NYSE:EXR

Stock Analysis Report

Executive Summary

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.

Snowflake

Average dividend payer and slightly overvalued.


Similar Companies

Share Price & News

How has Extra Space Storage's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: EXR has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

2.2%

EXR

2.4%

US REITs

0.9%

US Market


1 Year Return

13.0%

EXR

15.7%

US REITs

16.8%

US Market

Return vs Industry: EXR underperformed the US REITs industry which returned 15.7% over the past year.

Return vs Market: EXR underperformed the US Market which returned 16.8% over the past year.


Shareholder returns

EXRIndustryMarket
7 Day2.2%2.4%0.9%
30 Day-6.5%-2.0%4.5%
90 Day-11.6%1.7%6.2%
1 Year16.9%13.0%20.6%15.7%19.4%16.8%
3 Year71.0%53.0%40.0%22.5%47.5%38.0%
5 Year117.4%82.2%57.1%24.4%62.0%44.1%

Price Volatility Vs. Market

How volatile is Extra Space Storage's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Extra Space Storage undervalued compared to its fair value and its price relative to the market?

9.6%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: EXR ($106.8) is trading below our estimate of fair value ($118.15)

Significantly Below Fair Value: EXR is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: EXR is good value based on its PE Ratio (33.3x) compared to the REITs industry average (38.7x).

PE vs Market: EXR is poor value based on its PE Ratio (33.3x) compared to the US market (18.2x).


Price to Earnings Growth Ratio

PEG Ratio: EXR is poor value based on its PEG Ratio (4.6x)


Price to Book Ratio

PB vs Industry: EXR is overvalued based on its PB Ratio (5.5x) compared to the US REITs industry average (2x).


Next Steps

Future Growth

How is Extra Space Storage forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

7.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: EXR's forecast earnings growth (7.2% per year) is above the savings rate (2.7%).

Earnings vs Market: EXR's earnings (7.2% per year) are forecast to grow slower than the US market (14.4% per year).

High Growth Earnings: EXR's earnings are forecast to grow, but not significantly.

Revenue vs Market: EXR's revenue (1% per year) is forecast to grow slower than the US market (7.3% per year).

High Growth Revenue: EXR's revenue (1% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: EXR's Return on Equity is forecast to be low in 3 years time (18.5%).


Next Steps

Past Performance

How has Extra Space Storage performed over the past 5 years?

19.7%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: EXR has high quality earnings.

Growing Profit Margin: EXR's current net profit margins (31.6%) are lower than last year (44.6%).


Past Earnings Growth Analysis

Earnings Trend: EXR's earnings have grown by 19.7% per year over the past 5 years.

Accelerating Growth: EXR's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: EXR had negative earnings growth (-22.8%) over the past year, making it difficult to compare to the REITs industry average (8.7%).


Return on Equity

High ROE: EXR's Return on Equity (15.1%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Extra Space Storage's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: EXR has a high level of physical assets or inventory.

Debt Coverage by Assets: EXR's debt is not covered by short term assets (assets are 0x debt).


Financial Institutions Analysis

Asset Level: EXR's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if EXR has a sufficient allowance for bad loans.

Low Risk Liabilities: EXR reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if EXR has an acceptable proportion of non-loan assets held.

Low Risk Deposits: EXR has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if EXR has an appropriate level of bad loans.


Next Steps

Dividend

What is Extra Space Storage's current dividend yield, its reliability and sustainability?

3.37%

Current Dividend Yield


Upcoming Dividend Payment

Purchase Extra Space Storage before the 'Buy Limit' to receive their next dividend payment.


Dividend Yield vs Market

company3.4%marketbottom25%1.4%markettop25%3.7%industryaverage3.7%forecastin3Years3.5%

Current dividend yield vs market & industry

Notable Dividend: EXR's dividend (3.37%) is higher than the bottom 25% of dividend payers in the US market (1.43%).

High Dividend: EXR's dividend (3.37%) is low compared to the top 25% of dividend payers in the US market (3.68%).


Stability and Growth of Payments

Stable Dividend: EXR's dividend payments have been volatile in the past 10 years.

Growing Dividend: EXR's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (68.8%), EXR's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: EXR's dividends in 3 years are forecast to be thoroughly covered by earnings (0.5% payout ratio).


Next Steps

Management

What is the CEO of Extra Space Storage's salary, the management and board of directors tenure and is there insider trading?

5.8yrs

Average management tenure


CEO

Joe Margolis (58yo)

2.8yrs

Tenure

US$4,430,326

Compensation

Mr. Joseph D. Margolis, also known as Joe, J.D. has been the Chief Executive Officer of Extra Space Storage Inc. since January 1, 2017. He served as Executive Vice President of Extra Space Storage Inc. sin ...


CEO Compensation Analysis

Compensation vs Market: Joe's total compensation ($USD4.43M) is below average for companies of similar size in the US market ($USD11.07M).

Compensation vs Earnings: Joe's compensation has been consistent with company performance over the past year.


Management Age and Tenure

5.8yrs

Average Tenure

51.5yo

Average Age

Experienced Management: EXR's management team is seasoned and experienced (5.8 years average tenure).


Board Age and Tenure

4.7yrs

Average Tenure

64.5yo

Average Age

Experienced Board: EXR's board of directors are considered experienced (4.7 years average tenure).


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

SellUS$30,522,20823 Aug 19
The Cancer Research Charitable Trust., Endowment Arm
EntityCompany
Shares251,897
Max PriceUS$121.17
SellUS$30,102,61221 Aug 19
The Cancer Research Charitable Trust., Endowment Arm
EntityCompany
Shares248,103
Max PriceUS$121.41
SellUS$209,33619 Aug 19
Grace Kunde
EntityIndividual
Role
Chief Accounting Officer
Senior VP of Accounting & Finance and Corporate Controller
Shares1,738
Max PriceUS$120.45
SellUS$66,18424 May 19
Grace Kunde
EntityIndividual
Role
Chief Accounting Officer
Senior VP of Accounting & Finance and Corporate Controller
Shares623
Max PriceUS$106.23
SellUS$566,78707 Mar 19
Kenneth Woolley
EntityIndividual
Role
Chairman of the Board
Chairman of the Board
Shares5,783
Max PriceUS$98.01
SellUS$4,316,24701 Mar 19
Spencer Kirk
EntityIndividual
Role
Member of the Board of Directors
Director
Shares45,000
Max PriceUS$95.92
SellUS$4,190,22027 Feb 19
Spencer Kirk
EntityIndividual
Role
Member of the Board of Directors
Director
Shares45,000
Max PriceUS$93.12

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Management Team

  • P. Stubbs (51yo)

    Executive VP & CFO

    • Tenure: 7.9yrs
    • Compensation: US$1.91m
  • Timothy Arthurs (60yo)

    Senior Vice President of Operations

    • Tenure: 0yrs
    • Compensation: US$203.12k
  • David Rasmussen (73yo)

    VP & General Counsel

    • Tenure: 0yrs
  • Joe Margolis (58yo)

    CEO & Director

    • Tenure: 2.8yrs
    • Compensation: US$4.43m
  • Grace Kunde (44yo)

    Senior VP of Accounting & Finance and Corporate Controller

    • Tenure: 0yrs
  • Gwyn McNeal (50yo)

    Executive VP

    • Tenure: 6.3yrs
    • Compensation: US$1.27m
  • Samrat Sondhi (44yo)

    Executive VP & COO

    • Tenure: 5.8yrs
    • Compensation: US$1.35m
  • James Overturf (52yo)

    Executive VP & Chief Marketing Officer

    • Tenure: 5.5yrs
    • Compensation: US$1.33m
  • Jeff Norman

    Vice President of Investor Relations & Corporate Communications

    • Tenure: 0yrs
  • Clint Halverson

    Vice President of Human Resources

    • Tenure: 0yrs

Board Members

  • Dennis Letham (67yo)

    Independent Director

    • Tenure: 3.5yrs
    • Compensation: US$203.84k
  • Ken Woolley (73yo)

    Chairman of the Board

    • Tenure: 7.3yrs
    • Compensation: US$452.12k
  • Roger Porter (72yo)

    Lead Independent Director

    • Tenure: 15.3yrs
    • Compensation: US$222.50k
  • Spencer Kirk (57yo)

    Director

    • Tenure: 15.3yrs
    • Compensation: US$185.00k
  • Joe Margolis (58yo)

    CEO & Director

    • Tenure: 2.8yrs
    • Compensation: US$4.43m
  • Diane Olmstead (66yo)

    Independent Director

    • Tenure: 5.9yrs
    • Compensation: US$200.00k
  • Ashley Dreier (46yo)

    Independent Director

    • Tenure: 1.5yrs
    • Compensation: US$164.02k
  • Joseph Bonner (63yo)

    Director

    • Tenure: 0.5yrs

Company Information

Extra Space Storage Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Extra Space Storage Inc.
  • Ticker: EXR
  • Exchange: NYSE
  • Founded: 1977
  • Industry: Specialized REITs
  • Sector: Real Estate
  • Implied Market Cap: US$14.435b
  • Market Cap: US$13.832b
  • Shares outstanding: 135.54m
  • Website: https://www.extraspace.com

Number of Employees


Location

  • Extra Space Storage Inc.
  • 2795 East Cottonwood Parkway
  • Suite 300
  • Salt Lake City
  • Utah
  • 84121
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
EXRNYSE (New York Stock Exchange)YesCommon StockUSUSDAug 2004
FG8DB (Deutsche Boerse AG)YesCommon StockDEEURAug 2004
0IJVLSE (London Stock Exchange)YesCommon StockGBUSDAug 2004

Biography

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, 2019, the Company owned and/or operated 1,797  ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/11/19 23:52
End of Day Share Price2019/11/19 00:00
Earnings2019/09/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.