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Extra Space Storage Inc

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Morningstar Rating for Stocks Fair Value Economic Moat Capital Allocation

Extra Space Storage Reports Good Set of Q2 Numbers, Increases Full-Year FFO Guidance

No-moat Extra Space Storage reported a good set of numbers for the second quarter. It reported funds from operations of $2.12 per share, 30% higher than the $1.64 during the second quarter of 2021. The company also increased its 2022 FFO guidance to $8.30-$8.50 per share from $8.05-$8.30, representing an increase of 2.8% at the midpoint. We have slightly increased our near-term projections in line with the latest guidance and are increasing our fair value estimate to $173 per share from $167 after incorporating second-quarter results.

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