FORM 10-Q

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2000

Commission file number: 0-24071



Sovran Acquisition Limited Partnership(Exact name of Registrant as specified in its charter)

|Delaware
__________________________________
(State or other jurisdiction of
incorporation or organization) | 16-1481551
_______________________________(I.R.S. Employer
Identification No.)
|---------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------

6467 Main Street
Buffalo, New York 14221
(Address of principal executive offices) (Zip code)
(716) 633-1850
(Registrant's telephone number including area code)



Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No __



































|PART I. | FINANCIAL INFORMATION
|------- | ---------------------

|ITEM 1. | FINANCIAL STATEMENTS
|------- | --------------------

SOVRAN ACQUISITION LIMITED PARTNERSHIP
BALANCE SHEETS



|(dollars in thousands, except unit data)                                                                        | September 30
     2000
 (unaudited) | December 31,
     1999
|--------------------------------------------------------------------------------------------------------------- | ----------------------------------- | ----------------------
|ASSETS
  Investment in storage facilities:
    Land
    Building and equipment                                  | $  113,893 459,609                  | $  111,833 444,640    
|                                                                                                                | 573,502                             | 556,473               
|Less: accumulated depreciation                                                                                  | (43,120)                            | (33,453)              
|Investments in storage facilities, net                                                                          | 530,382                             | 523,020               
|Cash and cash equivalents                                                                                       | 3,367                               | 1,032                 
|Accounts receivable                                                                                             | 3,460                               | 1,796                 
|Prepaid expenses and other assets                                                                               | 5,043                               | 3,871                 
|Total Assets                                                                                                    | $   542,252                         | $  529,719            
|                                                                                                                |                                     |                       
|LIABILITIES
  Line of credit
  Term note                                                                        | $   146,500 
75,000                 | $  123,000 
75,000    
|Accounts payable and accrued liabilities                                                                        | 4,854                               | 4,210                 
|Deferred revenue                                                                                                | 3,250                               | 3,322                 
|Accrued distributions                                                                                           | 7,449                               | 7,496                 
|Mortgage payable                                                                                                | 5,214                               | 5,253                 
|Total Liabilities                                                                                               | 242,267                             | 218,281               
|                                                                                                                |                                     |                       
|Limited partners' capital interest
  (853,037 units in 2000 and 1999) at 
  redemption value                    | 17,003                              | 15,888                
|                                                                                                                |                                     |                       
|PARTNERS' CAPITAL                                                                                               |                                     |                       
|General partner (219,567 units issued and
    outstanding in 2000 and 1999)                                     | 5,163                               | 5,283                 
|Limited partner (11,770,587 and 12,079,596
    units issued and outstanding in 2000 and 
    1999, respectively | 247,819                             | 260,267               
|Preferred Partners (1,200,000 Series B 
    Preferred Units, at $25 liquidation 
    preference)                | 30,000                              | 30,000                
|Total Partners' Capital                                                                                         | 282,982                             | 295,550               
|Total Liabilities and Partners' Capital                                                                         | $  542,252                          | $  529,719            



See notes to financial statements.









SOVRAN ACQUISITION LIMITED PARTNERSHIP
STATEMENTS OF OPERATIONS
(unaudited)



|(dollars in thousands, except unit data)                 | July 1, 2000
      to
September 30, 2000 | July 1, 1999
       to
September 30, 1999
|-------------------------------------------------------- | ---------------------------------------- | -----------------------------------------
|REVENUES:                                                |                                          |                                          
|Rental income                                            | $   23,097                               | $   21,535                               
|Interest and other income                                | 389                                      | 1,035                                    
|Total revenues                                           | 23,486                                   | 22,570                                   
|                                                         |                                          |                                          
|EXPENSES:                                                |                                          |                                          
|Property operations and maintenance                      | 5,295                                    | 4,309                                    
|Real estate taxes                                        | 2,096                                    | 1,901                                    
|General and administrative                               | 1,403                                    | 1,318                                    
|Interest                                                 | 4,482                                    | 3,503                                    
|Depreciation and amortization                            | 3,578                                    | 3,362                                    
|Total expenses                                           | 16,854                                   | 14,393                                   
|                                                         |                                          |                                          
|Net Income                                               | 6,632                                    | 8,177                                    
|Distributions to preferred unitholders                   | (739)                                    | (501)                                    
|Net income available to common unitholders               | $    5,893                               | $    7,676                               
|                                                         |                                          |                                          
|Earnings per common unit - basic                         | $       0.46                             | $      0.57                              
|                                                         |                                          |                                          
|Earnings per common unit - diluted                       | $       0.46                             | $      0.57                              
|                                                         |                                          |                                          
|Units used in basic earnings per unit calculation        | 12,847,774                               | 13,339,808                               
|Units used in diluted earnings per unit 
    calculation | 12,849,586                               | 13,347,489                               
|                                                         |                                          |                                          
|Distributions declared per unit                          | $          0.58                          | $          0.57                          



See notes to financial statements.











SOVRAN ACQUISITION LIMITED PARTNERSHIP
STATEMENTS OF OPERATIONS
(unaudited)



|(dollars in thousands, except unit data) | January 1, 2000
        to
September 30, 2000 | January 1, 1999
         to
September 30, 1999
|---------------------------------------- | --------------------------------------------- | ----------------------------------------------





|REVENUES:                                                |               |             
|-------------------------------------------------------- | ------------- | ------------
|Rental income                                            | $    66,558   | $    61,108 
|Interest and other income                                | 1,015         | 1,519       
|Total revenues                                           | 67,573        | 62,627      
|                                                         |               |             
|EXPENSES:                                                |               |             
|Property operations and maintenance                      | 14,628        | 12,385      
|Real estate taxes                                        | 6,112         | 5,196       
|General and administrative                               | 4,341         | 3,833       
|Interest                                                 | 12,673        | 10,476      
|Depreciation and amortization                            | 10,559        | 9,703       
|Total expenses                                           | 48,313        | 41,593      
|                                                         |               |             
|Net Income                                               | 19,260        | 21,034      
|Distributions to preferred unitholders                   | (2,216)       | (501)       
|Net income available to common unitholders               | $   17,044    | $   20,533  
|                                                         |               |             
|Earnings per common unit - basic                         | $       1.32  | $       1.54
|Earnings per common unit - diluted                       | $       1.32  | $       1.54
|                                                         |               |             
|Units used in basic earnings per unit calculation        | 12,938,206    | 13,281,990  
|Units used in diluted earnings per unit 
    calculation | 12,939,429    | 13,295,787  
|                                                         |               |             
|Distribution declared per unit                           | $        1.72 | $       1.69



See notes to financial statements.











SOVRAN ACQUISITION LIMITED PARTNERSHIP
STATEMENTS OF CASH FLOW
(unaudited)



|(dollars in thousands) | January 1, 2000
        toSeptember 30, 2000 | January 1, 1999
         toSeptember 30, 1999
|---------------------- | -------------------------------------------- | ---------------------------------------------





|OPERATING ACTIVITIES                                                                                       |             |           
|---------------------------------------------------------------------------------------------------------- | ----------- | ----------
|Net income                                                                                                 | $   19,260  | $   21,034
|Adjustments to reconcile net income to net cash
  provided by operating activities:                        |             |           
|Depreciation and amortization                                                                              | 10,559      | 9,703     
|Restricted stock earned                                                                                    | 92          | 75        
|Changes in assets and liabilities:                                                                         |             |           
|Accounts receivable                                                                                        | (1,664)     | 16        
|Prepaid expenses and other assets                                                                          | (1,606)     | (748)     
|Accounts payable and other liabilities                                                                     | 615         | 3,314     
|Deferred revenue                                                                                           | (141)       | (6)       
|Net cash provided by operating activities                                                                  | 27, 115     | 33,388    
|                                                                                                           |             |           
|INVESTING ACTIVITIES                                                                                       |             |           
|Additions to storage facilities                                                                            | (17,181)    | (46,770)  
|Additions to other assets                                                                                  | (200)       | (172)     
|Net cash used in investing activities                                                                      | (17,381)    | (46,942)  
|                                                                                                           |             |           
|FINANCING ACTIVITIES                                                                                       |             |           
|Net proceeds from issuance of common stock 
    through Dividend Reinvestment and Stock 
    Purchase Plan | 1,364       | 5,832     
|Net proceeds from issuance of preferred units                                                              | -           | 28,753    
|Proceeds from line of credit drawn down                                                                    | 23,500      | 2,000     
|Distributions paid                                                                                         | (24,440)    | (22,747)  
|Purchase of treasury stock                                                                                 | (7,784)     | (1,924)   
|Redemption of operating partnership units                                                                  | -           | (261)     
|Mortgage principal payments                                                                                | (39)        | (9)       
|Net cash (used in) provided by financing
    activities                                                    | (7,399)     | 11,644    
|Net increase (decrease) in cash                                                                            | 2,335       | (1,910)   
|Cash at beginning of period                                                                                | 1,032       | 2,984     
|Cash at end of period                                                                                      | $     3,367 | $    1,074
|Supplemental cash flow information 
  Cash paid for interest                                               | $   12,849  | $  10,591 









SOVRAN ACQUISITION LIMITED PARTNERSHIP
STATEMENTS OF CASH FLOW



Supplemental cash-flow information for the nine months ended September 30, 2000
(dollars in thousands)
_______________________________________________________________________
Fair value of net liabilities assumed on
the acquisition of storage facilities			 $ 84
______________________________________________________________________
Distributions declared but unpaid were $7,449 at September 30, 2000 and $7,496 at December 31, 1999.



See notes to financial statements.









NOTES TO FINANCIAL STATEMENTS
(Unaudited)

|1. | BASIS OF PRESENTATION
|-- | ---------------------

The accompanying unaudited financial statements of Sovran Acquisition Limited Partnership (the Operating Partnership) have been prepared in accordance with generally accepted accounting principles for interim financial information and with the
instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all
adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine-month period ended September 30, 2000 are not necessarily indicative of the results that may be expected
for the year ended December 31, 2000.



|2. | ORGANIZATION
|-- | ------------

Sovran Acquisition Limited Partnership is the entity through which Sovran Self Storage, Inc. (the Company) a self-administered and self-managed real estate investment trust (a REIT), conducts substantially all of its business and owns substantially
all of its assets. On June 26, 1995, the Company commenced operations, through the Operating Partnership, effective with the completion of its initial public offering of 5,890,000 shares (the Offering). The Operating Partnership has since purchased a
total of 153 (four in 2000, eighteen in 1999, fifty in 1998, forty-four in 1997, twenty-nine in 1996 and eight in 1995) self storage properties from unaffiliated third parties, increasing the total number of self-storage properties owned at September 30,
2000 to 226 properties in 21 states.

As of September 30, 2000, the Company was a 93.36% economic owner of the Operating Partnership and controls it through Sovran Holdings, Inc. (Holdings) a wholly-owned subsidiary of the Company and the sole general partner of the Operating Partnership.
The board of directors of Holdings, the members of which are also members of the board of directors of the Company, manages the affairs of the Operating Partnership by directing the affairs of Holdings. The Company's limited partner and indirect general
partner interest in the Operating Partnership entitle it to share in the cash distributions from, and in the profits and losses of, the Operating Partnership in proportion to its ownership interest therein and entitle the Company to vote on all matters
requiring a vote of the limited partners.

The other limited partners of the Operating Partnership are persons who contributed their direct or indirect interest in certain self-storage properties to the Operating Partnership. The Operating Partnership is obligated to redeem each unit of the
limited partnership (Unit) at the request of the holder thereof for cash equal to the fair value of a share of the Company's common stock (Common Shares) at the time of such redemption, provided that the Company at its option may elect to acquire any Unit
presented for redemption for one Common Share or cash. With each such redemption the Company's percentage ownership interest in the Operating Partnership will increase. In addition, whenever the Company issues Common Shares, the Company is obligated to
contribute any net proceeds therefrom to the Operating Partnership and the Operating Partnership is obligated to issue an equivalent number of units to the Company. Such limited partners' redemption rights are reflected in "limited partners' capital
interest" in the accompanying balance sheets at the cash redemption amount at the balance sheet date.



|3. | INVESTMENT IN STORAGE FACILITIES
|-- | --------------------------------

The following summarizes activity in storage facilities during the period ended September 30, 2000.



|(dollars in thousands)               |            
|------------------------------------ | -----------
|                                     |            
|Cost:                                |            
|Beginning balance                    | $   556,473
|Property acquisitions                | 9,690      
|Improvements and equipment additions | 7,698      
|Dispositions                         | (359)      
|                                     |            
|Ending balance                       | $   573,502
|                                     |            
|Accumulated Depreciation:            |            
|Beginning balance                    | $    33,453
|Additions during the period          | 9,903      
|Dispositions                         | (236)      
|                                     |            
|Ending balance                       | $    43,120
|                                     |            



|4. | UNSECURED LINE OF CREDIT AND TERM NOTE
|-- | --------------------------------------

At September 30, 2000, the Operating Partnership had a $150 million unsecured credit facility, of which $146.5 million was drawn. The facility was scheduled to mature February 2001 and had an interest at LIBOR plus 1.25%.

In addition to the credit facility, the Operating Partnership had an unsecured term note due December 2000, bearing interest at LIBOR plus 1.50%.

On November 7, 2000, the Operating Partnership negotiated and funded a new unsecured debt package with a syndicate of banks. The new agreement provides for a $150 million revolving line of credit maturing November 2003 at LIBOR plus 1.37%, a $75
million term note through November 2003 (extendable to 2005 at the Operating Partnership's option) at LIBOR plus 1.75%, and a $30 million term loan through November 2001 at LIBOR plus 1.37%.

The Operating Partnership has interest rate cap transactions. Under one of the agreements, which is based on a notional amount of $40 million, if the LIBOR rate exceeds 9%, the bank pays the Operating Partnership the rate in excess of 9% multiplied by
$40 million for the outstanding period. The other agreement, which is based on a notional amount of $70 million, if the LIBOR rate exceeds 8.25%, the bank pays the Operating Partnership the rate in excess of 8.25% multiplied by $40 million for the
outstanding period.

The net carrying amount of the Operating Partnership's debt instruments approximates fair value.



|5. | COMMITMENTS AND CONTINGENCIES
|-- | -----------------------------

The Operating Partnership's current practice is to conduct environmental investigations in connection with property acquisitions. At this time, the Operating Partnership is not aware of any environmental contamination of any of its facilities which
individually or in the aggregate would be material to the Operating Partnership's overall business, financial condition, or results of operations.

As of September 30, 2000, the Operating Partnership had entered into a contract for the purchase of one facility with an expected cost of $1.3 million.



|6. | PRO FORMA FINANCIAL INFORMATION
|-- | -------------------------------

The following unaudited pro forma Condensed Statement of Operations is presented as if the 4 storage facilities purchased during the nine months ended September 30, 2000, had occurred at January 1, 2000. Such unaudited pro forma information is based
upon the historical statements of operations of the Operating Partnership. It should be read in conjunction with the financial statements of the Operating Partnership and notes thereto included elsewhere herein. In management's opinion, all adjustments
necessary to reflect the effects of these transactions have been made. This unaudited pro forma statement does not purport to represent what the actual results of operations of the Operating Partnership would have been assuming such transactions had been
completed as set forth above nor does it purport to represent the results of operations for future periods.

|(in thousands, except per unit data)              | Nine Months Ended
        September 30,
              2000
|------------------------------------------------- | ----------------------------------------------------------
|                                                  |                                                           
|REVENUES:                                         |                                                           
|Rental income                                     | $   66,844                                                
|Other income                                      | 1,029                                                     
|Total revenues                                    | 67,873                                                    
|                                                  |                                                           
|EXPENSES:                                         |                                                           
|Property operations & maintenance                 | 14,714                                                    
|Real estate taxes                                 | 6,135                                                     
|General and administrative                        | 4,343                                                     
|Interest                                          | 12,782                                                    
|Depreciation and amortization                     | 10,593                                                    
|Total expenses                                    | 48,567                                                    
|                                                  |                                                           
|Net income                                        | 19,306                                                    
|Series B preferred stock dividend                 | (2,216)                                                   
|Net income available to common unitholders        | $  17,090                                                 
|                                                  |                                                           
|Earnings per common unit - basic                  | $      1.33                                               
|Earnings per common unit - diluted                | $      1.33                                               
|                                                  |                                                           
|Units used in basic earnings per unit calculation | 12,843,191                                                



|7. | LEGAL PROCEEDINGS
|-- | -----------------

A former business associate (Plaintiff) of certain officers and directors of the Company, including Robert J. Attea, Kenneth F. Myszka, David L. Rogers and Charles E. Lannon, commenced a lawsuit against the Company on June 13, 1995 in the United
States District Court for the Northern District of Ohio. The Plaintiff subsequently amended the complaint in the lawsuit alleging breach of fiduciary duty, breach of contract, breach of general partnership/joint venture arrangement, breach of duty of good
faith, fraud and deceit, and other causes of action including declaratory judgment as to the Plaintiff's continuing interest in the Company. The Plaintiff sought money damages in excess of $15 million, as well as punitive damages and declaratory and
injunctive relief (including the imposition of a constructive trust on assets of the Company in which the Plaintiff claimed to have a continuing interest) and an accounting. The amended complaint also added Messrs. Attea, Myszka, Rogers and Lannon as
additional defendants. In April 2000, following trial, the jury rendered a verdict adverse to the Company with respect to Plaintiff's claims for breach of contract and breach of general partnership/joint venture arrangement and found total compensatory
damages in the amount of $6,462,068. Messrs. Attea, Myszka, Rogers and Lannon have agreed to indemnify the Company for costs and any loss arising from the lawsuit and their obligation to do so is secured by an escrow arrangement covering shares of the
Company's common stock owned by them having a current value substantially in excess of the amount of damages found by the jury. The Company has filed a post-trial motion for judgment as a matter of law and a motion for a new trial. In the event that the
relief sought by these motions is not granted, the Company intends to appeal. In view of the indemnification agreement and escrow arrangement, the Operating Partnership does not believe that the lawsuit will have a material adverse effect upon the
Operating Partnership.



|8. | EARNINGS PER UNIT
|-- | -----------------

The Operating Partnership reports earnings per unit in accordance with Statement of Financial Accounting Standards No. 128, "Earnings Per Share." In computing earnings per common unit, the Operating Partnership excludes preferred stock dividends
from net income to arrive at net income available to common unitholders. The following table sets forth the computation of basic and diluted earnings per unit:



|(in thousands except per share data)                                                                       | Nine Months
             Ended
       September 30,
       2000 | Nine Months
            Ended
       September 30,
       1999
|---------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------- | --------------------------------------------------------------
|                                                                                                           |                                                                 |                                                               
|Numerator:                                                                                                 |                                                                 |                                                               
|Net income available to common shareholders                                                                | $   17,044                                                      | $   20,533                                                    
|                                                                                                           |                                                                 |                                                               
|Denominator:                                                                                               |                                                                 |                                                               
|Denominator for basic earnings per unit -
    weighted average units                                       | 12,938                                                          | 13,282                                                        
|                                                                                                           |                                                                 |                                                               
|Effect of Diluted Securities:                                                                              |                                                                 |                                                               
|Stock options                                                                                              | 1                                                               | 14                                                            
|Denominator for diluted earnings per unit-
    adjusted weighted average units and 
    assumed conversion | 12,939                                                          | 13,296                                                        
|                                                                                                           |                                                                 |                                                               
|Basic earnings per common unit                                                                             | $   1.32                                                        | $   1.54                                                      
|Diluted earnings per common unit                                                                           | $   1.32                                                        | $   1.54                                                      



|ITEM 2. | MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATION
|------- | ------------------------------------------------------------------------------------

The following discussion and analysis of the financial condition and results of operations should be read in conjunction with the financial statements and notes thereto included elsewhere in this report.

The Company operates as a Real Estate Investment Trust ("REIT") and owns and operates, through the Operating Partnership, a portfolio of 226 self-storage facilities, providing storage space for business and personal use to customers in 21 states. The
Company's investment objective is to increase cash flow and enhance shareholder value by aggressively managing its portfolio, to expand and enhance the facilities in that portfolio and to selectively acquire new properties in geographic areas that will
either complement or efficiently grow the portfolio.

When used in this discussion and elsewhere in this document, the words "intends," "believes," "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 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 Operating
Partnership 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 would cause rents and occupancy
rates to decline; the Operating Partnership's ability to evaluate, finance and integrate acquired businesses into the Operating Partnership's existing business and operations; the Operating Partnership's 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; the Operating Partnership's ability to effectively compete in the industries in which it does business; the Operating
Partnership's ability to successfully implement its Uncle Bob's Flex-a-Space strategy; the Operating Partnership's cash flow may be insufficient to meet required payments of principal and interest; and tax law changes which may change the taxability of
future income.



LIQUIDITY AND CAPITAL RESOURCES

At September 30, 2000, the Operating Partnership had a $150 million unsecured credit facility, of which $146.5 million was drawn. The facility was scheduled to mature February 2001 and had an interest at LIBOR plus 1.25%.

In addition to the credit facility, the Operating Partnership had an unsecured term note due December 2000, bearing interest at LIBOR plus 1.50%.

On November 7, 2000, the Operating Partnership negotiated and funded a new unsecured debt package with a syndicate of banks. The new agreement provides for a $150 million revolving line of credit maturing November 2003 at LIBOR plus 1.37%, a $75
million term note through November 2003 (extendable to 2005 at the Operating Partnership's option) at LIBOR plus 1.75%, and a $30 million term loan through November 2001 at LIBOR plus 1.37%.

Proceeds from the new loans will be used to repay the Operating Partnership's existing line of credit and term loans totaling $225 million as of the funding date. The Operating Partnership plans to use the remaining proceeds to finance its revenue
enhancing improvements, acquire certain strategic facilities and provide bridge financing for potential joint venture programs.

The new credit agreements allowed the Company to maintain investment grade ratings from Standard and Poors (BBB-), Moodys (Baa3), and Duff and Phelps (BBB-).

While the Operating Partnership has purchased contracts protecting it from significant interest rate increases, it does not intend to enter long term contracts to fix its interest rate exposure at this time. Accordingly, the interest expense the
Operating Partnership incurs will be dependent upon market conditions until such time as the Operating Partnership enters into such contracts.

In July 1999, the Company issued 1,200,000 shares of 9.85% Series B Cumulative Redeemable Preferred Stock. The net proceeds of $28.6 million were used to repay a portion of the credit facility. The Series B Preferred Stock is currently rated by
Standard and Poors (BB+), Moodys (Ba2) and Duff and Phelps (BB+).

The Operating Partnership believes that its internally generated cash flows and borrowing capacity under the credit facility will be sufficient to fund ongoing operations, capital improvements, distributions, and acquisitions for the year 2000.



UMBRELLA PARTNERSHIP REIT

The Operating Partnership has the ability to issue operating partnership ("OP") units in exchange for properties sold by independent owners. By utilizing such OP units as currency in facility acquisitions, the Operating Partnership may partially
defer the seller's income-tax liability and obtain more favorable pricing or terms. As of September 30, 2000, 853,037 units have been issued in exchange for property at the request of the sellers.



ACQUISITION OF PROPERTIES

The Operating Partnership's external growth strategy is to increase the number of facilities it owns by acquiring suitable facilities in markets in which it already has an operating presence or to expand into new markets by acquiring several
facilities at once in those new markets. No facilities were acquired in the three months ended September 30, 2000.



FUTURE ACQUISITION AND DEVELOPMENT PLANS

The Operating Partnership has a contract on one property in Alabama with an expected closing in November 2000. The Operating Partnership also intends to improve certain of its existing facilities by building additional storage buildings on
presently vacant land and by installing climate control and enhanced security systems at selected sites.



REIT QUALIFICATION AND DISTRIBUTION REQUIREMENTS

The Operating Partnership is treated as a partnership for Federal income tax purposes and the Company is treated as a partner in the Operating Partnership. As a partner, the Company is deemed to own its proportionate share of the assets of the
partnership and is deemed to be entitled to the income of the partnership attributable to such share.

As a REIT, the Company is not required to pay federal income tax on income that it distributes to its shareholders, provided that the amount distributed is equal to at least 95% of taxable income. These distributions must be made in the year to which
they relate or in the following year if declared before the Company files its federal income-tax return and if it is paid before the first regular dividend of the following year.

As a REIT, the Company must derive at least 95% of its total gross income from income related to real property, interest and dividends. In the sine months ended September 30, 2000, the Company's percentage of revenue from such sources exceeded 98%,
thereby passing the 95% test, and no special measures are expected to be required to enable the Company to maintain its REIT designation.



RESULTS OF OPERATIONS

The following discussion is based on the financial statements of the Operating Partnership as of September 30, 2000 and September 30, 1999.

FOR THE PERIOD JANUARY 1, 2000 THROUGH SEPTEMBER 30, 2000 (DOLLARS IN THOUSANDS)

The Operating Partnership reported revenues of $67,573 during the period and incurred $20,740 in operating expenses, resulting in net operating income of $46,833, or 69.3%. General and administrative expenses of $4,341, interest expense of $12,673 and
depreciation and amortization expenses of $10,559 resulted in net income of $19,260.

THREE MONTHS ENDED SEPTEMBER 30, 2000, COMPARED TO THREE MONTHS ENDED SEPTEMBER 30, 1999 (DOLLARS IN THOUSANDS)

The following discussion compares the activities of the Operating Partnership for the three months ended September 30, 2000 with the activities of the Operating Partnership for the three months ended September 30, 1999.

Total revenues increased from $22,570 for the three months ended September 30, 1999 to $23,486 for the three months ended September 30, 2000, an increase of $916 or 4%. Of this, $729 resulted from the acquisition of 7 properties during the period
July 1, 1999 through September 30, 2000 and $873 was realized as a result of increased rental rates at the 219 properties owned by the Operating Partnership at July 1, 1999. The 1999 revenue figure includes $686 from the gain on the sale of a property in
the quarter ended September 30, 1999. Overall, same-store revenues grew 4% for the three-month period ended September 30, 2000 as compared to the same period in 1999.

Property operating and real estate tax expense increased $1,181 or 19% during the period. $210 was a result of absorbing additional expenses from operating the newly acquired properties, $620 was a result of marketing expenses related to the Operating
Partnership's Uncle Bob's Flex-a-Space initiative, and $351 related to the operations of its sites operated more than one year.

General and administrative expenses increased $85 principally as a result of increased administrative costs associated with managing the additional properties.

Interest expense increased $979 due to an increase in interest rates.

Net income decreased from $8,177 to $6,632, a decrease of $1,545.



INFLATION

The Operating Partnership does not believe that inflation has had or will have a direct adverse effect on its operations. Substantially all of the leases at the facilities allow for monthly rent increases, which provide the Operating Partnership
with the opportunity to achieve increases in rental income as each lease matures.



SEASONALITY

The Operating Partnership's revenues typically have been higher in the third and fourth quarters, primarily because the Operating Partnership increases its rental rates on most of its storage units at the beginning of May and, to a lesser extent,
because self-storage facilities tend to experience greater occupancy during the late spring, summer and early fall months due to the greater incidence of residential moves during these periods. However, the Operating Partnership believes that its tenant
mix, diverse geographical locations, rental structure and expense structure provide adequate protection against undue fluctuations in cash flows and net revenues during off-peak seasons. Thus, the Operating Partnership does not expect seasonality to
affect materially distributions to unitholders.



QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK

The Operating Partnership manages its exposure to interest rate changes by entering into interest rate swap agreements. There have been no material changes to the Operating Partnership's exposure to interest rate risk since December 31, 1999.







|PART II. | OTHER INFORMATION
|-------- | -----------------

|ITEM 1. | LEGAL PROCEEDINGS
|------- | -----------------

A former business associate (Plaintiff) of certain officers and directors of the Company, including Robert J. Attea, Kenneth F. Myszka, David L. Rogers and Charles E. Lannon, commenced a lawsuit against the Company on June 13, 1995 in the
United States District Court for the Northern District of Ohio. The Plaintiff subsequently amended the complaint in the lawsuit alleging breach of fiduciary duty, breach of contract, breach of general partnership/joint venture arrangement, breach of duty
of good faith, fraud and deceit, and other causes of action including declaratory judgment as to the Plaintiff's continuing interest in the Company. The Plaintiff sought money damages in excess of $15 million, as well as punitive damages and declaratory
and injunctive relief (including the imposition of a constructive trust on assets of the Company in which the Plaintiff claimed to have a continuing interest) and an accounting. The amended complaint also added Messrs. Attea, Myszka, Rogers and Lannon as
additional defendants. In April 2000, following trial, the jury rendered a verdict adverse to the Company with respect to Plaintiff's claims for breach of contract and breach of general partnership/joint venture arrangement and found total compensatory
damages in the amount of $6,462,068. Messrs. Attea, Myszka, Rogers and Lannon have agreed to indemnify the Company for costs and any loss arising from the lawsuit and their obligation to do so is secured by an escrow arrangement covering shares of the
Company's common stock owned by them having a current value substantially in excess of the amount of damages found by the jury. The Company has filed a post-trial motion for judgment as a matter of law and a motion for a new trial. In the event that the
relief sought by these motions is not granted, the Company intends to appeal. In view of the indemnification agreement and escrow arrangement, the Operating Partnership does not believe that the lawsuit will have a material adverse effect upon the
Operating Partnership.



|ITEM 2. | CHANGES IN SECURITIES
|------- | ---------------------

No disclosure required.

|ITEM 3. | DEFAULTS UPON SENIOR SECURITIES
|------- | -------------------------------

No disclosure required.

|ITEM 4. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
|------- | ---------------------------------------------------

No disclosure required.

|ITEM 5. | OTHER INFORMATION
|------- | -----------------

No disclosure required.

|ITEM 6. | EXHIBITS AND REPORTS ON FORM 8-K
|------- | --------------------------------

Exhibit 27 - Financial data schedule.







SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

|                       | Sovran Acquisition Limited Partnership
By:  Sovran Holdings, Inc.
Its:  General Partner       
|---------------------- | ----------------------------------------------------------------------------------------------
|November 13, 2000 Date | By:   /S/ David L. Rogers               David L. Rogers
               Chief Financial Officer