Rent Increases Keep Extra Space Storage Growth Alive; California Markets in a League of Their Own
California continues to carry Extra Space’s portfolio, with near-double-digit revenue growth, while less supply-restricted markets make respectable contributions. We are maintaining our fair value estimate of $85 per share and no-moat rating.Extra Space Storage reported third-quarter funds from operations of $1 per diluted share compared with $0.81 a year ago, with an increase in same-store net operating income of 7.8% for the same period. Management tightened its guidance for 2016 FFO per dilu...
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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