Extra Space Storage
EXR

$173.58

0.01%

Market Cap: $36.8B

About: Extra Space Storage is a fully integrated real estate investment trust that owns, operates, and manages almost 3,700 self-storage properties in 42 states, with over 280 million net rentable square feet of storage space. Of these properties, approximately one half is 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.

Employees: 7,618

Financials Real Estate Investment Trusts

0

Funds holding %

of 6,686 funds

0

Analysts bullish %

of 10 analysts

Fund manager confidence

Based on 2024 Q2 SEC filings by fund managers ($100M+ AUM)

254% more call options, than puts

Call options by funds: $33.4M | Put options by funds: $9.45M

71% more first-time investments, than exits

New positions opened: 99 | Existing positions closed: 58

8% more capital invested

Capital invested by funds: $29.7B [Q1] → $32.1B (+$2.34B) [Q2]

6% more funds holding

Funds holding: 690 [Q1] → 731 (+41) [Q2]

1.92% more ownership

Funds ownership: 95.81% [Q1] → 97.73% (+1.92%) [Q2]

4% more repeat investments, than reductions

Existing positions increased: 261 | Existing positions reduced: 250

11% less funds holding in top 10

Funds holding in top 10: 9 [Q1] → 8 (-1) [Q2]

See Fund Rankings

Research analyst outlook

10 Wall Street Analysts provided 1 year price targets over the past 3 months

Low target

$151

13%

downside

Avg. target

$167

4%

downside

High target

$188

8%

upside

10 analyst ratings

3 positive

30%

4 neutral

40%

3 negative

30%

Evercore ISI Group Steve Sakwa 66% 1-year accuracy 31 / 47 met price target	4%downside $167	In-Line Maintained	28 Aug 2024
Scotiabank Nicholas Yulico 68% 1-year accuracy 15 / 22 met price target	3%downside $169	Sector Underperform Maintained	22 Aug 2024
Barclays Brendan Lynch 83% 1-year accuracy 19 / 23 met price target	8%upside $188	Overweight Maintained	22 Aug 2024
Truist Securities Ki Bin Kim 70% 1-year accuracy 28 / 40 met price target	4%downside $167	Hold Maintained	16 Aug 2024
B of A Securities Jeffrey Spector 50% 1-year accuracy 1 / 2 met price target	11%downside $155	Underperform Downgraded	5 Aug 2024

See Analyst Rankings

Financial journalist opinion

Based on 7 articles about EXR published over the past 30 days

A Summer To Remember

U.S. equity markets climbed to record-highs while benchmark interest rates rebounded from eight-month lows on a relatively quiet end-of-summer week as investors parsed a 'Goldilocks' slate of economic data. PCE data showed modest inflationary pressures in July - keeping the Fed on course for multiple rate cuts by year-end - while consumer spending and consumer confidence data topped estimates. Posting gains for a fourth week following a three-week skid in late July, the S&P 500 gained another 0.3% this week. The Dow Jones finished the week at all-time record-highs.

A Summer To Remember

Extra Space, Extra Gains: How Extra Space Storage Is Winning The Dividend Game

I remain bullish on Extra Space Storage due to its strong operational performance, strategic growth through mergers, and consistent dividend payouts, despite industry challenges. EXR's valuation appears fair after a recent rally, so I'm cautious about deploying significant capital at current levels without a meaningful pullback. The Life Storage merger and expansion of third-party managed properties enhance EXR's market position and revenue streams, supporting long-term growth.

Extra Space, Extra Gains: How Extra Space Storage Is Winning The Dividend Game

Assessing Quality Of REIT Earnings

REITs trade on AFFO, but the market often overlooks the quality of AFFO growth, leading to mispricings. AFFO growth sources vary in quality; repeatable sources like rental rate growth are more valuable than one-time or cyclical gains. Capital structure changes like debt paydown and share buybacks can enhance AFFO quality by reducing risk and demonstrating management alignment.

Assessing Quality Of REIT Earnings

Zacks Investment Research

Extra Space Storage (EXR) Up 21% in 3 Months: Will the Trend Last?

Extra Space Storage (EXR) is likely to benefit from the high brand value, accretive buyouts and a healthy balance sheet despite lower new customer rates.

Extra Space Storage (EXR) Up 21% in 3 Months: Will the Trend Last?

Extra Space Storage Celebrates 20 Years as a Publicly Traded Company

SALT LAKE CITY , Aug. 19, 2024 /PRNewswire/ -- Extra Space Storage (NYSE: EXR), a leader in the self-storage sector, celebrates its 20th anniversary as a publicly traded company. The company began trading on the New York Stock Exchange on August 20, 2004, following its initial public offering (IPO).

Extra Space Storage Celebrates 20 Years as a Publicly Traded Company

Extra Space Storage Inc. Announces 3rd Quarter 2024 Dividend

SALT LAKE CITY , Aug. 19, 2024 /PRNewswire/ -- Extra Space Storage Inc. (the "Company") (NYSE: EXR) announced today that the Company's board of directors has declared a third quarter 2024 dividend of $1.62 per share on the common stock of the Company. The dividend is payable on September 30, 2024, to stockholders of record at the close of business on September 16, 2024.

Extra Space Storage Inc. Announces 3rd Quarter 2024 Dividend

Chasing Goldilocks

U.S. equity markets rallied while benchmark interest rates remained near the lows of the year after a critical slate of inflation data showed further encouraging signs of cooling price pressures. The Consumer Price Index posted a downside surprise for a fourth straight month, underscored by a "2-Handle" on Headline CPI, which follows a period of historically high inflation from 2021 to 2023. Sparking a renewed "Goldilocks" narrative, Retail Sales data was notably stronger than expected in July - posting its strongest monthly increase in 18 months - while Jobless Claims also moderated.

Chasing Goldilocks

Extra Space Announces Pricing of $400 Million of 5.350% Senior Notes due 2035

SALT LAKE CITY , Aug. 7, 2024 /PRNewswire/ -- Extra Space Storage Inc. ("Extra Space") (NYSE: EXR), a leading owner and operator of self-storage facilities in the United States and a member of the S&P 500, today announced that its operating partnership, Extra Space Storage LP (the "operating partnership"), has priced a public offering of $400 million aggregate principal amount of 5.350% senior notes due 2035 (the "Notes"). The Notes were priced at 99.973% of the principal amount and will mature on January 15, 2035.

Extra Space Announces Pricing of $400 Million of 5.350% Senior Notes due 2035

Behind The Curve

U.S. equity markets tumbled in a volatile week, while benchmark interest rates plunged by the most since December 2008 after employment data showed decisive evidence of weakening labor market conditions. Volatility was amplified by a confluence of central bank policy decisions, a hit-and-miss slate of corporate earnings results, an intensification of geopolitical risks, and a re-pricing of domestic political expectations. Among several weak employment reports, the critical nonfarm payrolls report showed that the unemployment rate jumped to the highest level since 2021 in July, and the report was even weaker under-the-surface.

Behind The Curve

The Top 3 Real Estate Stocks to Buy Now: Summer 2024

Buying real estate is one of the oldest ways of investing, and it has changed along with the evolution of the financial system. Renting out your space looks like a great option if you don't see it as passive income, because constant visits to check on the condition of the property can turn into a full-time job.

The Top 3 Real Estate Stocks to Buy Now: Summer 2024

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