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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: Same-Store NOI Expected To Decline in 2024 as Self-Storage Demand Cools

No-moat-rated Extra Space Storage reported a lackluster set of numbers in the fourth quarter as demand for self-storage is expected to cool down even further in 2024. The firm reported core funds from operations, or FFO, of $2.02 per share, 3.3% lower than the $2.09 per share FFO during the fourth quarter of 2022. The company guided for 2024 full-year core FFO to be in the $7.85-$8.15 per share range, representing a 1.2% decline at the midpoint. We are maintaining our $165 per share fair value estimate for Extra Space Storage after incorporating the fourth-quarter results.

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