----

|                 Delaware                  |       16-1481551       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------|
| (State      or other jurisdiction ofincorporation      or organization)                                                                                                                                        | (I.R.S.      EmployerIdentification      No.)                                      |

----

| Part      I.Item      1. | Financial      InformationFinancial      Statements |
|--------------------------|-----------------------------------------------------|

|   (dollars in thousands,      except unit data)                                                         | March      31,  2009     (unaudited) |  December      31,2008               |
|-------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------|-------------------------------------------------------------------------|
| Assets                                                                                                            |                                                                    |                                                                    |
| Investment      in storage facilities:                                                                            |                                                                    |
|  Land                                                                                                        | $    240,525                                   | $    240,525                                   |
|  Building,      equipment, and construction in progress                                                      |    1,155,454                                        |   1,148,676                                              |
|                                                                                                              | 1,395,979                                                          | 1,389,201                                                          |
|  Less:      accumulated depreciation                                                                         |    (225,009)                                             |    (216,644)                                             |
| Investment      in storage facilities, net                                                                        | 1,170,970                                                          | 1,172,557                                                          |
| Cash      and cash equivalents                                                                                    | 7,416                                                              | 4,486                                                              |
| Accounts      receivable                                                                                          | 1,842                                                              | 2,971                                                              |
| Receivable      from related parties                                                                              | -                                                        | 14                                                                 |
| Receivable      from unconsolidated joint venture                                                                 | 183                                                                | 336                                                                |
| Investment      in unconsolidated joint ventures                                                                  | 20,010                                                             | 20,111                                                             |
| Prepaid      expenses                                                                                             | 3,626                                                              | 4,691                                                              |
| Other      assets                                                                                                 |           6,987  |           7,460  |
|   Total      Assets                                                                                     | $ 1,211,034                                                   | $ 1,212,626                                                   |
|  Liabilities                                                                                                 |                                                                    |                                                                    |
| Line      of credit                                                                                               | $       23,000                  | $     14,000                              |
| Term      notes                                                                                                   | 500,000                                                            | 500,000                                                            |
| Accounts      payable and accrued liabilities                                                                     | 18,264                                                             | 23,979                                                             |
| Deferred      revenue                                                                                             | 5,747                                                              | 5,659                                                              |
| Fair      value of interest rate swap agreements                                                                  | 25,493                                                             | 25,490                                                             |
| Accrued      distributions                                                                                        | 14,404                                                             | 14,090                                                             |
| Mortgages      payable                                                                                            |      108,777                              |      109,261                              |
|   Total      Liabilities                                                                           | 695,685                                                            | 692,479                                                            |
| Limited      partners' redeemable capital interest (419,952 units in  2009      and 2008)               |  9,142                                                        |  15,118                                                       |
|                                                                                                              |                                                                    |                                                                    |
| Partners'      Capital                                                                                            |                                                                    |                                                                    |
| General      partner (219,567 units outstanding in 2009 and 2008)                                                 | 3,643                                                              | 3,650                                                              |
| Limited      partner (21,867,334 and 21,796,781 units outstanding in 2009  and      2008, respectively) |       514,585                        |        513,459                  |
| Accumulated      other comprehensive loss                                                                         |       (25,103)                            |       (25,162)                            |
|   Total      Controlling Partners' Capital                                                              |       493,125                        |       491,947                        |
|   Noncontrolling      interest - consolidated joint venture                                             |         13,082             |         13,082             |
|   Total      Partners' Capital                                                                          |       506,207                        |       505,029                        |
|   Total      Liabilities and Partners' Capital                                                          | $ 1,211,034                                                   | $ 1,212,626                                                   |
|  See      notes to financial statements.                                                                     |                                                                    |                                                                    |

----

|   (dollars in thousands,      except per unit data)                                       | January      1, 2009to           March 31,      2009 | January      1, 2008to           March 31,      2008 |
|-----------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------|
| Revenues                                                                                            |                                                                                                        |                                                                                                        |
|  Rental      income                                                                            | $   47,660                                                                              | $    48,057                                                                        |
|  Other      operating income                                                                   |        1,886                                                        |         1,562                                                  |
|   Total      operating revenues                                                           | 49,546                                                                                                 | 49,619                                                                                                 |
|                                                                                                |                                                                                                        |                                                                                                        |
| Expenses                                                                                            |                                                                                                        |                                                                                                        |
|  roperty      operations and maintenance                                                       | 13,438                                                                                                 | 13,795                                                                                                 |
|  Real      estate taxes                                                                        | 5,144                                                                                                  | 4,740                                                                                                  |
|  General      and administrative                                                               | 4,387                                                                                                  | 4,125                                                                                                  |
|  Depreciation      and amortization                                                            |      8,541                                                                    |       8,601                                                              |
|    Total      operating expenses                                                     |    31,510                                                                               |     31,261                                                                         |
|                                                                                                |                                                                                                        |                                                                                                        |
|  Income      from operations                                                                   | 18,036                                                                                                 | 18,358                                                                                            |
| Other      income (expenses)                                                                        |                                                                                                        |                                                                                                        |
|  Interest      expense                                                                         | (9,979)                                                                                                     | (8,955)                                                                                                     |
|  Interest      income                                                                          | 33                                                                                                     | 92                                                                                                     |
|  Equity      in income of joint ventures                                                       |             30                             |             12                             |
|  Income      from continuing operations                                                        |  8,120                                                                                            |  9,507                                                                                            |
| Income      from discontinued operations                                                            |              -                   |            82                                   |
| Consolidated      net income                                                                        | 8,120                                                                                                  | 9,589                                                                                                  |
|   Less:      net income attributable to noncontrolling interests                          |         (340)                                                       |         (462)                                                       |
| Net      income attributable to controlling interests                                               | $     7,780 =======                                                      | $      9,127 =======                                                |
|                                                                                                |                                                                                                        |                                                                                                        |
| Earnings      per common unit attributable to  controlling      interests – basic   |                                                                                                        |                                                                                                        |
| Continuing      operations                                                                          | $        0.35                                                  | $        0.41                                                  |
| Discontinued      operations                                                                        |          0.00                                             |          0.00                                             |
|   Earnings      per common unit – basic                                             | $        0.35 =======                                     | $        0.41 =======                                     |
| Earnings      per common unit attributable to  controlling      interests – diluted |                                                                                                        |                                                                                                        |
| Continuing      operations                                                                          | $        0.35                                                  | $        0.41                                                  |
| Discontinued      operations                                                                        |          0.00                                             |          0.00                                             |
|   Earnings      per common unit – diluted                                           | $        0.35 =======                                     | $        0.41 =======                                     |
|  Common      units used in basic earnings per unit calculation                                 |  22,389,017                                                                                       |  22,070,064                                                                                       |
|  Common      units used in diluted earnings per unit calculation                               |  22,392,312                                                                                       |  22,087,143                                                                                       |
|                                                                                                |                                                                                                        |                                                                                                        |
|   Distributions      declared per common unit                                             | $       0.64 =======                                           | $       0.63 =======                                           |

----

|   (dollars in      thousands)                                                                                                           | January      1, 2009to           March 31,      2009 | January      1, 2008to           March 31,      2008 |
|---------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------|
| Operating      Activities                                                                                                                         |                                                                                                        |                                                                                                        |
| Net      income                                                                                                                                   | $ 8,120                                                                                           | $ 9,589                                                                                           |
| Adjustments      to reconcile net income attributable to controlling interests      to  net      cash provided by operating activities: |                                                                                                        |                                                                                                        |
|     Depreciation      and amortization                                                                                        | 8,856                                                                                                  | 8,920                                                                                                  |
|     Equity      in income of joint ventures                                                                                   | (30)                                                                                                        | (12)                                                                                                        |
|     Distributions      from unconsolidated joint venture                                                                      | 205                                                                                                    | -                                                                                                 |
|     Non-vested      stock earned                                                                                              | 365                                                                                                    | 361                                                                                                    |
|     Stock      option expense                                                                                                 | 71                                                                                                     | 47                                                                                                     |
|     Changes      in assets and liabilities:                                                                                   |                                                                                                        |                                                                                                        |
|       Accounts      receivable                                                                                      | 1,129                                                                                                  | 382                                                                                                    |
|       Prepaid      expenses                                                                                         | 1,078                                                                                                  | (1,910)                                                                                                     |
|       Accounts      payable and other liabilities                                                                   | (5,383)                                                                                                     | (4,006)                                                                                                     |
|       Deferred      revenue                                                                                         |           88                                         |           311                                        |
| Net      cash provided by operating activities                                                                                                    |    14,499                                                                               |      13,682                                                                   |
|                                                                                                                                              |                                                                                                        |                                                                                                        |
| Investing      Activities                                                                                                                         |                                                                                                        |                                                                                                        |
|   Acquisition      of storage facilities                                                                                                | -                                                                                                 | (14,037)                                                                                                    |
|   Improvements,      equipment additions, and construction in progress                                                                  |      (6,810)                                                                       | (9,453)                                                                                                     |
|   Investment      in unconsolidated joint venture                                                                                       | (75)                                                                                                        | -                                                                                                 |
|   Reimbursement      of advances to joint ventures                                                                                      | 153                                                                                                    | -                                                                                                 |
|   Property      deposits                                                                                                                | -                                                                                                 |           (1,519)                                         |
|   Receipts      from related parties                                                                                                    |           14                                         |             13                             |
| Net      cash used in investing activities                                                                                                        |    (6,718)                                                                                   |    (24,996)                                                                                  |
|                                                                                                                                              |                                                                                                        |                                                                                                        |
| Financing      Activities                                                                                                                         |                                                                                                        |                                                                                                        |
|   Net      proceeds from sale of common stock                                                                                           | 1,334                                                                                                  | 3,384                                                                                                  |
|   Proceeds      from line of credit                                                                                                     |           9,000                                      | -                                                                                                 |
|   Proceeds      from term note                                                                                                          | -                                                                                                 | 26,000                                                                                                 |
|   Financing      costs                                                                                                                  | -                                                                                                 | (39)                                                                                                        |
|   Distributions      paid                                                                                                               | (14,701)                                                                                                    | (14,396)                                                                                                    |
|   Redemption      of operating partnership units                                                                                        | -                                                                                                 | (9)                                                                                                         |
|   Mortgage      principal and capital lease payments                                                                                    |        (484)                                                             |         (403)                                                       |
| Net      cash (used in) provided by financing activities                                                                                          |     (4,851)                                                                             |      14,537                                                                   |
| Net      increase in cash                                                                                                                         |           2,930                                      |           3,223                                      |
| Cash      at beginning of period                                                                                                                  |       4,486                                                              |        4,010                                                        |
| Cash      at end of period                                                                                                                        | $    7,416 =======                                                            | $    7,233 =======                                                            |
| Supplemental      cash flow informationCash      paid for interest                                                                                |  $   8,786                                                                         |  $        8,184                                                                         |
| Fair      value of net liabilities assumed on the acquisition of      storage  facilities      *                                   |            -                          |            68                                   |
| *  See      Note 4 for fair value of land, building, and equipment      acquired    during      the period          |                                                                                                        |                                                                                                        |

----

|                                                                       | January      1, 2009                                                                | January      1, 2008                                                                         |
|----------------------------------------------------------------------------|-------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------|
|                                                                       | to                                | to                                              |
| (dollars      in thousands)                                                | March 31,      2009                                                                 | March 31,      2008                                                                          |
|                                                                       |                                                                                |
|                                                                       |                                                                                |                                                                                         |
| Consolidated      net income                                               | $  8,120                                                   | $  9,589                                                       |
| Other      comprehensive income:                                           |                                                                                |                                                                                         |
| Change      in fair value of derivatives                                   |         59                   |   (2,853)                                                           |
| Total      other comprehensive income                                      | 8,179                                                                | 6,736                                                                    |
| Less:      comprehensive income attributable to noncontrolling    interest |       (340)        |       (462)                                     |
| Comprehensive      income attributable to controlling interest             | $    7,839   =======                   | $      6,274    ========    |

----

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

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

----

----

|  (dollars      in thousands)                                                                                                |      Parent     | NoncontrollingInterests                                     |      Total               |
|----------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------|---------------------------------------------------------------------------------|-----------------------------------------------------------------------|
|                                                                                                                             |                                                         |                                                                            |                                                                  |
| Balance      at December 31, 2008                                                                                                | $ 491,947                                          | $ 13,082                                                              | $ 505,029                                                   |
|                                                                                                                             |                                                         |                                                                            |                                                                  |
| Net      income attributable to the parent                                                                                       |       7,635               | -                                                                |       7,635                        |
| Net      income attributable to noncontrolling interest holders                                                                  | -                                                  |       340                                    |      340                                |
| Change      in fair value of derivatives                                                                                         | 59                                                      | -                                                                     | 59                                                               |
| Distributions                                                                                                                    | (14,136)                                                     | -                                                                     | (14,136)                                                              |
| Distributions      to noncontrolling interest holders                                                                            | -                                                  | (340)                                                                           | (340)                                                                 |
| Adjustment      of noncontrolling redeemable Operating     Partnership      units to carrying value     |  5,853                                             |  -                                                               |  5,853                                                      |
| Net      proceeds from issuance of stock through Dividend     Reinvestment      and Stock Purchase Plan |  1,293                                             |  -                                                               |  1,293                                                      |
| Other                                                                                                                            |         474     |            -   |           474  |
|                                                                                                                             |                                                         |                                                                            |                                                                  |
| Balance      at March 31, 2009                                                                                                   | $ 493,125                                          | $ 13,082                                                              | $ 506,207                                                   |

| 3. | STOCK      BASED COMPENSATION |
|----|-------------------------------|

----

| 4. | INVESTMENT      IN STORAGE FACILITIES |
|----|---------------------------------------|

| Cost:                                                     |                                                                                     |
|-----------------------------------------------------------|------------------------------------------------------------------------------------------|
|   Beginning      balance                        | $  1,389,201                                                              |
|   Improvements      and equipment additions     | 6,709                                                                               |
|   Net      increase in construction in progress | 110                                                                                 |
|   Dispositions                                  |               (41) |
| Ending      balance                                       | $  1,395,979                                                              |
|                                                      |                                                                                     |
| Accumulated      Depreciation:                            |                                                                                     |
|   Beginning      balance                        | $    216,644                                                    |
|   Depreciation      expense during the period   | 8,396                                                                               |
|   Dispositions                                  |              (31)       |
| Ending      balance                                       | $    225,009                                                    |

| 5. | DISCONTINUED      OPERATIONS |
|----|------------------------------|

|   (dollars in      thousands)                      |   | Jan.      1, 2009to          Mar. 31,      2009 | Jan.      1, 2008to          Mar. 31,      2008 |
|--------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------|
|    Total      revenue                         |   |  $        -                 |  $     218                                      |
|   Property      operations and maintenance expense |   | -                                                                        | (64)                                                                               |
|   Real      estate tax expense                     |   | -                                                                        | (26)                                                                               |
|   Depreciation      and amortization expense       |   |          -                  |       (46)                                           |
| Total      income from discontinued operations               |   | $        -                       | $       82                                 |
|                                                         |   |                                                                                              |                                                                                              |

----

| 6. | UNSECURED      LINE OF CREDIT AND TERM NOTES |
|----|----------------------------------------------|

----

| 7. | MORTGAGES      PAYABLE |
|----|------------------------|

| (dollars in      thousands)                                                                                                                                                                                                                           | March      31,2009                                       | December      31,2008                               |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------|-------------------------------------------------------------------------|
| 7.80%      mortgage note due December 2011, secured by 11 self-storage facilities      (Locke Sovran I) with an aggregate net book value of $43.4 million,      principal and interest paid monthly                                                   |   $  28,884                                    |   $  29,033                                    |
| 7.19%      mortgage note due March 2012, secured by 27 self-storage facilities (Locke      Sovran II) with an aggregate net book value of $80.9 million, principal      and interest paid monthly                                                     |    42,318                                           |    42,603                                           |
| 7.25%      mortgage note due December 2011, secured by 1 self-storage facility with      an aggregate net book value of $5.8 million, principal and interest paid      monthly.  Estimated market rate at time of acquisition      5.40%    |    3,475                                            |    3,510                                            |
| 6.76%      mortgage note due September 2013, secured by 1 self-storage facility with      an aggregate net book value of $2.0 million, principal and interest paid      monthly                                                                       |   995                                                    |   1,000                                                  |
| 6.35%      mortgage note due March 2014, secured by 1 self-storage facility with an      aggregate net book value of $3.8 million, principal and interest paid      monthly                                                                           |   1,091                                                  |   1,098                                                  |
| 5.55%      mortgage notes due November 2009, secured by 8 self-storage facilities      with an aggregate net book value of $34.7 million, interest only paid      monthly.  Estimated market rate at time of acquisition      6.44%         |    25,979                                           |    25,930                                           |
| 7.50%      mortgage notes due August 2011, secured by 3 self-storage facilities with      an aggregate net book value of $14.2 million, principal and interest paid      monthly.  Estimated market rate at time of acquisition      6.42%  |           6,035  |           6,087  |
| Total      mortgages payable                                                                                                                                                                                                                               | $ 108,777 =======                                             | $ 109,261 =======                                        |

----

|                                                                                                                                                       |                     Expected      Maturity Date Including      Discount                     |                                          |                                 |
|------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------|-----------------------------------------------------|
| (dollars      in thousands)                                                                                                                                | 2009                                                                                                                                                                                                                                                                                                | 2010                                          | 2011                                                | 2012 | 2013 | Thereafter | Total | FairValue |
|                                                                                                                                                       |                                                                                                                                                                                                                                                                                                |                                          |                                                |   |   |   |   |   |
| Line      of credit - variable rate LIBOR + 1.375     (1.90%      at March 31, 2009)..................... | -                                                                                                                                                                                                                                                                                    | -                              | $23,000                                             | -    | -    | -    | $23,000 | $23,000 |
|                                                                                                                                                       |                                                                                                                                                                                                                                                                                                |                                          |                                                |   |   |   |   |   |
| Notes      Payable:                                                                                                                                        |                                                                                                                                                                                                                                                                                                |                                          |                                                |   |   |   |   |   |
| Term      note - variable rate LIBOR+1.625%     (2.14%      at March 31, 2009).....................       | -                                                                                                                                                                                                                                                                                    | -                              | -                                    | $250,000 | -    | -    | $250,000 | $250,000 |
| Term      note - variable rate LIBOR+1.50%     (3.30%      at March 31, 2009).....................        | -                                                                                                                                                                                                                                                                                    | -                              | -                                    | -    | $  20,000 | -    | $  20,000 | $  20,000 |
| Term      note - fixed rate 6.26%.............................                                                                                             | -                                                                                                                                                                                                                                                                                    | -                              | -                                    | -    | $  80,000 | -    | $  80,000 | $  80,279 |
| Term      note - fixed rate 6.38%.............................                                                                                             | -                                                                                                                                                                                                                                                                                    | -                              | -                                    | -    | -    | $ 150,000 | $150,000 | $146,171 |
|                                                                                                                                                       |                                                                                                                                                                                                                                                                                                |                                          |                                                |   |   |   |   |   |
| Mortgage      note - fixed rate 7.80%......................                                                                                                | $           437                                                                                                                                                                                                                                                            | $     630            | $ 27,817                                       | -    | -    | -    | $  28,884 | $  29,877 |
| Mortgage      note - fixed rate 7.19%......................                                                                                                | $      843                                                                                                                                                                                                                                                            | $  1,211                            | $   1,301                            | $  38,963 | -    | -    | $  42,318 | $  43,919 |
| Mortgage      note - fixed rate 7.25%......................                                                                                                | $      106                                                                                                                                                                                                                                                            | $     149            | $   3,220                            | -    | -    | -    | $    3,475 | $    3,453 |
| Mortgage      note - fixed rate 6.76%......................                                                                                                | $        18                                                                                                                                                                                                                                                 | $       25 | $        27 | $         29 | $       896 | -    | $       995 | $    1,016 |
| Mortgage      note - fixed rate 6.35%......................                                                                                                | $        19                                                                                                                                                                                                                                                 | $       28 | $        30 | $         31 | $         34 | $       949 | $    1,091 | $    1,099 |
| Mortgage      notes - fixed rate 5.55%.....................                                                                                                | $ 25,979                                                                                                                                                                                                                                                                                       | -                              | -                                    | -    | -    | -    | $  25,979 | $  26,348 |
| Mortgage      notes - fixed rate 7.50%.....................                                                                                                | $      156                                                                                                                                                                                                                                                            | $     222            | $   5,657                            | -    | -    | -    | $    6,035 | $    6,188 |
|                                                                                                                                                       |                                                                                                                                                                                                                                                                                                |                                          |                                                |   |   |   |   |   |
| Interest      rate derivatives – liability................                                                                  | -                                                                                                                                                                                                                                                                                    | -                              | -                                    | -    | -    | -    | -    | $   25,493 |

| 8. | DERIVATIVE      FINANCIAL INSTRUMENTS |
|----|---------------------------------------|

----

|   Notional      Amount               |   Effective      Date |   Expiration      Date |  Fixed   Rate      Paid |  Floating      Rate  Received      |
|------------------------------------------------|---------------------------------|----------------------------------|---------------------------------------------|----------------------------------------------------------------------------|
|                                           |                            |
| $50      Million.............. | 11/14/05                        | 9/1/09                           | 4.3900%                                     | 1      month LIBOR                                                         |
| $20      Million.............. | 9/4/05                          | 9/4/13                           | 4.4350%                                     | 6      month LIBOR                                                         |
| $50      Million.............. | 10/10/06                        | 9/1/09                           | 4.4800%                                     | 1      month LIBOR                                                         |
| $50      Million.............. | 7/1/08                          | 6/25/12                          | 4.2825%                                     | 1      month LIBOR                                                         |
| $100      Million............  | 7/1/08                          | 6/22/12                          | 4.2965%                                     | 1      month LIBOR                                                         |
| $75      Million.............. | 9/1/09                          | 6/22/12                          | 4.7100%                                     | 1      month LIBOR                                                         |
| $25      Million............   | 9/1/09                          | 6/22/12                          | 4.2875%                                     | 1      month LIBOR                                                         |

|  (dollars in      thousands)                                                                                                                                         |   Jan.      1, 2009   to          Mar. 31,      2009 | Jan.      1, 2008   to          Mar. 31,      2008 |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------|
| Adjustments      to interest expense:                                                                                                                                          |                                                                                                                            |                                                                                                                |
| Realized      (loss) gain reclassified from accumulated other comprehensive     loss      to interest expense                                         |  $  (2,454)                                                                                                 |  $        93                                                      |
|                                                                                                                                                                           |                                                                                                                            |                                                                                                                |
| Adjustments      to other comprehensive income (loss):                                                                                                                         |                                                                                                                            |                                                                                                                |
| Realized      loss (gain) reclassified to interest expense for 2009 and      2008,     respectively                                                   |  2,454                                                                                                                |  (93)                                                                                                          |
| Unrealized      loss from changes in the fair value of the effective portion      of     the      interest rate swaps for 2009 and 2008, respectively |     (2,395)                                                                                                 |     (2,760)                                                                                     |
| Gain      (loss) included in other comprehensive loss                                                                                                                          | $        59 =======                                                                | $ (2,853)=======                                                                                               |

| 9. | FAIR      VALUE MEASUREMENTS |
|----|------------------------------|

----

|                                                           | Asset         (Liability) |  Level      1 |  Level      2 |  Level      3     |
|----------------------------------------------------------------|------------------------------------------|--------------------|--------------------|--------------------------------------------|
| Interest      rate swaps...................................... | (25,493)                                 | -        | (25,493)           | -            |

| 10. | COMMITMENTS      AND CONTINGENCIES |
|-----|------------------------------------|

----

| 11. | INVESTMENT      IN JOINT VENTURES |
|-----|-----------------------------------|

| (dollars      in thousands)                                          | Sovran      HHF  Storage     Holdings      LLC                                 | Iskalo      Office Holdings,      LLC                                                               |
|----------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------|
| Balance Sheet      Data:                                             |                                                                                                              |                                                                                                     |
| Investment      in storage facilities, net                           | $ 169,569                                                                           | $            -      |
| Investment      in office building                                   | -                                                                                        | 5,463                                                                           |
| Other      assets                                                    |      3,831                                                      |          636                       |
|   Total      Assets                                        | $ 173,400     =======                                      | $    6,099     =======             |
|  Due      to the Operating Partnership                          |  $        183                               |  $           -      |
| Mortgages      payable                                               | 79,609                                                                                   | 7,135                                                                           |
| Other      liabilities                                               |       2,240                                                |         245                             |
|   Total      Liabilities                                   | 82,032                                                                                   | 7,380                                                                           |
|  Unaffiliated      partners' equity (deficiency)                |  73,094                                                                             |  (729)                                                                          |
| Operating      Partnership equity (deficiency)                       |      18,274                                                     |       (552)                                            |
|   Total      Liabilities and Partners' Equity (deficiency) | $ 173,400     =======                                      | $   6,099     ======                    |
|                                                                 |                                                                                                              |                                                                                                     |
| Income Statement      Data:                                          |                                                                                                              |                                                                                                     |
| Total      revenues                                                  | $    4,425                                                           | $      280                                        |
| Total      expenses                                                  |       4,282                                                |            297           |
|   Net      income (loss)                                   | $       143     =======      | $      (17)    ======         |

----

| 12. | INCOME      TAXES |
|-----|-------------------|

| 13. | EARNINGS      PER UNIT |
|-----|------------------------|

|                                                                                                                                            |   | Three months ended      March 31,                                |
|-------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------|
| (Amounts in thousands,      except per unit data)                                                                                               |   |         2009   |   |       2008    |
|                                                                                                                                            |   |                                                             |   |   |
| Numerator:  Net      income from continuing operations attributable     to      controlling interests        |   |   $ 7,780                                    |   |   $ 9,127  |
|                                                                                                                                            |   |                                                             |   |   |
| Denominator:Denominator      for basic earnings per unit - weighted     average      units                             |   |   22,389                                          |   |   22,070  |
| Effect      of Dilutive Securities:Stock      options and warrants and non-vested stock                                                         |   |          3     |   |         17  |
|                                                                                                                                            |   |                                                             |   |   |
| Denominator      for diluted earnings per unit - adjusted     weighted      average units and  assumed conversion |   | 22,392                                                      |   | 22,087  |

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| Basic      Earnings per Common Unit from continuing     operations   |   |  $  0.35  |   |  $  0.41  |
|-----------------------------------------------------------------------------------------------|--------|-------------------------------|--------|-------------------------------|
| Basic      Earnings per Common Unit                                                           |   | $  0.35        |   | $  0.41        |
|                                                                                          |   |                          |   |                          |
| Diluted      Earnings per Common Unit from continuing     operations |   |  $  0.35  |   |  $  0.41  |
| Diluted      Earnings per Common Unit                                                         |   | $  0.35        |   | $  0.41        |

| 14. | RECENT      ACCOUNTING PRONOUNCEMENTS |
|-----|---------------------------------------|

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| Item      2. | Management's      Discussion and Analysis of Financial Condition and Results      of Operations |
|--------------|------------------------------------------------------------------------------------------------------|

----

----

|                                                                                                                                        | Three months      ended                     |
|---------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------|
| (in      thousands)                                                                                                                         |         March 31,      2009                                                                             |    March 31,      2008 |
|  Net      income attributable to controlling interests                                                                                 |  $   7,780                                                                               |  $  9,127        |
| Net      income attributable to noncontrolling interest                                                                                     | 340                                                                                                          | 462        |
| Depreciation      of real estate and amortization  of      intangible assets exclusive of deferred  financing      fees |   8,541                                                                                            |   8,647        |
| Depreciation      and amortization from  unconsolidated      joint ventures                                                       |  208                                                                                                    |  15        |
| Funds      from operations allocable to  noncontrolling      interest in consolidated joint venture                               |        (340)                                                                   |       (462)       |
| FFO      available to controlling unitholders                                                                                               | $  16,529       =======                                              | $ 17,789       ======       |

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| * | 7.80%      mortgage note due December 2011, secured by 11 self-storage facilities      (Locke Sovran I) with an aggregate net book value of $43.4 million,      principal and interest paid monthly.  The outstanding balance at      March 31, 2009 on this mortgage was $28.9  million. |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| * | 7.19%      mortgage note due March 2012, secured by 27 self-storage facilities (Locke      Sovran II) with an aggregate net book value of $80.9 million, principal      and interest paid monthly.  The outstanding balance at March 31,      2009 on this mortgage was $42.3 million.                                                   |
|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| * | 7.25%      mortgage note due December 2011, secured by 1 self-storage facility with      an aggregate net book value of $5.8 million, principal and interest paid      monthly.  Estimated market rate at time of acquisition      5.40%.  The outstanding balance at March 31, 2009 on this      mortgage was $3.5 million.   |
| * | 6.76%      mortgage note due September 2013, secured by 1 self-storage facility with      an aggregate net book value of $2.0 million, principal and interest paid      monthly.  The outstanding balance at March 31, 2009 on this      mortgage was $1.0 million.                                                                      |
| * | 6.35%      mortgage note due March 2014, secured by 1 self-storage facility with an      aggregate net book value of $3.8 million, principal and interest paid      monthly.  The outstanding balance at March 31, 2009 on this      mortgage was $1.1 million.                                                                          |
| * | 5.55%      mortgage notes due November 2009, secured by 8 self-storage facilities      with an aggregate net book value of $34.7 million, interest only paid      monthly.  Estimated market rate at time of acquisition      6.44%.  The outstanding balance at March 31, 2009 on this      mortgage was $26.0 million.       |
| * | 7.50%      mortgage notes due August 2011, secured by 3 self-storage facilities with      an aggregate net book value of $14.2 million, principal and interest paid      monthly.  Estimated market rate at time of acquisition      6.42%.  The outstanding balance at March 31, 2009 on this      mortgage was $6.0 million. |

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|   Notional      Amount               |   Effective      Date |   Expiration      Date |  Fixed   Rate      Paid |  Floating      Rate  Received      |
|------------------------------------------------|---------------------------------|----------------------------------|---------------------------------------------|----------------------------------------------------------------------------|
|                                           |                            |
| $50      Million.............. | 11/14/05                        | 9/1/09                           | 4.3900%                                     | 1      month LIBOR                                                         |
| $20      Million.............. | 9/4/05                          | 9/4/13                           | 4.4350%                                     | 6      month LIBOR                                                         |
| $50      Million.............. | 10/10/06                        | 9/1/09                           | 4.4800%                                     | 1      month LIBOR                                                         |
| $50      Million.............. | 7/1/08                          | 6/25/12                          | 4.2825%                                     | 1      month LIBOR                                                         |
| $100      Million............  | 7/1/08                          | 6/22/12                          | 4.2965%                                     | 1      month LIBOR                                                         |
| $75      Million.............. | 9/1/09                          | 6/22/12                          | 4.7100%                                     | 1      month LIBOR                                                         |
| $25      Million.............. | 9/1/09                          | 6/22/12                          | 4.2875%                                     | 1      month LIBOR                                                         |

| Item      3. | Quantitative      and Qualitative Disclosures About MarketRisk |
|--------------|----------------------------------------------------------------|

| Item      4. | Controls      and Procedures |
|--------------|------------------------------|

| PART      II.Item      1. | Other      InformationLegal      Proceedings |
|---------------------------|----------------------------------------------|

| Item      1A. | Risk      Factors |
|---------------|-------------------|

| Item      2. | Unregistered      Sales of Equity Securities and Use ofProceeds |
|--------------|-----------------------------------------------------------------|

| Item      3. | Defaults      Upon Senior Securities |
|--------------|--------------------------------------|

| Item      4. | Submission      of Matters to a Vote of SecurityHolders |
|--------------|---------------------------------------------------------|

| Item      5. | Other      Information |
|--------------|------------------------|

| Item      6. | Exhibits                                                                                                                                                                                     |
|--------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|         |                                                                                                                                                                                         |
| 31.1         | Certification      of Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a)      of the Securities Exchange Act, as amended.                                                 |   |
|         |                                                                                                                                                                                         |   |
| 31.2         | Certification      of Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a)      of the Securities Exchange Act, as amended.                                                 |   |
|         |                                                                                                                                                                                         |   |
| 32           | Certification      of Chief Executive Officer and Chief Financial Officer Pursuant to 18      U.S.C. Section 1350 as adopted pursuant to Section 906 of the      Sarbanes-Oxley Act of 2002. |   |

|                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|         May 11,      2009                  Date | SOVRAN      ACQUISITION LIMITED PARTNERSHIP By:  Sovran      Holdings, Inc.Its:  General      Partner  By:   /s/ David L.      Rogers                                  David      L. Rogers,           Chief      Financial Officer |

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