Extra Space Storage Inc
NYSE:EXR
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Intrinsic Value
The intrinsic value of one EXR stock under the Base Case scenario is 139.7 USD. Compared to the current market price of 164.14 USD, Extra Space Storage Inc is Overvalued by 15%.
The Intrinsic Value is calculated as the average of DCF and Relative values:
Valuation Backtest
Extra Space Storage Inc
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Fundamental Analysis
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Extra Space Storage Inc. is a leading provider of self-storage solutions, operating more than 2,300 facilities across the United States. Founded in 1977, the company has established a strong presence in the real estate sector, emphasizing innovation and customer service in an industry that has shown consistent demand. Over the years, Extra Space Storage has expanded through both acquisitions and the development of new properties, all while maintaining a focus on optimizing its portfolio for long-term growth. With a diverse customer base—from individuals needing extra space for personal belongings to businesses seeking storage for inventory—Extra Space Storage has positioned itself as a go-to...
Extra Space Storage Inc. is a leading provider of self-storage solutions, operating more than 2,300 facilities across the United States. Founded in 1977, the company has established a strong presence in the real estate sector, emphasizing innovation and customer service in an industry that has shown consistent demand. Over the years, Extra Space Storage has expanded through both acquisitions and the development of new properties, all while maintaining a focus on optimizing its portfolio for long-term growth. With a diverse customer base—from individuals needing extra space for personal belongings to businesses seeking storage for inventory—Extra Space Storage has positioned itself as a go-to solution for a burgeoning need in urban and suburban areas alike.
Investors should take note of Extra Space Storage’s robust financial performance, characterized by consistent revenue growth and strategic expense management. The company has leveraged technology to enhance the customer experience, implementing intuitive online booking systems and efficient property management tools that drive occupancy rates and increase operating margins. Additionally, its strong balance sheet, combined with an ability to generate substantial cash flow, allows for continued investments in expansion and shareholder returns, including dividends and stock buybacks. As urbanization continues to rise and the need for flexible storage solutions grows, Extra Space Storage stands poised to capitalize on these trends, representing a compelling opportunity for investors looking for stability and growth in the real estate sector.
Extra Space Storage Inc. primarily operates within the self-storage industry, and its business can be segmented into several core areas:
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Self-Storage Facilities: The primary segment of Extra Space Storage involves owning and operating self-storage facilities. These facilities offer various unit sizes for rent to individuals and businesses, providing storage solutions for personal items, equipment, inventory, and more. The company typically operates in high-demand urban and suburban locations.
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Property Management: Extra Space Storage also engages in the management of third-party self-storage facilities. This segment allows the company to generate revenue from management fees while providing expertise in operating and marketing storage facilities.
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Acquisition and Development: Extra Space actively seeks to acquire existing self-storage facilities and develop new ones. This segment is crucial for expanding the company’s footprint, increasing market share, and enhancing long-term profitability.
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Ancillary Services: In addition to renting storage units, Extra Space Storage provides various ancillary services such as selling packing supplies, truck rentals, and offering insurance for stored items. These services enhance customer convenience and contribute additional revenue streams.
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Online Business and Technology Integration: Extra Space Storage has invested in technology to improve the customer experience, including online reservations, automated billing, and smart unit access. This integrated approach helps streamline operations and caters to tech-savvy customers.
Overall, Extra Space Storage's core business segments revolve around its self-storage facilities and the associated services, with growth strategies focusing on acquisitions, management contracts, and technology enhancements. This diversified approach allows the company to adapt to market trends and customer needs effectively.
Extra Space Storage Inc. possesses several unique competitive advantages that distinguish it from its rivals in the self-storage industry:
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Brand Recognition: Extra Space Storage has built a strong brand recognized for quality and reliability. This recognition helps attract more customers and increases customer loyalty.
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Large Market Presence: With over 2,000 locations across the United States, Extra Space Storage enjoys significant geographic diversification and market penetration, allowing it to benefit from economies of scale.
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Technology Integration: The company has embraced technology to enhance customer experience. Online reservations, automated payment systems, and mobile apps streamline operations and improve customer service, providing a more convenient experience than many competitors.
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Strong Financial Position: Extra Space Storage has a solid balance sheet with lower debt levels and strong cash flow, which provides flexibility to invest in growth opportunities, such as acquisitions and new facility developments.
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Diverse Portfolio: The company invests in a range of self-storage facilities, including climate-controlled units, which cater to various customer needs. This diversification allows them to appeal to a broader customer base.
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Customer Service Focus: Extra Space Storage emphasizes excellent customer service, offering proactive employee training and high levels of availability, which enhances customer satisfaction and retention.
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Strategic Acquisitions: The company has a strategy for growth through acquisitions of other storage facilities, enabling to expand its footprint quickly and leverage its operational expertise.
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Operational Efficiency: With advanced operational strategies, including yield management and dynamic pricing, Extra Space Storage optimizes occupancy rates and maximizes revenues more effectively compared to some competitors.
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Long-term Lease Opportunities: The company often provides flexible leasing options and can adjust to various market demands which can cater to both short-term and long-term storage needs.
By capitalizing on these competitive advantages, Extra Space Storage Inc. can maintain its market leadership and continue to grow in a competitive industry.
Extra Space Storage Inc., like any business, faces a variety of risks and challenges that could impact its operations and performance in the near future. Some of these include:
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Economic Downturns: Economic recessions or downturns can adversely affect consumer spending and disposable income, which may lead to reduced demand for storage units as individuals downsize or declutter.
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Increased Competition: The self-storage industry has seen heightened competition, with new entrants and existing players expanding their facilities. This can lead to price wars and reduced occupancy rates.
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Interest Rate Fluctuations: Rising interest rates can increase borrowing costs for expansion and development projects. Additionally, higher rates can reduce consumer spending on storage as individuals may prioritize essential expenditures.
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Operational Costs: Increasing operational costs, such as maintenance, utilities, and property taxes, could squeeze profit margins if the company is unable to pass these costs onto customers.
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Technology Adoption: The rise of digital solutions and innovations in storage and property management necessitates ongoing investment in technology to stay competitive. Failure to adapt could lead to a loss of market share.
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Regulatory Changes: Changes in local, state, or federal regulations regarding zoning, land use, and operational practices can affect existing facilities and future development plans.
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Market Saturation: In certain urban areas, the self-storage market may become saturated, limiting opportunities for growth and potentially leading to price reductions.
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Natural Disasters and Climate Change: Facilities are vulnerable to natural disasters like floods, hurricanes, or wildfires. Climate change may exacerbate these risks and cause structural damages or loss of stored goods.
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Customer Payment Defaults: Economic challenges may lead to increased customer defaults on rental payments, impacting revenue streams.
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Perception and Reputation: Negative perceptions or dissatisfaction from customers can affect occupancy rates and brand reputation, especially with the ease of sharing reviews online.
To navigate these challenges, Extra Space Storage will need to focus on strategic planning, operational efficiency, customer service, and adaptability to market changes. Additionally, maintaining a strong balance sheet will provide leverage during economic variability.
Revenue & Expenses Breakdown
Extra Space Storage Inc
Balance Sheet Decomposition
Extra Space Storage Inc
Current Assets | 333.6m |
Cash & Short-Term Investments | 77m |
Receivables | 164.1m |
Other Current Assets | 92.6m |
Non-Current Assets | 27.4B |
Long-Term Investments | 1.4B |
PP&E | 24.6B |
Intangibles | 268.3m |
Other Non-Current Assets | 1.2B |
Current Liabilities | 611m |
Accounts Payable | 381.9m |
Accrued Liabilities | 229m |
Non-Current Liabilities | 13B |
Long-Term Debt | 11.5B |
Other Non-Current Liabilities | 1.5B |
Earnings Waterfall
Extra Space Storage Inc
Revenue
|
3.2B
USD
|
Cost of Revenue
|
-860.1m
USD
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Gross Profit
|
2.3B
USD
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Operating Expenses
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-900.6m
USD
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Operating Income
|
1.4B
USD
|
Other Expenses
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-593.2m
USD
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Net Income
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802.1m
USD
|
Free Cash Flow Analysis
Extra Space Storage Inc
USD | |
Free Cash Flow | USD |
In the third quarter, Extra Space Storage reported a solid performance with same-store occupancy reaching 94.3%, an improvement of 80 basis points year-over-year. The company raised its revenue guidance midpoint by 0.125% while adjusting its expense guidance upward by 0.25%. Year-to-date, 124 net stores have been added, with an expectation of about 100 more by year-end, marking a record year for net additions. However, revenue expectations for Life Storage fell 0.5% due to weak new customer pricing. Overall, management remains optimistic for a market recovery in 2025.
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EXR Profitability Score
Profitability Due Diligence
Extra Space Storage Inc's profitability score is 65/100. The higher the profitability score, the more profitable the company is.
Score
Extra Space Storage Inc's profitability score is 65/100. The higher the profitability score, the more profitable the company is.
EXR Solvency Score
Solvency Due Diligence
Extra Space Storage Inc's solvency score is 31/100. The higher the solvency score, the more solvent the company is.
Score
Extra Space Storage Inc's solvency score is 31/100. The higher the solvency score, the more solvent the company is.
Wall St
Price Targets
EXR Price Targets Summary
Extra Space Storage Inc
According to Wall Street analysts, the average 1-year price target for EXR is 179.14 USD with a low forecast of 156.55 USD and a high forecast of 212.1 USD.
Dividends
Current shareholder yield for EXR is .
Shareholder yield represents the total return a company provides to its shareholders, calculated as the sum of dividend yield, buyback yield, and debt paydown yield. What is shareholder yield?
Profile
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Dividend Yield
Description
Extra Space Storage, Inc. is a real estate investment trust. The company is headquartered in Salt Lake City, Utah and currently employs 4,309 full-time employees. The company went IPO on 2004-08-12. The firm owns, operates, manages, acquires, develops and redevelops self-storage properties, or stores. The firm operates through two segments: self-storage operations and tenant reinsurance. Its self-storage operations activities include rental operations of wholly owned stores. Its tenant reinsurance activities include the reinsurance of risks relating to the loss of goods stored by tenants in its stores. The Company’s business is conducted through its operating partnership, Extra Space Storage LP (the Operating Partnership). The company invests in stores by acquiring wholly owned stores or by acquiring an equity interest in real estate entities. The firm has direct and indirect interests in approximately 1,268 storage facilities. In addition, the Company managed 828 stores for third parties bringing the total number of stores which it owns and/or manages to 2,096.
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IPO
Employees
Officers
The intrinsic value of one EXR stock under the Base Case scenario is 139.7 USD.
Compared to the current market price of 164.14 USD, Extra Space Storage Inc is Overvalued by 15%.