----

|                 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)                                              | June      30,  2009     (unaudited)                             |  December      31,2008         |
|--------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------|
| Assets                                                                                                 |                                                                                               |                                                                        |
| Investment      in storage facilities:                                                                 |                                                                                               |
|  Land                                                                                             | $    240,525                                                              | $    240,525                                       |
|  Building,      equipment, and construction in progress                                           |    1,160,632                                                                   |   1,148,676                                                  |
|                                                                                                   | 1,401,157                                                                                     | 1,389,201                                                              |
|  Less:      accumulated depreciation                                                              |    (233,429)                                                                        |    (216,644)                                                 |
| Investment      in storage facilities, net                                                             | 1,167,728                                                                                     | 1,172,557                                                              |
| Cash      and cash equivalents                                                                         | 10,089                                                                                        | 4,486                                                                  |
| Accounts      receivable                                                                               | 2,199                                                                                         | 2,971                                                                  |
| Receivable      from related parties                                                                   | -                                                                                   | 14                                                                     |
| Receivable      from unconsolidated joint venture                                                      | 161                                                                                           | 336                                                                    |
| Investment      in unconsolidated joint ventures                                                       | 19,989                                                                                        | 20,111                                                                 |
| Prepaid      expenses                                                                                  | 4,854                                                                                         | 4,691                                                                  |
| Other      assets                                                                                      |           6,580                             |           7,460      |
|   Total      Assets                                                                          | $ 1,211,600 ========                                                                | $ 1,212,626 ========                                         |
|  Liabilities                                                                                      |                                                                                               |                                                                        |
| Line      of credit                                                                                    | $             -    | $     14,000                                  |
| Term      notes                                                                                        | 500,000                                                                                       | 500,000                                                                |
| Accounts      payable and accrued liabilities                                                          | 20,586                                                                                        | 23,710                                                                 |
| Deferred      revenue                                                                                  | 5,524                                                                                         | 5,659                                                                  |
| Fair      value of interest rate swap agreements                                                       | 19,883                                                                                        | 25,490                                                                 |
| Accrued      dividends                                                                                 |              -     | 14,359                                                                 |
| Mortgages      payable                                                                                 |      108,314                                                         |      109,261                                  |
|   Total      Liabilities                                                                | 654,307                                                                                       | 692,479                                                                |
| Limited      partners' redeemable capital interest (419,952 units in  2009      and 2008)    |  10,331                                                                                  |  15,118                                                           |
|                                                                                                   |                                                                                               |                                                                        |
| Partners'      Capital                                                                                 |                                                                                               |                                                                        |
| General      partner (219,567 units outstanding in 2009 and 2008)                                      | 3,694                                                                                         | 3,650                                                                  |
| Limited      partner (23,171,617 and 21,796,781 units outstanding in 2009 and 2008,      respectively) |  549,534                                                                                 |        513,459                      |
| Accumulated      other comprehensive loss                                                              |       (19,348)                                                       |       (25,162)                                |
|   Total      Controlling Partners' Capital                                                   |       533,880                                                   |       491,947                            |
|  Noncontrolling      interest - consolidated joint venture                                        |         13,082                                        |         13,082                 |
|   Total      Partners' Capital                                                               |       546,962                                                   |       505,029                            |
|   Total      Liabilities and Partners' Capital                                               | $ 1,211,600 ========                                                                | $ 1,212,626 ========                                         |
|  See      notes to financial statements.                                                          |                                                                                               |                                                                        |

----

|   (dollars in thousands,      except per unit data)                                         | April      1, 2009to           June 30,      2009 | April      1, 2008to           June 30,      2008 |
|-------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------|
| Revenues                                                                                              |                                                                                                     |                                                                                                     |
|  Rental      income                                                                              | $   46,709                                                                           | $    48,432                                                                     |
|  Other      operating income                                                                     |        2,090                                                     |         1,688                                               |
|   Total      operating revenues                                                             | 48,799                                                                                              | 50,120                                                                                              |
|                                                                                                  |                                                                                                     |                                                                                                     |
| Expenses                                                                                              |                                                                                                     |                                                                                                     |
|  Property      operations and maintenance                                                        | 12,440                                                                                              | 13,355                                                                                              |
|  Real      estate taxes                                                                          | 5,141                                                                                               | 4,823                                                                                               |
|  General      and administrative                                                                 | 4,338                                                                                               | 4,095                                                                                               |
|  Depreciation      and amortization                                                              |      8,522                                                                 |       8,508                                                           |
|    Total      operating expenses                                                       |    30,441                                                                            |     30,781                                                                      |
|                                                                                                  |                                                                                                     |                                                                                                     |
|  Income      from operations                                                                     | 18,358                                                                                              | 19,339                                                                                         |
| Other      income (expenses)                                                                          |                                                                                                     |                                                                                                     |
|  Interest      expense                                                                           | (11,699)                                                                                                 | (8,978)                                                                                                  |
|  Interest      income                                                                            | 20                                                                                                  | 86                                                                                                  |
|  Equity      in income of joint ventures                                                         |             63                          |              7                     |
|  Income      from continuing operations                                                          |  6,742                                                                                         |  10,454                                                                                        |
| Income      from discontinued operations (including gain on  disposal      of $716 in 2008) |               -          |           712                                     |
| Consolidated      net income                                                                          | 6,742                                                                                               | 11,166                                                                                              |
|   Less:      net income attributable to noncontrolling interests                            |         (340)                                                    |         (421)                                                    |
| Net      income attributable to controlling interests                                                 | $     6,402 =======                                                   | $    10,745 =======                                                        |
|                                                                                                  |                                                                                                     |                                                                                                     |
| Earnings      per common unit attributable to  controlling      interests – basic     |                                                                                                     |                                                                                                     |
| Continuing      operations                                                                            | $        0.28                                               | $        0.45                                               |
| Discontinued      operations                                                                          |          0.00                                          |          0.04                                          |
|   Earnings      per common unit – basic                                               | $        0.28 =======                                  | $        0.49 =======                                  |
| Earnings      per common unit attributable to  controlling      interests – diluted   |                                                                                                     |                                                                                                     |
| Continuing      operations                                                                            | $        0.28                                               | $        0.45                                               |
| Discontinued      operations                                                                          |          0.00                                          |          0.03                                          |
|   Earnings      per common unit – diluted                                             | $        0.28 =======                                  | $        0.48 =======                                  |
|  Common      units used in basic earnings per unit calculation                                   |  23,033,470                                                                                    |  22,150,033                                                                                    |
|  Common      units used in diluted earnings per unit calculation                                 |  23,036,505                                                                                    |  22,183,418                                                                                    |
|                                                                                                  |                                                                                                     |                                                                                                     |
|   Distributions      declared per common unit                                               | $       0.00 =======                                        | $       0.63 =======                                        |

----

|   (dollars in thousands,      except per unit data)                                         | January      1, 2009to           June 30,      2009 | January      1, 2008to           June 30,      2008 |
|-------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------|
| Revenues                                                                                              |                                                                                                       |                                                                                                       |
|  Rental      income                                                                              | $   94,368                                                                             | $    96,490                                                                       |
|  Other      operating income                                                                     |         3,975                                                 |          3,250                                           |
|   Total      operating revenues                                                             | 98,343                                                                                                | 99,740                                                                                                |
|                                                                                                  |                                                                                                       |                                                                                                       |
| Expenses                                                                                              |                                                                                                       |                                                                                                       |
|  Property      operations and maintenance                                                        | 25,877                                                                                                | 27,150                                                                                                |
|  Real      estate taxes                                                                          | 10,285                                                                                                | 9,563                                                                                                 |
|  General      and administrative                                                                 | 8,724                                                                                                 | 8,220                                                                                                 |
|  Depreciation      and amortization                                                              |     17,063                                                                        |      17,109                                                                  |
|    Total      operating expenses                                                       |     61,949                                                                        |      62,042                                                                  |
|                                                                                                  |                                                                                                       |                                                                                                       |
|  Income      from operations                                                                     | 36,394                                                                                                | 37,698                                                                                           |
| Other      income (expenses)                                                                          |                                                                                                       |                                                                                                       |
|  Interest      expense                                                                           | (21,678)                                                                                                   | (17,933)                                                                                                   |
|  Interest      income                                                                            | 53                                                                                                    | 178                                                                                                   |
|  Equity      in income of joint ventures                                                         |             94                            |             19                            |
|  Income      from continuing operations                                                          |  14,863                                                                                          |  19,962                                                                                          |
| Income      from discontinued operations (including gain on  disposal      of $716 in 2008) |               -            |            794                                 |
| Consolidated      net income                                                                          | 14,863                                                                                                | 20,756                                                                                                |
|   Less:      net income attributable to noncontrolling interests                            |         (680)                                                      |         (884)                                                      |
| Net      income attributable to controlling interests                                                 | $    14,183 =======                                                          | $    19,872 =======                                                          |
|                                                                                                  |                                                                                                       |                                                                                                       |
| Earnings      per common unit attributable to  controlling      interests – basic     |                                                                                                       |                                                                                                       |
| Continuing      operations                                                                            | $        0.62                                                 | $        0.86                                                 |
| Discontinued      operations                                                                          |          0.00                                            |          0.04                                            |
|   Earnings      per common unit – basic                                               | $        0.62 =======                                    | $        0.90 =======                                    |
| Earnings      per common unit attributable to  controlling      interests – diluted   |                                                                                                       |                                                                                                       |
| Continuing      operations                                                                            | $        0.62                                                 | $        0.86                                                 |
| Discontinued      operations                                                                          |          0.00                                            |          0.04                                            |
|   Earnings      per common unit – diluted                                             | $        0.62 =======                                    | $        0.90 =======                                    |
|  Common      units used in basic earnings per unit calculation                                   |  22,711,244                                                                                      |  22,110,049                                                                                      |
|  Common      units used in diluted earnings per unit calculation                                 |  22,714,409                                                                                      |  22,135,281                                                                                      |
|                                                                                                  |                                                                                                       |                                                                                                       |
|   Distributions      declared per common unit                                               | $       0.64 =======                                          | $       1.26 =======                                          |

----

|   (dollars in      thousands)                                                                                                  |   January      1, 2009to           June 30,      2009 |   January      1, 2008to           June 30,      2008 |
|------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------|
| Operating      Activities                                                                                                                |                                                                                                                   |                                                                                                                   |
| Net      income                                                                                                                          | $ 14,863                                                                                                     | $      20,756                                                                                                     |
| Adjustments      to reconcile net income to net cash provided  by      operating activities:                                   |                                                                                                                   |                                                                                                                   |
|     Depreciation      and amortization                                                                               | 17,693                                                                                                            | 17,717                                                                                                            |
|     Gain      on sale                                                                                                | -                                                                                                            | (716)                                                                                                                  |
|     Equity      in income of joint ventures                                                                          | (94)                                                                                                                   | (19)                                                                                                                   |
|     Distributions      from unconsolidated joint venture                                                             | 361                                                                                                               | -                                                                                                            |
|     Non-vested      stock earned                                                                                     | 689                                                                                                               | 705                                                                                                               |
|     Stock      option expense                                                                                        | 180                                                                                                               | 137                                                                                                               |
|     Changes      in assets and liabilities:                                                                          |                                                                                                                   |                                                                                                                   |
|       Accounts      receivable                                                                             | 772                                                                                                               | 225                                                                                                               |
|       Prepaid      expenses                                                                                | (148)                                                                                                                  | (1,354)                                                                                                                |
|       Accounts      payable and other liabilities                                                          | (3,154)                                                                                                                | (2,424)                                                                                                                |
|       Deferred      revenue                                                                                |        (135)                                                                        |           439                                                   |
| Net      cash provided by operating activities                                                                                           |    31,027                                                                                          |      35,466                                                                              |
|                                                                                                                                     |                                                                                                                   |                                                                                                                   |
| Investing      Activities                                                                                                                |                                                                                                                   |                                                                                                                   |
|   Acquisition      of storage facilities                                                                                       | -                                                                                                            | (14,037)                                                                                                               |
|   Improvements,      equipment additions, and construction in progress                                                         |      (11,999)                                                                                 | (21,666)                                                                                                               |
|   Net      proceeds from the sale of storage facility                                                                          | -                                                                                                            | 7,002                                                                                                             |
|   Investment      in unconsolidated joint venture                                                                              | (179)                                                                                                                  | (6,206)                                                                                                                |
|   Reimbursement      of advances to joint ventures                                                                             | 175                                                                                                               | -                                                                                                            |
|   Property      deposits                                                                                                       | -                                                                                                            |           (1,245)                                                    |
|   Receipts      from related parties                                                                                           |            14                                              |             13                                        |
| Net      cash used in investing activities                                                                                               |    (11,989)                                                                                             |     (36,139)                                                                                       |
|                                                                                                                                     |                                                                                                                   |                                                                                                                   |
| Financing      Activities                                                                                                                |                                                                                                                   |                                                                                                                   |
|   Net      proceeds from sale of common stock                                                                                  | 30,688                                                                                                            | 6,306                                                                                                             |
|   Proceeds      from line of credit                                                                                            | 24,000                                                                                                            | -                                                                                                            |
|   Payments      on line of credit                                                                                              | (38,000)                                                                                                               | (206,000)                                                                                                              |
|   Proceeds      from term notes                                                                                                | -                                                                                                            | 250,000                                                                                                           |
|   Financing      costs                                                                                                         | -                                                                                                            | (2,946)                                                                                                                |
|   Distributions      paid                                                                                                      | (29,176)                                                                                                               | (28,820)                                                                                                               |
|   Redemption      of operating partnership units                                                                               | -                                                                                                            | (9)                                                                                                                    |
|   Mortgage      principal and capital lease payments                                                                           |          (947)                                                            |          (808)                                                            |
| Net      cash (used in) provided by financing activities                                                                                 |     (13,435)                                                                                       |      17,723                                                                              |
| Net      increase in cash                                                                                                                | 5,603                                                                                                             | 17,050                                                                                                            |
| Cash      at beginning of period                                                                                                         |        4,486                                                                   |             4,010                                                                   |
| Cash      at end of period                                                                                                               | $    10,089 =======                                                                      | $   21,060 =======                                                                            |
| Supplemental      cash flow informationCash      paid for interest                                                                       |  $   20,617                                                                                   |  $ 18,362                                                                                               |
| Fair      value of net liabilities assumed on the acquisition of      storage  facilities      *                          |            -                                          |            68                                              |
| *  See      Note 4 for fair value of land, building, and equipment      acquired    during      the period |                                                                                                                   |                                                                                                                   |

----

|                                                                       | January      1, 2009                                  | January      1, 2008                                     |
|----------------------------------------------------------------------------|-------------------------------------------------------|----------------------------------------------------------|
|                                                                       | to            | to          |
| (dollars      in thousands)                                                | June 30,      2009                               | June 30,      2008                                  |
|                                                                       |                                                  |
|                                                                       |                                                  |                                                     |
| Consolidated      net income                                               | $  14,863                                   | $  20,756                                 |
| Other      comprehensive income:                                           |                                                  |                                                     |
| Change      in fair value of derivatives                                   |      5,813                   |     (2,830)                          |
| Total      other comprehensive income                                      | 20,676                                                | 17,926                                              |
| Less:      comprehensive income attributable to noncontrolling    interest |         (680) |         (884)    |
| Comprehensive      income attributable to controlling interest             | $  19,996=======                            | $   17,042 =======              |

----

| 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                                                                                       | 13,921                                                  | -                                                                     | 13,921                                                           |
| Net      income attributable to noncontrolling interest holders                                                                  | -                                                  | 680                                                                        |      680                                |
| Change      in fair value of derivatives                                                                                         | 5,813                                                   | -                                                                     | 5,813                                                            |
| Dividends                                                                                                                        | (14,138)                                                     | -                                                                     | (14,138)                                                              |
| Distributions      to noncontrolling interest holders                                                                            | -                                                  | (680)                                                                           | (680)                                                                 |
| Adjustment      of noncontrolling redeemable Operating     Partnership      units to carrying value     |  4,780                                             |  -                                                               |  4,780                                                      |
| Net      proceeds from issuance of stock through Dividend     Reinvestment      and Stock Purchase Plan |  30,688                                            |  -                                                               |  30,688                                                     |
| Other                                                                                                                            |         869     |            -   |           869  |
|                                                                                                                             |                                                         |                                                                            |                                                                  |
| Balance      at June 30, 2009                                                                                                    | $ 533,880                                          | $ 13,082                                                              | $ 546,962                                                   |

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

----

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

| Cost:                                                     |                                                                                     |
|-----------------------------------------------------------|------------------------------------------------------------------------------------------|
|   Beginning      balance                        | $  1,389,201                                                              |
|   Improvements      and equipment additions     | 8,612                                                                               |
|   Net      increase in construction in progress | 3,402                                                                               |
|   Dispositions                                  |               (58) |
| Ending      balance                                       | $  1,401,157                                                              |
|                                                      |                                                                                     |
| Accumulated      Depreciation:                            |                                                                                     |
|   Beginning      balance                        | $    216,644                                                    |
|   Depreciation      expense during the period   | 16,828                                                                              |
|   Dispositions                                  |              (43)       |
| Ending      balance                                       | $    233,429                                                    |

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

|   (dollars in      thousands)                      |   Apr.      1, 2009   to          Jun. 30,      2009 | Apr.      1, 2008   to          Jun. 30,      2008 |   Jan.      1, 2009   to          Jun. 30,      2009 | Jan.      1, 2008   to          Jun. 30,      2008 |
|--------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------|
|    Total      revenue                         |  $        -                                               |  $      15                                                   |  $        -                                               |  $   233                                                                    |
|   Property      operations and maintenance expense |           -                                          | (12)                                                                                                 |           -                                          | (76)                                                                                                 |
|   Real      estate tax expense                     |           -                                          | (7)                                                                                                  |           -                                          | (33)                                                                                                 |
|   Depreciation      and amortization expense       |           -                                          |           -                              |           -                                          |       (46)                                                             |
|   Net      realized gain on sale of property       |           -                                          |       716                                                         |           -                                          |       716                                                         |
| Total      income from discontinued operations               |  $        -                                               |  $      712                                                       |  $        -                                               |  $    794                                                              |

----

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

----

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

| (dollars in      thousands)                                                                                                                                                                                                                           | June      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 $43.1 million,      principal and interest paid monthly                                                   |   $  28,743                                    |   $  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 $80.4 million, principal      and interest paid monthly                                                     |    42,045                                           |    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%    |    3,440                                            |    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                                                                       |   989                                                    |   1,000                                                  |
| 6.35%      mortgage note due March 2014, secured by 1 self-storage facility with an      aggregate net book value of $3.8 million, principal and interest paid      monthly                                                                           |   1,085                                                  |   1,098                                                  |
| 5.55%      mortgage notes due November 2009, secured by 8 self-storage facilities      with an aggregate net book value of $34.5 million, interest only paid      monthly.  Estimated market rate at time of acquisition      6.44%         |    26,029                                           |    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%  |           5,983  |           6,087  |
| Total      mortgages payable                                                                                                                                                                                                                               | $ 108,314 =======                                        | $ 109,261 =======                                        |

----

|                                                                                                                                                           |                     Expected      Maturity Date Including      Discount                     |                                          |                                 |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------|-----------------------------------------------------|
| (dollars      in thousands)                                                                                                                                    | 2009                                                                                                                                                                                                                                                                                                | 2010                                          | 2011                                                | 2012 | 2013 | Thereafter | Total | FairValue |
|                                                                                                                                                           |                                                                                                                                                                                                                                                                                                |                                          |                                                |   |   |   |   |   |
| Line      of credit - variable rate LIBOR + 1.75     (2.06%      at June 30, 2009)....................... | -                                                                                                                                                                                                                                                                                    | -                              | -                                    | -    | -    | -    | -    | -    |
|                                                                                                                                                           |                                                                                                                                                                                                                                                                                                |                                          |                                                |   |   |   |   |   |
| Notes      Payable:                                                                                                                                            |                                                                                                                                                                                                                                                                                                |                                          |                                                |   |   |   |   |   |
| Term      note - variable rate LIBOR+2.0%     (2.31%      at June 30, 2009).......................        | -                                                                                                                                                                                                                                                                                    | -                              | -                                    | $250,000 | -    | -    | $250,000 | $250,000 |
| Term      note - variable rate LIBOR+1.50%     (3.30%      at June 30, 2009).......................       | -                                                                                                                                                                                                                                                                                    | -                              | -                                    | -    | $  20,000 | -    | $  20,000 | $  20,000 |
| Term      note - fixed rate 6.26%......................                                                                            | -                                                                                                                                                                                                                                                                                    | -                              | -                                    | -    | $  80,000 | -    | $  80,000 | $  72,033 |
| Term      note - fixed rate 8.38%......................                                                                            | -                                                                                                                                                                                                                                                                                    | -                              | -                                    | -    | -    | $ 150,000 | $150,000 | $145,246 |
|                                                                                                                                                           |                                                                                                                                                                                                                                                                                                |                                          |                                                |   |   |   |   |   |
| Mortgage      note - fixed rate 7.80%.................                                                                                     | $      296                                                                                                                                                                                                                                                            | $     630            | $ 27,817                                       | -    | -    | -    | $  28,743 | $  29,655 |
| Mortgage      note - fixed rate 7.19%.................                                                                                     | $      570                                                                                                                                                                                                                                                            | $  1,211                            | $   1,301                            | $  38,963 | -    | -    | $  42,045 | $  43,527 |
| Mortgage      note - fixed rate 7.25%.................                                                                                     | $        71                                                                                                                                                                                                                                                 | $     149            | $   3,220                            | -    | -    | -    | $    3,440 | $    3,421 |
| Mortgage      note - fixed rate 6.76%.................                                                                                     | $       12                                                                                                                                                                                                                                                       | $       25 | $        27 | $         29 | $       896 | -    | $       989 | $       996 |
| Mortgage      note - fixed rate 6.35%.................                                                                                     | $       13                                                                                                                                                                                                                                                       | $       28 | $        30 | $         31 | $         34 | $       949 | $    1,085 | $    1,076 |
| Mortgage      notes - fixed rate 5.55%................                                                                                     | $ 26,029                                                                                                                                                                                                                                                                                       | -                              | -                                    | -    | -    | -    | $  26,029 | $  23,316 |
| Mortgage      notes - fixed rate 7.50%................                                                                                     | $      104                                                                                                                                                                                                                                                            | $     222            | $   5,657                            | -    | -    | -    | $    5,983 | $    6,147 |
|                                                                                                                                                           |                                                                                                                                                                                                                                                                                                |                                          |                                                |   |   |   |   |   |
| Interest      rate derivatives – liability................                                                                      | -                                                                                                                                                                                                                                                                                    | -                              | -                                    | -    | -    | -    | -    | $   19,883 |

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

----

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

|  (dollars in      thousands)                                                                                                                                           |   Jan.      1, 2009   to          Jun. 30,      2009 | Jan.      1, 2008   to          Jun. 30,      2008 |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------|
| Adjustments      to interest expense:                                                                                                                                            |                                                                                                                            |                                                                                                                |
| Realized      loss reclassified from accumulated other comprehensive lossto     interest      expense                                                   |  $  (4,924)                                                                                                      |  $    (300)                                                                                |
|                                                                                                                                                                             |                                                                                                                            |                                                                                                                |
| Adjustments      to other comprehensive income (loss):                                                                                                                           |                                                                                                                            |                                                                                                                |
| Realized      loss reclassified to interest expense for 2009 and 2008,     respectively                                                                 |  4,924                                                                                                                |  300                                                                                                      |
| Unrealized      gain (loss) from changes in the fair value of the effective     portion      of the interest rate swaps for 2009 and 2008, respectively |         889                                                                        |    (3,130)                                                                                           |
| Gain      (loss) included in other comprehensive loss                                                                                                                            | $     5,813                                                                                            | $ (2,830)                                                                                                      |

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

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|                                     | Asset   (Liability) |  Level      1 |  Level      2 |  Level      3      |
|------------------------------------------|------------------------------------|--------------------|--------------------|---------------------------------------------|
| Interest      rate swaps........ | (19,883)                      | -        | (19,883)           | -        |

| 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                           | $ 169,261                                                                           | $            -                   |
| Investment      in office building                                   | -                                                                                        | 5,416                                                                                        |
| Other      assets                                                    |       3,837                                                |          654                                    |
|   Total      Assets                                        | $ 173,098     =======                                      | $    6,070     =======                          |
|  Due      to the Operating Partnership                          |  $        161                               |  $           -                   |
| Mortgages      payable                                               | 79,256                                                                                   | 7,102                                                                                        |
| Other      liabilities                                               |       2,414                                                |         205                                          |
|   Total      Liabilities                                   | 81,831                                                                                   | 7,307                                                                                        |
|  Unaffiliated      partners' equity (deficiency)                |  73,014                                                                             |  (707)                                                                                       |
| Operating      Partnership equity (deficiency)                       |      18,253                                                     |       (530)                                                         |
|   Total      Liabilities and Partners' Equity (deficiency) | $ 173,098     =======                                      | $   6,070     ======                                 |
|                                                                 |                                                                                                              |                                                                                                                  |
| Income Statement      Data:                                          |                                                                                                              |                                                                                                                  |
| Total      revenues                                                  | $    8,764                                                           | $      575                                                     |
| Total      expenses                                                  |       8,463                                                |            547                        |
|   Net      income                                          | $       301     =======      | $        28     ======      |

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

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

|  (in thousands except      per unit data)                                                                                                                  | Three      MonthsEnded     Jun. 30,      2009 | Three      MonthsEnded     Jun. 30,      2008 | Six      MonthsEnded     Jun. 30,      2009 | Six      MonthsEnded     Jun. 30,      2008 |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------|------------------------------------------------------------------------|----------------------------------------------------------------------|----------------------------------------------------------------------|
| Numerator:                                                                                                                                                      |                                                                   |                                                                   |                                                                 |                                                                 |
|   Net      income from continuing operations     attributable      to controlling interests                                  |  $ 6,402                                                |  $ 10,745                                          |  $ 14,183                                        |  $ 19,872                                        |
|                                                                                                                                                            |                                                                   |                                                                   |                                                                 |                                                                 |
| Denominator:                                                                                                                                                    |                                                                   |                                                                   |                                                                 |                                                                 |
|   Denominator      for basic earnings per unit -    weighted      average units                                                   |  23,033                                                      |  22,150                                                 |  22,711                                               |  22,110                                               |
| Effect      of Dilutive Securities:                                                                                                                             |                                                                   |                                                                   |                                                                 |                                                                 |
|   Stock      options, warrants and non-vested stock                                                                                                   |          3           |       33                       |          3    |         25         |
| Denominator      for diluted earnings per unit -    adjusted      weighted average units and    assumed      conversion |   23,036                                                |   22,183                                           |   22,714                                         |   22,135                                         |
|                                                                                                                                                            |                                                                   |                                                                   |                                                                 |                                                                 |

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| Basic      earnings per common unit from  continuing      operations   |  $    0.28  |  $    0.45   |  $    0.62   |  $    0.86   |
|----------------------------------------------------------------------------------|-------------------------------------------|-------------------------------------------------|-------------------------------------------------|-------------------------------------------------|
| Basic      earnings per common unit                                              | $    0.28        | $    0.49         | $    0.62         | $    0.90         |
| Diluted      earnings per common unit from  continuing      operations |  $    0.28  |  $    0.45   |  $    0.62   |  $    0.86   |
| Diluted      earnings per common unit                                            | $    0.28        | $    0.48         | $    0.62         | $    0.90         |

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

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

| 15. | SUBSEQUENT      EVENT |
|-----|-----------------------|

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

----

----

----

|                                                                                                                                        | Six months      ended                            |
|---------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (in      thousands)                                                                                                                         | June 30,      2009                                                                                                                                                       | June 30,      2008     |
|  Net      income attributable to controlling interests                                                                                 |  $   14,183                                                                                                                      |  $  19,872        |
| Net      income attributable to noncontrolling interest                                                                                     | 680                                                                                                                                                  | 884        |
| Depreciation      of real estate and amortization  of      intangible assets exclusive of deferred  financing      fees |   17,063                                                                                                                                   |   17,155        |
| Depreciation      and amortization from  unconsolidated      joint ventures                                                       |  416                                                                                                                                            |  29        |
| Gain      on sale of real estate                                                                                                            | -                                                                                                                                               | (716)       |
| Funds      from operations allocable to  noncontrolling      interest in consolidated joint venture                               |        (680)                                                                                                           |       (884)       |
| FFO      available to controlling unitholders                                                                                               | $  31,662       =======                                                                                      | $ 36,340       ======       |

----

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|      * | 7.80%      mortgage note due December 2011, secured by 11 self-storage facilities      (Locke Sovran I) with an aggregate net book value of $43.1 million,      principal and interest paid monthly.  The outstanding balance at      June 30, 2009 on this mortgage was $28.7 million.                                                 |
|---------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|      * | 7.19%      mortgage note due March 2012, secured by 27 self-storage facilities (Locke      Sovran II) with an aggregate net book value of $80.4 million, principal      and interest paid monthly.  The outstanding balance at June 30,      2009 on this mortgage was $42.0 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 June 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 June 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 $3.8 million, principal and interest paid      monthly.  The outstanding balance at June 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 $34.5 million, interest only paid      monthly.  Estimated market rate at time of acquisition      6.44%.  The outstanding balance at June 30, 2009 on this      mortgage was $26.0 million.       |
|      * | 7.50%      mortgage notes due August 2011, secured by 3 self-storage facilities with      an aggregate net book value of $14.1 million, principal and interest paid      monthly.  Estimated market rate at time of acquisition      6.42%.  The outstanding balance at June 30, 2009 on this      mortgage was $6.0 million. |

----

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

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| 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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|                                                                                                                                                                                | Sovran      Self Storage, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|         August 7,      2009                  Date | 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) |

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