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Extra Space Storage Inc EXR

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Stock XNYS Rating as of
$146.22 +5.27 (3.74%)
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As of Delayed Price Closed
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Company Report

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Extra Space Earnings: Portfolio Occupancy Rates Hold Up Well; 2024 Guidance Maintained

Suryansh Sharma

No-moat-rated Extra Space Storage reported a decent set of numbers in the first quarter given the context of a relatively difficult demand environment. The firm reported core funds from operations, or FFO, of $1.96 per share, 3.0% lower than the $2.02 per share FFO during the first quarter of 2023. The company has maintained its 2024 full-year core FFO guidance of $7.85-$8.15 per share, representing a 1.2% decline at the midpoint. We are maintaining our $160 per share fair value estimate for Extra Space Storage after incorporating the first-quarter results.

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Price vs Fair Value

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EXR is trading at a 862% premium.
Price
$140.95
Fair Value
$182.00
Uncertainty
Medium
1-Star Price
$387.00
5-Star Price
$497.00
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Extra Space’s third-party management business serves not only as a capital-light revenue stream, but also as an acquisition pipeline, ensuring future growth.

Bears

Supply has increased over the past few years, which could significantly affect management’s ability to pass along price increases.

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News

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Trading Information

Previous Close Price
$140.95
Day Range
$141.12–146.25
52-Week Range
$101.19–164.99
Bid/Ask
$119.90 / $168.00
Market Cap
$30.96 Bil
Volume/Avg
945,139 / 1.2 Mil

Key Statistics

Price/Earnings (Normalized)
29.01
Price/Sales
9.30
Dividend Yield (Trailing)
3.45%
Dividend Yield (Forward)
4.60%
Total Yield
3.39%

Company Profile

Extra Space Storage is a fully integrated real estate investment trust that owns, operates, and manages almost 3,700 self-storage properties in 42 states, with over 280 million net rentable square feet of storage space. Of these properties, approximately one half is wholly owned, while some facilities are owned through joint ventures and others are owned by third parties and managed by Extra Space Storage in exchange for a management fee.
Sector
Real Estate
Industry
REIT - Industrial
Stock Style Box
Mid Core
Total Number of Employees
7,618
Website
http://www.extraspace.com

Competitors

Valuation

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Metric
EXR
PLD
PSA
Price/Earnings (Normalized)
 29.0140.3223.24
Price/Book Value
 2.091.888.64
Price/Sales
 9.3012.5410.59
Price/Cash Flow
 17.0919.2315.08
Price/Earnings
EXR
PLD
PSA

Financial Strength

Metric
EXR
PLD
PSA
Quick Ratio
 0.770.180.54
Current Ratio
 0.850.320.54
Interest Coverage
 2.806.3210.03
Quick Ratio
EXR
PLD
PSA

Profitability

Metric
EXR
PLD
PSA
Return on Assets (Normalized)
 4.47%3.93%11.70%
Return on Equity (Normalized)
 9.62%6.71%38.84%
Return on Invested Capital (Normalized)
 6.56%4.89%12.98%
Return on Assets
EXR
PLD
PSA
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REIT - Industrial Industry Comparables

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