Extra Space Storage Inc
Extra Space: Healthy Demand, Marketing Strategies to Drive Q3
Extra Space Storage (EXR) is expected to report its Q3 2018 results on October 30. Wall Street expects AFFO of $1.19 per share.
Where Extra Space Stands among Its Peers after Q2 Results
Extra Space is trading at a premium compared to CubeSmart and Life Storage and at a discount to Public Storage.
Extra Space Storage Continues to Enhance Shareholder Wealth
Since its conversion to an REIT in 2004, Extra Space Storage (EXR) has paid regular quarterly cash dividends to its shareholders.
Acquisitions, Joint Ventures Expand Extra Space’s Footprint
Acquisitions have helped Extra Space (EXR) expand its domestic footprint. It has acquired properties worth $4.5 billion in the last five years.
Extra Space’s Growth Driven by Demand and Marketing Strategies
Extra Space has adopted digital marketing platforms, including social media and search engines, to drive traffic at its facilities.
Extra Space Rides on Strong Fundamentals and Earnings Outlook
Extra Space’s top-line and bottom-line results have been seeing YoY (year-over-year) growth for the past several quarters.
Can Extra Space Storage Beat Analysts’ Q2 Estimates?
Extra Space Storage (EXR), set to report its Q2 results on July 31, could continue to benefit from self-storage demand rising.
AvalonBay: What’s Driving the Dividend and Valuations?
AvalonBay’s revenue grew 7% in the first quarter, driven by rental and other income.
Extra Space Storage: What’s Driving the Dividend and Valuations?
In the first quarter, Extra Space Storage’s (EXR) revenue grew 9%, driven by property rental, tenant reinsurance, and management fees.
How Wall Street Analysts View Extra Space
Analysts gave EXR a mean price target of $87.93, implying an ~1.5% rise from its current level of $86.72. It has a market capitalization of ~$10.9 billion.
Extra Space—Valuations on Par with the Industry
EXR’s FFO per share for 2017 is expected to be $4.32–$4.65.
Extra Space and Its Solid Balance Sheet
EXR increased its fixed debt ratio to 80.0% in 3Q17 from 76.1% in 2Q17.
Extra Space Storage—Highest Stock Price Return among REITs
Extra Space’s (EXR) stock price has risen from $12.77 in 2008 to $83.80 in January 2018. EXR has returned 705.4% in the past ten years.
Extra Space’s Occupancy Rate and Other Growth Factors
EXR’s occupancy rate in 2Q17 was 94.5% compared to 94.1% in 2Q16.
Key Drivers of Extra Space’s 2018 Performance
Extra Space (EXR) holds 12% of its total properties in the form of joint ventures and 32% managed for third parties—the largest in the industry.
What’s the Outlook for Extra Space Storage?
Extra Space Storage’s (EXR) revenue grew 27% and 13% in 2016 and 9M17, respectively.
How Wall Street Analysts Rated the Top 3 Self-Storage REITs after 2Q17
Extra Space Storage’s (EXR) analyst target price is $81.13, up 7% from its current price level.
Comparing the Valuations of 3 Leading Self-Storage REITs after 2Q17
Public Storage (PSA) trades at an EV-to-EBITDA multiple of ~21.5x.
Chart in Focus: Self-Storage REITs’ 2Q17 Balance Sheets
CubeSmart issued two notes of $50.0 million each, carrying interest of 4.4% and 4.0% and maturity dates of 2023 and 2025, respectively.
Overview of Self-Storage REITs’ Development Activities in 2Q17
During 1H17, CubeSmart acquired two properties located in Maryland and California worth $21.9 million.
How the Top 3 Self-Storage REITs Managed Their Expenses in 2Q17
Although Public Storage did not provide any guidance for net operating income expected during fiscal 2017, analysts expect the company to report flat YoY NOI of ~$2.0 billion during 2Q17.
Comparing the Top 3 Self-Storage REITs after 2Q17 Earnings
Self-storage REITs are experiencing solid growth in income and revenues in 2017. In this series, we’ll analyze the 2Q17 results for Public Storage (PSA), Extra Space Storage (EXR), and CubeSmart (CUBE).
How Analysts View Public Storage
Analysts have assigned PSA a mean price target of $217.67, which is 4.9% higher than its current price level.
Where Public Storage Stands among Other Major Players
Public Storage has consistently been able to return capital value as well as shareholder returns in the form of dividends and share buybacks.
Public Storage and the Growing US Economy
Public Storage (PSA) is expected to witness a higher cost of debt in 2Q17, mainly due to the Fed’s rate hikes in 2017.
Inside Public Storage’s 2Q17 Battle with Macro Headwinds
Public Storage (PSA) is expected to post flat top-line and bottom-line results in 2Q17.
What’s Really Driving Public Storage’s Expected 2Q17 Upbeat Results
Wall Street expects PSA to report adjusted FFO (funds from operation) of $2.40, compared with $2.54 in 2Q16.
Will Public Storage’s Cost-Reduction Initiatives Drive Higher NOI in 2Q17?
Wall Street analysts expect Public Storage (PSA) to report NOI (net operating income) of $483.7 million for 2Q17.
Will Public Storage Ride High on Top Line in 2Q17?
Wall Street expects Public Storage (PSA) to report revenue of $667.9 million for 2Q17. Its earnings call will be on July 27, 2017.
What Lies Ahead for Public Storage in 2Q17
Analysts expect PSA to report adjusted FFO (funds from operation) of $2.40, compared with $2.54 in 2Q16.
Where Public Storage Stands Compared to Its Peers
The value of an REIT such as Public Storage (PSA) is commonly measured by using its price-to-FFO (funds from operations) multiple.
How Public Storage Maintains Its Balance Sheet
REITs such as Public Storage (PSA) distribute at least 90% of their taxable incomes to shareholders in the form of dividends and share repurchases.
Public Storage: A Rewarding Stock for Shareholders
Public Storage (PSA) has regularly rewarded its shareholders in the form of quarterly dividends. The company has paid a dividend in every quarter since 1981.
How the Pro-American Environment Boosts Self-Storage
In a higher household income scenario, people tend to spend more on acquiring properties and need more storage space. This need boosts demand for self-storage facilities.
Can Public Storage Survive the Interest Rate Hike?
REITs will likely be significantly affected by rising interest rates. Rising mortgage rates will increase the cost of purchasing investment properties.
Focus on Quality Helps Public Storage Maintain Occupancy
Public Storage (PSA) puts a great deal of focus on the development and redevelopment of its existing facilities. Recently, there’s been a trend of rising rent for self-storage facilities.
Acquisitions, Diversification Help Public Storage Keep Momentum
Self-storage facility owners such as Public Storage are expected to ride high backed by higher demand for storage, mainly due to demographic changes and higher rent.
Public Storage Is Expected to Ride High on Robust Revenue Growth
Macroeconomic factors such as high rent and demographic changes have resulted in high demand for self-storage facilities.
Public Storage: A Self-Storage REIT with Room to Grow
Rent growth has moderated, but it remains at record highs. In such a scenario, consumers prefer apartments whose rents are affordable. This is where self-storage REITs come in.
Specialized REITs: Value Drivers
Specialized REITs and residential REITs within IYR generated positive returns of 0.2% and 9%, respectively, on a yearly basis.
Self-Storage REITs: Who Doesn’t Want Storage Space?
Self-storage REITs own and operate self-storage facilities like rooms, lockers, containers, and outdoor space. Tenants include businesses and individuals.