Extra Space Storage is number two on the list of the largest self-storage REITs in the US. If you wonder why self-storage is being discussed in an article related to the best REIT stock to buy right now, then all you have to do is look at the past performances of Extra Space Storage or Public Storage. These two are the largest self-storage REITs in the US, and their stock performances have been stellar. Extra Space Storage has risen about 10-fold in the last ten years or so. Self-storage units are in demand because they provide convenience to the customer. People need a place other than their garage to store their stuff. When people move due to job change, for education, or due to a family event like a divorce, there is a demand for storage units. Companies like Extra Space Storage are capitalizing on this demand and generating wealth for shareholders.
Extra Space Storage Reports Q42020 Earnings
On February 23rd, 2021, Extra Space Storage reported its fourth-quarter 2020 earnings results. Net income attributable to common stockholders grew 38.5% year-on-year from $0.86 per diluted share in Q42019 to $1.19 per diluted share. Core funds from operations also went up from $1.27 per share in Q42019 to $1.48 in Q42020.
According to company CEO Joseph Margolis, “Our team’s efforts together with our balanced portfolio, sophisticated platform, and innovative external growth efforts yielded a great result in the fourth quarter. We ended the year with same-store occupancy of 94.8%, an all-time year-end high for Extra Space.” Extra Space Storage continues to remain a candidate for the best REIT stock to buy now.
Extra Space Storage closed at $131.71 on March 12th, 2021. The stock was trading at a 3.04% dividend yield at the time. Extra Space Storage’s peer is Public Storage. Its stock closed at $243.05 on March 12th, 2021. Public Storage was trading at a 3.29% dividend yield at the time.