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High-Interest Rate Pressured Extra Space Storage (EXR) in Q1

Soumya Eswaran
·3 分鐘文章

Diamond Hill Capital, an investment management company, released its “Large Cap Strategy” first-quarter 2024 investor letter.  A copy of the letter can be downloaded here. Markets rose significantly in the first quarter of 2024, providing positive returns across most regions and countries. The strategy outperformed the Russell 1000 Index in Q1 and returned 10.64% (net) vs 10.30% for the index. In addition, you can check the top 5 holdings of the strategy to know its best picks in 2024.

Diamond Hill Large Cap Strategy highlighted stocks like Extra Space Storage Inc. (NYSE:EXR) in the first quarter 2024 investor letter. Extra Space Storage Inc. (NYSE:EXR) is a self-administered and self-managed REIT. Extra Space Storage Inc.'s (NYSE:EXR) one-month return was 1.15%, and its shares gained 1.14% of their value over the last 52 weeks. On June 3, 2024, Extra Space Storage Inc. (NYSE:EXR) stock closed at $144.95 per share with a market capitalization of $31.955 billion.

Diamond Hill Large Cap Strategy stated the following regarding Extra Space Storage Inc. (NYSE:EXR) in its first quarter 2024 investor letter:

"Among our bottom Q1 contributors were real estate investment trusts (REITs) Extra Space Storage and SBA Communications, as well as Humana. Self-storage REIT Extra Space Storage performed well alongside most REITs at the end of 2023 as investors anticipated interest rate cuts and easier financial conditions in 2024. As this sentiment largely reversed in early 2024 against a resilient economic backdrop and still-high interest rates, real estate (and REITs broadly) were pressured in Q1. However, we believe the company has a high-quality, long-term franchise with an industry-leading operating platform that should position it well in the future."

An aerial view of a self-storage facility, its parking lot full with cars and RV's.

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Extra Space Storage Inc. (NYSE:EXR) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 20 hedge fund portfolios held Extra Space Storage Inc. (NYSE:EXR) at the end of the first quarter which was 26 in the previous quarter. While we acknowledge the potential of EXR as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

In another article, we discussed Extra Space Storage Inc. (NYSE:EXR) and shared the list of biggest real estate companies in the US in 2024. Diamond Hill Capital's Long-Short Fund added Extra Space Storage Inc. (NYSE:EXR) to its portfolio in the fourth quarter 2023. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.

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