This article originally appeared on The DIV-Net December 1, 2008. Â Linked here is a PDF copy of my detailed analysis of Sovran Self Storage, Inc. (SSS) (alt.1, alt.2). Below are some highlights from the above linked analysis: Company Description: Sovran Self Storage Inc. is a self-managed real estate investment trust that owns self-storage facilities, mainly in the East, Midwest, Arizona, and Texas. Fair Value: I consider four calculations of fair value, see page 2 of the linked PDF for a detailed description: Avg. High Yield Price 20-Year DCF Price Avg. P/E Price Graham Number SSS is trading at a discount to 1.), 3.) and 4.) above. If I exclude the high and low valuations and average the remaining two, SSS is trading at a 21.2% discount. SSS earned a Star in this section since it is trading at a fair value. Dividend Analytical Data: In this section I consider five factors, see page 2 of the linked PDF for a detailed description: Rolling 4-yr Div. > 15% Dividend Growth Rate Years of Div. Growth 1-Yr. > 5-Yr Growth Payout 15% of avg. SSS earned two Stars in this section for 3.) and 4.) above. SSS has paid a cash dividend to shareholders every year since 1995 and has increased its dividend payments for 13 consecutive years. It's one year dividend growth rate exceeded its 5-year growth rate. This could indicate the growth rate is accelerating. Dividend Income vs.
