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Preferred Stock Research

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					SOVRAN SELF STORAGE INC
424B3
10/01/2002

Cumulative Preferred Stock and upon Exercise of the Common Stock Purchase Warrants




                 2,800,000 shares of Series C Convertible
                 Cumulative Preferred Stock, par value
                 $.01 per share
                 Common Stock Purchase Warrants to purchase
                 379,166 shares of Common Stock, par value
                 $.01 per share
                 2,526,402 Common Shares issuable upon
                 conversion of the Series C Preferred Shares
                 and upon exercise of the Purchase Warrants.


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SOVRAN SELF STORAGE INC
424B3
10/01/2002

Cumulative Preferred Stock and upon Exercise of the Common Stock Purchase Warrants




SPECIAL NOTE REGARDING FORWARD-LOOKING            1
STATEMENTS

WHERE YOU CAN FIND MORE INFORMATION               2

SOVRAN SELF STORAGE, INC                          3

RISK FACTORS                                      4

RATIOS OF EARNINGS TO COMBINED FIXED             10
    CHARGES AND PREFERRED STOCK DIVIDENDS

USE OF PROCEEDS                                  10

SELLING SECURITY HOLDERS                         11

DESCRIPTION OF CAPITAL STOCK                     13

RESTRICTIONS ON TRANSFER/OWNERSHIP LIMITS        22

FEDERAL INCOME TAX CONSIDERATIONS                25

PLAN OF DISTRIBUTION                             48

LEGAL MATTERS                                    52

EXPERTS                                          52


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SOVRAN SELF STORAGE INC
424B3
10/01/2002

Cumulative Preferred Stock and upon Exercise of the Common Stock Purchase Warrants




                 the effect of competition from new self-storage
                 facilities, which would cause rents and
                 occupancy rates to decline;
                 our ability to evaluate, finance and integrate
                 acquired businesses into our existing
                 business and operations;
                 our ability to form joint ventures and sell
                 existing properties to those joint ventures;
                 our ability to effectively compete in the
                 industry in which we do business;
                 our existing indebtedness may mature in
                 an unfavorable credit environment, preventing
                 refinancing or forcing refinancing of
                 the indebtedness on terms that are not as
                 favorable as the existing terms;
                 interest rates may fluctuate, impacting
                 costs associated with our outstanding
                 floating rate debt;
                 our ability to successfully implement
                 our Uncle Bob's Flex-a-Space strategy;
                 our cash flow may be insufficient to meet
                 required payments of principal and interest;
                 and
                 tax law changes which may change the taxability
                 of future income.


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SOVRAN SELF STORAGE INC
424B3
10/01/2002

Cumulative Preferred Stock and upon Exercise of the Common Stock Purchase Warrants




                 Our Annual Report on Form 10-K for the fiscal
                 year ended December 31, 2001, as amended
                 on Form 10-K/A filed June 27, 2002;
                 Our Quarterly Reports on Form 10-Q for the
                 quarterly periods ended March 31, 2002
                 and June 30, 2002;
                 Our Current Report on Form 8-K dated July
                 12, 2002;
                 The description of our Common Shares contained
                 in our Registration Statement on Form 8-A
                 dated June 16, 1995, including all amendments
                 and reports updating such description;
                 and
                 The description of rights to Purchase our
                 Series A Preferred Shares contained in
                 our Registration Statement on Form 8-A
                 filed December 3, 1996, including all amendments
                 and reports updating such description.


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SOVRAN SELF STORAGE INC
424B3
10/01/2002

We are subject to the Risks Posed by Fluctuating Demand and Significant Competition in The Self-Sto




                 decreases in demand for rental spaces in
                 a particular locale;
                 changes in supply of or demand for similar
                 or competing facilities in an area;
                 changes in market rental rates; and
                 inability to collect rents from customers.


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The Self-Sto
SOVRAN SELF STORAGE INC
424B3
10/01/2002

Our Real Estate Investments Are Illiquid and Are Subject to Uninsurable Risks and Government Regula




                 changes in national economic conditions;
                 changes in local market conditions due
                 to changes in general or local economic
                 conditions and neighborhood characteristics;
                 competition from other self-storage facilities;
                 changes in interest rates and in the availability,
                 cost and terms of mortgage funds;
                 the impact of present or future environmental
                 legislation and compliance with environmental
                 laws;
                 the ongoing need for capital improvements,
                 particularly in older facilities;
                 changes in real estate tax rates and other
                 operating expenses;
                 adverse changes in governmental rules
                 and fiscal policies;
                 uninsured losses resulting from casualties
                 associated with civil unrest, acts of God,
                 including natural disasters, and acts
                 of war;
                 adverse changes in zoning laws; and
                 other factors which are beyond our control.


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SOVRAN SELF STORAGE INC
424B3
10/01/2002

Absence of a Public Trading Market May Affect the Value of the Series C Preferred Shares and the Pu




Six Months Ended              Year Ended December 31,
June 30, 2002       2001.00   2000.00 1999.00 1998.00   1997.00

             2.20      2.18     2.07     2.53    3.37      9.43


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SOVRAN SELF STORAGE INC
424B3
10/01/2002

Absence of a Public Trading Market May Affect the Value of the Series C Preferred Shares and the Pu




Name                 Series C               Purchase          Common      Percent of
                     Preferred Shares       Warrants          Shares      Common Shares
                     Offered Hereby (2)     Offered Hereby    Owned (3)   Outstanding(4)


The Prudential                    400,000            21,666      330,614 2.49%
Insurance Company
of America
Teachers Insurance              1,200,000           195,000    1,410,244 10.03%
and Annuity
Association of
America
GEBAM, Inc.(1)                  1,200,000           162,500    1,082,744 7.72%


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ed Shares and the Pu




      Common              Percent of       Common Shares
      Shares              Common Shares    Owned after
      Offered Hereby(5)   Outstanding(5)   Resale (6)
                                           Shares Percent

                  328,414 2.47%                2,200 *


                1,115,244 7.93%              295,000 2.10%



                1,082,744 7.72%                    0 0.00%
SOVRAN SELF STORAGE INC
424B3
10/01/2002

Absence of a Public Trading Market May Affect the Value of the Series C Preferred Shares and the Pu




        100 million Common Shares, of which 12,949,688
        were outstanding on July 31, 2002;
        10 million shares of Preferred Stock, $0.01
        par value, with the following shares authorized
        and outstanding on July 31, 2002;
        1,700,000 shares of 9.85% Series B Cumulative
        Redeemable Preferred Stock ("Series B
        Preferred Shares"), of which 1,200,000
        were outstanding;
        2,800,000 Series C Preferred Shares, of
        which 1,600,000 were outstanding; and
        250,000 shares of Series A Junior Participating
        Cumulative Preferred Stock ("Series A
        Preferred Shares"), none of which were
        outstanding.


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SOVRAN SELF STORAGE INC
424B3
10/01/2002

Absence of a Public Trading Market May Affect the Value of the Series C Preferred Shares and the Pu




                 Sovran consolidates with, or merges with
                 and into, any other person, and is not the
                 continuing or surviving corporation,
                 any person consolidates with or merges
                 with and into Sovran and Sovran is the continuing
                 or surviving corporation of such merger
                 and, in connection with such merger, all
                 or part of the Common Shares are changed
                 into or exchanged for stock or other securities
                 of any other person or cash or any other property,
                 or
                 50% or more of Sovran's assets or earning
                 power is sold, mortgaged or otherwise transferred


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SOVRAN SELF STORAGE INC
424B3
10/01/2002

Absence of a Public Trading Market May Affect the Value of the Series C Preferred Shares and the Pu




                 in the event of a stock dividend on, or a subdivision,
                 combination or reclassification of , the
                 Series A Preferred Shares,
                 if holders of the Series A Preferred Shares
                 are granted certain rights or warrants
                 to subscribe for Series A Preferred Shares
                 or convertible securities at less than
                 the current market price of the Series A
                 Preferred Shares, or
                 upon the distribution to holders of the
                 Series A Preferred Shares of evidences
                 of indebtedness or assets (excluding regular
                 quarterly cash dividends) or of subscription
                 rights or warrants (other than those referred
                 to above).


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d the Pu
SOVRAN SELF STORAGE INC
424B3
10/01/2002

Absence of a Public Trading Market May Affect the Value of the Series C Preferred Shares and the Pu




        the terms,
        preferences,
        conversion or other rights,
        voting powers,
        restrictions,
        limitations as to dividends or other distributions,
        qualifications, and
        terms or conditions of redemption.


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and the Pu
SOVRAN SELF STORAGE INC
424B3
10/01/2002

Absence of a Public Trading Market May Affect the Value of the Series C Preferred Shares and the Pu




                 plus an amount equal to a 15% annual return
                 thereon from July 3, 2002 until the date
                 of redemption, compounded annually,
                 less an amount equal to the sum of the aggregate
                 amount of cash dividends previously paid
                 or paid concurrently with the redemption,
                 plus an amount equal to a 15% compound annual
                 return on such cash dividends from the date
                 of payment until the date of redemption.


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SOVRAN SELF STORAGE INC
424B3
10/01/2002

Absence of a Public Trading Market May Affect the Value of the Series C Preferred Shares and the Pu




                 the payment of dividends or distributions
                 on shares of Sovran's capital stock in Common
                 Shares or securities convertible into
                 Common Shares;
                 subdivisions, combinations and reclassifications
                 of Common Shares;
                 the issuance to all holders of Common Shares
                 of certain rights, options or warrants
                 entitling them to subscribe for or purchase
                 Common Shares at a price per share less than
                 the conversion price;
                 distributions to all holders of Common
                 Shares of evidences of indebtedness of
                 Sovran or other assets, including securities,
                 but excluding those dividends, distributions,
                 rights, options and warrants referred
                 to above and certain dividends and distributions
                 paid in cash on the Common Shares;
                 certain tender or exchange offers involving
                 payment of consideration per Common Share
                 in excess of the conversion price; and
                 the issuance of shares of Common Shares,
                 or securities convertible or exchangeable
                 into Common Shares, for $29.00 or less per
                 share, subject to adjustment.


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SOVRAN SELF STORAGE INC
424B3
10/01/2002

RESTRICTIONS ON TRANSFER/OWNERSHIP LIMITS




                 the Shares in Trust will remain issued and
                 outstanding Common or Preferred Shares
                 of Sovran and will be entitled to the same
                 rights and privileges as all other shares
                 of the same class or series;
                 the Trustee will receive all dividends
                 and distributions on the Shares in Trust
                 for the Share Trust and will hold such dividends
                 or distributions in trust for the benefit
                 of one or more designated charitable beneficiaries;
                 and
                 the Trustee will vote all Shares in Trust.


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SOVRAN SELF STORAGE INC
424B3
10/01/2002

Taxation of Sovran




                 (1) that is managed by one or more trustees
                 or directors;
                 (2) the beneficial ownership of which is
                 evidenced by transferable shares or by
                 transferable certificates of beneficial
                 interest;
                 (3) that would be taxable as a domestic corporation
                 but for Sections 856 through 860 of the Code;
                 (4) that is neither a financial institution
                 nor an insurance company subject to certain
                 provisions of the Code;
                 (5) the beneficial ownership of which is
                 held by 100 or more persons;
                 (6) at all times during the last half of each
                 taxable year not more than 50% in value of
                 the outstanding shares of which is owned,
                 directly or indirectly, through the application
                 of certain attribution rules, by five or
                 fewer individuals (as defined in the Code
                 to include certain entities); and
                 (7) that meets certain other tests, described
                 below, regarding the nature of its income
                 and assets.


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SOVRAN SELF STORAGE INC
424B3
10/01/2002

Taxation of Sovran




                 First, at least 75% of the value of our total
                 assets must be represented by real estate
                 assets, cash, cash items and government
                 securities.
                 Second, no more than 25% of the value of our
                 total assets may be represented by securities
                 other than those in the 75% asset class.
                 Third, of the investments included in the
                 25% asset class, the value of any one issuer's
                 securities owned by us may not exceed 5%
                 of the value of our total assets, and we may
                 not own more than 10% of any one issuer's
                 outstanding voting securities or 10% of
                 the value of the outstanding securities
                 of any issuer.


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SOVRAN SELF STORAGE INC
424B3
10/01/2002

Taxation of Our U.S. Shareholders




                 a corporation, partnership or other entity
                 created or organized in or under the laws
                 of the United States or of any state or political
                 subdivision thereof,
                 an estate whose income from sources without
                 the United States is includible in gross
                 income for U.S. federal income tax purposes
                 regardless of its connection with the conduct
                 of a trade or business within the United
                 States, or
                 a trust, if a court within the United States
                 is able to exercise primary supervision
                 over the administration of the trust and
                 one or more United States persons has the
                 authority to control all substantial decisions
                 of the trust.


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SOVRAN SELF STORAGE INC
424B3
10/01/2002

Redemption of Series C Preferred Shares




        is "substantially disproportionate"
        with respect to the holder,
        results in a "complete termination" of
        the holder's stock interest in the corporation,
        or
        is "not essentially equivalent to a dividend"
        with respect to the holder, all within the
        meaning of Section 302(b) of the Code.


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SOVRAN SELF STORAGE INC
424B3
10/01/2002

Withholding and Reporting Requirements




                 cross trades or block trades in which a broker-dealer
                 will attempt to sell the offered securities
                 as agent but may position and resell a portion
                 of the block as principal to facilitate
                 the transaction;
                 purchases by a broker-dealer as principal
                 and resale by the broker-dealer for its
                 account pursuant to this prospectus;
                 ordinary brokerage transactions and transactions
                 in which the broker acts as agent and solicits
                 purchasers;
                 an exchange distribution in accordance
                 with the rules of the New York Stock Exchange;
                 the writing of options, whether the options
                 are listed on an options exchange or otherwise;
                 and
                 the settlement of short sales.


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SOVRAN SELF STORAGE INC
424B3
10/01/2002

Withholding and Reporting Requirements




                 all registration and filing fees;
                 printing expenses and fees; and
                 fees and disbursements of counsel and accountants
                 for us.
                 fees and expenses of any underwriter that
                 are typically paid by issuers.


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SOVRAN SELF STORAGE INC
424B3
10/01/2002

Withholding and Reporting Requirements




                 any underwriting fees or discounts, brokerage
                 commissions or similar selling expenses;
                 fees and disbursements of counsel for the
                 selling security holders; and
                 transfer taxes, if any


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SOVRAN SELF STORAGE INC
424B3
10/01/2002

Withholding and Reporting Requirements




                 the name of each such selling security holder
                 and of the participating broker-dealer(s);
                 the number of Common Shares, Series C Preferred
                 Shares or Purchase Warrants involved;
                 the price at which such securities were
                 sold;
                 the commissions paid or discounts or concessions
                 allowed to such broker-dealers, where
                 applicable;
                 that such broker-dealer(s) did not conduct
                 any investigation to verify the information
                 set out or incorporated by reference in
                 this prospectus; and
                 other facts material to the transaction.


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