company background image
EXR

Extra Space StorageNYSE:EXR Stock Report

Market Cap

US$24.1b

7D

-4.2%

1Y

63.7%

Updated

25 Sep, 2021

Data

Company Financials +
EXR fundamental analysis
Snowflake Score
Valuation1/6
Future Growth1/6
Past Performance5/6
Financial Health2/6
Dividends5/6

EXR Overview

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.

Extra Space Storage Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Extra Space Storage
Historical stock prices
Current Share PriceUS$172.61
52 Week HighUS$106.14
52 Week LowUS$194.67
Beta0.22
1 Month Change-4.90%
3 Month Change3.74%
1 Year Change63.69%
3 Year Change99.23%
5 Year Change117.37%
Change since IPO1,280.88%

Recent News & Updates

Shareholder Returns

EXRUS REITsUS Market
7D-4.2%-0.9%0.1%
1Y63.7%34.7%35.3%

Return vs Industry: EXR exceeded the US REITs industry which returned 34.7% over the past year.

Return vs Market: EXR exceeded the US Market which returned 35.3% over the past year.

Price Volatility

Is EXR's price volatile compared to industry and market?
EXR volatility
EXR Beta0.22
Industry Beta0.83
Market Beta1

Stable Share Price: EXR is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 2% a week.

Volatility Over Time: EXR's weekly volatility (2%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
19774,013Joe Margolishttps://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, 2020, the Company owned and/or operated 1,906 self-storage stores in 40 states, Washington, D.C. and Puerto Rico. The Company's stores comprise approximately 1.4 million units and approximately 147.5 million square feet of rentable space.

Extra Space Storage Fundamentals Summary

How do Extra Space Storage's earnings and revenue compare to its market cap?
EXR fundamental statistics
Market CapUS$24.09b
Earnings (TTM)US$640.72m
Revenue (TTM)US$1.47b

37.6x

P/E Ratio

16.4x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
EXR income statement (TTM)
RevenueUS$1.47b
Cost of RevenueUS$361.32m
Gross ProfitUS$1.11b
ExpensesUS$465.76m
EarningsUS$640.72m

Last Reported Earnings

Jun 30, 2021

Next Earnings Date

n/a

Earnings per share (EPS)4.59
Gross Margin75.38%
Net Profit Margin43.65%
Debt/Equity Ratio161.9%

How did EXR perform over the long term?

See historical performance and comparison

Dividends

2.9%

Current Dividend Yield

61%

Payout Ratio

Valuation

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

37.59x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: EXR ($172.61) is trading above our estimate of fair value ($169.68)

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


Price To Earnings Ratio

PE vs Industry: EXR is good value based on its PE Ratio (37.6x) compared to the US REITs industry average (50.1x).

PE vs Market: EXR is poor value based on its PE Ratio (37.6x) compared to the US market (17.9x).


Price to Earnings Growth Ratio

PEG Ratio: EXR's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: EXR is overvalued based on its PB Ratio (8.1x) compared to the US REITs industry average (2x).


Future Growth

How is Extra Space Storage forecast to perform in the next 1 to 3 years based on estimates from 7 analysts?

-0.05%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: EXR's earnings are forecast to decline over the next 3 years (-0.05% per year).

Earnings vs Market: EXR's earnings are forecast to decline over the next 3 years (-0.05% per year).

High Growth Earnings: EXR's earnings are forecast to decline over the next 3 years.

Revenue vs Market: EXR's revenue (4.4% per year) is forecast to grow slower than the US market (9.8% per year).

High Growth Revenue: EXR's revenue (4.4% 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 high in 3 years time (23.3%)


Past Performance

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

9.7%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: EXR has high quality earnings.

Growing Profit Margin: EXR's current net profit margins (43.7%) are higher than last year (31.9%).


Past Earnings Growth Analysis

Earnings Trend: EXR's earnings have grown by 9.7% per year over the past 5 years.

Accelerating Growth: EXR's earnings growth over the past year (48.7%) exceeds its 5-year average (9.7% per year).

Earnings vs Industry: EXR earnings growth over the past year (48.7%) exceeded the REITs industry 3.9%.


Return on Equity

High ROE: Whilst EXR's Return on Equity (20.36%) is high, this metric is skewed due to their high level of debt.


Financial Health

How is Extra Space Storage's financial position?


Financial Position Analysis

Short Term Liabilities: EXR's short term assets ($328.5M) exceed its short term liabilities ($212.8M).

Long Term Liabilities: EXR's short term assets ($328.5M) do not cover its long term liabilities ($5.9B).


Debt to Equity History and Analysis

Debt Level: EXR's debt to equity ratio (161.9%) is considered high.

Reducing Debt: EXR's debt to equity ratio has increased from 156.1% to 161.9% over the past 5 years.

Debt Coverage: EXR's debt is not well covered by operating cash flow (15.5%).

Interest Coverage: EXR's interest payments on its debt are well covered by EBIT (5.8x coverage).


Balance Sheet


Dividend

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

2.90%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: EXR's dividend (2.9%) is higher than the bottom 25% of dividend payers in the US market (1.33%).

High Dividend: EXR's dividend (2.9%) is low compared to the top 25% of dividend payers in the US market (3.6%).


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 (60.5%), 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 (67.7% payout ratio).


Next Steps

Management

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

1.3yrs

Average management tenure


CEO

Joe Margolis (60 yo)

4.67yrs

Tenure

US$6,782,212

Compensation

Mr. Joseph Daniel 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 Ja...


CEO Compensation Analysis

Compensation vs Market: Joe's total compensation ($USD6.78M) is below average for companies of similar size in the US market ($USD11.36M).

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


Leadership Team

Experienced Management: EXR's management team is not considered experienced ( 1.3 years average tenure), which suggests a new team.


Board Members

Experienced Board: EXR's board of directors are considered experienced (5.3 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 been diluted in the past year, with total shares outstanding growing by 3.5%.


Top Shareholders

Company Information

Extra Space Storage Inc.'s 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$24.086b
  • Market Cap: US$23.096b
  • Shares outstanding: 139.54m
  • 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


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/09/25 22:08
End of Day Share Price2021/09/24 00:00
Earnings2021/06/30
Annual Earnings2020/12/31


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.