Extra Space Storage Inc. (EXR), headquartered in Salt Lake City, Utah, is a major real estate investment trust (REIT) specializing in self-storage properties. With a market cap of $38.46 billion, Extra Space Storage owns, operates, and manages hundreds of storage facilities across the U.S.
Companies valued at $10 billion or more are classified as "large-cap" stocks, and Extra Space Storage is a prime example of this, showcasing its substantial scale, stability, and influence within the self-storage industry.
EXR shares are trading 1.7% below their 52-week high of $184.87, which they hit on Sep. 18. However, the stock has gained 14% over the past three months, underperforming the Real Estate Select Sector SPDR Fund’s (XLRE) 16.6% gain over the same time frame.
In the longer term, EXR is up 13.3% on a YTD basis, and the shares have gained 43.5% over the past 52 weeks. XLRE has gained 12% in 2024 and 24% over the past year.
EXR has been trading above its 50-day moving average since late May and its 200-day moving average since late April, which confirms its bullish trend.
EXR’s shares closed down marginally on Jul. 30 following the release of its Q2 earnings report. Its funds from operations (FFO) of $2.06 per share exceeded Street forecasts of $2 per share. The company posted revenue of $810.7 million. EXR expects full-year funds from operations in the range of $7.95 to $8.15 per share.
Highlighting the contrast in performance, rival Public Storage (PSA) has outperformed EXR, with a 33.7% gain on a YTD basis.
Despite EXR's recent underperformance compared to the XLRE, analysts are moderately optimistic about its prospects. The stock has a consensus rating of "Moderate Buy" from 17 analysts in coverage. The mean price target is $172.12, which indicates that the stock trades at a premium.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
