A LEADING COMPANY BEHIND THE ‘HOARDING’ TREND
Today’s chart highlights an expanding American industry…
As regular readers know, following the leaders of big secular trends can be a profitable investment strategy. And these days, the trend of “owning stuff” is in full force. In fact, self-storage facilities outnumber McDonald’s restaurants in the U.S.
Extra Space Storage (EXR) has become the second-largest provider of self-storage units in the country.
It has 1,400 locations, comprising 103 million square feet of rentable space.
And business is booming…
The company’s first-quarter net income increased more than 9% from the same period last year.
And same-store revenue increased more than 5%.
The trend is up for the company’s stock, as well… Shares have climbed about 30% over the past year, recently hitting a fresh 52-week high. As long as Americans are buying, moving, and hoarding possessions, big players in the self-storage space should continue to do well.
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Source: Daily Wealth’s Market Notes