Extra Space Storage (EXR) AI Stock Analysis

• Market Cap: $31.07B
• Dividend Yield: 4.61%
• Average Volume (3M): 1.26M
• Price to Earnings (P/E): 31.0
• Beta (1Y): 0.74
• Revenue Growth: 4.83%
• EPS Growth: 18.94%
• Country: US
• Employees: 8,012
• Sector: Real Estate
• Sector Strength: 50
• Industry: REIT - Industrial
• EPS (TTM): 1.18
• Shares Outstanding: 212,253,620
• 10 Day Avg. Volume: 1,110,642
• 30 Day Avg. Volume: 1,260,706
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 1.47
• Enterprise Value/Revenue: 13.80
• Enterprise Value/Gross Profit: 20.66
• Enterprise Value/Ebitda: 19.24
• 1Y Price Target: $156.80
• Price Target Upside: 11.55% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 16

• Rating: 73 Outperform
• Price Target: $156.00 ▲(10.98% Upside)

Extra Space Storage's overall stock score of 73 reflects strong financial performance and strategic corporate events that bolster growth potential. However, technical indicators suggest caution due to bearish momentum, and valuation metrics indicate potential overvaluation. The mixed earnings call outlook, with both positive developments and challenges, further tempers the score.

Positive Factors

Acquisitions

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

Debt Management

Recent $800m, 7yr, bond deal priced at 4.993%; priced better than analyst's base case of 5.35%.

Rental Rates

Improvement in move-in rents, down only 0.9% YoY vs -6.7% YoY last quarter.

Negative Factors

Earnings Potential

Decreasing the core FFO per share estimate for 2025 and 2026 indicates concerns about future earnings potential.

Growth Profile

The stock has been downgraded to Neutral due to a lower growth profile in earnings.

Valuation

EXR is currently trading at a discount to the REIT sector, which indicates a lower valuation compared to its peers.

Extra Space Storage Business Overview & Revenue Model

Company Description

Extra Space Storage (EXR) is a leading provider of self-storage solutions in the United States, offering a variety of storage unit sizes and services to meet the needs of both residential and commercial customers. The company operates over 2,000 locations across the country, providing secure and accessible storage options, climate-controlled units, and various amenities such as 24-hour access and online bill payment. Extra Space Storage is committed to delivering exceptional customer service and innovative storage solutions, catering to the growing demand for personal and business storage.

How the Company Makes Money

Extra Space Storage generates revenue primarily through the rental of storage units to customers. The company offers month-to-month leases, allowing for flexibility in storage solutions, which attracts a diverse clientele. Additionally, Extra Space Storage earns income from ancillary services, including the sale of packing supplies, tenant insurance, and administrative fees. The company benefits from economies of scale due to its large network of facilities, enabling it to optimize operational efficiencies and reduce costs. Strategic partnerships with local businesses and online platforms also contribute to its customer base and revenue growth. Furthermore, the company engages in selective acquisitions of existing storage facilities, which can enhance its portfolio and drive revenue expansion.

Extra Space Storage Financial Statement Overview

Summary

Extra Space Storage demonstrates strong financial health with robust revenue growth and efficient cash flow management. The company maintains healthy profit margins, although there is a slight decline in gross profit margin. The balance sheet is stable with manageable leverage, and cash flow metrics are impressive, highlighting strong cash generation capabilities.

Income Statement

Extra Space Storage shows strong revenue growth with a TTM increase of 94.5%, indicating robust expansion. The company maintains healthy profit margins, with a TTM gross profit margin of 66.8% and a net profit margin of 29.5%. However, there is a slight decline in gross profit margin from the previous year, suggesting increased costs or pricing pressures.

Balance Sheet

The balance sheet reflects a stable financial position with a debt-to-equity ratio of 0.99, indicating manageable leverage. The return on equity is moderate at 7.0%, suggesting efficient use of equity. However, the equity ratio of 46.9% shows a balanced capital structure, but there is room for improvement in asset utilization.

Cash Flow

Cash flow metrics are impressive, with a significant free cash flow growth rate of 160.6% TTM, highlighting strong cash generation capabilities. The operating cash flow to net income ratio of 1.56 indicates effective cash conversion, and the free cash flow to net income ratio of 1.03 suggests good cash flow management.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	3.31B	3.26B	2.56B	1.92B	1.58B	1.36B
Gross Profit	2.21B	2.35B	1.89B	1.46B	1.18B	969.10M
EBITDA	2.37B	2.31B	1.74B	1.33B	1.05B	846.01M
Net Income	975.91M	854.68M	803.20M	860.69M	827.65M	481.78M
Balance Sheet
Total Assets	29.37B	28.85B	27.46B	12.17B	10.47B	9.40B
Cash, Cash Equivalents and Short-Term Investments	125.05M	138.22M	99.06M	92.87M	71.13M	109.12M
Total Debt	13.65B	13.03B	11.25B	7.56B	6.19B	6.01B
Total Liabilities	14.69B	13.99B	12.04B	8.09B	6.69B	6.46B
Stockholders Equity	13.79B	13.95B	14.39B	3.26B	3.12B	2.55B
Cash Flow
Free Cash Flow	1.88B	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	-1.50B	-1.65B	-1.82B	-1.65B	-837.54M	-955.43M
Financing Cash Flow	-358.34M	-202.29M	423.13M	431.86M	-166.71M	241.47M

Extra Space Storage Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 140.56
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EXR, the sentiment is Neutral. The current price of 140.56 is above the 20-day moving average (MA) of 138.68, below the 50-day MA of 144.82, and below the 200-day MA of 147.73, indicating a neutral trend. The MACD of -1.41 indicates Negative momentum. The RSI at 48.55 is Neutral, neither overbought nor oversold. The STOCH value of 65.37 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for EXR.

Extra Space Storage Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PLYM	78 Outperform	$966.20M	7.32	25.64%	4.48%	-3.63%	436.37%
PSA	76 Outperform	$50.85B	32.05	18.98%	4.15%	2.49%	-14.10%
IIPR	75 Outperform	$1.54B	11.91	7.04%	13.84%	-7.80%	-18.78%
EXR	73 Outperform	$31.07B	31.02	6.97%	4.61%	4.83%	18.94%
CUBE	73 Outperform	$9.22B	24.62	13.43%	5.15%	3.14%	-8.01%
Sector *	63 Neutral	$7.00B	13.54	-0.52%	7.07%	3.61%	-22.78%
NSA	60 Neutral	$4.27B	50.99	6.19%	7.19%	-7.33%	-66.93%

Extra Space Storage Corporate Events

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.

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.

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.

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.