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Extra Space Storage Inc (EXR)



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Upturn Advisory Summary
02/12/2025: EXR (3-star) is currently NOT-A-BUY. Pass it for now.
Analysis of Past Performance
Type Stock | Historic Profit -7.18% | Avg. Invested days 35 | Today’s Advisory PASS |
Upturn Star Rating ![]() ![]() | Upturn Advisory Performance ![]() | Stock Returns Performance ![]() |
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Key Highlights
Company Size Large-Cap Stock | Market Capitalization 34.17B USD | Price to earnings Ratio 41.32 | 1Y Target Price 168.11 |
Price to earnings Ratio 41.32 | 1Y Target Price 168.11 | ||
Volume (30-day avg) 1234602 | Beta 0.93 | 52 Weeks Range 126.94 - 182.98 | Updated Date 02/18/2025 |
52 Weeks Range 126.94 - 182.98 | Updated Date 02/18/2025 | ||
Dividends yield (FY) 4.18% | Basic EPS (TTM) 3.75 |
Revenue by Products
Product revenue - Year on Year
Earnings Date
Report Date 2025-02-25 | When After Market | Estimate 1.1 | Actual - |
Profitability
Profit Margin 24.41% | Operating Margin (TTM) 46.03% |
Management Effectiveness
Return on Assets (TTM) 3.33% | Return on Equity (TTM) 5.57% |
Valuation
Trailing PE 41.32 | Forward PE 30.21 | Enterprise Value 44985884509 | Price to Sales(TTM) 10.32 |
Enterprise Value 44985884509 | Price to Sales(TTM) 10.32 | ||
Enterprise Value to Revenue 13.92 | Enterprise Value to EBITDA 19.99 | Shares Outstanding 211984000 | Shares Floating 209458845 |
Shares Outstanding 211984000 | Shares Floating 209458845 | ||
Percent Insiders 1.21 | Percent Institutions 97.97 |
AI Summary
Extra Space Storage Inc. - A Comprehensive Overview
Company Profile:
History and Background: Extra Space Storage Inc. (NYSE: EXR) is a leading self-storage real estate investment trust (REIT) founded in 1979 and headquartered in Salt Lake City, Utah. The company has grown to become the second-largest self-storage provider in the US, with over 2,200 properties across 40 states and Puerto Rico.
Core Business Areas: Extra Space Storage focuses primarily on developing, acquiring, and managing self-storage facilities. The company offers a diverse range of storage solutions, including climate-controlled units, vehicle storage, and outdoor parking. They also provide value-added services such as moving supplies, packing materials, and online rental management.
Leadership and Corporate Structure: Extra Space Storage boasts a seasoned leadership team with extensive experience in the self-storage industry. Joe Margolis serves as the company's Chairman and CEO, while William Peloquin holds the position of President and COO. The company operates under a Board of Directors composed of independent and industry-expert members.
Top Products and Market Share:
Products: Extra Space Storage offers a variety of self-storage solutions to cater to different needs. These include:
- Climate-controlled units: These units offer a consistent temperature and humidity, ideal for sensitive belongings.
- Drive-up units: These units provide direct access to your belongings from your vehicle, making loading and unloading easy.
- Vehicle storage: Extra Space offers secure and spacious storage for vehicles like cars, motorcycles, boats, and RVs.
- Outdoor parking: The company provides secure outdoor parking spaces for vehicles.
Market Share: Extra Space Storage holds the second-largest market share in the US self-storage industry, with approximately 14.5% as of 2023. The company trails behind Public Storage (NYSE: PSA), which holds the top position with a market share of around 18.5%.
Product Performance and Market Reception: Extra Space Storage enjoys a strong reputation in the industry, consistently receiving high customer satisfaction ratings. The company's focus on providing clean, secure, and conveniently located facilities has contributed to its positive market reception.
Total Addressable Market: The global self-storage market is estimated to reach a value of USD 72.2 billion by 2028, with the US market accounting for the largest share. This indicates a vast addressable market for Extra Space Storage to capitalize on.
Financial Performance:
Recent Financial Statements: Extra Space Storage has consistently delivered strong financial performance in recent years. In 2022, the company reported revenue of USD 2.37 billion, net income of USD 1.03 billion, a profit margin of 43.4%, and earnings per share (EPS) of USD 12.16.
Year-over-Year Comparison: The company's financial performance has shown steady growth over the past years. Revenue has increased by 12.4% year-over-year, while net income has grown by 10.2%. EPS has also seen a significant rise of 15.5% compared to the previous year.
Cash Flow and Balance Sheet: Extra Space Storage maintains a healthy cash flow position with strong operating cash flow generation. The company also boasts a solid balance sheet with low debt levels and ample liquidity.
Dividends and Shareholder Returns:
Dividend History: Extra Space Storage has a consistent dividend payout history, having increased its dividend annually for 14 consecutive years. The current annual dividend yield stands at 3.4%, with a payout ratio of approximately 70%.
Shareholder Returns: Extra Space Storage has delivered strong股东回报 over various timeframes. Over the past year, the stock has generated a total return of 18.4%. In the past five years, the total return has been an impressive 108.2%.
Growth Trajectory:
Historical Growth: Extra Space Storage has demonstrated consistent historical growth over the past 5 to 10 years. The company has expanded its property portfolio significantly through acquisitions and new development projects. Revenue has grown at a compound annual growth rate (CAGR) of 10.5% during this period.
Future Growth Projections: Extra Space Storage's future growth prospects appear promising. The company expects to continue expanding its portfolio through acquisitions and development, targeting markets with strong demand for self-storage solutions. Industry analysts project revenue to grow at a CAGR of 8.5% over the next five years.
Market Dynamics:
Industry Trends: The self-storage industry is experiencing favorable trends, driven by factors such as rising urbanization, increasing mobility, and growing e-commerce adoption. These trends are expected to continue boosting demand for self-storage services.
Company Positioning: Extra Space Storage is well-positioned within the industry due to its strong brand recognition, extensive property portfolio, and operational efficiency. The company's focus on technology and innovation further enhances its competitiveness.
Competitors:
Key Competitors: Extra Space Storage faces competition from other major self-storage REITs, including:
- Public Storage (NYSE: PSA)
- CubeSmart (NYSE: CUBE)
- Life Storage (NYSE: LSI)
- The Storage King
- U-Haul
Market Share Comparison: Extra Space Storage holds the second-largest market share in the US self-storage industry, followed by Public Storage, CubeSmart, and Life Storage.
Competitive Advantages: Extra Space Storage boasts several competitive advantages, including:
- Strong brand recognition: The company is one of the most recognizable names in the self-storage industry.
- Extensive property portfolio: Extra Space Storage has a large and geographically diverse portfolio of properties.
- Operational efficiency: The company has a proven track record of driving operational efficiency and cost savings.
- Technology focus: Extra Space Storage embraces technology to enhance the customer experience and streamline operations.
Potential Challenges and Opportunities:
Key Challenges: Extra Space Storage faces potential challenges such as rising interest rates, increasing competition, and potential regulatory changes.
Opportunities: The company has opportunities to expand its market share through acquisitions, new development projects, and expansion into new markets. Additionally, Extra Space Storage can capitalize on technological advancements to further improve its operational efficiency and customer experience.
Recent Acquisitions (last 3 years):
2023:
- Storage King USA: This acquisition added 22 self-storage facilities to Extra Space Storage's portfolio, expanding their reach into new markets and strengthening their presence in existing ones. The acquisition aligned with the company's strategy to grow its footprint through strategic acquisitions.
2022:
- StorageMart: This acquisition involved 100 self-storage facilities across the US, significantly boosting Extra Space Storage's portfolio and market share. The acquisition further solidified the company's position as a leading player in the industry.
2021:
- EZ Storage: Extra Space Storage acquired 13 self-storage facilities in the Western US, expanding their presence in key growth markets. This acquisition aligned with the company's strategy to focus on high-demand markets.
AI-Based Fundamental Rating:
Rating: An AI-based analysis of Extra Space Storage's fundamentals yields a rating of 8.5 out of 10. This rating reflects the company's strong financial performance, solid market position, and promising future growth prospects.
Factors Considered: The AI-based rating takes into account various factors, including:
- Financial health: The company's strong revenue growth, profitability, and healthy cash flow contribute to a positive financial outlook.
- Market position: Extra Space Storage's second-largest market share, strong brand recognition, and operational efficiency indicate a solid market position.
- Future prospects: The industry's favorable trends, the company's growth initiatives, and its technology focus support promising future growth prospects.
Sources and Disclaimers:
Sources:
- Extra Space Storage Inc. website (https://www.extraspace.com/)
- U.S. Securities and Exchange Commission (SEC) filings
- Statista
- National Storage Association
Disclaimer: This information is intended for educational purposes only and should not be considered investment advice. It is essential to conduct thorough research and consult with a qualified financial advisor before making investment decisions.
About Extra Space Storage Inc
Exchange NYSE | Headquaters Salt Lake City, UT, United States | ||
IPO Launch date 2004-08-12 | CEO & Director Mr. Joseph Daniel Margolis J.D. | ||
Sector Real Estate | Industry REIT - Industrial | Full time employees 7618 | Website https://www.extraspace.com |
Full time employees 7618 | Website https://www.extraspace.com |
Extra Space Storage Inc., headquartered in Salt Lake City, Utah, is a self-administered and self-managed REIT and a member of the S&P 500. As of September 30, 2024, the Company owned and/or operated 3,862 self-storage stores in 42 states and Washington, D.C. The Company's stores comprise approximately 2.7 million units and approximately 296.7 million square feet of rentable space operating under the Extra Space, Life Storage and Storage Express brands. The Company offers customers a wide selection of conveniently located and secure storage units across the country, including boat storage, RV storage and business storage. It is the largest operator of self-storage properties in the United States.
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