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Does Extra Space Storage (EXR) Have Long-Term Growth Opportunity?

Baron Funds, an investment management company, released its “Baron Real Estate Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund rose 6.17% (Institutional Shares) compared to a 4.90% return for the MSCI US REIT Index (the “REIT Index”) and an 8.71% return for the MSCI USA IMI Extended Real Estate Index (the “MSCI Real Estate Index”). For 2022, the fund declined 28.44% compared to a 23.84% decline for the MSCI Real Estate Index and a 25.37% decline for the REIT Index. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Baron Funds highlighted stocks like Extra Space Storage Inc. (NYSE:EXR) in the Q4 2022 investor letter. Headquartered in Salt Lake City, Utah, Extra Space Storage Inc. (NYSE:EXR) is a self-administered and self-managed REIT that provides convenient and secure storage units. On January 31, 2023, Extra Space Storage Inc. (NYSE:EXR) stock closed at $157.83 per share. One-month return of Extra Space Storage Inc. (NYSE:EXR) was 9.25%, and its shares lost 23.68% of their value over the last 52 weeks. Extra Space Storage Inc. (NYSE:EXR) has a market capitalization of $22.179 billion.

Baron Funds made the following comment about Extra Space Storage Inc. (NYSE:EXR) in its Q4 2022 investor letter:

“Following a sharp correction in its share price over the course of 2022, we acquired shares in Extra Space Storage Inc. (NYSE:EXR). This REIT has assembled the second-largest self-storage portfolio in the country and has the largest portfolio of third-party managed self-storage facilities.

In our opinion, Extra Space’s management team is excellent. Over the last decade, management has delivered strong occupancy gains, rent growth, and expense control that has led to a cost of capital advantage relative to its peers. Management has capitalized on its cost of capital advantage by tripling its owned self-storage count since 2010. We believe the long-term growth opportunity for the company remains strong."

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Extra Space Storage Inc. (NYSE:EXR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 27 hedge fund portfolios held Extra Space Storage Inc. (NYSE:EXR) at the end of the third quarter, which was 27 in the previous quarter.

We discussed Extra Space Storage Inc. (NYSE:EXR) in another article and shared the list of best dividend stocks for rising interest rates. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.


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Disclosure: None. This article is originally published at Insider Monkey.