Intrinsic value of Extra Space Storage - EXR

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$80.47

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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$80.47

 
Intrinsic value

$5.93

 
Up/down potential

-93%

 
Rating

str. sell

 
Value-price divergence* premium content

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Our model is not good at valuating stocks of financial companies, such as EXR.

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of EXR stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 10.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  26.85
  15.50
  14.45
  13.51
  12.65
  11.89
  11.20
  10.58
  10.02
  9.52
  9.07
  8.66
  8.30
  7.97
  7.67
  7.40
  7.16
  6.95
  6.75
  6.58
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.49
Revenue, $m
  992
  1,146
  1,311
  1,488
  1,677
  1,876
  2,086
  2,307
  2,538
  2,780
  3,032
  3,294
  3,568
  3,852
  4,147
  4,454
  4,773
  5,105
  5,450
  5,808
  6,181
  6,569
  6,973
  7,393
  7,832
  8,289
  8,766
  9,264
  9,783
  10,326
  10,894
Variable operating expenses, $m
 
  294
  337
  383
  431
  482
  536
  593
  652
  714
  779
  847
  917
  990
  1,066
  1,145
  1,227
  1,312
  1,401
  1,493
  1,588
  1,688
  1,792
  1,900
  2,013
  2,130
  2,253
  2,381
  2,514
  2,654
  2,800
Fixed operating expenses, $m
 
  301
  309
  317
  325
  333
  341
  349
  358
  367
  376
  386
  395
  405
  415
  426
  436
  447
  459
  470
  482
  494
  506
  519
  532
  545
  559
  573
  587
  602
  617
Total operating expenses, $m
  542
  595
  646
  700
  756
  815
  877
  942
  1,010
  1,081
  1,155
  1,233
  1,312
  1,395
  1,481
  1,571
  1,663
  1,759
  1,860
  1,963
  2,070
  2,182
  2,298
  2,419
  2,545
  2,675
  2,812
  2,954
  3,101
  3,256
  3,417
Operating income, $m
  450
  550
  665
  789
  921
  1,061
  1,209
  1,365
  1,528
  1,698
  1,876
  2,062
  2,255
  2,457
  2,666
  2,884
  3,110
  3,346
  3,590
  3,845
  4,110
  4,387
  4,674
  4,974
  5,287
  5,614
  5,954
  6,310
  6,682
  7,071
  7,477
EBITDA, $m
  633
  790
  940
  1,101
  1,273
  1,454
  1,646
  1,848
  2,059
  2,281
  2,512
  2,752
  3,003
  3,264
  3,535
  3,817
  4,110
  4,415
  4,732
  5,062
  5,406
  5,763
  6,135
  6,523
  6,928
  7,350
  7,791
  8,251
  8,732
  9,234
  9,760
Interest expense (income), $m
  122
  151
  177
  205
  235
  267
  302
  337
  375
  415
  456
  499
  544
  590
  639
  689
  742
  796
  853
  912
  973
  1,037
  1,103
  1,172
  1,244
  1,319
  1,397
  1,478
  1,563
  1,652
  1,745
Earnings before tax, $m
  413
  399
  489
  584
  686
  794
  908
  1,027
  1,153
  1,284
  1,421
  1,563
  1,712
  1,866
  2,027
  2,194
  2,368
  2,549
  2,738
  2,933
  3,138
  3,350
  3,572
  3,803
  4,043
  4,295
  4,558
  4,832
  5,119
  5,419
  5,733
Tax expense, $m
  16
  108
  132
  158
  185
  214
  245
  277
  311
  347
  384
  422
  462
  504
  547
  592
  639
  688
  739
  792
  847
  905
  964
  1,027
  1,092
  1,160
  1,231
  1,305
  1,382
  1,463
  1,548
Net income, $m
  366
  291
  357
  426
  501
  580
  663
  750
  841
  937
  1,037
  1,141
  1,250
  1,362
  1,480
  1,602
  1,729
  1,861
  1,998
  2,141
  2,290
  2,446
  2,607
  2,776
  2,952
  3,135
  3,327
  3,527
  3,737
  3,956
  4,185

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  44
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  7,091
  8,126
  9,300
  10,556
  11,892
  13,306
  14,796
  16,362
  18,001
  19,715
  21,503
  23,365
  25,303
  27,319
  29,414
  31,591
  33,854
  36,205
  38,649
  41,191
  43,835
  46,586
  49,450
  52,434
  55,544
  58,786
  62,169
  65,699
  69,385
  73,236
  77,260
Adjusted assets (=assets-cash), $m
  7,047
  8,126
  9,300
  10,556
  11,892
  13,306
  14,796
  16,362
  18,001
  19,715
  21,503
  23,365
  25,303
  27,319
  29,414
  31,591
  33,854
  36,205
  38,649
  41,191
  43,835
  46,586
  49,450
  52,434
  55,544
  58,786
  62,169
  65,699
  69,385
  73,236
  77,260
Revenue / Adjusted assets
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
Average production assets, $m
  6,236
  7,202
  8,243
  9,356
  10,540
  11,793
  13,114
  14,502
  15,955
  17,474
  19,058
  20,709
  22,427
  24,213
  26,070
  28,000
  30,005
  32,089
  34,256
  36,508
  38,852
  41,290
  43,829
  46,474
  49,230
  52,104
  55,102
  58,231
  61,498
  64,911
  68,477
Working capital, $m
  0
  -50
  -58
  -65
  -74
  -83
  -92
  -102
  -112
  -122
  -133
  -145
  -157
  -169
  -182
  -196
  -210
  -225
  -240
  -256
  -272
  -289
  -307
  -325
  -345
  -365
  -386
  -408
  -430
  -454
  -479
Total debt, $m
  4,306
  5,051
  5,859
  6,723
  7,642
  8,614
  9,640
  10,717
  11,845
  13,024
  14,254
  15,535
  16,869
  18,255
  19,697
  21,195
  22,751
  24,369
  26,051
  27,799
  29,618
  31,511
  33,482
  35,535
  37,674
  39,905
  42,232
  44,661
  47,197
  49,846
  52,615
Total liabilities, $m
  4,847
  5,591
  6,399
  7,263
  8,182
  9,154
  10,180
  11,257
  12,385
  13,564
  14,794
  16,075
  17,409
  18,795
  20,237
  21,735
  23,291
  24,909
  26,591
  28,339
  30,158
  32,051
  34,022
  36,075
  38,214
  40,445
  42,772
  45,201
  47,737
  50,386
  53,155
Total equity, $m
  2,245
  2,535
  2,902
  3,294
  3,710
  4,151
  4,616
  5,105
  5,616
  6,151
  6,709
  7,290
  7,895
  8,523
  9,177
  9,856
  10,562
  11,296
  12,059
  12,852
  13,676
  14,535
  15,429
  16,359
  17,330
  18,341
  19,397
  20,498
  21,648
  22,849
  24,105
Total liabilities and equity, $m
  7,092
  8,126
  9,301
  10,557
  11,892
  13,305
  14,796
  16,362
  18,001
  19,715
  21,503
  23,365
  25,304
  27,318
  29,414
  31,591
  33,853
  36,205
  38,650
  41,191
  43,834
  46,586
  49,451
  52,434
  55,544
  58,786
  62,169
  65,699
  69,385
  73,235
  77,260
Debt-to-equity ratio
  1.918
  1.990
  2.020
  2.040
  2.060
  2.080
  2.090
  2.100
  2.110
  2.120
  2.120
  2.130
  2.140
  2.140
  2.150
  2.150
  2.150
  2.160
  2.160
  2.160
  2.170
  2.170
  2.170
  2.170
  2.170
  2.180
  2.180
  2.180
  2.180
  2.180
  2.180
Adjusted equity ratio
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  366
  291
  357
  426
  501
  580
  663
  750
  841
  937
  1,037
  1,141
  1,250
  1,362
  1,480
  1,602
  1,729
  1,861
  1,998
  2,141
  2,290
  2,446
  2,607
  2,776
  2,952
  3,135
  3,327
  3,527
  3,737
  3,956
  4,185
Depreciation, amort., depletion, $m
  183
  240
  275
  312
  351
  393
  437
  483
  532
  582
  635
  690
  748
  807
  869
  933
  1,000
  1,070
  1,142
  1,217
  1,295
  1,376
  1,461
  1,549
  1,641
  1,737
  1,837
  1,941
  2,050
  2,164
  2,283
Funds from operations, $m
  548
  532
  631
  738
  852
  973
  1,100
  1,233
  1,373
  1,520
  1,672
  1,831
  1,997
  2,170
  2,349
  2,535
  2,729
  2,931
  3,140
  3,358
  3,585
  3,822
  4,068
  4,325
  4,593
  4,872
  5,164
  5,468
  5,787
  6,119
  6,467
Change in working capital, $m
  9
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
Cash from operations, $m
  539
  1,072
  639
  746
  860
  981
  1,109
  1,243
  1,383
  1,530
  1,683
  1,843
  2,009
  2,182
  2,362
  2,549
  2,743
  2,945
  3,155
  3,374
  3,602
  3,839
  4,086
  4,343
  4,612
  4,892
  5,185
  5,490
  5,810
  6,143
  6,492
Maintenance CAPEX, $m
  0
  -208
  -240
  -275
  -312
  -351
  -393
  -437
  -483
  -532
  -582
  -635
  -690
  -748
  -807
  -869
  -933
  -1,000
  -1,070
  -1,142
  -1,217
  -1,295
  -1,376
  -1,461
  -1,549
  -1,641
  -1,737
  -1,837
  -1,941
  -2,050
  -2,164
New CAPEX, $m
  -1,115
  -966
  -1,041
  -1,113
  -1,184
  -1,253
  -1,321
  -1,387
  -1,453
  -1,519
  -1,585
  -1,651
  -1,718
  -1,786
  -1,857
  -1,930
  -2,005
  -2,084
  -2,166
  -2,253
  -2,343
  -2,439
  -2,539
  -2,645
  -2,756
  -2,874
  -2,998
  -3,129
  -3,267
  -3,413
  -3,567
Cash from investing activities, $m
  -1,032
  -1,174
  -1,281
  -1,388
  -1,496
  -1,604
  -1,714
  -1,824
  -1,936
  -2,051
  -2,167
  -2,286
  -2,408
  -2,534
  -2,664
  -2,799
  -2,938
  -3,084
  -3,236
  -3,395
  -3,560
  -3,734
  -3,915
  -4,106
  -4,305
  -4,515
  -4,735
  -4,966
  -5,208
  -5,463
  -5,731
Free cash flow, $m
  -493
  -102
  -642
  -642
  -635
  -623
  -605
  -582
  -553
  -521
  -484
  -443
  -399
  -352
  -302
  -250
  -196
  -139
  -81
  -20
  42
  105
  171
  238
  307
  377
  450
  525
  601
  681
  762
Issuance/(repayment) of debt, $m
  756
  745
  808
  864
  919
  973
  1,025
  1,077
  1,128
  1,179
  1,230
  1,281
  1,333
  1,387
  1,441
  1,498
  1,557
  1,618
  1,682
  1,749
  1,819
  1,893
  1,971
  2,053
  2,139
  2,231
  2,327
  2,429
  2,536
  2,649
  2,768
Issuance/(repurchase) of shares, $m
  125
  0
  201
  170
  133
  91
  45
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  829
  745
  1,009
  1,034
  1,052
  1,064
  1,070
  1,077
  1,128
  1,179
  1,230
  1,281
  1,333
  1,387
  1,441
  1,498
  1,557
  1,618
  1,682
  1,749
  1,819
  1,893
  1,971
  2,053
  2,139
  2,231
  2,327
  2,429
  2,536
  2,649
  2,768
Total cash flow (excl. dividends), $m
  336
  643
  166
  222
  284
  350
  420
  495
  575
  658
  746
  838
  934
  1,035
  1,139
  1,248
  1,361
  1,479
  1,601
  1,728
  1,861
  1,998
  2,142
  2,291
  2,446
  2,608
  2,777
  2,953
  3,138
  3,330
  3,531
Retained Cash Flow (-), $m
  -156
  -334
  -366
  -392
  -417
  -441
  -465
  -488
  -512
  -535
  -558
  -581
  -605
  -629
  -654
  -679
  -706
  -734
  -763
  -793
  -825
  -858
  -894
  -931
  -970
  -1,012
  -1,055
  -1,101
  -1,150
  -1,201
  -1,255
Prev. year cash balance distribution, $m
 
  44
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  353
  0
  0
  0
  0
  0
  7
  63
  124
  189
  257
  330
  406
  486
  569
  655
  745
  838
  935
  1,036
  1,140
  1,248
  1,360
  1,476
  1,597
  1,722
  1,852
  1,987
  2,128
  2,275
Discount rate, %
 
  10.10
  10.61
  11.14
  11.69
  12.28
  12.89
  13.53
  14.21
  14.92
  15.67
  16.45
  17.27
  18.14
  19.05
  20.00
  21.00
  22.05
  23.15
  24.31
  25.52
  26.80
  28.14
  29.55
  31.02
  32.57
  34.20
  35.91
  37.71
  39.59
  41.57
PV of cash for distribution, $m
 
  320
  0
  0
  0
  0
  0
  3
  22
  35
  44
  48
  49
  46
  42
  37
  31
  25
  20
  15
  11
  8
  5
  4
  2
  1
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  98.3
  97.0
  96.2
  95.7
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4

Extra Space Storage, Inc. operates as a real estate investment trust (REIT) in the United States. It engages in property management and development activities that include acquiring, managing, developing, and selling, as well as the rental of self-storage facilities. As of December 31, 2006, Extra Space Storage owned interests in 567 properties located in 32 states and Washington, D.C., as well as managed 74 properties owned by franchisees or third parties. As a REIT, the company would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. The company was founded in 1977 and is based in Salt Lake City, Utah.

FINANCIAL RATIOS  of  Extra Space Storage (EXR)

Valuation Ratios
P/E Ratio 27.7
Price to Sales 10.2
Price to Book 4.5
Price to Tangible Book
Price to Cash Flow 18.8
Price to Free Cash Flow -17.6
Growth Rates
Sales Growth Rate 26.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 190.4%
Cap. Spend. - 3 Yr. Gr. Rate 25.2%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 191.8%
Total Debt to Equity 191.8%
Interest Coverage 4
Management Effectiveness
Return On Assets 7.3%
Ret/ On Assets - 3 Yr. Avg. 6.2%
Return On Total Capital 6%
Ret/ On T. Cap. - 3 Yr. Avg. 4.8%
Return On Equity 16.9%
Return On Equity - 3 Yr. Avg. 12.3%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 74.5%
Gross Margin - 3 Yr. Avg. 72.8%
EBITDA Margin 72.4%
EBITDA Margin - 3 Yr. Avg. 63.3%
Operating Margin 45.4%
Oper. Margin - 3 Yr. Avg. 42%
Pre-Tax Margin 41.6%
Pre-Tax Margin - 3 Yr. Avg. 33.8%
Net Profit Margin 36.9%
Net Profit Margin - 3 Yr. Avg. 29.5%
Effective Tax Rate 3.9%
Eff/ Tax Rate - 3 Yr. Avg. 4.1%
Payout Ratio 100.5%

EXR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EXR stock intrinsic value calculation we used $992 million for the last fiscal year's total revenue generated by Extra Space Storage. The default revenue input number comes from 2016 income statement of Extra Space Storage. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our EXR stock valuation model: a) initial revenue growth rate of 15.5% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 10.1%, whose default value for EXR is calculated based on our internal credit rating of Extra Space Storage, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Extra Space Storage.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of EXR stock the variable cost ratio is equal to 25.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $294 million in the base year in the intrinsic value calculation for EXR stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Extra Space Storage.

Corporate tax rate of 27% is the nominal tax rate for Extra Space Storage. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the EXR stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for EXR are equal to 628.6%.

Life of production assets of 34.1 years is the average useful life of capital assets used in Extra Space Storage operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for EXR is equal to -4.4%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $2245 million for Extra Space Storage - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 126.63 million for Extra Space Storage is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Extra Space Storage at the current share price and the inputted number of shares is $10.2 billion.


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Stock chart of EXR Financial statements of EXR
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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