Stock Report: Extra Space Storage Inc. (EXR)
Publication Date: September 22, 2024
Company Overview
Extra Space Storage Inc. (EXR) is a prominent Real Estate Investment Trust (REIT) headquartered in Salt Lake City, Utah. As of December 31, 2023, the company operates 3,714 self-storage facilities across 42 states and Washington, D.C., providing approximately 2.6 million storage units and 283 million square feet of rentable space. Under various brands, including Extra Space, Life Storage, and Storage Express, EXR offers diverse storage solutions catering to individual clients, businesses, and recreational vehicle and boat owners. Since joining the S&P 500 in 2016, Extra Space Storage has established itself as the largest self-storage operator in the U.S., with a reported total revenue of approximately $3.22 billion.
Stock Performance and Analyst Outlook
As of the latest analysis, Extra Space Storage’s shares are trading at $180.41, with a target high price of $204.00, signaling significant growth potential. Analysts also set a target mean price at $173.94, representing a moderately optimistic forecast with a consensus recommendation to “hold.” This recommendation reflects a balanced view, indicating investors should await clearer market signals before making substantial commitments. The stock currently maintains a relatively low short interest of 0.0247% of the total float of approximately 209 million shares, suggesting robust investor confidence in EXR’s performance. With a fifty-day moving average at $169.72, the stock’s current price shows strength, trading close to its 52-week high of $184.87, reinforcing a favorable sentiment despite market fluctuations.
Financial Insights and Future Prospects
Extra Space Storage demonstrates solid revenue generation capabilities but lacks detailed EBITDA insights for complete profitability assessment. The significant revenue figure of approximately $3.22 billion establishes the company’s strong market presence and financial activity. Additionally, with 16 analysts contributing to the stock’s projections, a calculated median target price aligns closely with the current trading price, suggesting that while growth is anticipated, new investments may require careful consideration. The upper price target of $204.00 and lower target of $141.00 indicate a wide spectrum of expected performance, urging investors to maintain a cautious yet optimistic approach as EXR continues to navigate its growth trajectory in the competitive self-storage industry.
| Metric | Value |
|---|---|
| Market Cap | $39.8b |
| Total Debt | $11.7b |
| Total Cash | $108.1m |
| Shares Outstanding | 211.9m |
| Float Shares | 209.4m |
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