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Extra Space Storage Inc - Stock Quote EXR

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Morningstar's Extra Space Storage Inc Stock Analysis

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1-Star Price

PREMIUM

5-Star Price

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Economic Moat

PREMIUM

Capital Allocation

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Extra Space Storage Achieves Very High Rent Growth in Q1 That Drives FFO Growth

Kevin Brown, CFA Equity Analyst

Analyst Note

| Kevin Brown, CFA |

Extra Space Storage reported first-quarter results that were ahead of our expectations, though we don’t see anything from the quarter that would materially change our $185 fair value estimate for the no-moat company. Same-store occupancy fell 70 basis points both sequentially and year over year to 94.5%. However, rent per occupied square foot for the same-store portfolio increased 22.3% year over year to $21.00, which is better than our estimate of 14.0% growth and drove same-store revenue growth of 21.7% for the quarter. Meanwhile, same-store operating expenses only grew 6.8%, leading to same-store net operating income growth of 27.6% in the first quarter. As a result, core funds from operations grew 34% year over year to a reported $2.01 per share figure for the first quarter.

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Extra Space Storage Inc's Company Profile

Business Description

Extra Space Storage owns, operates, and manages almost 2,100 self-storage properties in 41 states, with over 160 million net rentable square feet of storage space. Of these properties, the majority are 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. The company is structured as an umbrella partnership REIT, or UPREIT.

Contact
2795 East Cottonwood Parkway, Suite 300
Salt Lake City, UT, 84121
T +1 801 365-4600
Sector Real Estate
Industry REIT - Industrial
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Hard Assets
Employees 4,309