Initiating Coverage on Extra Space Storage with a No-Moat Rating and a Fair Value Estimate of $85
We are initiating coverage of self-storage REIT Extra Space Storage (EXR) with no-moat and stable trend ratings and a fair value estimate of $85 per share. We believe in management’s ability to materially increase rents in supply-restricted west coast markets, which account for approximately 25% of its property revenue; however, we have doubts about returns on less-lucrative expansion opportunities. Extra Space is well-positioned in growing, high-income, metropolitan areas and should benefit fro...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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