Extra Space Storage Inc Stock Research

Market Summary

USD159.96+2.38

Market Closed

1.51%

EXR Alerts

3 major insider sales recently.

EXR Stock Price

EXR RSI Chart

EXR Valuation

Market Cap

21.4B

Price/Earnings (Trailing)

24.89

Price/Sales (Trailing)

11.13

EV/EBITDA

15.51

Price/Free Cashflow

17.3

EXR Price/Sales (Trailing)

EXR Profitability

Operating Margin

77.38%

EBT Margin

46.81%

Return on Equity

26.4%

Return on Assets

7.07%

Free Cashflow Yield

5.78%

EXR Fundamentals

EXR Revenue

Revenue (TTM)

1.9B

Revenue Y/Y

18.56%

Revenue Q/Q

1.57%

EXR Earnings

Earnings (TTM)

860.7M

Earnings Y/Y

-23.9%

Earnings Q/Q

-7.46%

Price Action

52 Week Range

139.97220.26

(Low)(High)

Last 7 days

-3.8%

Last 30 days

-3.3%

Last 90 days

1.3%

Trailing 12 Months

-16.1%

EXR Financial Health

EXR Investor Care

Dividend Yield

3.75%

Dividend/Share (TTM)

Buy Backs (1Y)

0.00%

Diluted EPS (TTM)

6.41

Peers (Alternatives to Extra Space Storage)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
PSA	51.7B	4.2B	-4.61%	-14.88%	11.88	12.36	22.43%	122.66%
DLR	30.0B	4.7B	-6.82%	-21.36%	79.47	6.4	5.96%	-77.90%
EQR	22.3B	2.7B	-9.31%	-29.65%	28.69	8.21	11.91%	-41.71%
ARE	21.2B	2.6B	-23.98%	-31.95%	40.62	8.18	22.46%	-8.68%
KIM	13.2B	1.7B	-4.07%	-13.87%	104.43	7.61	26.61%	-85.07%
MID-CAP
FRT	7.7B	1.1B	-13.38%	-14.77%	20.08	7.2	12.95%	47.42%
KRG	4.3B	802.0M	-9.03%	-5.22%	-341.02	5.37	114.83%	84.36%
VNO	2.9B	1.8B	-31.59%	-62.57%	-8.47	1.63	13.26%	-296.88%
MAC	2.1B	859.2M	-25.44%	-29.31%	-31.63	2.43	1.38%	-563.21%
SMALL-CAP
SKT	1.9B	421.4M	-3.41%	12.84%	22.56	4.55	3.35%	1705.32%
SLG	1.7B	826.7M	-30.54%	-63.53%	-22.04	2.08	-2.04%	-117.36%
AIV	1.0B	190.3M	-7.76%	-1.93%	11.27	5.46	12.08%	1950.56%
PGRE	983.2M	740.4M	-22.73%	-54.50%	-27.01	1.33	1.87%	-78.85%

Financials for Extra Space Storage

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	4.3%	1,924	1,845	1,758	1,662	1,577
Cost Of Revenue	4.5%	435	417	395	380	369
S&GA Expenses	6.6%	129	121	113	108	102
Costs and Expenses	5.3%	888	843	801	769	742
EBITDA	-2.9%	1,376	1,417	1,355	1,112	-
EBITDA Margin	-6.9%	0.71*	0.77*	0.77*	0.67*	-
Earnings Before Taxes	-6.7%	901	966	932	859	859
EBT Margin	-10.6%	0.47*	0.52*	0.53*	0.52*	-
Interest Expenses	14.0%	197	173	158	150	152
Net Income	-9.8%	861	955	922	853	828
Net Income Margin	-13.6%	0.45*	0.52*	0.51*	0.50*	-
Free Cahsflow	5.7%	1,238	1,171	1,129	1,036	-

* denotes actual numbers (not divided by Millions)
Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	2.8%	12,167	11,841	11,039	10,592	10,474
Cash Equivalents	6.8%	93.00	87.00	59.00	66.00	71.00
Goodwill	0%	171	171	-	-	-
Liabilities	4.1%	8,089	7,771	7,146	6,714	6,689
Shareholder's Equity	0.3%	3,260	3,251	3,893	3,878	3,116
Retained Earnings	2.4%	-135	-139	-159	-127	-128
Additional Paid-In Capital	0.2%	3,345	3,340	3,334	3,330	3,286
Shares Outstanding	0.0%	134	134	134	134	134

* denotes actual numbers (not divided by Millions)
Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	5.7%	1,238	1,171	1,129	1,036	952
Share Based Compensation	6.5%	21.00	20.00	18.00	18.00	17.00
Cashflow From Investing	0.8%	-1,648	-1,662	-1,262	-1,001	-837
Cashflow From Financing	-14.3%	432	504	144	-24.64	-166
Dividend Payments	4.3%	805	772	738	671	601
Buy Backs	-25.0%	63.00	84.00	84.00	0.00	-

Risks for EXR

What is the probability of a big loss on EXR?

38.5%

Probability that Extra Space Storage stock will be more than 20% underwater in next one year

25.8%

Probability that Extra Space Storage stock will be more than 30% underwater in next one year.

Probability that Extra Space Storage stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does EXR drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Extra Space Storage was unfortunately bought at previous high price.

Drawdowns

Returns for EXR

Cumulative Returns on EXR

19.0%

10-Year Cumulative Returns

11.8%

7-Year Cumulative Returns

16.1%

5-Year Cumulative Returns

20.5%

3-Year Cumulative Returns

What are the long-term rolling returns for EXR?

FIve years rolling returns for Extra Space Storage.

Annualized Returns

Which funds bought or sold EXR recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-15	B. Riley Wealth Advisors, Inc.	sold off	-100	-315,000	-	-%
2023-03-10	MATHER GROUP, LLC.	added	35.95	66,612	482,612	0.01%
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	reduced	-76.42	-28,354,300	7,130,720	0.01%
2023-03-06	Rockefeller Capital Management L.P.	added	2.36	-29,000	190,000	-%
2023-02-28	Voya Investment Management LLC	added	0.42	-1,302,720	7,733,280	0.01%
2023-02-27	CASCADE INVESTMENT GROUP, INC.	new	-	898,534	898,534	0.94%
2023-02-24	National Pension Service	added	11.91	-730,105	29,141,500	0.06%
2023-02-24	SRS Capital Advisors, Inc.	unchanged	-	-411	589	-%
2023-02-24	NATIXIS	reduced	-99.83	-4,974,640	7,359	-%
2023-02-22	CVA Family Office, LLC	added	55.56	4,605	20,605	-%

Latest Funds Activity

Are funds buying EXR calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own EXR

No. of Funds

EXR Alerts

3 major insider sales recently.

Extra Space Storage News

Schedule 13G FIlings of Extra Space Storage

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 13, 2023	capital world investors	9.7%	13,057,348	SC 13G
Feb 09, 2023	vanguard group inc	16.67%	22,331,133	SC 13G/A
Feb 03, 2023	state street corp	6.63%	8,872,766	SC 13G/A
Jan 26, 2023	blackrock inc.	10.3%	13,832,596	SC 13G/A
Jan 20, 2023	blackrock inc.	10.3%	13,832,596	SC 13G
Feb 14, 2022	cohen & steers, inc.	4.40%	5,884,627	SC 13G/A
Feb 11, 2022	state street corp	6.36%	8,513,712	SC 13G/A
Jan 28, 2022	blackrock inc.	11.3%	15,153,217	SC 13G/A
Feb 16, 2021	cohen & steers, inc.	7.30%	9,432,050	SC 13G/A
Feb 10, 2021	state street corp	5.80%	7,495,835	SC 13G

EXR Fair Value

Extra Space Storage fair value in different scenarios

The table shows the Fair Value estimates for Extra Space Storage for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	123.91 -22.54%	154.18 -3.61%	216.06 35.07%	282.65 76.70%	349.62 118.57%
Current Inflation	113.18 -29.24%	138.71 -13.28%	190.40 19.03%	245.77 53.64%	301.34 88.38%
Very High Inflation	100.06 -37.45%	120.16 -24.88%	160.40 0.28%	203.31 27.10%	246.27 53.96%

Historical Extra Space Storage Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of Extra Space Storage

View All Filings

Date Filed	Form Type	Document
Mar 09, 2023	4	Insider Trading
Mar 07, 2023	4	Insider Trading
Mar 07, 2023	4	Insider Trading
Mar 07, 2023	4	Insider Trading
Mar 07, 2023	4	Insider Trading
Mar 03, 2023	4	Insider Trading
Mar 03, 2023	4	Insider Trading
Mar 03, 2023	4	Insider Trading
Mar 03, 2023	4	Insider Trading
Mar 03, 2023	4	Insider Trading

Latest Insider Trading transactions for EXR

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-03-08	Herrington Matthew T	sold	-107,738	165	-650	evp & coo
2023-03-05	Stubbs P Scott	sold (taxes)	-55,806	169	-330	executive vp and cfo
2023-03-05	Sondhi Samrat	sold (taxes)	-52,085	169	-308	executive vp and cmo
2023-03-05	McNeal Gwyn Goodson	sold (taxes)	-42,446	169	-251	evp/chief legal officer
2023-03-05	Margolis Joseph D	sold (taxes)	-243,349	169	-1,439	chief executive officer
2023-03-02	Springer William N	gifted	-16,469	164	-100	evp, chief s & p officer
2023-03-02	McNeal Gwyn Goodson	sold	-246,000	164	-1,500	evp/chief legal officer
2023-03-01	Dickens Zachary T	acquired	525,021	163	3,208	evp, chief investment officer
2023-03-01	McNeal Gwyn Goodson	sold (taxes)	-44,842	163	-274	evp/chief legal officer
2023-03-01	Margolis Joseph D	sold (taxes)	-175,771	163	-1,074	chief executive officer

About Extra Space Storage

Joseph D. Margolis

www.extraspace.com

4310

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. 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.

EXR Income Statement

2022-12-31

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Property rental	$ 1,654,735	$ 1,340,990	$ 1,157,522
Tenant reinsurance	185,531	170,108	146,561
Management fees and other income	83,904	66,264	52,129
Total revenues	1,924,170	1,577,362	1,356,212
Expenses:
Property operations	435,342	368,608	360,615
Tenant reinsurance	33,560	29,488	26,494
Transaction related costs	1,548	0	0
General and administrative	129,251	102,194	96,594
Depreciation and amortization	288,316	241,879	224,444
Total expenses	888,017	742,169	708,147
Gain on real estate transactions	14,249	140,760	18,075
Income from operations	1,050,402	975,953	666,140
Interest expense	(219,171)	(166,183)	(168,626)
Non-cash interest expense related to amortization of discount on equity component of exchangeable senior notes	0	0	(3,675)
Interest income	69,422	49,703	15,192
Income before equity in earnings and dividend income from unconsolidated real estate entities and income tax expense	900,653	859,473	509,031
Equity in earnings and dividend income from unconsolidated real estate entities	41,428	32,358	22,361
Income tax expense	(20,925)	(20,324)	(13,810)
Net income	921,156	877,758	517,582
Net income allocated to Preferred Operating Partnership noncontrolling interests	(17,623)	(14,697)	(12,882)
Net income allocated to Operating Partnership and other noncontrolling interests	(42,845)	(35,412)	(22,921)
Net income attributable to common stockholders	$ 860,688	$ 827,649	$ 481,779
Earnings per common share
Basic (in dollars per share)	$ 6.41	$ 6.20	$ 3.71
Diluted (in dollars per share)	$ 6.41	$ 6.19	$ 3.71
Weighted average number of shares
Basic (in shares)	134,050,815	133,374,938	129,541,531
Diluted (in shares)	141,681,388	140,016,028	129,584,829

EXR Balance Sheet

2022-12-31

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets:
Real estate assets, net	$ 9,997,978	$ 8,834,649
Real estate assets - operating lease right-of-use assets	221,725	227,949
Investments in unconsolidated real estate entities	582,412	457,326
Investments in debt securities and notes receivable	858,049	719,187
Cash and cash equivalents	92,868	71,126
Other assets, net	414,426	164,240
Total assets	12,167,458	10,474,477
Liabilities, Noncontrolling Interests and Equity:
Notes payable, net	1,288,555	1,320,755
Unsecured term loans, net	2,340,116	1,741,926
Unsecured senior notes, net	2,757,791	2,360,066
Revolving lines of credit	945,000	535,000
Operating lease liabilities	229,035	233,356
Cash distributions in unconsolidated real estate ventures	67,352	63,582
Accounts payable and accrued expenses	171,680	142,285
Other liabilities	289,655	291,531
Total liabilities	8,089,184	6,688,501
Commitments and contingencies
Extra Space Storage Inc. stockholders' equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued or outstanding	0	0
Common stock, $0.01 par value, 500,000,000 shares authorized, 133,921,020 and 133,922,305 shares issued and outstanding at December 31, 2022 and 2021, respectively	1,339	1,339
Additional paid-in capital	3,345,332	3,285,948
Accumulated other comprehensive income (loss)	48,798	(42,546)
Accumulated deficit	(135,872)	(128,245)
Total Extra Space Storage Inc. stockholders' equity	3,259,597	3,116,496
Noncontrolling interest represented by Preferred Operating Partnership units, net	261,502	259,110
Noncontrolling interests in Operating Partnership, net and other noncontrolling interests	557,175	410,370
Total noncontrolling interests and equity	4,078,274	3,785,976
Total liabilities, noncontrolling interests and equity	$ 12,167,458	$ 10,474,477