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Extra Space Storage Declares $1.62 Dividend

By George Maybach 

Extra Space Storage said on May 26, 2023, that its board of directors declared a regular quarterly dividend of $1.62 per share ($6.48 annualized). Previously, the company paid $1.62 per share.

Shares must be purchased before the ex-div date of June 14, 2023, to qualify for the dividend. Shareholders of record as of June 15, 2023, will receive the payment on June 30, 2023.

At the current share price of $146.58 / share, the stock’s dividend yield is 4.42%.

Looking back five years and taking a sample every week, the average dividend yield has been 3.33%, the lowest has been 2.25%, and the highest has been 4.83%. The standard deviation of yields is 0.50 (n=237).

The current dividend yield is 2.20 standard deviations above the historical average.

Additionally, the company’s dividend payout ratio is 1.03. The payout ratio tells us how much of a company’s income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company’s income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend – not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.

The company’s three-year dividend growth rate is 0.80%, demonstrating that it has increased its dividend over time.

What is the Fund Sentiment?

There are 1409 funds or institutions reporting positions in Extra Space Storage. This is a decrease of 14 owner(s) or 0.98% in the last quarter. Average portfolio weight of all funds dedicated to EXR is 0.36%, a decrease of 0.72%. Total shares owned by institutions increased in the last three months by 2.59% to 158,552K shares.

Extra Space Storage Declares $1.62 Dividend

As of May 11, 2023, the average one-year price target for Extra Space Storage is 176.05. The forecasts range from a low of 146.45 to a high of $198.45. The average price target represents an increase of 20.11% from its latest reported closing price of 146.58.

The projected annual revenue for Extra Space Storage is 1,866MM, a decrease of 7.91%. The projected annual non-GAAP EPS is 6.47.

Extra Space Storage Declares $1.62 Dividend

What Are Other Shareholders Doing?

Capital World Investors holds 13,780K shares representing 10.20% ownership of the company. In its prior filing, the firm reported owning 13,055K shares, representing an increase of 5.26%. The firm increased its portfolio allocation in EXR by 13.30% over the last quarter.

VGSIX – Vanguard Real Estate Index Fund Investor Shares holds 5,972K shares representing 4.42% ownership of the company. In its prior filing, the firm reported owning 6,089K shares, representing a decrease of 1.95%. The firm decreased its portfolio allocation in EXR by 20.09% over the last quarter.

AWSHX – WASHINGTON MUTUAL INVESTORS FUND holds 5,771K shares representing 4.27% ownership of the company. In its prior filing, the firm reported owning 4,854K shares, representing an increase of 15.89%. The firm increased its portfolio allocation in EXR by 1.58% over the last quarter.

Principal Financial Group holds 5,160K shares representing 3.82% ownership of the company. In its prior filing, the firm reported owning 4,686K shares, representing an increase of 9.19%. The firm decreased its portfolio allocation in EXR by 34.34% over the last quarter.

Cohen & Steers holds 4,546K shares representing 3.37% ownership of the company. In its prior filing, the firm reported owning 4,608K shares, representing a decrease of 1.37%. The firm increased its portfolio allocation in EXR by 6.88% over the last quarter.

Extra Space Storage Inc., headquartered in Salt Lake City, is a fully integrated, self-administered and self-managed real estate investment trust, and a member of the S&P 500. As of Dec. 31, 2020, Extra Space owned and/or operated 1,921 self-storage properties, which comprise approximately 1.4 million units and approximately 149.2 million square feet of rentable storage space offering customers conveniently located and secure storage units across the country, including boat storage, RV storage and business storage. Extra Space is the second largest owner and/or operator of self-storage properties in the United States and is the largest self-storage management company in the United States.

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