Extra Space Storage Inc.
EXR
Market Cap$31.74B
Close$
Earnings Call Q4 2024
February 26, 2025 - AI Summary
Fourth Quarter Performance: Extra Space Storage reported core FFO of $2.03 per share for Q4 2024, slightly above expectations, while full-year core FFO was $8.12 per share. Same-store revenue decreased by 0.4% year-over-year due to lower new customer rates, reflecting a trend of negative 9% in Q3 to negative 6% at year-end.
Occupancy Levels: The company maintained near-record occupancy levels, which is expected to support revenue growth in the upcoming leasing season. However, a 20 basis point headwind is anticipated due to state of emergency restrictions in Los Angeles County, affecting approximately 7% of their same-store revenue.
Increased Expenses: Total same-store expenses rose by 9.5% in Q4, significantly impacted by higher property taxes, particularly in Illinois, Georgia, and Indiana. For 2025, property tax growth is projected at 6% to 8%, and insurance costs are anticipated to rise by about 20%, posing challenges to net operating income (NOI).
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$209.02
40.8% upside
Current Fair Value
40.8% upsideUndervalued by 40.8% based on the discounted cash flow analysis.
Share Statistics
| Market cap | $31.74 Billion |
|---|---|
| Enterprise Value | $31.62 Billion |
| Dividend Yield | $6.48 (4.3327092805563%) |
| Earnings per Share | $4.05 |
| Beta | 0.97 |
| Outstanding Shares | 211,850,618 |
Return
| Return on Equity | - |
|---|---|
| Return on Assets | - |
| Return on Invested Capital | - |
Valuation & Multiples
| P/E Ratio | 34.74 |
|---|---|
| PEG | 128.17 |
| Price to Sales | 9.89 |
| Price to Book Ratio | 2.15 |
| Enterprise Value to Revenue | 9.65 |
| Enterprise Value to EBIT | 33.18 |
| Enterprise Value to Net Income | 19 |
| Total Debt to Enterprise | 0 |
| Debt to Equity | 0 |
Revenue Sources
No data
Insider Trades
ESG Score
No data