Extra Space Storage Inc (EXR)
NYSE:EXR
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Extra Space Storage
(NYSE:EXR)
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Rating:75Outperform
Price Target:
$148.00
â–²(6.57% Upside)
Action:ReiteratedDate:02/23/26
EXR scores well primarily on strong underlying fundamentals (profitability and cash generation) and a supportive technical uptrend. The score is held back by a relatively rich valuation (high P/E) and cautious 2026 outlook that suggests limited near-term upside, plus leverage and cost/regulatory headwinds.
Positive Factors
Strong Cash Generation
Free cash flow closely tracking net income (near 1x) indicates high-quality earnings and durable cash conversion. That persistent cash generation underpins REIT distributions, funds acquisitions/JV activity, supports share repurchases and bridge‑loan origination, and preserves financial optionality over the next several quarters.
Negative Factors
Elevated Leverage and Absolute Debt Levels
Despite improvements from peak leverage, the firm carries substantial absolute debt and leverage ticked up in 2025. This constrains financial flexibility, raises refinancing and covenant risk if fundamentals weaken, and limits the pace of on‑balance acquisitions or opportunistic capital deployment over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Cash Generation
Free cash flow closely tracking net income (near 1x) indicates high-quality earnings and durable cash conversion. That persistent cash generation underpins REIT distributions, funds acquisitions/JV activity, supports share repurchases and bridge‑loan origination, and preserves financial optionality over the next several quarters.
Read all positive factors
Extra Space Storage (EXR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$30.63B
Dividend Yield5.01%
Average Volume (3M)1.16M
Price to Earnings (P/E)24.3
Beta (1Y)0.65
Revenue Growth3.38%
EPS Growth17.16%
CountryUS
Employees8,012
SectorReal Estate
Sector Strength53
IndustryREIT - Industrial
Share Statistics
EPS (TTM)1.36
Shares Outstanding211,137,660
10 Day Avg. Volume1,015,063
30 Day Avg. Volume1,157,265
Financial Highlights & Ratios
PEG Ratio2.04
Price to Book (P/B)2.05
Price to Sales (P/S)8.17
P/FCF Ratio15.08
Enterprise Value/Market Cap1.44
Enterprise Value/Revenue13.07
Enterprise Value/Gross Profit45.99
Enterprise Value/Ebitda13.83
Forecast
1Y Price Target
$152.50Price Target Upside9.81% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering14
EPS Forecast (FY)4.68
Revenue Forecast (FY)$3.46B
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, Washingt...
How the Company Makes Money
Extra Space Storage primarily makes money by generating rental income from self-storage units at its owned and operated facilities. Customers pay recurring rent (typically monthly) for the right to use a specific storage space; pricing varies base...
Extra Space Storage Key Performance Indicators (KPIs)
Any
Ending Same-Store Occupancy
Tracks the occupancy rate of stores that have been open for a consistent period, reflecting demand stability and the effectiveness of the company's pricing and marketing strategies.
Tracks the occupancy rate of stores that have been open for a consistent period, reflecting demand stability and the effectiveness of the company's pricing and marketing strategies.
Data provided by:
The Fly
The FlyExtra Space Storage Earnings Call Summary
Earnings Call Date:Feb 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 28, 2026
Earnings Call Sentiment Positive
The call conveys cautious optimism. Company results show improving operational trends (positive Q4 core FFO, improving move-in rates, modest same-store revenue and NOI gains), strong external growth execution (acquisitions, JV activity, managed-store growth), and a conservative, flexible balance sheet. Management tempered expectations with cautious 2026 guidance that includes ranges with possible negative outcomes, cited headwinds from localized regulatory actions (Los Angeles restrictions, NYC litigation), lingering supply effects in several markets, and elevated cost items (healthcare, insurance, marketing). Overall the positives around liquidity, disciplined capital deployment, and improving leasing trends outweigh the headwinds, but the tone remains prudent given ongoing uncertainty.Positive Updates
Positive FFO and Same-Store Revenue Momentum
Delivered positive core FFO growth of 2.5% in Q4 and full-year core FFO growth of 1.1%; same-store revenue returned to positive +0.4% in Q4 and same-store NOI for the quarter was +0.1%.
Negative Updates
Cautious / Mixed 2026 Guidance
Guidance range includes potential declines: same-store revenue -0.5% to +1.5% and same-store NOI -2.25% to +1.25%; core FFO guidance is roughly flat at the midpoint, indicating limited near-term upside baked into guidance.
Read all updates
Q4-2025 Updates
Positive
Negative
Positive FFO and Same-Store Revenue Momentum
Delivered positive core FFO growth of 2.5% in Q4 and full-year core FFO growth of 1.1%; same-store revenue returned to positive +0.4% in Q4 and same-store NOI for the quarter was +0.1%.
Read all positive updates
Company Guidance
Extra Space guided 2026 same-store revenue of -0.5% to +1.5% (midpoint 0.5%), expense growth of 2.0%–3.5%, resulting in same-store NOI of -2.25% to +1.25% and core FFO of $8.05–$8.35 per share (midpoint roughly flat year‑over‑year); the outlook assumes average bridge loan balances generally flat versus 2025 and that most 2026 acquisitions will be completed in joint‑venture structures. Management emphasized the guidance does not assume any meaningful housing recovery or changes to Los Angeles County pricing restrictions (an estimated ~40 bps drag), and noted positive operating trends entering the year (mid‑February occupancy ~92.5%, ~40 bps down YoY, and new‑customer rates up ~6%) while calling for disciplined expense management (property taxes normalizing, insurance expected to improve midyear) and flexible, marketing‑driven investments.Extra Space Storage Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
72
Positive
Cash Flow
83
Very Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 3.38B | 3.34B | 2.62B | 1.97B | 1.61B |
| Gross Profit | 960.17M | 2.55B | 2.02B | 1.54B | 1.23B |
| EBITDA | 2.41B | 2.26B | 1.79B | 1.37B | 1.11B |
| Net Income | 974.00M | 854.68M | 803.20M | 860.69M | 827.65M |
Balance Sheet | |||||
| Total Assets | 29.26B | 28.85B | 27.46B | 12.17B | 10.47B |
| Cash, Cash Equivalents and Short-Term Investments | 138.92M | 138.22M | 99.06M | 92.87M | 71.13M |
| Total Debt | 14.97B | 13.03B | 11.25B | 7.56B | 6.19B |
| Total Liabilities | 14.94B | 13.99B | 12.04B | 8.09B | 6.69B |
| Stockholders Equity | 13.43B | 13.95B | 14.39B | 3.26B | 3.12B |
Cash Flow | |||||
| Free Cash Flow | 1.83B | 1.87B | 1.39B | 1.22B | 948.78M |
| Operating Cash Flow | 1.85B | 1.89B | 1.40B | 1.24B | 952.44M |
| Investing Cash Flow | -814.21M | -1.65B | -1.82B | -1.65B | -837.54M |
| Financing Cash Flow | -1.04B | -202.29M | 423.13M | 431.86M | -166.71M |
Extra Space Storage Technical Analysis
Positive
138.87
Price Trends
139.49
Negative
135.81
Positive
137.35
Positive
Market Momentum
-0.95
Negative
56.08
Neutral
90.69
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 138.87 is above the 20-day moving average (MA) of 133.99, below the 50-day MA of 139.49, and above the 200-day MA of 137.35, indicating a neutral trend. The MACD of -0.95 indicates Negative momentum. The RSI at 56.08 is Neutral, neither overbought nor oversold. The STOCH value of 90.69 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for EXR.
Extra Space Storage Risk Analysis
Extra Space Storage disclosed 31 risk factors in its most recent earnings report. Extra Space Storage reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Extra Space Storage Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $1.43B | 11.59 | 6.29% | 13.07% | -11.22% | -24.64% | |
75 Outperform | $30.63B | 24.31 | 7.12% | 5.01% | 3.38% | 17.16% | |
71 Outperform | $8.87B | 24.70 | 11.96% | 5.69% | 4.19% | -12.19% | |
67 Neutral | $51.77B | 25.52 | 19.03% | 4.63% | 2.30% | -0.22% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
65 Neutral | $5.52B | 29.30 | 7.46% | 8.28% | -4.98% | -65.45% |
* Real Estate Sector Average
EXR
Extra Space Storage
138.87
7.34
5.58%
CUBE
Cubesmart
38.88
2.61
7.18%
PSA
Public Storage
295.00
18.00
6.50%
NSA
National Storage Affiliates
41.15
8.41
25.67%
IIPR
Innovative Industrial Properties
51.00
7.08
16.11%
Extra Space Storage Corporate Events
Business Operations and StrategyExecutive/Board Changes
Extra Space Storage Names Noah Springer as President
Positive
Jan 5, 2026
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 operati...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.