Extra Space Leverages Pricing Power to Outperform Peers; Maintaining Our $88 FVE
We are beginning to see some separation between the performance of Extra Space and its competition, with pricing power as the differentiator. Storage REITs were hammered last week after poor results, but Extra Space today reported 5.5% same-store net operating income growth, more than double that of the industry’s largest storage provider, Public Storage. Third-party management remains a driver for the company’s operations, and it added back about $4.4 million to funds from operations related to...Extra Space Storage is a self-administered and self-managed real estate investment trust, which is engaged in owning, operating, managing, acquiring, developing and redeveloping self-storage properties. Substantially all of the company's business is conducted through Extra Space Storage LP. The company operates in two segments: self-storage operations; and tenant reinsurance. Co's self-storage operations activities include rental operations of wholly-owned stores. Tenant reinsurance activities include the reinsurance of risks relating to the loss of goods stored by tenants in the company's stores.
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