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Extra Space Storage Inc EXR

Rating as of

Morningstar’s Analysis

Valuation
Currency in USD
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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

We are Raising our FVE for Extra Space as Self-Storage Benefits from the Pandemic

Yousuf Hafuda Equity Analyst

Analyst Note

| Yousuf Hafuda |

We are raising our fair value estimate for no-moat-rated Extra Space Storage to $95 per share from $83. The increase in our fair value estimate comes as we incorporate recent strong performance and alter our near-term forecasts. Extra Space and its self-storage peers started the pandemic facing some challenges and heightened uncertainty. This jittery performance was enough to make some question the subsector's vaunted status of resilience.

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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.

Contact
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