanes.

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 271 self-storage facilities under the "Uncle Bob's Self Storage"(R) trade name in twenty-one states. For more information about the Company, please contact David L. Rogers, CFO, or Diane Piegza, VP Investor Relations, at 716-633-1850 or browse the Company's Web Site at http://www.sovranss.com.