NYSE:EXR

Stock Analysis Report

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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. More Details


Snowflake Analysis

Established dividend payer with questionable track record.


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

-2.0%

EXR

-4.2%

US REITs

-4.1%

US Market


1 Year Return

4.6%

EXR

-18.0%

US REITs

12.0%

US Market

Return vs Industry: EXR exceeded the US REITs industry which returned -18% over the past year.

Return vs Market: EXR underperformed the US Market which returned 12% over the past year.


Shareholder returns

EXRIndustryMarket
7 Day-2.0%-4.2%-4.1%
30 Day8.7%-2.6%-0.2%
90 Day12.6%-5.9%2.8%
1 Year8.4%4.6%-14.7%-18.0%14.6%12.0%
3 Year52.0%36.8%8.5%-4.1%35.8%26.8%
5 Year79.7%50.1%35.5%8.4%75.2%55.6%

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?

34.86x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: EXR ($116.32) is trading above our estimate of fair value ($109.83)

Significantly Below Fair Value: EXR is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: EXR is poor value based on its PE Ratio (34.9x) compared to the US REITs industry average (34x).

PE vs Market: EXR is poor value based on its PE Ratio (34.9x) compared to the US market (18.1x).


Price to Earnings Growth Ratio

PEG Ratio: EXR is poor value based on its PEG Ratio (8.8x)


Price to Book Ratio

PB vs Industry: EXR is overvalued based on its PB Ratio (6.3x) compared to the US REITs industry average (1.4x).


Next Steps

Future Growth

How is Extra Space Storage forecast to perform in the next 1 to 3 years based on estimates from 6 analysts?

4.0%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: EXR's forecast earnings growth (4% per year) is above the savings rate (2.2%).

Earnings vs Market: EXR's earnings (4% per year) are forecast to grow slower than the US market (22% per year).

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

Revenue vs Market: EXR's revenue (2.1% per year) is forecast to grow slower than the US market (10% per year).

High Growth Revenue: EXR's revenue (2.1% 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 (17.5%).


Next Steps

Past Performance

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

14.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: EXR has high quality earnings.

Growing Profit Margin: EXR's current net profit margins (31.9%) are lower than last year (34.1%).


Past Earnings Growth Analysis

Earnings Trend: EXR's earnings have grown by 14.2% per year over the past 5 years.

Accelerating Growth: EXR's earnings growth over the past year (0.06%) is below its 5-year average (14.2% per year).

Earnings vs Industry: EXR earnings growth over the past year (0.06%) underperformed the REITs industry 8.1%.


Return on Equity

High ROE: EXR's Return on Equity (16.9%) is considered low.


Next Steps

Financial Health

How is Extra Space Storage's financial position?


Financial Position Analysis

Short Term Liabilities: EXR's short term assets ($61.8M) do not cover its short term liabilities ($178.4M).

Long Term Liabilities: EXR's short term assets ($61.8M) do not cover its long term liabilities ($5.6B).


Debt to Equity History and Analysis

Debt Level: EXR's debt to equity ratio (188.4%) is considered high.

Reducing Debt: EXR's debt to equity ratio has increased from 95.2% to 188.4% over the past 5 years.

Debt Coverage: EXR's debt is not well covered by operating cash flow (14.2%).

Interest Coverage: EXR's interest payments on its debt are well covered by EBIT (3.7x coverage).


Balance Sheet


Next Steps

Dividend

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

3.09%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: EXR's dividend (3.09%) is higher than the bottom 25% of dividend payers in the US market (1.69%).

High Dividend: EXR's dividend (3.09%) is low compared to the top 25% of dividend payers in the US market (4.78%).


Stability and Growth of Payments

Stable Dividend: EXR's dividends per share have been stable 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 (68.2%), 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 covered by earnings (68.8% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

3.8yrs

Average management tenure


CEO

Joe Margolis (59 yo)

3.75yrs

Tenure

US$6,284,975

Compensation

Mr. Joseph D. Margolis, also known as Joe, J.D., serves as Independent Director of Invitation Homes Inc. since May 20, 2020. He has been the Chief Executive Officer of Extra Space Storage Inc. since Januar ...


CEO Compensation Analysis

Compensation vs Market: Joe's total compensation ($USD6.28M) is below average for companies of similar size in the US market ($USD11.21M).

Compensation vs Earnings: Joe's compensation has increased by more than 20% in the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Joseph Margolis
CEO & Director3.75yrsUS$6.28m0.11%
$ 16.8m
P. Stubbs
Executive VP & CFO8.83yrsUS$2.21m0.11%
$ 17.1m
Gwyn McNeal
Executive VP & Chief Legal Officer7.25yrsUS$1.57m0.018%
$ 2.9m
Samrat Sondhi
Executive VP & Chief Marketing Officer0.33yrUS$1.71m0.059%
$ 9.2m
Matthew Herrington
Executive VP & COO0.33yrno data0.0041%
$ 639.9k
Grace Kunde
Senior VP of Accounting & Finance and Corporate Controllerno datano data0.0067%
$ 1.0m
Jeffrey Norman
Vice President of Investor Relations & Corporate Communicationsno datano datano data
Timothy Arthurs
Senior Vice President of Operationsno dataUS$203.12kno data
David Rasmussen
VP & General Counselno datano datano data
Clint Halverson
Vice President of Human Resourcesno datano datano data

3.8yrs

Average Tenure

52yo

Average Age

Experienced Management: EXR's management team is considered experienced (3.8 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Joseph Margolis
CEO & Director3.75yrsUS$6.28m0.11%
$ 16.8m
Gary Crittenden
Independent Director0.58yrno data0.0011%
$ 171.7k
Dennis Letham
Independent Director4.42yrsUS$212.50k0.0064%
$ 997.2k
Kenneth Woolley
Chairman of the Board8.25yrsUS$420.00k0.32%
$ 49.5m
Roger Porter
Lead Independent Director16.17yrsUS$222.50k0.18%
$ 27.7m
Spencer Kirk
Independent Director16.17yrsUS$185.00k1.39%
$ 217.0m
Diane Olmstead
Independent Director6.83yrsUS$200.00k0.0059%
$ 925.5k
Ashley Dreier
Independent Director2.42yrsUS$192.50k0.0030%
$ 463.5k
Joseph Bonner
Independent Director1.42yrsUS$164.22k0.0020%
$ 309.0k

4.4yrs

Average Tenure

67yo

Average Age

Experienced Board: EXR's board of directors are considered experienced (4.4 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: EXR insiders have only sold shares in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

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


Top Shareholders

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$15.606b
  • Market Cap: US$15.013b
  • Shares outstanding: 134.89m
  • 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
EXR *BMV (Bolsa Mexicana de Valores)YesCommon StockMXMXNAug 2004
E1XR34BOVESPA (Bolsa de Valores de Sao Paulo)BDR EACH 4 REPR 1 COMBRBRLJan 2020

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 June 30, 2020, the Company owned and/or operated 1,878 self- ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/10/30 03:43
End of Day Share Price2020/10/29 00:00
Earnings2020/06/30
Annual Earnings2019/12/31


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.