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Extra Space Storage Inc

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Morningstar Rating for Stocks Fair Value Economic Moat Capital Allocation

Extra Space Earnings: Solid Same-Store Net Operating Income Growth Offset by Higher Interest Expenses

No-moat-rated Extra Space Storage achieved solid same-store net operating income growth in the first quarter that was offset by higher interest expenses due to rising interest rates. The firm reported core funds from operations, or FFO, of $2.02 per share, 0.5% higher than the $2.01 per share FFO during the first quarter of 2022. The company maintained its 2023 full-year core FFO guidance of $8.30 to $8.60 per share, representing flattish growth at the midpoint when compared with the 2022 core FFO of $8.44. We are maintaining our $177 fair value estimate for the company as we incorporate first-quarter results.

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