Here’s Why Extra Space Storage (EXR) Declined in Q4

·2 min read

Renaissance Investment Management, an investment management company, released its “Midcap Growth Strategy” fourth-quarter investor letter. A copy of the same can be downloaded here. In the fourth quarter, the strategy returned 11.23% (net) compared to a 6.90% return for the Russell Midcap Growth Index. The strategy declined -13.42% (net) in 2022 compared to a -26.72% decline for the benchmark. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Renaissance Midcap Growth Strategy 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 March 22, 2023, Extra Space Storage Inc. (NYSE:EXR) stock closed at $149.54 per share. One-month return of Extra Space Storage Inc. (NYSE:EXR) was -5.74%, and its shares lost 23.26% of their value over the last 52 weeks. Extra Space Storage Inc. (NYSE:EXR) has a market capitalization of $21.265 billion.

Renaissance Midcap Growth Strategy made the following comment about Extra Space Storage Inc. (NYSE:EXR) in its Q4 2022 investor letter:

"Lastly, Extra Space Storage Inc. (NYSE:EXR) lost 14.0% in the quarter. Driven by strong pricing gains, the company reported strong operating results. However, pricing gains came at the expense of occupancy, which came in lower than expectations. Management also lowered full-year guidance due to excess inventory in the self-storage market."

Roll up door, Door, Storage
Roll up door, Door, Storage

Photo by JOSHUA COLEMAN on Unsplash

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 fourth 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 March dividend stocks to buy. 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.