Extra Space Storage (EXR) AI Stock Analysis

• Market Cap: $29.45B
• Dividend Yield: 4.88%
• Average Volume (3M): 1.17M
• Price to Earnings (P/E): 29.7
• Beta (1Y): 0.65
• 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: 1,253,285
• 30 Day Avg. Volume: 1,172,950
• 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: 1.55
• Enterprise Value/Revenue: 13.82
• Enterprise Value/Gross Profit: 20.41
• Enterprise Value/Ebitda: 16.49
• 1Y Price Target: $156.25
• Price Target Upside: 17.56% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 14
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 66 Neutral
• Price Target: $144.00 ▲(8.34% Upside)

Extra Space Storage's overall stock score reflects strong financial performance and strategic initiatives, despite challenges in revenue growth and increased expenses. The technical analysis indicates bearish momentum, but the attractive dividend yield offers a positive aspect for income-focused investors. The mixed earnings call outlook highlights both opportunities and risks, suggesting a cautious but optimistic view for future growth.

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 (EXR) is a leading self-storage company based in the United States, specializing in providing a variety of storage solutions for residential and commercial customers. With a vast network of facilities across the country, the company offers a range of storage unit sizes, climate-controlled options, and additional services such as moving supplies and truck rentals. Extra Space Storage focuses on enhancing customer experience through convenient access, security features, and customer support.

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: Negative
• Last Price: 132.91
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EXR, the sentiment is Negative. The current price of 132.91 is below the 20-day moving average (MA) of 139.17, below the 50-day MA of 141.56, and below the 200-day MA of 143.34, indicating a bearish trend. The MACD of -3.41 indicates Positive momentum. The RSI at 38.96 is Neutral, neither overbought nor oversold. The STOCH value of 58.84 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for EXR.

Extra Space Storage Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PLYM	72 Outperform	$1.00B	11.17	20.14%	4.30%	-4.99%	10123.98%
PSA	68 Neutral	$48.12B	28.50	20.00%	4.15%	2.30%	-0.22%
EXR	66 Neutral	$29.45B	29.72	6.86%	4.88%	3.38%	17.16%
IIPR	66 Neutral	$1.36B	11.45	6.49%	15.69%	-11.22%	-24.64%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
CUBE	65 Neutral	$8.39B	23.49	12.82%	5.68%	4.19%	-12.19%
NSA	60 Neutral	$3.95B	47.72	6.89%	7.76%	-4.98%	-65.45%

Extra Space Storage Corporate Events

Extra Space Storage’s Mixed Earnings Call Reveals Growth Potential

Extra Space Storage Inc’s recent earnings call revealed a mixed sentiment, showcasing both strengths and challenges. The company reported robust gains in funds from operations (FFO), occupancy rates, and strategic acquisitions, yet faced hurdles in same-store revenue growth and rising expenses. Despite these challenges, the company’s strategic initiatives and positive rate trends indicate a promising outlook for future growth.

Extra Space Storage Inc. Reports Q3 2025 Results

Extra Space Storage Inc., headquartered in Salt Lake City, Utah, is a leading self-storage real estate investment trust (REIT) in the United States, known for its extensive network of self-storage facilities across the country.

Extra Space Storage Amends Credit Agreement for Growth

On August 21, 2025, Extra Space Storage LP, a subsidiary of Extra Space Storage Inc., entered into a fourth amended and restated credit agreement with various financial institutions. This agreement allows for aggregate borrowings of up to $4.5 billion, with provisions for extensions and interest rates tied to the company’s credit ratings. The agreement is significant as it enhances the company’s financial flexibility and supports its strategic growth initiatives, although it includes several financial covenants and customary events of default.

The most recent analyst rating on (EXR) stock is a Buy with a $160.00 price target. To see the full list of analyst forecasts on Extra Space Storage stock, see the EXR Stock Forecast page.

Extra Space Storage Completes $800M Senior Notes Offering

On August 8, 2025, Extra Space Storage LP completed a public offering of $800 million in 4.950% Senior Notes due 2033, guaranteed by Extra Space Storage Inc. and its business trusts. The offering aims to strengthen the company’s financial position, with the Notes being senior unsecured obligations, subject to certain covenants and potential events of default. This strategic financial move is expected to impact the company’s operations and market positioning by providing additional capital for growth and expansion.

The most recent analyst rating on (EXR) stock is a Hold with a $173.00 price target. To see the full list of analyst forecasts on Extra Space Storage stock, see the EXR Stock Forecast page.

Extra Space Storage Announces $800M Senior Notes Offering

On August 6, 2025, Extra Space Storage Inc. announced the pricing of an $800 million public offering of 4.950% senior notes due 2033. The proceeds from this offering are intended to repay outstanding amounts under the company’s lines of credit and commercial paper program, as well as for general corporate purposes and potential acquisitions. This strategic financial move is expected to enhance the company’s operational flexibility and support its growth initiatives.

The most recent analyst rating on (EXR) stock is a Hold with a $180.00 price target. To see the full list of analyst forecasts on Extra Space Storage stock, see the EXR Stock Forecast page.

Extra Space Storage Updates Tax Consequences in Filing

On April 15, 2024, Extra Space Storage Inc. filed a Registration Statement with the SEC, updating the U.S. Federal Income Tax Consequences section in their prospectus. This filing underscores the company’s ongoing commitment to maintaining its REIT status, which allows it to avoid double taxation by distributing taxable income to shareholders. However, the company acknowledges potential risks, such as changes in tax laws that could impact its REIT status and tax obligations.

The most recent analyst rating on (EXR) stock is a Hold with a $180.00 price target. To see the full list of analyst forecasts on Extra Space Storage stock, see the EXR Stock Forecast page.