Simone: “We've Never Seen Anything Like $EXR."

In this clip from The Call @ Hedgeye, REITS analyst Rob Simone breaks down how Extra Space Storage, Inc. (EXR) absolutely crushed consensus and beat both the Street and Hedgeye, which came on reporting SSNOI up nearly +28%. 

“Rents are going crazy, I’ve literally never seen anything like it,” exclaims Simone. “Going back to 2012, the highest SSNOI growth they had ever printed was 12%, so rate of change is just flying off the page. Really positive.”

Best Idea Long EXR just reported a +9% 3Q21 Core FFO beat versus Hedgeye and the Street, which came on SSNOI up nearly +28% (!!!) following +20% last quarter. To put those numbers in perspective, they are more than ~2x the next highest SSNOI print since 2012, and well-above our likely Street-high +18.4%. FY21 Core FFO guidance was taken up another +4% at the midpoint, so numbers need to come up here and across the Street.