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Extra Space Storage Inc EXR

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Morningstar’s Analysis

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Self-Storage Finally Shows Vaunted Countercyclicality After Struggles at the Outset of the Pandemic

Yousuf Hafuda Equity Analyst

Analyst Note

| Yousuf Hafuda |

Extra Space Storage reported excellent fourth-quarter results, with the self-storage industry finally vindicating its previously acquired reputation for countercyclicality and resilience. These positive results caused the firm’s shares to rise by around 5%. Extra Space Storage reported fourth-quarter core funds from operations, or FFO, of $1.48 per share, a 16.5% increase as compared with the third quarter of 2019, with a large portion of this increase coming from external growth. Meanwhile, same-store revenue increased by 2.3% while same-store net operating income increased by 3.4%. Although we are impressed by these results, we still think supply remains an issue for the industry and have maintained our $83 per share fair value estimate for no-moat Extra Space Storage.

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Company Profile

Business Description

Extra Space Storage owns, operates, and manages more than 1,800 self-storage properties in 38 states, with over 100 million net rentable square feet of storage space. Of these properties, the majority are wholly owned, while some facilities are owned through joint ventures and others are owned by third parties and managed by Extra Space Storage in exchange for a management fee. The company is structured as an umbrella partnership REIT, or UPREIT.

2795 East Cottonwood Parkway, Suite 300
Salt Lake City, UT, 84121
T +1 801 365-4600
Sector Real Estate
Industry REIT - Industrial
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2021
Stock Type Hard Assets
Employees 4,013