In September 2022, for instance, the REIT acquired Storage Express for $590 million, which included the issue of 619,294 operating partnership units valued at $120 million. The company has big expansion plans that will help boost its financial metrics. And Extra Space's same-store revenue increased 15.5% during the third quarter to $372 million from $322 million a year earlier. In EXR's Q3 2022 report, its core funds from operations (FFO) – a key earnings metric for REITs – were $2.21 a share, 19% higher year-over-year. The analysts admit that tough year-over-year revenue comparisons in the first half of this year present the 'largest risk' to their update, but believe those concerns are already priced into the stock. 'EXR is a fantastic company with a management team that has a proven track record of prudent capital allocation and value creation, and we believe the relative valuation discount does not fully-reflect EXR's blue-chip status,' the analysts stated in their report to clients. In early January, Raymond James analysts upgraded the REIT to Outperform from Market Perform, the equivalents of Buy and Hold, respectively. Two-year estimated dividend growth rate: 18%Įxtra Space Storage ( EXR (opens in new tab), $166.31) is a Utah-based real estate investment trust (REIT) that owns or manages 2,327 self-storage properties and 175 million square feet of storage space across the U.S.

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