Extra Space Storage Inc

EXR: XNYS (USA)

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Extra Space Earnings: Same-Store Rent Growth Should Remain Tepid; Maintaining Our $160 Valuation

Suryansh Sharma

Jul 31, 2024

No-moat-rated Extra Space Storage reported a decent set of numbers in the second quarter given the context of a relatively difficult self-storage demand environment. The firm reported core funds from operations, or FFO, of $2.06 per share during the second quarter, flat compared with the same quarter in the previous year. The company has slightly revised the lower range of its 2024 full-year core FFO guidance upward to $7.95-$8.15 per share. We are maintaining our $160 per share fair value estimate for Extra Space Storage after incorporating the second-quarter results.

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Extra Space Storage Inc

Extra Space Earnings: Same-Store Rent Growth Should Remain Tepid; Maintaining Our $160 Valuation

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