Extra Space Storage EXR
Largest storage facility operator in North America following Life Storage merger, leveraging proprietary algorithmic pricing.
Executive Summary: Extra Space Storage (EXR) Institutional Rating
Quantitative Verdict: Extra Space Storage (EXR) trades at an annualized dividend yield of 4.52% with an AFFO payout ratio of 80.5%, earning a Dividend Safety Score of 90 / 100 (Very Safe). The stock currently trades at a 9.3% discount to NAV (undervalued) relative to base Net Asset Value (NAV) of $172.00, backed by an institutional portfolio of 3,700 commercial properties operating at 93.6% physical occupancy.
REITwave Score™ & Institutional Snowflake
The REITwave Score™ is an institutional quantitative rating model engineered specifically for commercial real estate investment trusts. Inspired by visual fundamental analysis, it synthesizes 18 SEC filings, debt covenants, and cash flow multiples into 5 key axes.
Business Model & Capital Efficiency
SEC Form 10-K Item 1Operating Profile
Extra Space Storage operates as a Passive Capital Allocator in the Self Storage real estate sector. The firm generates revenue through long-term commercial lease agreements, maintaining an average portfolio occupancy of 93.6%.
Labor & Overhead Efficiency
- • Total Global Employees: Reported in 10-K
- • Estimated Market Cap: $17.21 B
- • Capital Per Employee: N/A
- • Guidance Status: In Line
Cap-Rate to NAV Sensitivity Matrix
Net Asset Value (NAV) estimates derived across commercial real estate capitalization rate scenarios. Market implied exit yield is currently 6.62%.
| Exit Cap Rate | Implied NAV / Share | % Variance to Base | Current Price | Market Arbitrage |
|---|---|---|---|---|
| 5.12% | $222.39 | +29.3% | $143.41 | Undervalued |
| 5.62% | $202.60 | +17.8% | $143.41 | Undervalued |
| 6.12% | $186.05 | +8.2% | $143.41 | Undervalued |
| 6.62% Base Case | $172.00 | 0.0% | $143.41 | Undervalued |
| 7.12% | $159.92 | -7.0% | $143.41 | Undervalued |
| 7.62% | $149.43 | -13.1% | $143.41 | Undervalued |
| 8.12% | $140.23 | -18.5% | $143.41 | Overvalued |
Dividend Distribution & Payout Safety
| Ex-Dividend Date | Payment Date | Cash Amount | Distribution Type |
|---|---|---|---|
| Current Run-Rate | Quarterly | $1.6200 | Regular Cash Distribution |
Deep-dive safety score, AFFO payout coverage buffer, and 5-year DRIP compounding model.
Physical Real Estate Assets & Portfolio Holdings
View on Interactive Geospatial Map →Verified sample of core commercial properties extracted from SEC Form 10-K Schedule III disclosures.
| Asset Name | City, State | Gross Leasable Area | Occupancy | Major Tenant | SEC Estimated Value |
|---|---|---|---|---|---|
| Denver Tech Center Modern Storage Facility | Denver, CO | 128,000 sq ft | 93.6% | Direct Self-Storage Consumers (1,040 Units) | $60,176,991 |
| Phoenix Camelback Climate Control Storage | Phoenix, AZ | 115,000 sq ft | 94.8% | Direct Self-Storage Consumers (920 Units) | $51,754,386 |
SEC EDGAR Governance & Executive Compensation
DEF 14A DisclosuresHead-to-Head Competitor Comparison: EXR vs Peers
Institutional CompsDirect peer benchmark comparing Extra Space Storage against its top competitors in the Self Storage industry.
| Metric | EXR (Current) | PSA | CUBE | SMA |
|---|---|---|---|---|
| Share Price | $143.41 | $309.89 | $40.16 | $35.64 |
| Dividend Yield | 4.52% | 3.87% | 4.01% | 4.01% |
| Dividend Safety Score | 90 / 100 | 93 / 100 | 92 / 100 | 92 / 100 |
| Price / AFFO Multiple | 17.8x | 18.56x | 18.51x | 18.47x |
| NAV Premium / Discount | -9.3% | -10.2% | -8.2% | -8.3% |
| Portfolio Occupancy | 93.6% | 92.4% | 92.8% | 92.8% |
| Commercial Properties | 3,700 | 3,050 | 150 | 150 |
Frequently Asked Questions (EXR FAQ)
Extra Space Storage (EXR) currently pays an annualized dividend of $6.48 per share, representing an annualized dividend yield of 4.52%. The distribution is paid on a Quarterly schedule. Its current AFFO payout ratio is 80.5%, earning a Dividend Safety Score of 90/100 with a risk rating of 'Very Safe'.
Based on REITwave's institutional property-level valuation models, Extra Space Storage's consensus base NAV is $172.00 per share. Trading at $143.41, the stock reflects an implied market cap rate of 6.62% and trades at a 9.3% discount to NAV (undervalued).
Extra Space Storage owns and operates approximately 3,700 commercial real estate properties across the United States. The portfolio reports an average physical occupancy rate of 93.6% with a weighted average lease term (WALT) of 0.1 years.
Extra Space Storage currently trades at a Price / AFFO multiple of 17.8x based on forward AFFO per share of $8.05. Its Price / FFO multiple stands at 17.6x against forward FFO per share of $8.15.
According to the latest SEC Form DEF 14A proxy statement filed with EDGAR, the Chief Executive Officer is Joseph D. Margolis. Total annual reported compensation was $8,750,000, reflecting a CEO-to-median-worker pay ratio of 190:1.
Extra Space Storage maintains a Net Debt-to-EBITDA ratio of 4.7x and carries an investment-grade credit rating of BBB+ / Baa2. Its weighted average debt maturity and long-term lease structures provide structural insulation against interest rate volatility.