Extra Space Storage Succeeds in More Competitive Environment, Raising FVE to $101 Per Share
No-moat rated Extra Space Storage reported a good first quarter as it continues to attract tenants in an increasingly competitive operating environment. Core funds from operations grew 6.4% year over year largely due to a strong 4.8% same-store net operating income growth. After updating our model to incorporate quarterly results, we are increasing our fair value estimate for the firm to $101 per share from $96.Extra Space Storage’s revenue fundamentals remain sound. Though occupancy declined ...
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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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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