Extra Space Storage (EXR) AI Stock Analysis

• Market Cap: $32.60B
• Dividend Yield: 5.01%
• Average Volume (3M): 1.24M
• Price to Earnings (P/E): 32.9
• Beta (1Y): 0.57
• Revenue Growth: 3.38%
• EPS Growth: 17.16%
• Country: US
• Employees: 8,012
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Industrial
• EPS (TTM): 0.78
• Shares Outstanding: 212,247,570
• 10 Day Avg. Volume: 1,306,513
• 30 Day Avg. Volume: 1,241,622
• PEG Ratio: -2.47
• Price to Book (P/B): 2.27
• Price to Sales (P/S): 9.48
• P/FCF Ratio: 16.95
• Enterprise Value/Market Cap: 1.40
• Enterprise Value/Revenue: 13.82
• Enterprise Value/Gross Profit: 20.41
• Enterprise Value/Ebitda: 16.49
• 1Y Price Target: $151.55
• Price Target Upside: 1.80% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 11
• EPS Forecast (FY): 4.83
• Revenue Forecast (FY): $3.47B

• Rating: 68 Neutral
• Price Target: $143.00 ▼(-3.94% Downside)

The score is driven primarily by strong profitability and cash-flow efficiency, supported by raised Core FFO guidance and continued platform/acquisition momentum. Offsetting these positives are a weaker intermediate technical trend and valuation pressure from a higher P/E, plus near-term headwinds from flat same-store revenue and elevated expenses.

Positive Factors

Cash Flow Generation

Extra Space Storage's efficient cash generation relative to net income ensures robust financial health, supporting long-term growth and operational stability.

Strategic Acquisitions

Strategic acquisitions enhance Extra Space Storage's portfolio, expanding its market presence and potential revenue streams, which supports sustainable growth.

Third-party Management Expansion

The expansion of the third-party management platform increases operational scale and revenue diversification, strengthening competitive positioning in the industry.

Negative Factors

Same-Store Revenue Decline

A decline in same-store revenue indicates potential challenges in maintaining customer retention and pricing power, which could impact future revenue stability.

Rising Debt Levels

Increased debt levels may strain financial flexibility and cash flow, posing risks to long-term financial stability if not managed effectively.

Higher Same-Store Expense Growth

Rising expenses can erode profit margins, affecting overall profitability and necessitating cost management strategies to sustain financial performance.

Extra Space Storage Business Overview & Revenue Model

Company Description

Extra Space Storage Inc., headquartered in Salt Lake City, Utah, is a self-administered and self-managed REIT and a member of the S&P 500. As of September 30, 2020, the Company owned and/or operated 1,906 self-storage stores in 40 states, Washington, D.C. and Puerto Rico. The Company's stores comprise approximately 1.4 million units and approximately 147.5 million square feet of rentable space. The Company offers customers a wide selection of conveniently located and secure storage units across the country, including boat storage, RV storage and business storage. The Company is the second largest owner and/or operator of self-storage stores in the United States and is the largest self-storage management company in the United States.

How the Company Makes Money

Extra Space Storage primarily generates revenue through the rental of storage units to customers. The company's revenue model is based on leasing space to individuals and businesses for short-term and long-term storage needs. Key revenue streams include monthly rental fees for storage units, which can vary based on size, location, and demand. Additional sources of income include the sale of retail products such as locks, boxes, and packing supplies, as well as fees from ancillary services like truck rentals. The company also benefits from partnerships with moving companies and online platforms that facilitate the booking of storage units. Seasonal demand fluctuations and local market conditions can impact revenue, but the company strategically manages pricing and promotions to optimize occupancy rates and maximize earnings.

Extra Space Storage Financial Statement Overview

Summary

Extra Space Storage demonstrates strong profitability and cash flow generation, with stable balance sheet metrics. While revenue growth has slowed, the company maintains healthy margins and efficient cash flow management. The balance sheet is stable, but the rising debt levels warrant careful monitoring to ensure long-term financial health.

Income Statement

Extra Space Storage shows strong profitability with a high EBIT margin of 45.09% and a solid EBITDA margin of 67.09% in TTM. However, the revenue growth rate has declined by 2.29% in the TTM, indicating a potential slowdown in revenue generation. The gross profit margin remains healthy at 67.73%, but the net profit margin has decreased slightly compared to previous years.

Balance Sheet

The company's balance sheet reflects a stable equity position with a debt-to-equity ratio of 1.00, which is manageable for a REIT. The return on equity is moderate at 6.87%, indicating efficient use of equity to generate profits. The equity ratio is stable, suggesting a balanced asset structure, but the increase in total debt over the years could be a concern if not managed properly.

Cash Flow

Cash flow analysis reveals a strong free cash flow to net income ratio of 99.75%, indicating efficient cash generation relative to net income. The operating cash flow to net income ratio is robust at 3.43, showcasing strong cash flow generation capabilities. The free cash flow growth rate is positive at 17.2%, reflecting healthy cash flow management.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	3.30B	3.34B	2.62B	1.97B	1.61B	1.38B
Gross Profit	2.23B	2.55B	2.02B	1.54B	1.23B	1.02B
EBITDA	2.77B	2.26B	1.79B	1.37B	1.11B	894.87M
Net Income	953.03M	854.68M	803.20M	860.69M	827.65M	481.78M
Balance Sheet
Total Assets	29.23B	28.85B	27.46B	12.17B	10.47B	9.40B
Cash, Cash Equivalents and Short-Term Investments	111.93M	138.22M	99.06M	92.87M	71.13M	109.12M
Total Debt	13.66B	13.03B	11.25B	7.56B	6.19B	6.01B
Total Liabilities	14.74B	13.99B	12.04B	8.09B	6.69B	6.46B
Stockholders Equity	13.62B	13.95B	14.39B	3.26B	3.12B	2.55B
Cash Flow
Free Cash Flow	1.89B	1.87B	1.39B	1.22B	948.78M	764.14M
Operating Cash Flow	1.89B	1.89B	1.40B	1.24B	952.44M	771.23M
Investing Cash Flow	-1.47B	-1.65B	-1.82B	-1.65B	-837.54M	-955.43M
Financing Cash Flow	-401.69M	-202.29M	423.13M	431.86M	-166.71M	241.47M

Extra Space Storage Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 148.87
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EXR, the sentiment is Positive. The current price of 148.87 is above the 20-day moving average (MA) of 135.16, above the 50-day MA of 132.10, and above the 200-day MA of 138.80, indicating a bullish trend. The MACD of 3.79 indicates Negative momentum. The RSI at 79.35 is Negative, neither overbought nor oversold. The STOCH value of 97.03 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for EXR.

Extra Space Storage Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PSA	73 Outperform	$51.42B	30.45	20.00%	4.63%	2.30%	-0.22%
CUBE	69 Neutral	$8.97B	25.11	12.82%	5.69%	4.19%	-12.19%
IIPR	69 Neutral	$1.42B	12.01	6.49%	13.07%	-11.22%	-24.64%
EXR	68 Neutral	$32.60B	32.90	6.86%	5.01%	3.38%	17.16%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
PLYM	64 Neutral	$985.06M	10.94	20.14%	4.39%	-4.99%	10123.98%
NSA	61 Neutral	$4.51B	54.44	6.89%	8.28%	-4.98%	-65.45%

Extra Space Storage Corporate Events

Extra Space Storage Names Noah Springer as President

On January 5, 2026, Extra Space Storage Inc. announced that its Board of Directors promoted longtime executive Noah Springer, formerly Executive Vice President, Chief Strategy and Partnership Officer, to President, with the company’s operations function now reporting directly to him. The appointment elevates a 20-year company veteran who played a central role in building Management Plus, the sector’s largest third-party management platform with over 1,800 locations, and signals a consolidation of strategic, operational and human capital oversight under Springer as Extra Space’s senior leadership team prepares to present to investors at the KeyBanc Capital Markets Self Storage Investor Forum in New York on January 8, 2026.

The most recent analyst rating on (EXR) stock is a Hold with a $142.00 price target. To see the full list of analyst forecasts on Extra Space Storage stock, see the EXR Stock Forecast page.