UPDATE: ISI Initiates Coverage on Extra Space at Buy

According to ISI, Extra Space (NYSE: EXR) coverage is initiated at Buy.

ISI said that it is initiating coverage of Extra Space (EXR), one of the largest owner/operators of selfstorage assets, with a Buy rating and $28 PT. “We believe that the storage industry has weathered past economic slowdowns with more resilient cash flows, and achieved better than average growth in the recovery, and despite the recent outperformance (in 2011 EXR had a total return of +43% vs. REITs +8.6%; and +6.5% YTD 2012) we believe there is additional upside.”

Extra Space closed yesterday at $25.80.