Intrinsic value of Extra Space Storage - EXR

Previous Close

$92.56

  Intrinsic Value

$55.45

stock screener

  Rating & Target

sell

-40%

Previous close

$92.56

 
Intrinsic value

$55.45

 
Up/down potential

-40%

 
Rating

sell

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

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 2017), $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 11.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  11.40
  10.76
  10.18
  9.67
  9.20
  8.78
  8.40
  8.06
  7.75
  7.48
  7.23
  7.01
  6.81
  6.63
  6.46
  6.32
  6.19
  6.07
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
Revenue, $m
  1,231
  1,363
  1,502
  1,647
  1,799
  1,957
  2,121
  2,292
  2,470
  2,655
  2,847
  3,046
  3,254
  3,469
  3,694
  3,927
  4,170
  4,423
  4,687
  4,961
  5,248
  5,547
  5,860
  6,186
  6,527
  6,883
  7,256
  7,645
  8,053
  8,480
Variable operating expenses, $m
  232
  255
  280
  307
  334
  362
  392
  423
  455
  488
  513
  549
  587
  626
  666
  708
  752
  798
  845
  895
  946
  1,000
  1,057
  1,115
  1,177
  1,241
  1,308
  1,379
  1,452
  1,529
Fixed operating expenses, $m
  371
  379
  387
  396
  405
  414
  423
  432
  442
  451
  461
  471
  482
  492
  503
  514
  525
  537
  549
  561
  573
  586
  599
  612
  625
  639
  653
  668
  682
  697
Total operating expenses, $m
  603
  634
  667
  703
  739
  776
  815
  855
  897
  939
  974
  1,020
  1,069
  1,118
  1,169
  1,222
  1,277
  1,335
  1,394
  1,456
  1,519
  1,586
  1,656
  1,727
  1,802
  1,880
  1,961
  2,047
  2,134
  2,226
Operating income, $m
  628
  729
  834
  945
  1,060
  1,181
  1,307
  1,437
  1,574
  1,715
  1,872
  2,026
  2,185
  2,352
  2,525
  2,705
  2,893
  3,088
  3,293
  3,506
  3,729
  3,961
  4,204
  4,459
  4,724
  5,003
  5,294
  5,599
  5,919
  6,254
EBITDA, $m
  1,459
  1,648
  1,846
  2,053
  2,270
  2,496
  2,731
  2,976
  3,231
  3,496
  3,772
  4,058
  4,356
  4,666
  4,989
  5,325
  5,674
  6,039
  6,419
  6,816
  7,230
  7,662
  8,113
  8,585
  9,078
  9,594
  10,134
  10,700
  11,291
  11,911
Interest expense (income), $m
  122
  75
  68
  60
  51
  42
  33
  23
  13
  3
  -8
  -20
  -32
  -44
  -57
  -70
  -84
  -98
  -113
  -129
  -145
  -162
  -179
  -198
  -217
  -237
  -258
  -280
  -303
  -327
  -352
Earnings before tax, $m
  553
  661
  775
  894
  1,018
  1,148
  1,283
  1,424
  1,571
  1,724
  1,892
  2,057
  2,229
  2,408
  2,594
  2,788
  2,991
  3,201
  3,421
  3,651
  3,890
  4,141
  4,402
  4,676
  4,962
  5,261
  5,574
  5,902
  6,246
  6,606
Tax expense, $m
  149
  178
  209
  241
  275
  310
  346
  385
  424
  465
  511
  555
  602
  650
  701
  753
  807
  864
  924
  986
  1,050
  1,118
  1,189
  1,262
  1,340
  1,420
  1,505
  1,594
  1,686
  1,784
Net income, $m
  404
  482
  565
  652
  743
  838
  937
  1,040
  1,147
  1,258
  1,381
  1,502
  1,627
  1,758
  1,894
  2,036
  2,183
  2,337
  2,498
  2,665
  2,840
  3,023
  3,214
  3,413
  3,622
  3,840
  4,069
  4,309
  4,560
  4,822

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  -282
  -312
  -344
  -378
  -412
  -449
  -486
  -525
  -566
  -609
  -653
  -698
  -746
  -795
  -847
  -900
  -956
  -1,014
  -1,074
  -1,137
  -1,203
  -1,271
  -1,343
  -1,418
  -1,496
  -1,578
  -1,663
  -1,752
  -1,846
  -1,944
Adjusted assets (=assets-cash), $m
  -282
  -312
  -344
  -378
  -412
  -449
  -486
  -525
  -566
  -609
  -653
  -698
  -746
  -795
  -847
  -900
  -956
  -1,014
  -1,074
  -1,137
  -1,203
  -1,271
  -1,343
  -1,418
  -1,496
  -1,578
  -1,663
  -1,752
  -1,846
  -1,944
Revenue / Adjusted assets
  -4.365
  -4.369
  -4.366
  -4.357
  -4.367
  -4.359
  -4.364
  -4.366
  -4.364
  -4.360
  -4.360
  -4.364
  -4.362
  -4.364
  -4.361
  -4.363
  -4.362
  -4.362
  -4.364
  -4.363
  -4.362
  -4.364
  -4.363
  -4.362
  -4.363
  -4.362
  -4.363
  -4.364
  -4.362
  -4.362
Average production assets, $m
  8,212
  9,095
  10,022
  10,990
  12,001
  13,055
  14,152
  15,292
  16,478
  17,711
  18,992
  20,323
  21,706
  23,145
  24,641
  26,197
  27,818
  29,506
  31,265
  33,098
  35,010
  37,006
  39,090
  41,266
  43,540
  45,917
  48,403
  51,003
  53,724
  56,572
Working capital, $m
  -5,271
  -5,838
  -6,433
  -7,054
  -7,703
  -8,380
  -9,084
  -9,816
  -10,577
  -11,368
  -12,190
  -13,045
  -13,933
  -14,856
  -15,816
  -16,816
  -17,856
  -18,939
  -20,068
  -21,245
  -22,473
  -23,754
  -25,091
  -26,488
  -27,948
  -29,473
  -31,069
  -32,738
  -34,484
  -36,313
Total debt, $m
  33
  29
  25
  21
  16
  11
  6
  1
  -4
  -10
  -15
  -21
  -28
  -34
  -41
  -48
  -55
  -63
  -71
  -79
  -87
  -96
  -106
  -116
  -126
  -137
  -148
  -159
  -172
  -185
Total liabilities, $m
  -37
  -41
  -45
  -49
  -54
  -59
  -64
  -69
  -74
  -80
  -85
  -91
  -98
  -104
  -111
  -118
  -125
  -133
  -141
  -149
  -158
  -167
  -176
  -186
  -196
  -207
  -218
  -230
  -242
  -255
Total equity, $m
  -245
  -272
  -299
  -328
  -358
  -390
  -423
  -457
  -492
  -529
  -567
  -607
  -648
  -691
  -736
  -782
  -831
  -881
  -933
  -988
  -1,045
  -1,105
  -1,167
  -1,232
  -1,300
  -1,371
  -1,445
  -1,523
  -1,604
  -1,689
Total liabilities and equity, $m
  -282
  -313
  -344
  -377
  -412
  -449
  -487
  -526
  -566
  -609
  -652
  -698
  -746
  -795
  -847
  -900
  -956
  -1,014
  -1,074
  -1,137
  -1,203
  -1,272
  -1,343
  -1,418
  -1,496
  -1,578
  -1,663
  -1,753
  -1,846
  -1,944
Debt-to-equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  404
  482
  565
  652
  743
  838
  937
  1,040
  1,147
  1,258
  1,381
  1,502
  1,627
  1,758
  1,894
  2,036
  2,183
  2,337
  2,498
  2,665
  2,840
  3,023
  3,214
  3,413
  3,622
  3,840
  4,069
  4,309
  4,560
  4,822
Depreciation, amort., depletion, $m
  831
  919
  1,012
  1,109
  1,210
  1,315
  1,425
  1,539
  1,657
  1,781
  1,899
  2,032
  2,171
  2,314
  2,464
  2,620
  2,782
  2,951
  3,126
  3,310
  3,501
  3,701
  3,909
  4,127
  4,354
  4,592
  4,840
  5,100
  5,372
  5,657
Funds from operations, $m
  1,234
  1,402
  1,577
  1,761
  1,953
  2,153
  2,362
  2,579
  2,804
  3,039
  3,280
  3,534
  3,798
  4,072
  4,358
  4,655
  4,965
  5,288
  5,624
  5,975
  6,341
  6,723
  7,123
  7,540
  7,976
  8,432
  8,909
  9,409
  9,932
  10,480
Change in working capital, $m
  -539
  -567
  -595
  -622
  -649
  -676
  -704
  -732
  -761
  -791
  -822
  -854
  -888
  -923
  -960
  -999
  -1,040
  -1,083
  -1,129
  -1,177
  -1,228
  -1,281
  -1,337
  -1,397
  -1,460
  -1,526
  -1,596
  -1,669
  -1,747
  -1,828
Cash from operations, $m
  1,774
  1,969
  2,172
  2,383
  2,602
  2,829
  3,066
  3,311
  3,566
  3,830
  4,103
  4,388
  4,686
  4,996
  5,318
  5,655
  6,005
  6,371
  6,753
  7,152
  7,569
  8,004
  8,460
  8,937
  9,436
  9,958
  10,505
  11,078
  11,679
  12,308
Maintenance CAPEX, $m
  -737
  -821
  -910
  -1,002
  -1,099
  -1,200
  -1,305
  -1,415
  -1,529
  -1,648
  -1,771
  -1,899
  -2,032
  -2,171
  -2,314
  -2,464
  -2,620
  -2,782
  -2,951
  -3,126
  -3,310
  -3,501
  -3,701
  -3,909
  -4,127
  -4,354
  -4,592
  -4,840
  -5,100
  -5,372
New CAPEX, $m
  -840
  -884
  -926
  -969
  -1,011
  -1,054
  -1,097
  -1,141
  -1,186
  -1,233
  -1,281
  -1,331
  -1,383
  -1,438
  -1,496
  -1,557
  -1,621
  -1,688
  -1,759
  -1,834
  -1,912
  -1,996
  -2,084
  -2,176
  -2,274
  -2,377
  -2,486
  -2,600
  -2,721
  -2,848
Cash from investing activities, $m
  -1,577
  -1,705
  -1,836
  -1,971
  -2,110
  -2,254
  -2,402
  -2,556
  -2,715
  -2,881
  -3,052
  -3,230
  -3,415
  -3,609
  -3,810
  -4,021
  -4,241
  -4,470
  -4,710
  -4,960
  -5,222
  -5,497
  -5,785
  -6,085
  -6,401
  -6,731
  -7,078
  -7,440
  -7,821
  -8,220
Free cash flow, $m
  197
  264
  336
  412
  492
  576
  663
  755
  850
  950
  1,051
  1,158
  1,270
  1,387
  1,508
  1,634
  1,765
  1,901
  2,044
  2,192
  2,346
  2,508
  2,676
  2,851
  3,035
  3,227
  3,428
  3,638
  3,857
  4,087
Issuance/(repayment) of debt, $m
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
Issuance/(repurchase) of shares, $m
  -25
  -26
  -28
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -46
  -48
  -50
  -53
  -55
  -57
  -60
  -62
  -65
  -68
  -71
  -74
  -78
  -81
  -85
Cash from financing (excl. dividends), $m  
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -39
  -40
  -43
  -44
  -46
  -47
  -49
  -52
  -53
  -55
  -58
  -61
  -63
  -66
  -69
  -71
  -75
  -78
  -82
  -85
  -90
  -93
  -98
Total cash flow (excl. dividends), $m
  168
  234
  304
  379
  457
  539
  626
  716
  810
  907
  1,007
  1,113
  1,223
  1,337
  1,456
  1,580
  1,709
  1,843
  1,983
  2,129
  2,281
  2,439
  2,604
  2,777
  2,957
  3,145
  3,342
  3,548
  3,764
  3,989
Retained Cash Flow (-), $m
  25
  26
  28
  29
  30
  31
  33
  34
  35
  37
  38
  40
  41
  43
  45
  46
  48
  50
  53
  55
  57
  60
  62
  65
  68
  71
  74
  78
  81
  85
Prev. year cash balance distribution, $m
  220
  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
  10
  11
  12
  14
  15
  16
  18
  19
  21
  22
  24
  26
  27
  29
  31
  33
  35
  38
  40
  42
  45
  47
  50
  53
  56
  59
  62
  65
  69
  72
Cash available for distribution, $m
  413
  260
  332
  408
  487
  571
  658
  750
  845
  944
  1,045
  1,152
  1,264
  1,380
  1,501
  1,627
  1,758
  1,894
  2,036
  2,184
  2,338
  2,499
  2,666
  2,842
  3,025
  3,216
  3,416
  3,626
  3,845
  4,074
Discount rate, %
  5.60
  5.88
  6.17
  6.48
  6.81
  7.15
  7.50
  7.88
  8.27
  8.69
  9.12
  9.58
  10.06
  10.56
  11.09
  11.64
  12.22
  12.84
  13.48
  14.15
  14.86
  15.60
  16.38
  17.20
  18.06
  18.96
  19.91
  20.91
  21.95
  23.05
PV of cash for distribution, $m
  391
  232
  277
  317
  351
  377
  397
  409
  413
  410
  400
  385
  364
  339
  310
  279
  247
  215
  184
  155
  127
  103
  81
  63
  48
  35
  25
  18
  12
  8
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Extra Space Storage Inc. is a self-administered and self-managed real estate investment trust (REIT). The Company owns, operates, manages, acquires, develops and redevelops self-storage properties located throughout the United States. The Company operates through three segments: rental operations; tenant reinsurance, and property management, acquisition and development. The Company's rental operations activities include rental operations of stores in which it has an ownership interest. The Tenant reinsurance activities include the reinsurance of risks relating to the loss of goods stored by tenants in its stores. The Company's property management, acquisition and development activities include managing, acquiring, developing and selling stores. The Company's interest in its stores is held through its operating partnership, Extra Space Storage LP (the Operating Partnership). Its primary assets are general partner and limited partner interests in the Operating Partnership.

FINANCIAL RATIOS  of  Extra Space Storage (EXR)

Valuation Ratios
P/E Ratio 31.8
Price to Sales 11.7
Price to Book 5.2
Price to Tangible Book
Price to Cash Flow 21.6
Price to Free Cash Flow -20.2
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 $1105 million for the last fiscal year's total revenue generated by Extra Space Storage. The default revenue input number comes from 2017 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 11.4% 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 5.6%, 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 18.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $363 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 205.1% 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 0.9%.

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 667.1%.

Life of production assets of 10 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 -428.2%. 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 - $0 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 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 $11.7 billion.

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COMPANY NEWS

▶ Extra Space Storage: 2Q Earnings Snapshot   [04:17PM  Associated Press]
▶ 5 Top Self-Storage REITs to Buy Now   [Jun-20-18 04:02PM  Motley Fool]
▶ 3 REITs to Buy in Times of Uncertainty   [Jun-18-18 10:30AM  InvestorPlace]
▶ Extra Space Storage: 1Q Earnings Snapshot   [May-01-18 04:33PM  Associated Press]
▶ Extra Space Storage reports 4Q results   [04:37PM  Associated Press]
▶ Extra Space StorageHighest Stock Price Return among REITs   [Jan-26-18 10:34AM  Market Realist]
▶ Key Drivers of Extra Spaces 2018 Performance   [07:38AM  Market Realist]
▶ Whats the Outlook for Extra Space Storage?   [Jan-15-18 10:31AM  Market Realist]
▶ Extra Space Storage Shows Improved Relative Strength; Still Shy Of Benchmark   [Dec-12-17 03:00AM  Investor's Business Daily]
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