----

|                 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)                                              | September      30,   2009          (unaudited)        |  December      31,2008         |
|--------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------|
| Assets                                                                                                 |                                                                                                                                                      |                                                                        |
| Investment      in storage facilities:                                                                 |                                                                                                                                                      |
|  Land                                                                                             | $    237,813                                                                                                                     | $    237,825                                       |
|  Building,      equipment, and construction in progress                                           |    1,152,598                                                                                                                               |    1,136,938                                                 |
|                                                                                                   | 1,390,411                                                                                                                                            | 1,374,763                                                              |
|  Less:      accumulated depreciation                                                              |     (239,152)                                                                                                                         |     (214,213)                                           |
| Investment      in storage facilities, net                                                             | 1,151,259                                                                                                                                            | 1,160,550                                                              |
| Cash      and cash equivalents                                                                         | 29,281                                                                                                                                               | 4,486                                                                  |
| Accounts      receivable                                                                               | 2,340                                                                                                                                                | 2,937                                                                  |
| Receivable      from related parties                                                                   | -                                                                                                                                          | 14                                                                     |
| Receivable      from unconsolidated joint venture                                                      | 133                                                                                                                                                  | 336                                                                    |
| Investment      in unconsolidated joint ventures                                                       | 19,974                                                                                                                                               | 20,111                                                                 |
| Prepaid      expenses                                                                                  | 5,033                                                                                                                                                | 4,680                                                                  |
| Other      assets                                                                                      |           6,237                                                                                    |           7,460      |
| Net      assets of discontinued operations                                                             |                 -                                               |         12,003                      |
|   Total      Assets                                                                          | $ 1,214,257 ========                                                                                                                       | $ 1,212,577 ========                                         |
|  Liabilities                                                                                      |                                                                                                                                                      |                                                                        |
| Line      of credit                                                                                    | $              -                                                     | $     14,000                                  |
| Term      notes                                                                                        | 500,000                                                                                                                                              | 500,000                                                                |
| Accounts      payable and accrued liabilities                                                          | 25,912                                                                                                                                               | 23,710                                                                 |
| Deferred      revenue                                                                                  | 5,185                                                                                                                                                | 5,610                                                                  |
| Fair      value of interest rate swap agreements                                                       | 20,632                                                                                                                                               | 25,490                                                                 |
| Accrued      distributions                                                                             | -                                                                                                                                          | 14,359                                                                 |
| Mortgages      payable                                                                                 |      107,842                                                                                                                     |      109,261                                       |
|   Total      Liabilities                                                                | 659,571                                                                                                                                              | 692,430                                                                |
| Limited      partners' redeemable capital interest (419,952 units in  2009      and 2008)    |  12,779                                                                                                                                         |  15,118                                                           |
|                                                                                                   |                                                                                                                                                      |                                                                        |
| Partners'      Capital                                                                                 |                                                                                                                                                      |                                                                        |
| General      partner (219,567 units outstanding in 2009 and 2008)                                      | 3,641                                                                                                                                                | 3,650                                                                  |
| Limited      partner (23,259,013 and 21,796,781 units outstanding in 2009 and 2008,      respectively) |  545,663                                                                                                                                        |  513,459                                                          |
| Accumulated      other comprehensive loss                                                              |      (20,479)                                                                                                                    |        (25,162)                          |
|   Total      Controlling Partners' Capital                                                   |       528,825                                                                                                          |       491,947                            |
|  Noncontrolling      interest - consolidated joint venture                                        |         13,082                                                                                                    |         13,082                      |
|   Total      Partners' Capital                                                               |       541,907                                                                                                               |       505,029                                 |
|   Total      Liabilities and Partners' Capital                                               | $ 1,214,257 ========                                                                                                                       | $ 1,212,577 ========                                         |
|  See      notes to financial statements.                                                          |                                                                                                                                                      |                                                                        |

----

|   (dollars in thousands,      except per unit data)                                                  | July      1, 2009            to           September 30,      2009 | July      1, 2008            to           September 30,      2008 |
|----------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Revenues                                                                                                       |                                                                                                                                                                                 |                                                                                                                                                                                 |
|  Rental      income                                                                                       | $   47,708                                                                                                                                                       | $    49,355                                                                                                                                                 |
|  Other      operating income                                                                              |        2,120                                                                                                                                      |         2,684                                                                                                                                |
|   Total      operating revenues                                                                      | 49,828                                                                                                                                                                          | 52,039                                                                                                                                                                          |
|                                                                                                           |                                                                                                                                                                                 |                                                                                                                                                                                 |
| Expenses                                                                                                       |                                                                                                                                                                                 |                                                                                                                                                                                 |
|  Property      operations and maintenance                                                                 | 13,242                                                                                                                                                                          | 14,568                                                                                                                                                                          |
|  Real      estate taxes                                                                                   | 5,165                                                                                                                                                                           | 4,816                                                                                                                                                                           |
|  General      and administrative                                                                          | 4,568                                                                                                                                                                           | 4,267                                                                                                                                                                           |
|  Depreciation      and amortization                                                                       |           8,364                                                                                                                                                  |       8,561                                                                                                                                            |
|    Total      operating expenses                                                                |    31,339                                                                                                                                                             |     32,212                                                                                                                                                       |
|                                                                                                           |                                                                                                                                                                                 |                                                                                                                                                                                 |
|  Income      from operations                                                                              | 18,489                                                                                                                                                                          | 19,827                                                                                                                                                                     |
| Other      income (expenses)                                                                                   |                                                                                                                                                                                 |                                                                                                                                                                                 |
|  Interest      expense                                                                                    | (10,873)                                                                                                                                                                             | (10,034)                                                                                                                                                                             |
|  Interest      income                                                                                     | 22                                                                                                                                                                              | 94                                                                                                                                                                              |
|  Gain      on the sale of land                                                                            | 1,127                                                                                                                                                                           | -                                                                                                                                                                     |
|  Equity      in income (loss) of joint ventures                                                           |             60                                                                                                           |           (56)                                                                                                                     |
|  Income      from continuing operations                                                                   |  8,825                                                                                                                                                                     |  9,831                                                                                                                                                                     |
| (Loss)      income from discontinued operations (including loss on disposal      of  $1,009 in 2009) |           (855)                                                                                                                    |           220                                                                                                                 |
| Net      income                                                                                                |              7,970                                                                                             |              10,051                                                                                            |
|   Net      income attributable to noncontrolling interests                                           |           (340)                                                                                                                    |         (340)                                                                                                                                |
| Net      income attributable to controlling interests                                                          | $     7,630 =======                                                                                                                               | $    9,711 =======                                                                                                                                     |
|                                                                                                           |                                                                                                                                                                                 |                                                                                                                                                                                 |
| Earnings      per common unit attributable to  controlling      interests – basic              |                                                                                                                                                                                 |                                                                                                                                                                                 |
| Continuing      operations                                                                                     | $        0.36                                                                                                                           | $        0.43                                                                                                                           |
| Discontinued      operations                                                                                   |         (0.04)                                                                                                                               |          0.01                                                                                                                           |
|   Earnings      per common unit – basic                                                        | $        0.32 =======                                                                                                              | $        0.44 =======                                                                                                              |
| Earnings      per common unit attributable to  controlling      interests – diluted            |                                                                                                                                                                                 |                                                                                                                                                                                 |
| Continuing      operations                                                                                     | $        0.36                                                                                                                           | $        0.43                                                                                                                           |
| Discontinued      operations                                                                                   |         (0.04)                                                                                                                               |          0.01                                                                                                                           |
|   Earnings      per common unit – diluted                                                      | $        0.32 =======                                                                                                              | $        0.44 =======                                                                                                              |
|  Common      units used in basic earnings per unit calculation                                            |  23,755,909                                                                                                                                                                |  22,232,896                                                                                                                                                                |
|  Common      units used in diluted earnings per unit calculation                                          |  23,769,431                                                                                                                                                                |  22,255,763                                                                                                                                                                |
|                                                                                                           |                                                                                                                                                                                 |                                                                                                                                                                                 |
|   Distributions      declared per common unit                                                        | $       0.45 =======                                                                                                                    | $       0.64 =======                                                                                                                    |

----

|   (dollars in thousands,      except per unit data)                                                                            | January      1, 2009            to           September 30,      2009 | January      1, 2008            to           September 30,      2008 |
|------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Revenues                                                                                                                                 |                                                                                                                                                                                    |                                                                                                                                                                                    |
|  Rental      income                                                                                                                 | $  141,228                                                                                                                                                               | $   144,991                                                                                                                                                         |
|  Other      operating income                                                                                                        |         6,075                                                                                                                                   |          5,909                                                                                                                             |
|   Total      operating revenues                                                                                                | 147,303                                                                                                                                                                            | 150,900                                                                                                                                                                            |
|                                                                                                                                     |                                                                                                                                                                                    |                                                                                                                                                                                    |
| Expenses                                                                                                                                 |                                                                                                                                                                                    |                                                                                                                                                                                    |
|  Property      operations and maintenance                                                                                           | 38,879                                                                                                                                                                             | 41,433                                                                                                                                                                             |
|  Real      estate taxes                                                                                                             | 15,394                                                                                                                                                                             | 14,326                                                                                                                                                                             |
|  General      and administrative                                                                                                    | 13,292                                                                                                                                                                             | 12,487                                                                                                                                                                             |
|  Depreciation      and amortization                                                                                                 |        25,267                                                                                                                                        |        25,516                                                                                                                                        |
|    Total      operating expenses                                                                                          |        92,832                                                                                                                                        |        93,762                                                                                                                                        |
|                                                                                                                                     |                                                                                                                                                                                    |                                                                                                                                                                                    |
|  Income      from operations                                                                                                        | 54,471                                                                                                                                                                             | 57,138                                                                                                                                                                        |
| Other      income (expenses)                                                                                                             |                                                                                                                                                                                    |                                                                                                                                                                                    |
|  Interest      expense                                                                                                              | (32,552)                                                                                                                                                                                | (27,966)                                                                                                                                                                                |
|  Interest      income                                                                                                               | 75                                                                                                                                                                                 | 273                                                                                                                                                                                |
|  Gain      on the sale of land                                                                                                      | 1,127                                                                                                                                                                              | -                                                                                                                                                                        |
|  Equity      in income of joint ventures                                                                                            |            154                                                                                                                   |             (38)                                                                                                            |
|  Income      from continuing operations                                                                                             |  23,275                                                                                                                                                                       |  29,407                                                                                                                                                                       |
| (Loss)      income from discontinued operations (including loss on disposal of $1,009      in 2009 and gain on disposal of $716 in 2008) |            (441)                                                                                                                 |          1,400                                                                                                                             |
| Net      income                                                                                                                          |              22,834                                                                                               |              30,807                                                                                               |
|   Net      income attributable to noncontrolling interests                                                                     |        (1,020)                                                                                                                                       |        (1,224)                                                                                                                                       |
| Net      income attributable to controlling interests                                                                                    | $    21,814 =======                                                                                                                                       | $    29,583 =======                                                                                                                                       |
|                                                                                                                                     |                                                                                                                                                                                    |                                                                                                                                                                                    |
| Earnings      per common unit attributable to  controlling      interests – basic                                        |                                                                                                                                                                                    |                                                                                                                                                                                    |
| Continuing      operations                                                                                                               | $        0.97                                                                                                                              | $        1.27                                                                                                                              |
| Discontinued      operations                                                                                                             |        (0.02)                                                                                                                                        |          0.07                                                                                                                              |
|   Earnings      per common unit – basic                                                                                  | $        0.95 =======                                                                                                                 | $        1.34 =======                                                                                                                 |
| Earnings      per common unit attributable to  controlling      interests – diluted                                      |                                                                                                                                                                                    |                                                                                                                                                                                    |
| Continuing      operations                                                                                                               | $        0.97                                                                                                                              | $        1.27                                                                                                                              |
| Discontinued      operations                                                                                                             |        (0.02)                                                                                                                                        |          0.06                                                                                                                              |
|   Earnings      per common unit – diluted                                                                                | $        0.95 =======                                                                                                                 | $        1.33 =======                                                                                                                 |
|  Common      units used in basic earnings per unit calculation                                                                      |  23,059,465                                                                                                                                                                   |  22,150,998                                                                                                                                                                   |
|  Common      units used in diluted earnings per unit calculation                                                                    |  23,066,083                                                                                                                                                                   |  22,175,441                                                                                                                                                                   |
|                                                                                                                                     |                                                                                                                                                                                    |                                                                                                                                                                                    |
|   Distributions      declared per common unit                                                                                  | $       1.09 =======                                                                                                                       | $            1.90 =======                                                                                                                       |

----

|   (dollars in      thousands)                                                                                                  |   January      1, 2009to           September 30,      2009 |   January      1, 2008to           September 30,      2008 |
|------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------|
| Operating      Activities                                                                                                                |                                                                                                                        |                                                                                                                        |
| Net      income                                                                                                                          | $ 22,834                                                                                                          | $      30,807                                                                                                          |
| Adjustments      to reconcile net income to net cash provided  by      operating activities:                                   |                                                                                                                        |                                                                                                                        |
|     Depreciation      and amortization                                                                               | 26,418                                                                                                                 | 26,662                                                                                                                 |
|     Gain      on sale of land                                                                                        | (1,127)                                                                                                                     | -                                                                                                                 |
|     Loss      (gain) on sale of investments in storage facilities                                                    | 1,009                                                                                                                  | (716)                                                                                                                       |
|     Equity      in (income) losses of joint ventures                                                                 | (154)                                                                                                                       | 38                                                                                                                     |
|     Distributions      from unconsolidated joint venture                                                             | 537                                                                                                                    | 160                                                                                                                    |
|     Non-vested      stock earned                                                                                     | 1,013                                                                                                                  | 1,074                                                                                                                  |
|     Stock      option expense                                                                                        | 252                                                                                                                    | 208                                                                                                                    |
|     Changes      in assets and liabilities:                                                                          |                                                                                                                        |                                                                                                                        |
|       Accounts      receivable                                                                             | 577                                                                                                                    | (336)                                                                                                                       |
|       Prepaid      expenses                                                                                | (339)                                                                                                                       | (1,058)                                                                                                                     |
|       Accounts      payable and other liabilities                                                          | 1,828                                                                                                                  | 3,425                                                                                                                  |
|       Deferred      revenue                                                                                |        (403)                                                                             |             40                                                  |
| Net      cash provided by operating activities                                                                                           |    52,445                                                                                                    |      60,304                                                                                        |
|                                                                                                                                     |                                                                                                                        |                                                                                                                        |
| Investing      Activities                                                                                                                |                                                                                                                        |                                                                                                                        |
|   Acquisitions      of storage facilities                                                                                      | -                                                                                                                 | (14,037)                                                                                                                    |
|   Improvements,      equipment additions, and construction in progress                                                         |      (15,827)                                                                                      | (32,379)                                                                                                                    |
|   Net      proceeds from the sale of investments in storagefacilities                                                          | 12,006                                                                                                                 | 7,002                                                                                                                  |
|   Investment      in unconsolidated joint venture                                                                              | (294)                                                                                                                       | (22,915)                                                                                                                    |
|   Reimbursement      of advances to joint ventures                                                                             | 203                                                                                                                    | -                                                                                                                 |
|   Reimbursement      of property deposits                                                                                      | -                                                                                                                 | 1,259                                                                                                                  |
|   Receipts      from related parties                                                                                           |           14                                                              |             13                                                  |
| Net      cash used in investing activities                                                                                               |    (3,898)                                                                                                   |    (61,057)                                                                                                  |
|                                                                                                                                     |                                                                                                                        |                                                                                                                        |
| Financing      Activities                                                                                                                |                                                                                                                        |                                                                                                                        |
|   Net      proceeds from sale of common stock                                                                                  | 31,900                                                                                                                 | 9,525                                                                                                                  |
|   Proceeds      from borrowings on line of credit                                                                              | -                                                                                                                 | 253,000                                                                                                                |
|   Repayments      of borrowings on line of credit                                                                              |           (14,000)                                                        |           (206,000)                                                       |
|   Financing      costs                                                                                                         | -                                                                                                                 | (2,946)                                                                                                                     |
|   Distributions      paid                                                                                                      | (40,233)                                                                                                                    | (43,219)                                                                                                                    |
|   Redemption      of operating partnership units                                                                               | -                                                                                                                 | (94)                                                                                                                        |
|   Mortgage      principal and capital lease payments                                                                           |      (1,419)                                                                                       |      (1,240)                                                                                       |
| Net      cash (used in) provided by financing activities                                                                                 |    (23,752)                                                                                                  |        9,026                                                                             |
| Net      increase in cash                                                                                                                |           24,795                                                     |           8,273                                                      |
| Cash      at beginning of period                                                                                                         |        4,486                                                                             |        4,010                                                                             |
| Cash      at end of period                                                                                                               | $    29,281 =======                                                                           | $   12,283 =======                                                                                 |
| Supplemental      cash flow informationCash      paid for interest                                                                       |  $   29,554                                                                                        |  $ 26,441                                                                                                    |
| 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 |                                                                                                                        |                                                                                                                        |

----

|   (dollars      in thousands)  | Jan.      1, 2009 To          Sep. 30,      2009 | Jan.      1, 2008 To          Sep. 30,      2008 | Jul.      1, 2009 To          Sep. 30,      2009 | Jul.      1, 2008 To          Sep. 30,      2008 |
|------------------------------------------|---------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------|
|                                     |                                                                                                    |                                                                                                    |                                                                                                    |                                                                                                    |
|                                     |                                                                                                    |                                                                                                    |                                                                                                    |                                                                                                    |
| Net      income                          | $22,834                                                                   | $30,807                                                         | $7,970                                                          | $10,051                                                         |
| Other      comprehensive income:         |                                                                                                    |                                                                                                    |                                                                                                    |                                                                                                    |
| Change      in fair value of derivatives | 4,683                                                                     | (4,546)                                                                   | (1,130)                                                              | (1,716)                                                              |
| Total      comprehensive income          | 27,517                                                                    | 26,261                                                          | 6,840                                                           | 8,335                                                           |

----

| 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                                                                                       |            21,418              | -                                                                     |       21,418             |
| Net      income attributable to noncontrolling interest holders                                                                  | -                                                  |            1,020                                  |      1,020                    |
| Change      in fair value of derivatives                                                                                         | 4,683                                                   | -                                                                     | 4,683                                                  |
| Distributions                                                                                                                    | (24,665)                                                     | -                                                                     | (24,665)                                                    |
| Distributions      to noncontrolling interest holders                                                                            | -                                                  | (1,020)                                                                         | (1,020)                                                     |
| Adjustment      of noncontrolling redeemable Operating     Partnership      units to carrying value     |  2,278                                             |  -                                                               |  2,278                                            |
| Net      proceeds from issuance of stock through Dividend     Reinvestment      and Stock Purchase Plan |  31,900                                            |  -                                                               |  31,900                                           |
| Other                                                                                                                            |        1,264              |              - |        1,264             |
|                                                                                                                             |                                                         |                                                                            |                                                        |
| Balance      at September 30, 2009                                                                                               | $ 528,825                                          | $ 13,082                                                              | $ 541,907                                         |

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

----

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

| (dollars in      thousands)                          |                                                                               |
|-----------------------------------------------------------|------------------------------------------------------------------------------------|
| Cost:                                                     |                                                                               |
|   Beginning      balance                        | $  1,374,763                                                        |
|   Improvements      and equipment additions     | 11,015                                                                        |
|   Net      increase in construction in progress | 4,733                                                                         |
|   Dispositions                                  |             (100)      |
| Ending      balance                                       | $  1,390,411                                                        |
|                                                      |                                                                               |
| Accumulated      Depreciation:                            |                                                                               |
|   Beginning      balance                        | $    214,213                                              |
|   Depreciation      expense during the period   | 25,005                                                                        |
|   Dispositions                                  |              (66) |
| Ending      balance                                       | $    239,152                                              |

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

----

|   (dollars in      thousands)                          |   Jul.      1, 2009   to          Sep. 30,      2009 | Jul.      1, 2008   to          Sep. 30,      2008 |   Jan.      1, 2009   to          Sep. 30,      2009 | Jan.      1, 2008   to          Sep. 30,      2008 |
|------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------|
|    Total      revenue                             |  $     292                                                                    |  $     459                                                        |  $   1,162                                                                              |  $  1,571                                                                        |
|   Property      operations and maintenance expense     |           (78)                                                 | (134)                                                                                                |      (319)                                                                                   | (496)                                                                                                |
|   Real      estate tax expense                         |           (15)                                                 | (27)                                                                                                 |           (71)                                                 | (113)                                                                                                |
|   Depreciation      and amortization expense           |           (45)                                                 |           (78)                                     |         (204)                                                            |       (278)                                                            |
|   Net      realized (loss) gain on sale of property    |     (1,009)                                                                                       |       -                                                      |     (1,009)                                                                                  |       716                                                         |
|   Total(loss)      income from discontinued operations |  $    (855)                                                                                  |  $      220                                                       |  $    (441)                                                                                  |  $ 1,400                                                                              |

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

----

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

| (dollars in      thousands)                                                                                                                                                                                                                           | September      30,2009              | 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 $42.9 million,      principal and interest paid monthly                                                   |   $  28,599                              |   $  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 $80.0 million, principal      and interest paid monthly                                                     |    41,766                                     |    42,603                                     |
| 7.25%      mortgage note due December 2011, secured by 1 self-storage facility with      an aggregate net book value of $5.7 million, principal and interest paid      monthly.  Estimated market rate at time of acquisition      5.40%    |    3,405                                      |    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                                                                       |   983                                              |   1,000                                            |
| 6.35%      mortgage note due March 2014, secured by 1 self-storage facility with an      aggregate net book value of $3.7 million, principal and interest paid      monthly                                                                           |   1,079                                            |   1,098                                            |
| 5.55%      mortgage notes due November 2009, secured by 8 self-storage facilities      with an aggregate net book value of $34.3 million, interest only paid      monthly.  Estimated market rate at time of acquisition      6.44%         |    26,078                                     |    25,930                                     |
| 7.50%      mortgage notes due August 2011, secured by 3 self-storage facilities with      an aggregate net book value of $14.1 million, principal and interest paid      monthly.  Estimated market rate at time of acquisition      6.42%  |           5,932 |           6,087 |
| Total      mortgages payable                                                                                                                                                                                                                               | $ 107,842                                                    | $ 109,261                                                    |

----

|                                                                                                             |                     Expected      Maturity Date Including      Discount                     |                                          |                                 |
|------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------|-----------------------------------------------------|
| (dollars      in thousands)                                                                                      | 2009                                                                                                                                                                                                                                                                                                | 2010                                          | 2011                                                | 2012 | 2013 | Thereafter | Total | Fair      Value     |
|                                                                                                             |                                                                                                                                                                                                                                                                                                |                                          |                                                |   |   |   |   |   |
| Line      of credit - variable rate LIBOR + 1.75     (2.00%      at September 30, 2009) | -                                                                                                                                                                                                                                                                                    | -                              | -                                    | -    | -    | -    | -    | -    |
|                                                                                                             |                                                                                                                                                                                                                                                                                                |                                          |                                                |   |   |   |   |   |
| Notes      Payable:                                                                                              |                                                                                                                                                                                                                                                                                                |                                          |                                                |   |   |   |   |   |
| Term      note - variable rate LIBOR+2.0%      (2.25%      at September 30, 2009)  | -                                                                                                                                                                                                                                                                                    | -                              | -                                    | $250,000 | -    | -    | $250,000 | $250,000 |
| Term      note - variable rate LIBOR+1.50%      (2.23%      at September 30, 2009) | -                                                                                                                                                                                                                                                                                    | -                              | -                                    | -    | $  20,000 | -    | $  20,000 | $  20,000 |
| Term      note - fixed rate 6.26%                                                                                | -                                                                                                                                                                                                                                                                                    | -                              | -                                    | -    | $  80,000 | -    | $  80,000 | $  76,427 |
| Term      note - fixed rate 8.38%                                                                                | -                                                                                                                                                                                                                                                                                    | -                              | -                                    | -    | -    | $ 150,000 | $150,000 | $148,083 |
|                                                                                                             |                                                                                                                                                                                                                                                                                                |                                          |                                                |   |   |   |   |   |
| Mortgage      note - fixed rate 7.80%                                                                            | $      152                                                                                                                                                                                                                                                            | $     630            | $ 27,817                                       | -    | -    | -    | $  28,599 | $  29,844 |
| Mortgage      note - fixed rate 7.19%                                                                            | $      291                                                                                                                                                                                                                                                            | $  1,211                            | $   1,301                            | $  38,963 | -    | -    | $  41,766 | $  43,301 |
| Mortgage      note - fixed rate 7.25%                                                                            | $        36                                                                                                                                                                                                                                                 | $     149            | $   3,220                            | -    | -    | -    | $    3,405 | $    3,436 |
| Mortgage      note - fixed rate 6.76%                                                                            | $         6                                                                                                                                                                                                                                            | $       25 | $        27 | $         29 | $            896 | -    | $       983 | $       998 |
| Mortgage      note - fixed rate 6.35%                                                                            | $         7                                                                                                                                                                                                                                            | $       28 | $        30 | $         31 | $         34 | $       949 | $    1,079 | $    1,080 |
| Mortgage      notes - fixed rate 5.55%                                                                           | $ 26,078                                                                                                                                                                                                                                                                                       | -                              | -                                    | -    | -    | -    | $  26,078 | $  26,200 |
| Mortgage      notes - fixed rate 7.50%                                                                           | $       53                                                                                                                                                                                                                                                       | $     222            | $   5,657                            | -    | -    | -    | $    5,932 | $    6,095 |
|                                                                                                             |                                                                                                                                                                                                                                                                                                |                                          |                                                |   |   |   |   |   |
| Interest      rate derivatives – liability                                                            | -                                                                                                                                                                                                                                                                                    | -                              | -                                    | -    | -    | -    | -    | $   20,632 |

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

----

|   Notional      Amount |   Effective      Date |   Expiration      Date |  Fixed   Rate      Paid |  Floating      Rate  Received      |
|----------------------------------|---------------------------------|----------------------------------|---------------------------------------------|----------------------------------------------------------------------------|
|                             |                            |
| $20      Million                 | 9/4/05                          | 9/4/13                           | 4.4350%                                     | 6      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                                                         |

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|  (dollars in      thousands)                                                                                                                                           |   Jan.      1, 2009   to          Sep. 30,      2009 | Jan.      1, 2008   to          Sep. 30,      2008 |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------|
| Adjustments      to interest expense:                                                                                                                                            |                                                                                                                            |                                                                                                                |
| Realized      loss reclassified from accumulated other comprehensive lossto     interest      expense                                                   |  $  (8,053)                                                                                                      |  $    (1,649)                                                                              |
|                                                                                                                                                                             |                                                                                                                            |                                                                                                                |
| Adjustments      to other comprehensive income (loss):                                                                                                                           |                                                                                                                            |                                                                                                                |
| Realized      loss reclassified to interest expense for 2009 and 2008,     respectively                                                                 |   8,053                                                                                                               |            1,649                                        |
| Unrealized      gain (loss) from changes in the fair value of the effective     portion      of the interest rate swaps for 2009 and 2008, respectively |   (3,370)                                                                                                             |    (6,195)                                                                                           |
| Gain      (loss) included in other comprehensive loss                                                                                                                            | $   4,683                                                                                                        | $ (4,546)                                                                                                      |

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

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|                     | Asset   (Liability) |  Level      1 |  Level      2 |  Level      3                                                      |
|--------------------------|------------------------------------|--------------------|--------------------|---------------------------------------------------------------------------------------------|
| Interest      rate swaps | (20,632)                           | -             | (20,632)           |               -  |

| 10. | INVESTMENT      IN JOINT VENTURES |
|-----|-----------------------------------|

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| (dollars      in thousands)                                          | Sovran      HHF Storage     Holdings      LLC                                             | Iskalo      Office Holdings,      LLC                                                                            |
|----------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------|
| Balance Sheet      Data:                                             |                                                                                                                    |                                                                                                                  |
| Investment      in storage facilities, net                           | $ 168,921                                                                                 | $                 -                   |
| Investment      in office building                                   | -                                                                                              | 5,371                                                                                        |
| Other      assets                                                    |       4,297                                                      |          698                                    |
|   Total      Assets                                        | $ 173,218     =======                                            | $    6,069     =======                          |
|  Due      to the Operating Partnership                          |  $        133                                     |  $           -                   |
| Mortgages      payable                                               | 78,889                                                                                         | 7,070                                                                                        |
| Other      liabilities                                               |       3,004                                                      |         228                                          |
|   Total      Liabilities                                   | 82,026                                                                                         | 7,298                                                                                        |
|  Unaffiliated      partners' equity (deficiency)                |  72,954                                                                                   |  (702)                                                                                       |
| Operating      Partnership equity (deficiency)                       |      18,238                                                           |       (527)                                                         |
|   Total      Liabilities and Partners' Equity (deficiency) | $ 173,218     =======                                            | $   6,069     ======                                 |
|                                                                 |                                                                                                                    |                                                                                                                  |
| Income Statement      Data:                                          |                                                                                                                    |                                                                                                                  |
| Total      revenues                                                  | $   13,222                                                                      | $      857                                                     |
| Total      expenses                                                  |      12,689                                                           |            822                        |
|   Net      income                                          | $        533     =======      | $        35     ======      |

| 11. | INCOME      TAXES |
|-----|-------------------|

| 12. | EARNINGS      PER UNIT |
|-----|------------------------|

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|  (in thousands except      per unit data)                                                                                                                  | Three      MonthsEnded     Sep. 30,      2009 | Three      MonthsEnded     Sep. 30,      2008 | Nine      MonthsEnded     Sep. 30,      2009 | Nine      MonthsEnded     Sep. 30,      2008 |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------|------------------------------------------------------------------------|-----------------------------------------------------------------------|-----------------------------------------------------------------------|
| Numerator:                                                                                                                                                      |                                                                   |                                                                   |                                                                  |                                                                  |
|   Net      income from continuing operations    attributable      to controlling interests                                        |  $ 7,630                                                |  $ 9,711                                           |  $ 21,814                                         |  $ 29,583                                         |
|                                                                                                                                                            |                                                                   |                                                                   |                                                                  |                                                                  |
| Denominator:                                                                                                                                                    |                                                                   |                                                                   |                                                                  |                                                                  |
|   Denominator      for basic earnings per unit -    weighted      average units                                                   |  23,756                                                      |  22,233                                                 |  23,059                                                |  22,151                                                |
| Effect      of Dilutive Securities:                                                                                                                             |                                                                   |                                                                   |                                                                  |                                                                  |
|   Stock      options, warrants and non-vested stock                                                                                                   |         13                     |       23                       |          7     |         24          |
| Denominator      for diluted earnings per unit -    adjusted      weighted average units and    assumed      conversion |   23,769                                                |   22,256                                           |   23,066                                          |   22,175                                          |
|                                                                                                                                                            |                                                                   |                                                                   |                                                                  |                                                                  |
| Basic      earnings per common unit from  continuing      operations attributable to  controlling      interests                            |   $    0.36                         |   $    0.43                    |   $    0.97                   |   $    1.27                   |
| Basic      earnings per common unit attributable  to      controlling interests                                                                       |  $    0.32                               |  $    0.44                          |  $    0.95                         |  $    1.34                         |
|                                                                                                                                                            |                                                                   |                                                                   |                                                                  |                                                                  |
| Diluted      earnings per common unit from  continuing      operations attributable to  controlling      interests                          |   $    0.36                         |   $    0.43                    |   $    0.97                   |   $    1.27                   |
| Diluted      earnings per common unit attributable  to      controlling interests                                                                     |  $    0.32                               |  $    0.44                          |  $    0.95                         |  $    1.33                         |

| 13. | RECENT      ACCOUNTING PRONOUNCEMENTS |
|-----|---------------------------------------|

----

----

| 14. | COMMITMENT      AND CONTINGENCIES |
|-----|-----------------------------------|

| 15. | SUBSEQUENT      EVENTS |
|-----|------------------------|

----

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

----

----

----

|                                                                                                                                        | Nine months      ended                                             |
|---------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (in      thousands)                                                                                                                         | September 30,      2009                                                                                                                                                                                                                                | September 30,      2008   |
|  Net      income attributable to controlling interests                                                                                 |  $   21,814                                                                                                                                                                                               |  $  29,583        |
| Net      income attributable to noncontrolling interest                                                                                     | 1,020                                                                                                                                                                                                                         | 1,224        |
| Depreciation      of real estate and amortization  of      intangible assets exclusive of deferred  financing      fees |   25,471                                                                                                                                                                                                            |   25,795        |
| Depreciation      and amortization from  unconsolidated      joint ventures                                                       |  620                                                                                                                                                                                                                     |  262        |
| Gain      on sale of real estate                                                                                                            | (118)                                                                                                                                                                                                                              | (716)       |
| Funds      from operations allocable to  noncontrolling      redeemable Operating Partnership Units                               |  (868)                                                                                                                                                                                                                        |  (1,042)       |
| Funds      from operations allocable to  noncontrolling      interest in consolidated joint venture                               |     (1,020)                                                                                                                                                                                                    |    (1,224)       |
| FFO      available to controlling unitholders                                                                                               | $  46,919       =======                                                                                                                                                               | $ 53,882       ======       |

----

----

| * | 7.80%      mortgage note due December 2011, secured by 11 self-storage facilities      (Locke Sovran I) with an aggregate net book value of $42.9 million,      principal and interest paid monthly.  The outstanding balance at      September 30, 2009 on this mortgage was $28.6 million.                                               |
|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| * | 7.19%      mortgage note due March 2012, secured by 27 self-storage facilities (Locke      Sovran II) with an aggregate net book value of $80.0 million, principal      and interest paid monthly.  The outstanding balance at September      30, 2009 on this mortgage was $41.8 million.                                                 |
| * | 7.25%      mortgage note due December 2011, secured by 1 self-storage facility with      an aggregate net book value of $5.7 million, principal and interest paid      monthly.  Estimated market rate at time of acquisition      5.40%.  The outstanding balance at September 30, 2009 on this      mortgage was $3.4 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 September 30, 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 $3.7 million, principal and interest paid      monthly.  The outstanding balance at September 30, 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 $34.3 million, interest only paid      monthly.  Estimated market rate at time of acquisition      6.44%.  The outstanding balance at September 30, 2009 on this      mortgage was $26.1 million.       |
|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| * | 7.50%      mortgage notes due August 2011, secured by 3 self-storage facilities with      an aggregate net book value of $14.1 million, principal and interest paid      monthly.  Estimated market rate at time of acquisition      6.42%.  The outstanding balance at September 30, 2009 on this      mortgage was $5.9 million. |

----

|   Notional      Amount |   Effective      Date |   Expiration      Date |  Fixed   Rate      Paid |  Floating      Rate  Received      |
|----------------------------------|---------------------------------|----------------------------------|---------------------------------------------|----------------------------------------------------------------------------|
|                             |                            |
| $20      Million                 | 9/4/05                          | 9/4/13                           | 4.4350%                                     | 6      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 |
|---------------|-------------------|

----

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| 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. |   |

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|         November 6,      2009                  Date | Sovran      Self Storage, Inc.SOVRAN      ACQUISITION LIMITED PARTNERSHIP By:  Sovran      Holdings, Inc.Its:  General      Partner  By:   /s/      David L.      Rogers                                  David      L. Rogers,           Chief      Financial Officer                 (Principal Accounting Officer) |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----