Extra Space Storage (EXR) AI Stock Analysis

• Market Cap: $32.29B
• Dividend Yield: 4.45%
• Average Volume (3M): 933.72K
• Price to Earnings (P/E): 33.9
• Beta (1Y): 0.78
• Revenue Growth: 14.72%
• EPS Growth: -4.21%
• Country: US
• Employees: 8,012
• Sector: Real Estate
• Sector Strength: 63
• Industry: REIT - Industrial
• EPS (TTM): 1.28
• Shares Outstanding: 212,210,880
• 10 Day Avg. Volume: 885,776
• 30 Day Avg. Volume: 933,719
• PEG Ratio: 5.21
• Price to Book (P/B): 2.26
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 16.26
• Enterprise Value/Market Cap: 0.97
• Enterprise Value/Revenue: 2.43
• Enterprise Value/Gross Profit: 14.53
• Enterprise Value/Ebitda: 3.48
• 1Y Price Target: $156.33
• Price Target Upside: 7.27% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 15

• Rating: 79 Outperform
• Price Target: $167.00 ▲( 14.60% Upside)

Extra Space Storage's strong financial performance and positive earnings call are the most significant contributors to its overall score. The technical analysis and high valuation present some challenges, but the company’s dividend yield and strategic initiatives support a positive outlook. While economic uncertainties pose risks, the company's resilience and operational efficiency provide confidence in its continued performance.

Positive Factors

Acquisitions and Investments

EXR continued to acquire various acquisitions/JVs with $153.8 million for the acquisition of 12 operating stores.

Interest Income Growth

EXR's loan book is expected to expand to $1.45B (+39% Y/Y) contributing +9¢ higher expected interest income.

Occupancy Rates

Average same store occupancy was 94.1% in 4Q24, up 70 basis points year-over-year, indicating improved occupancy.

Negative Factors

Guidance and Expectations

Initial '25 guidance missed by -1.9% with expected SSNOI also worse than expected.

Property Tax Impact

Property taxes were notably higher than expected.

SSNOI Performance

SSNOI did decline -1.2% YoY, which was weighed by the 4.2% increase in SSEXP.

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 generates revenue primarily through rental income from its self-storage units. The company leases storage spaces to individuals and businesses on a monthly basis, offering flexibility and convenience to its customers. In addition to rental income, Extra Space Storage also earns ancillary revenues from services such as tenant insurance plans, administrative fees, and the sale of storage-related products like locks and packing supplies. The company’s profitability is further enhanced through strategic acquisitions and partnerships, which help expand its footprint and diversify its asset base, as well as through efficient property management that focuses on maintaining high occupancy rates and optimizing rental pricing.

Extra Space Storage Financial Statement Overview

Summary

Extra Space Storage displays a strong financial profile with solid revenue growth, healthy profit margins, and robust cash flow generation. The balance sheet reflects a stable leverage position with adequate equity backing. While the return on equity could be improved, the company's financials suggest a well-managed business with good growth potential and operational efficiency.

Income Statement

Extra Space Storage shows strong financial performance with significant revenue growth, evidenced by a 27.87% increase from 2022 to 2023. The TTM (Trailing-Twelve-Months) data reveals a solid gross profit margin of approximately 65.91% and a net profit margin of 27.83%. The EBIT and EBITDA margins are also robust at 43.67% and 72.58% respectively. The company has maintained profitability while expanding its revenue base, indicating effective management and operational efficiency.

Balance Sheet

The company's balance sheet is relatively strong with a decent equity ratio of 47.89% in TTM, suggesting a healthy level of equity financing. The debt-to-equity ratio stands at 0.95, indicating a balanced leverage position. However, the return on equity (ROE) is moderate at 6.57%, which could be improved to enhance shareholder value. Overall, the company maintains a stable financial position with manageable debt levels.

Cash Flow

Extra Space Storage exhibits strong cash flow generation capabilities. The operating cash flow to net income ratio is high at 2.09, demonstrating effective cash conversion from profits. The free cash flow to net income ratio is also robust at 2.12, indicating substantial free cash flow relative to earnings. The company has shown consistent free cash flow growth, enhancing its capacity to fund operations and invest in growth opportunities.

Breakdown
TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement		Total Revenue
3.28B	3.26B	2.56B	1.92B	1.58B	1.36B
	Gross Profit
2.16B	2.35B	1.89B	1.46B	1.18B	969.10M
	EBIT
1.43B	1.32B	1.17B	1.05B	975.95M	666.14M
	EBITDA
2.38B	2.16B	1.79B	1.33B	1.11B	894.87M
	Net Income Common Stockholders
912.05M	854.68M	803.20M	860.69M	827.65M	481.78M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
119.56M	138.22M	99.06M	92.87M	71.13M	109.12M
	Total Assets
28.99B	28.85B	27.46B	12.17B	10.47B	9.40B
	Total Debt
13.25B	13.03B	11.25B	7.56B	6.19B	6.01B
	Net Debt
13.13B	12.89B	11.15B	7.47B	6.12B	5.90B
	Total Liabilities
14.22B	13.99B	12.04B	8.09B	6.69B	6.46B
	Stockholders Equity
13.89B	13.95B	14.39B	3.26B	3.12B	2.55B
Cash Flow		Free Cash Flow
1.94B	1.87B	1.39B	1.22B	948.78M	764.14M
	Operating Cash Flow
1.90B	1.89B	1.40B	1.24B	952.44M	771.23M
	Investing Cash Flow
-1.71B	-1.65B	-1.82B	-1.65B	-837.54M	-955.43M
	Financing Cash Flow
-128.73M	-202.29M	423.13M	431.86M	-166.71M	241.47M

Extra Space Storage Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 145.73
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

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 145.73 is below the 20-day moving average (MA) of 147.50, above the 50-day MA of 143.98, and below the 200-day MA of 155.97, indicating a neutral trend. The MACD of 1.09 indicates Positive momentum. The RSI at 48.74 is Neutral, neither overbought nor oversold. The STOCH value of 18.31 is Positive, 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
EXR	79 Outperform	$32.29B	33.88	6.46%	4.45%	14.72%	-4.21%
CUBE	76 Outperform	$9.47B	24.40	13.72%	4.99%	2.15%	-5.99%
IIPR	75 Outperform	$1.56B	10.68	7.78%	13.69%	-1.33%	-8.62%
SELF	73 Outperform	$62.93M	26.15	4.98%	5.22%	3.58%	8.22%
PSA	73 Outperform	$52.05B	29.46	20.20%	4.04%	3.08%	-8.54%
Sector *	60 Neutral	$2.76B	10.35	0.49%	8507.90%	5.83%	-18.77%
NSA	53 Neutral	$4.59B	57.55	5.66%	6.62%	-9.89%	-70.29%

Extra Space Storage Corporate Events

Extra Space Storage Approves Key Proposals at Annual Meeting

On May 21, 2025, Extra Space Storage Inc. held its annual meeting of stockholders, where several key proposals were approved. These included the election of ten board members, the ratification of Ernst & Young LLP as the independent auditor for 2025, and the approval of the Amended and Restated 2015 Incentive Award Plan. These decisions are expected to impact the company’s governance and operational strategies moving forward.

The most recent analyst rating on (EXR) stock is a Hold with a $163.00 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 CFO Transition Plan

On May 19, 2025, Extra Space Storage Inc. announced the retirement of P. Scott Stubbs, its Executive Vice President and Chief Financial Officer, effective December 31, 2025. Jeff Norman, currently the Senior Vice President of Capital Markets and Treasury, will succeed Stubbs as CFO starting July 1, 2025. Norman, who has been with the company since 2012, has played a key role in its financial operations and will continue to work closely with Stubbs until the end of the year. This leadership transition is expected to maintain the company’s strategic direction and stability, as Norman has been a primary contact for investors and has been prepared for this role.

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.