Extra Space Storage Inc
EXR: XNYS (USA)
| Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
|---|---|---|---|
| $394.00 | Twpdz | Dkjbkxlyfs |
Extra Space Earnings: Same-Store NOI Expected To Decline in 2024 as Self-Storage Demand Cools
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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.