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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q/A
AMENDMENT NO. 1


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

For the quarterly period ended March 31, 2006


Commission file number: 1-13820


SOVRAN SELF STORAGE, INC.
(Exact name of Registrant as specified in its charter)

                Maryland                 

      16-1194043      

(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer
Identification No.)

 

6467 Main Street
Buffalo, NY 14221
(Address of principal executive offices) (Zip code)

(716) 633-1850
(Registrant's telephone number including area code)

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

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer (as defined in Rule 12b-2 of the exchange Act).

Large Accelerated Filer  [ X ]          Accelerated Filer  [   ]          Non-accelerated Filer  [   ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes [   ]          No [ X ]

As of April 28, 2006, 17,712,789 shares of Common Stock, $.01 par value per share, were outstanding.

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Explanatory Note

          Sovran Self Storage, Inc. (the "Company") is filing this Amendment No. 1 on Form 10-Q/A (the "Form 10-Q/A") to amend its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2006, which was originally filed with the Securities and Exchange Commission (the "SEC") on May 8, 2006 (the "Original Filing").

          This Form 10-Q/A amends information in Items 2, 5 and 6 of Part II of the Original Filing. For purposes of this Form 10-Q/A, and in accordance with Rule 12b-15 of the Exchange Act, Items 2, 5 and 6 of Part II have been amended and restated in their entirety. This amendment does not modify or amend the other disclosures or Items in the Original Filing and this Form 10-Q/A does not reflect events occurring after the date of the Original Filing or modify, amend or update disclosures affected by subsequent events.

          This Form 10-Q/A includes updated certifications from the Company's Chief Executive Officer and Chief Financial Officer in Exhibits 31.1 and 31.2.

PART II
OTHER INFORMATION

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

          During the quarterly period ended March 31, 2006, the Company issued an aggregate of 40,055 shares of its restricted common stock to ten of its employees, including certain of its executive officers, pursuant to the Sovran Self Storage, Inc. 2005 Award and Option Plan. The issuance of such common stock was exempt from registration pursuant to the Securities Act of 1933, among other reasons, by virtue of Section 4(2) as transactions not involving a public offering.

Item 5.

Other Information

          During the quarterly period ending March 31, 2006, the Company, through action of the Compensation Committee of the Board of Directors, approved cash bonuses and restricted stock awards for 2005 performance and long term restricted stock awards for the Chief Executive Officer, Chief Operating Officer and Chief Financial Officer and established their base salary for 2006. The Company also awarded cash bonuses and restricted stock awards for 2005 performance to certain other executive officers, and established 2006 base salary for such executive officers.

          The cash bonuses, restricted stock awards, long term restricted stock awards and 2006 base salary for each such person is as follows:

 

 

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Schedule of Compensation for Executive Officers

   

Bonus for 2005 Performance

 
       



  Officer  


2006    
Salary   


Cash      
Bonus     


Restricted Stock
       Awards      

Long-Term   
Restricted Stock
       Awards      

Robert J. Attea

$    379,168

$     371,078

4,4162 Shares

7,7854 Shares

Kenneth F. Myszka

$    369,056

$     360,269

4,2871 Shares

6,8904 Shares

David L. Rogers

$    369,056

$     360,269

4,2873 Shares

6,8904 Shares

Andrew J. Gregoire

$    142,000

$       40,000

1,0001 Shares

N/A

Edward F. Killeen

$    135,000

$       40,000

1,0001 Shares

N/A

Paul T. Powell

$    135,000

$       40,000

1,0001 Shares

N/A

(1)

Vests 25% per year over 4 years.

   

(2)

Vests 50% per year over 2 years.

   

(3)

Vests 14.28% per year over 7 years.

   

(4)

Vests 12.5% per year over 8 years.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Item 6.

Exhibits

10.1

Form of restricted stock grant pursuant to Sovran Self Storage, Inc. 2005 Award and Option Plan.*


10.2


Form of stock option grant pursuant to Sovran Self Storage, Inc. 2005 Award and Option Plan.*


10.3


Form of restricted stock grant pursuant to Sovran Self Storage, Inc. 1995 Award and Option Plan.*


10.4


Form of stock option grant pursuant to Sovran Self Storage, Inc. 1995 Award and Option Plan.*


10.5


Deferred Compensation Plan for Directors (incorporated by reference to Schedule 14A Proxy Statement filed April 8, 2004).


10.6


Schedule of Compensation for Executive Officers.*


21


Subsidiaries.*


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


Certificate of Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(d) of the Securities Exchange Act, as amended.*

_____________
*Filed herewith

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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SIGNATURES

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

 

Sovran Self Storage, Inc.

 


By:     / S / David L. Rogers                        
           David L. Rogers
           Secretary, Chief Financial Officer


November 24, 2006

Date

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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