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Extrace Storage

NYSE:EXR
Snowflake Description

Average dividend payer with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
EXR
NYSE
$15B
Imp Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

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. The last earnings update was 73 days ago. More info.


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EXR Share Price and Events
7 Day Returns
-2%
NYSE:EXR
-0.8%
US REITs
-0.3%
US Market
1 Year Returns
14.9%
NYSE:EXR
9.3%
US REITs
3.9%
US Market
EXR Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Extrace Storage (EXR) -2% -0.4% 7.9% 14.9% 16.1% 105%
US REITs -0.8% -1.9% 3.8% 9.3% 2.7% 23.5%
US Market -0.3% 2.3% 2.3% 3.9% 36.7% 41.8%
1 Year Return vs Industry and Market
  • EXR outperformed the REITs industry which returned 9.3% over the past year.
  • EXR outperformed the Market in United States of America which returned 3.9% over the past year.
Price Volatility
EXR
Industry
5yr Volatility vs Market

Value

 Is Extrace Storage undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Extrace Storage to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Extrace Storage.

NYSE:EXR Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 5 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.5%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:EXR
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.48
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.476 (1 + (1- 21%) (34.52%))
0.736
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.8 * 5.96%)
7.5%

Discounted Cash Flow Calculation for NYSE:EXR using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Extrace Storage is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Extrace Storage is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

NYSE:EXR DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (USD, Millions) Source Present Value
Discounted (@ 7.5%)
2020 645.49 Analyst x4 600.47
2021 652.50 Analyst x1 564.65
2022 707.60 Analyst x1 569.62
2023 765.50 Analyst x1 573.25
2024 803.90 Est @ 5.02% 560.02
2025 838.71 Est @ 4.33% 543.51
2026 871.01 Est @ 3.85% 525.07
2027 901.62 Est @ 3.51% 505.61
2028 931.18 Est @ 3.28% 485.77
2029 960.18 Est @ 3.11% 465.96
Present value of next 10 years cash flows $5,393.93
NYSE:EXR DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= $960.18 × (1 + 2.73%) ÷ (7.5% – 2.73%)
$20,687.74
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $20,687.74 ÷ (1 + 7.5%)10
$10,039.44
NYSE:EXR Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $5,393.93 + $10,039.44
$15,433.37
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $15,433.37 / 133.36
$115.73
NYSE:EXR Discount to Share Price
Calculation Result
Value per share (USD) From above. $115.73
Current discount Discount to share price of $108.69
= -1 x ($108.69 - $115.73) / $115.73
6.1%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Extrace Storage is available for.
Intrinsic value
6%
Share price is $108.69 vs Future cash flow value of $115.73
Current Discount Checks
For Extrace Storage to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Extrace Storage's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Extrace Storage's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Extrace Storage's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Extrace Storage's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:EXR PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $3.33
NYSE:EXR Share Price ** NYSE (2019-07-19) in USD $108.69
United States of America REITs Industry PE Ratio Median Figure of 155 Publicly-Listed REITs Companies 32.05x
United States of America Market PE Ratio Median Figure of 3,083 Publicly-Listed Companies 17.92x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Extrace Storage.

NYSE:EXR PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:EXR Share Price ÷ EPS (both in USD)

= 108.69 ÷ 3.33

32.63x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Extrace Storage is overvalued based on earnings compared to the US REITs industry average.
  • Extrace Storage is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Extrace Storage's expected growth come at a high price?
Raw Data
NYSE:EXR PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 32.63x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
5.8%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 1.77x
United States of America Market PEG Ratio Median Figure of 2,123 Publicly-Listed Companies 1.57x

*Line of best fit is calculated by linear regression .

NYSE:EXR PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 32.63x ÷ 5.8%

5.62x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Extrace Storage is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Extrace Storage's assets?
Raw Data
NYSE:EXR PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $18.72
NYSE:EXR Share Price * NYSE (2019-07-19) in USD $108.69
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.82x
United States of America Market PB Ratio Median Figure of 5,248 Publicly-Listed Companies 1.8x
NYSE:EXR PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:EXR Share Price ÷ Book Value per Share (both in USD)

= 108.69 ÷ 18.72

5.81x

* Primary Listing of Extrace Storage.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Extrace Storage is overvalued based on assets compared to the US REITs industry average.
X
Value checks
We assess Extrace Storage's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Extrace Storage has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Extrace Storage expected to perform in the next 1 to 3 years based on estimates from 5 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
5.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Extrace Storage expected to grow at an attractive rate?
  • Extrace Storage's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Extrace Storage's earnings growth is positive but not above the United States of America market average.
  • Extrace Storage's revenues are expected to decrease over the next 1-3 years, this is below the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:EXR Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:EXR Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts 5.8%
NYSE:EXR Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts -1%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 6%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.5%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:EXR Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:EXR Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 534
2022-12-31 485
2021-12-31 438
2020-12-31 1,161 736 424 4
2019-12-31 1,122 645 403 3
NYSE:EXR Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 1,236 676 421
2018-12-31 1,211 678 415
2018-09-30 1,186 677 529
2018-06-30 1,163 648 492
2018-03-31 1,143 656 484
2017-12-31 1,120 597 478
2017-09-30 1,099 603 345
2017-06-30 1,071 589 369
2017-03-31 1,039 557 365
2016-12-31 1,005 539 365
2016-09-30 970 467 292
2016-06-30 910 424 245

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Extrace Storage's earnings are expected to grow by 5.8% yearly, however this is not considered high growth (20% yearly).
  • Extrace Storage's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:EXR Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below

All data from Extrace Storage Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:EXR Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 3.87 3.87 3.87 1.00
2022-12-31 3.53 3.53 3.53 1.00
2021-12-31 3.21 3.21 3.21 1.00
2020-12-31 3.19 3.26 3.11 4.00
2019-12-31 3.00 3.04 2.96 4.00
NYSE:EXR Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 3.33
2018-12-31 3.29
2018-09-30 4.19
2018-06-30 3.90
2018-03-31 3.84
2017-12-31 3.79
2017-09-30 2.75
2017-06-30 2.94
2017-03-31 2.91
2016-12-31 2.92
2016-09-30 2.34
2016-06-30 1.98

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Extrace Storage is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Extrace Storage's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Extrace Storage has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Extrace Storage performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Extrace Storage's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Extrace Storage has delivered over 20% year on year earnings growth in the past 5 years.
  • Extrace Storage's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Extrace Storage's 1-year earnings growth is negative, it can't be compared to the US REITs industry average.
Earnings and Revenue History
Extrace Storage's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Extrace Storage Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:EXR Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 1,236.15 421.09 98.62
2018-12-31 1,211.06 414.57 97.41
2018-09-30 1,185.67 528.86 96.02
2018-06-30 1,163.24 492.19 95.81
2018-03-31 1,142.84 484.03 96.03
2017-12-31 1,120.34 478.04 93.37
2017-09-30 1,098.67 344.68 91.39
2017-06-30 1,071.33 368.96 91.43
2017-03-31 1,039.12 364.99 90.08
2016-12-31 1,004.77 365.34 90.67
2016-09-30 969.73 291.61 88.12
2016-06-30 909.82 245.31 85.30
2016-03-31 851.05 217.68 81.44
2015-12-31 794.62 188.87 78.29
2015-09-30 733.49 225.37 64.13
2015-06-30 704.03 207.92 62.67
2015-03-31 678.49 194.27 61.48
2014-12-31 657.70 177.87 69.79
2014-09-30 634.42 209.63 60.23
2014-06-30 599.50 184.63 58.92
2014-03-31 565.33 177.43 57.19
2013-12-31 532.27 171.51 54.25
2013-09-30 504.30 130.54 53.16
2013-06-30 480.43 140.05 51.78
2013-03-31 448.92 128.12 50.58
2012-12-31 420.26 117.03 50.45
2012-09-30 398.02 97.51 49.23

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Extrace Storage has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Extrace Storage used its assets more efficiently than the US REITs industry average last year based on Return on Assets.
  • Extrace Storage has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Extrace Storage's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Extrace Storage has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Extrace Storage's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Extrace Storage's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Extrace Storage's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Extrace Storage's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Extrace Storage's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Extrace Storage Company Filings, last reported 3 months ago.

NYSE:EXR Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 2,773.81 5,010.40 64.90
2018-12-31 2,785.42 4,813.65 99.82
2018-09-30 2,770.09 4,761.46 120.67
2018-06-30 2,715.80 4,767.50 118.45
2018-03-31 2,716.65 4,514.36 96.82
2017-12-31 2,723.81 4,554.23 94.05
2017-09-30 2,573.73 4,314.44 87.32
2017-06-30 2,578.68 4,290.73 55.16
2017-03-31 2,585.82 4,292.53 58.06
2016-12-31 2,596.17 4,308.67 67.70
2016-09-30 2,529.37 4,031.65 18.72
2016-06-30 2,443.22 3,850.10 41.09
2016-03-31 2,425.39 3,716.90 50.22
2015-12-31 2,372.60 3,542.61 80.80
2015-09-30 2,387.34 3,488.20 1,115.67
2015-06-30 2,423.28 2,292.23 175.89
2015-03-31 1,907.06 2,439.14 45.30
2014-12-31 1,911.98 2,353.30 51.25
2014-09-30 1,933.60 2,180.70 49.22
2014-06-30 1,930.71 2,166.82 53.95
2014-03-31 1,923.18 2,112.96 47.02
2013-12-31 1,931.90 1,950.33 140.35
2013-09-30 1,668.88 1,762.01 81.70
2013-06-30 1,589.79 1,769.02 216.62
2013-03-31 1,553.15 1,597.56 35.58
2012-12-31 1,545.33 1,592.83 30.79
2012-09-30 1,330.15 1,605.73 43.61
  • Extrace Storage's level of debt (180.6%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (109.9% vs 180.6% today).
  • Debt is not well covered by operating cash flow (13.5%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 3.3x coverage).
X
Financial health checks
We assess Extrace Storage's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Extrace Storage has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.31%
Current annual income from Extrace Storage dividends. Estimated to be 3.4% next year.
If you bought $2,000 of Extrace Storage shares you are expected to receive $66 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Extrace Storage's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.43%).
  • Extrace Storage's dividend is below the markets top 25% of dividend payers in United States of America (3.74%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:EXR Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 185 Stocks 3.8%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2017 Stocks 2.4%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:EXR Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 3.86 2.00
2022-12-31 3.77 2.00
2021-12-31 3.84 4.00
2020-12-31 3.73 8.00
2019-12-31 3.54 8.00
NYSE:EXR Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-05-23 3.600 3.325
2019-02-14 3.440 3.407
2018-11-13 3.440 3.661
2018-08-24 3.440 3.889
2018-05-24 3.440 3.583
2018-02-15 3.120 3.552
2017-11-10 3.120 3.684
2017-08-25 3.120 3.878
2017-05-22 3.120 4.046
2017-02-16 3.120 4.085
2016-12-08 3.120 4.192
2016-08-29 3.120 4.145
2016-05-25 3.120 3.546
2016-02-25 2.360 2.646
2015-11-13 2.360 2.749
2015-08-28 2.360 3.075
2015-05-27 2.360 3.343
2015-02-20 1.880 2.800
2014-11-24 1.880 3.015
2014-09-02 1.880 3.446
2014-05-27 1.880 3.539
2014-02-24 1.600 3.225
2013-11-18 1.600 3.691
2013-09-04 1.600 3.524
2013-05-22 1.600 3.759
2013-02-21 1.000 2.460
2012-11-08 1.000 2.700
2012-09-06 0.800 2.360
2012-06-04 0.800 2.548
2012-02-21 0.800 2.836
2011-11-28 0.560 2.253
2011-08-26 0.560 2.669
2011-05-23 0.560 2.691
2011-02-22 0.560 2.758
2010-08-27 0.400 2.348
2010-05-25 0.400 2.717
2010-01-11 0.400 3.120
2009-11-12 0.520 4.538
2009-11-05 0.000 0.000
2009-11-02 0.000 0.000
2009-08-07 0.000 0.000
2009-08-03 0.000 0.000
2009-02-18 1.000 14.396
2008-11-25 1.000 11.590
2008-08-29 1.000 8.463

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Extrace Storage's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.5x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (188.3x coverage).
X
Income/ dividend checks
We assess Extrace Storage's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Extrace Storage afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Extrace Storage has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

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

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Joe Margolis
COMPENSATION $4,430,326
AGE 58
TENURE AS CEO 2.5 years
CEO Bio

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. since July 2015 until December 31,2016. Mr. Margolis served as Chief Investment Officer of Extra Space Storage Inc. since July 7, 2015 until December 31,2016 and served as its Director from February 23, 2005 to July 7, 2015. Prior to this, Mr. Margolis served as Senior Managing Director and Partner at Penzance Properties. Mr. Margolis is Co-Founding Partner of Arsenal Real Estate Funds from 2004 to 2011, where he focused on structuring, raising, investing and managing the firm's products. Prior to forming Arsenal, he held senior positions at Prudential Real Estate Investors from 1992 to 2004 in portfolio management, capital markets and as General Counsel. He was initially General Counsel and then Portfolio Manager. He managed over $1 billion of institutional equity at the firm. He has been a Director of Extra Space Storage Inc. since May 18, 2017. Mr. Margolis serves as an Advisory Board Member of Penzance Management, LLC and previously was responsible for all day to day investment and operational activities of the firm. He received AB from Harvard College in 1983 and J.D from Columbia University School of Law.

CEO Compensation
  • Joe's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Joe's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Extrace Storage management team in years:

5.5
Average Tenure
51.5
Average Age
  • The average tenure for the Extrace Storage management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Joe Margolis

TITLE
CEO & Director
COMPENSATION
$4M
AGE
58
TENURE
2.5 yrs

P. Stubbs

TITLE
Executive VP & CFO
COMPENSATION
$2M
AGE
51
TENURE
7.6 yrs

Samrat Sondhi

TITLE
Executive VP & COO
COMPENSATION
$1M
AGE
44
TENURE
5.5 yrs

Gwyn McNeal

TITLE
Executive VP
COMPENSATION
$1M
AGE
50
TENURE
6 yrs

James Overturf

TITLE
Executive VP & Chief Marketing Officer
COMPENSATION
$1M
AGE
52
TENURE
5.2 yrs

Grace Kunde

TITLE
Senior VP of Accounting & Finance and Corporate Controller
AGE
44

Jeff Norman

TITLE
Vice President of Investor Relations & Corporate Communications

Timothy Arthurs

TITLE
Senior Vice President of Operations
COMPENSATION
$203K
AGE
60

David Rasmussen

TITLE
VP & General Counsel
AGE
73

Clint Halverson

TITLE
Vice President of Human Resources
Board of Directors Tenure

Average tenure and age of the Extrace Storage board of directors in years:

4.3
Average Tenure
64.5
Average Age
  • The tenure for the Extrace Storage board of directors is about average.
Board of Directors

Ken Woolley

TITLE
Chairman of the Board
COMPENSATION
$452K
AGE
73
TENURE
7 yrs

Joe Margolis

TITLE
CEO & Director
COMPENSATION
$4M
AGE
58
TENURE
2.2 yrs

Roger Porter

TITLE
Lead Independent Director
COMPENSATION
$223K
AGE
72
TENURE
14.9 yrs

Dennis Letham

TITLE
Director
COMPENSATION
$204K
AGE
67
TENURE
3.2 yrs

Spencer Kirk

TITLE
Director
COMPENSATION
$185K
AGE
57
TENURE
14.9 yrs

Diane Olmstead

TITLE
Director
COMPENSATION
$200K
AGE
66
TENURE
5.5 yrs

Ashley Dreier

TITLE
Director
COMPENSATION
$164K
AGE
46
TENURE
1.2 yrs

Joseph Bonner

TITLE
Director
AGE
63
TENURE
0.2 yrs
Who owns this company?
Recent Insider Trading
  • Extrace Storage individual insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
24. May 19 Sell Grace Kunde Individual 22. May 19 22. May 19 -623 $106.23 $-66,184
07. Mar 19 Sell Kenneth Woolley Individual 06. Mar 19 06. Mar 19 -5,783 $98.01 $-566,787
01. Mar 19 Sell Spencer Kirk Individual 28. Feb 19 28. Feb 19 -45,000 $95.92 $-4,316,247
27. Feb 19 Sell Spencer Kirk Individual 25. Feb 19 25. Feb 19 -45,000 $93.12 $-4,190,220
X
Management checks
We assess Extrace Storage's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Extrace Storage has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Does Extra Space Storage Inc.'s (NYSE:EXR) CEO Pay Compare Well With Peers?

A first glance this seems like a real positive for shareholders, since Joe Margolis is paid less than the average total compensation paid by other large companies. … NYSE:EXR CEO Compensation, July 15th 2019 Is Extra Space Storage Inc. … Boasting a total shareholder return of 34% over three years, Extra Space Storage Inc.

Simply Wall St -

Here's Why Extrace Storage (NYSE:EXR) Can Manage Its Debt Responsibly

Since Extrace Storage does have net debt, we think it is worthwhile for shareholders to keep an eye on the balance sheet, over time. … Over the last three years, Extrace Storage actually produced more free cash flow than EBIT. … Our View On our analysis Extrace Storage's conversion of EBIT to free cash flow should signal that it won't have too much trouble with its debt.

Simply Wall St -

Have Insiders Been Selling Extra Space Storage Inc. (NYSE:EXR) Shares?

For example, a Harvard University study found that 'insider purchases earn abnormal returns of more than 6% per year.' Check out our latest analysis for Extrace Storage The Last 12 Months Of Insider Transactions At Extrace Storage In the last twelve months, the biggest single sale by an insider was when the Director, Spencer Kirk, sold US$4.3m worth of shares at a price of US$95.92 per share. … Extrace Storage Insiders Are Selling The Stock The last three months saw significant insider selling at Extrace Storage. … Insider Ownership of Extrace Storage I like to look at how many shares insiders own in a company, to help inform my view of how aligned they are with insiders.

Simply Wall St -

Boasting A 16% Return On Equity, Is Extra Space Storage Inc. (NYSE:EXR) A Top Quality Stock?

Our data shows Extrace Storage has a return on equity of 16% for the last year. … The formula for return on equity is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Extrace Storage: 16% = US$421m ÷ US$2.8b (Based on the trailing twelve months to March 2019.) It's easy to understand the 'net profit' part of that equation, but 'shareholders' equity' requires further explanation. … Combining Extrace Storage's Debt And Its 16% Return On Equity Extrace Storage does use a significant amount of debt to increase returns.

Simply Wall St -

What You Need To Know Before Investing In Extra Space Storage Inc. (NYSE:EXR)

real estate investment trust (REIT) based in Salt Lake City, United States. … REIT shares give you ownership of the company than owns and manages various income-producing property, whether it be commercial, industrial or residential. … REIT investors should be familiar with the term Fund from Operations (FFO) – a REIT’s main source of cash flow from its day-to-day business activities

Simply Wall St -

What Do Analysts Think About Extra Space Storage Inc.'s (NYSE:EXR) Earnings Trajectory?

Extra Space Storage Inc.'s (NYSE:EXR) released its most recent earnings update in December 2018, whicha

Simply Wall St -

Are Insiders Selling Extra Space Storage Inc. (NYSE:EXR) Stock?

It is not uncommon to see companies perform well in the years after insiders buy shares. … That means that even when the share price was below the current price of US$94.56, an insider wanted to cash in some shares. … As a general rule we consider it to be discouraging when insiders are selling below the current price

Simply Wall St -

Boasting A 20% Return On Equity, Is Extra Space Storage Inc. (NYSE:EXR) A Top Quality Stock?

With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. … Our data shows Extrace Storage has a return on equity of 20% for the last year. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Looking At Extra Space Storage Inc (NYSE:EXR) From All Angles

Building up an investment case requires looking at a stock holistically. … Today I've chosen to put the spotlight on Extra Space Storage Inc (NYSE:EXR) due to its excellent fundamentals in more than one area.

Simply Wall St -

Why You Shouldn't Look At Extra Space Storage Inc's (NYSE:EXR) Bottom Line

real estate investment trust (REIT) based in Salt Lake City, United States. … REIT shares give you ownership of the company than owns and manages various income-producing property, whether it be commercial, industrial or residential. … REIT investors should be familiar with the term Fund from Operations (FFO) – a REIT’s main source of cash flow from its day-to-day business activities

Simply Wall St -

Company Info

Description

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 March 31, 2019, the Company owned and/or operated 1,696 self-storage stores in 40 states, Washington, D.C. and Puerto Rico. The Company's stores comprise approximately 1.2 million units and approximately 130.0 million square feet of rentable space. 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. The Company is the second largest owner and/or operator of self-storage stores in the United States and is the largest self-storage management company in the United States.

Details
Name: Extra Space Storage Inc.
EXR
Exchange: NYSE
Founded: 1977
$14,815,229,460
$13,852,937,653
133,362,404
Website: http://www.extraspace.com
Address: Extra Space Storage Inc.
2795 East Cottonwood Parkway,
Suite 300,
Salt Lake City,
Utah, 84121,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE EXR Common Stock New York Stock Exchange US USD 12. Aug 2004
DB FG8 Common Stock Deutsche Boerse AG DE EUR 12. Aug 2004
LSE 0IJV Common Stock London Stock Exchange GB USD 12. Aug 2004
Number of employees
Current staff
Staff numbers
3,624
Extrace Storage employees.
Industry
Specialized REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/19 23:52
End of day share price update: 2019/07/19 00:00
Last estimates confirmation: 2019/07/19
Last earnings filing: 2019/05/07
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.