The second largest public storage REIT-- Public Storage ( PSA ) is the largest with a market cap of $24.3 billion--is trading at a ~30% premium to Raymond James NAV estimate of $22.13 (vs. peers PSA and CubeSmart ( CUBE ) trading at a 35% premium and a 16% premium, respectively). The current stock price implies EXR is trading at $146/square foot, which compares to PSA trading at $197/square foot and CUBE trading at $98/square foot.