Extra Space Storage Inc. (EXR), headquartered in Salt Lake City, Utah, is a self-administered and self-managed REIT that owns and operates over 3,500 self-storage properties. Valued at $31.6 billion by market cap, the company offers customers a wide selection of conveniently located and secure storage units, including boat storage, RV storage, and business storage.
Companies worth $10 billion or more are generally described as “large-cap stocks,” and EXR perfectly fits that description, with its market cap exceeding this mark, underscoring its size, influence, and dominance within the industrial REIT industry. EXR's clustering strategy in large population centers allows for enhanced brand visibility and operational efficiencies. Its revenue management systems, which analyze and adjust rental rates daily, demonstrate its innovative approach to business.
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Despite its notable strength, EXR slipped 3.6% from its 52-week high of $155.19, achieved on Feb. 23. Over the past three months, EXR stock gained 2%, underperforming the S&P 500 Index’s ($SPX) 7.2% gains during the same time frame.
www.barchart.comShares of EXR rose 14.9% this year, outperforming SPX’s YTD gains of 6.2%. However, the stock dipped 1.3% over the past 52 weeks, underperforming SPX’s 20.3% returns over the same time frame.
To confirm the bearish trend, EXR has been trading below its 50-day and 200-day moving averages since mid-April, with slight fluctuations.
www.barchart.comOn Apr. 28, EXR shares closed up more than 1% after reporting its Q1 results. Its FFO of $2.04 per share surpassed Wall Street expectations of $2.01 per share. The company’s revenue was $856 million, beating Wall Street forecasts of $852.8 million. EXR expects full-year FFO in the range of $8.05 to $8.35 per share.
In the competitive arena of industrial REIT, Public Storage (PSA) has taken the lead over EXR, showing resilience with 24.8% gains on a YTD basis and a 6.5% uptick over the past 52 weeks.
Wall Street analysts are moderately bullish on EXR’s prospects. The stock has a consensus “Moderate Buy” rating from the 20 analysts covering it, and the mean price target of $154.22 suggests a potential upside of 3.1% from current price levels.
On the date of publication, Neha Panjwani did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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