EEXRExtra Space Storage Inc

Extra Space Storage rents self-storage units and manages other owners' facilities for a fee.

The asset is simple: rows of locked units with no fit-out or complex systems and one or two staff per site. Hence high margins and resilience — the tenant pays little and therefore postpones moving out for months, while the company raises rents on existing customers more often than they get round to comparing prices.

What distinguishes it from competitors is a large third-party management programme: the owner gets the brand, the booking system and staffing, and the company gets a fee with no capital outlay. Demand is tied to relocations, and those to the housing market: when mortgages are expensive new tenant inflow falls. The trust form obliges distributing profit; the dividend is high.