Why Extra Space Storage Stock Tumbled 25% in the First Half of 2022

Shares of Extra Space Storage (NYSE: EXR) plunged 25% in the first half of 2022, according to data provided by S&P Global Market Intelligence. The self-storage-focused real estate investment trust's (REIT) performance was a little worse than the S&P 500, which tumbled almost 21% in the first half of the year. 

Here's a closer look at what has been weighing down the self-storage REIT this year. 

Extra Space Storage got 2022 off to an exceptional start. The REIT produced $2.01 per share of core funds from operations (FFO) in the first quarter, up 34% year over year. The company benefited from a 21.7% rise in same-store revenue, driven mainly by its ability to increase rental rates. It also continued to expand its platform. Extra Space acquired 14 stores in the first quarter for $225 million while adding another 37 locations to its third-party management platform.  

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Source Fool.com