reports
- Brad Schwer
Extra Space Starts 2018 Strong Heading Into Peak Leasing Season for St...
Extra Space Storage’s first-quarter results were roughly in line with management’s guidance and our expectations. There was not much to be surprised about, as the company has consistently bested peers over the past several quarters. Revenue this quarter increased 5.2% while net operating income grew 4.5% from the same period a year ago on a same-store basis. We continue to credit the mid-single-digit growth to Extra Space’s utilization of proprietary revenue-maximizing programs, which we b...
- Brad Schwer
Strategic acquisitions and a third-party pipeline look to keep growth ...
There was little in no-moat-rated Extra Space’s fourth-quarter results that would alter our long-term view of the firm, and we are maintaining our $88 fair value estimate. Amid the slowdown in storage, Extra Space posted comparatively strong results for the quarter, with core funds from operations of $1.12 per diluted share, an 8.7% increase versus the same period last year. Additionally, same-store revenue increased 4.9% and same-store NOI increased 5.7% year over year. Extra Space has been p...
- Brad Schwer
Extra Space Reports 2Q Results; Maintaining Our FVE
There was little in no-moat-rated Extra Space’s second-quarter results that would alter our long-term view of the firm, and we are maintaining our $86 fair value estimate. Amid the slowdown in storage, Extra Space posted comparatively strong results for the quarter with adjusted funds from operations of $1.09 per diluted share, a 16% increase versus the same period last year. Additionally, same-store revenue increased 5.2% and same-store NOI increased 7.7% year-over-year, both of which were ou...
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