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Extra Space Storage
(NYSE:EXR)
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Rating:73Outperform
Price Target:
$165.00
â–²(11.71% Upside)
Action:Reiterated
Date:08/01/26
EXR scores well primarily on strong earnings-call momentum (raised 2026 guidance and Q2 operating acceleration) and solid underlying financial performance (healthy profitability and generally strong cash generation). The score is tempered by moderate balance-sheet leverage and recent margin/operating cash flow variability, plus a mixed valuation profile (high P/E despite an attractive dividend yield).
Positive Factors
Cash Generation
FCF roughly equals reported net income over time, indicating earnings convert reliably to cash. That durable cash conversion supports recurring REIT needs—dividends, debt service, buyouts and accretive acquisitions—giving the company financial flexibility across 2–6 month horizons and beyond.
Negative Factors
Leverage
Net leverage is moderate-to-high for a REIT and has risen versus prior years, leaving less balance-sheet flexibility. Elevated debt increases refinancing and interest-rate sensitivity, which can limit opportunistic investment and heighten vulnerability if operating cash flows weaken or rates rise materially.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash Generation
FCF roughly equals reported net income over time, indicating earnings convert reliably to cash. That durable cash conversion supports recurring REIT needs—dividends, debt service, buyouts and accretive acquisitions—giving the company financial flexibility across 2–6 month horizons and beyond.
Read all positive factors
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 (EXR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$32.67B
Dividend Yield4.38%
Average Volume (3M)1.14M
Price to Earnings (P/E)32.7
Beta (1Y)0.56
Revenue Growth4.16%
EPS Growth-1.68%
CountryUS
Employees8,393
SectorReal Estate
Sector Strength53
IndustryREIT - Industrial
Share Statistics
EPS (TTM)4.53
Shares Outstanding211,260,940
10 Day Avg. Volume1,166,081
30 Day Avg. Volume1,138,453
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$158.31Price Target Upside7.17% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering15
EPS Forecast (FY)4.62
Revenue Forecast (FY)$3.50B
Extra Space Storage Business Overview & Revenue Model
Company Description
Extra Space Storage Inc., a prominent, self-administered and self-managed real estate investment trust (REIT), is headquartered in Salt Lake City, Utah, and holds a distinguished place as a member of the S&P 500 index. As of September 30, 2020, it...
How the Company Makes Money
Extra Space Storage primarily makes money from (1) rental income generated by leasing self-storage units at its owned and leased facilities and (2) management and related fees earned by operating self-storage properties for third-party owners.
1)...
Extra Space Storage Earnings Call Summary
Earnings Call Date:Jul 28, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 03, 2026
Earnings Call Sentiment Positive
The call conveyed a broadly positive operational and financial picture: the company reported beats on FFO, same-store revenue and NOI, raised full-year guidance, demonstrated strong liquidity and disciplined external growth, and noted improving customer retention and ancillary income. Offsetting risks include macro uncertainty, tougher second-half comps, localized market weakness, elevated acquisition pricing, and modest regulatory/legal items (NYC settlement and LA headwinds). Overall, the positives — including raised guidance and strong execution across multiple channels — outweigh the noted challenges.Positive Updates
Core FFO Growth and Beat
Core FFO per share of $2.15 in Q2, representing +4.9% year-over-year and exceeding internal forecasts.
Negative Updates
Conservative Outlook and Macro Risk
Management retained a conservative guidance range citing macro risks (low consumer confidence, inflationary pressures) and noted tougher comps in the back half of the year that could cause deceleration.
Read all updates
Q2-2026 Updates
Positive
Negative
Core FFO Growth and Beat
Core FFO per share of $2.15 in Q2, representing +4.9% year-over-year and exceeding internal forecasts.
Read all positive updates
Company Guidance
Management raised full‑year 2026 guidance: core FFO now expected $8.25–$8.40 per share, same‑store revenue growth raised 100 bps to 1.0%–2.0% and same‑store NOI raised 200 bps to +0.5%–+2.5%, with the Los Angeles price‑restriction headwind refined to ~20–30 bps (vs. the prior 40 bps estimate). The raise was driven by Q2 outperformance (core FFO $2.15, +4.9% YoY; same‑store revenue +2.4% with a 70 bp acceleration from Q1; same‑store NOI +3.5% YoY with a 230 bp acceleration; occupancy 94.2%) and healthy ancillary and interest income; balance sheet/firepower remains strong after pricing a $550M bond at 4.9% in July, with roughly $2.0B available on revolvers, ~ $1.5B of bridge loans outstanding ( $141M originated in Q2), 18 stores acquired for $91M this quarter, and third‑party management net growth of +48 stores (67 added) bringing YTD net growth to 108 and total managed portfolio to 1,964 stores.Extra Space Storage Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
62
Positive
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.43B | 3.38B | 3.34B | 2.62B | 1.97B | 1.61B |
| Gross Profit | 788.09M | 960.17M | 2.55B | 2.02B | 1.54B | 1.23B |
| EBITDA | 3.16B | 2.41B | 2.26B | 1.79B | 1.37B | 1.11B |
| Net Income | 957.84M | 974.00M | 854.68M | 803.20M | 860.69M | 827.65M |
Balance Sheet | ||||||
| Total Assets | 29.66B | 29.26B | 28.85B | 27.46B | 12.17B | 10.47B |
| Cash, Cash Equivalents and Short-Term Investments | 695.17M | 138.92M | 138.22M | 99.06M | 92.87M | 71.13M |
| Total Debt | 14.41B | 14.97B | 13.03B | 11.25B | 7.56B | 6.19B |
| Total Liabilities | 15.48B | 14.94B | 13.99B | 12.04B | 8.09B | 6.69B |
| Stockholders Equity | 13.26B | 13.43B | 13.95B | 14.39B | 3.26B | 3.12B |
Cash Flow | ||||||
| Free Cash Flow | 1.76B | 1.83B | 1.87B | 1.39B | 1.22B | 948.78M |
| Operating Cash Flow | 1.90B | 1.85B | 1.89B | 1.40B | 1.24B | 952.44M |
| Investing Cash Flow | -375.73M | -814.21M | -1.65B | -1.82B | -1.65B | -837.54M |
| Financing Cash Flow | -954.24M | -1.04B | -202.29M | 423.13M | 431.86M | -166.71M |
Extra Space Storage Technical Analysis
Positive
147.71
Price Trends
146.29
Positive
141.81
Positive
138.36
Positive
Market Momentum
1.15
Negative
55.84
Neutral
38.45
Neutral
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 147.71 is above the 20-day moving average (MA) of 147.54, above the 50-day MA of 146.29, and above the 200-day MA of 138.36, indicating a bullish trend. The MACD of 1.15 indicates Negative momentum. The RSI at 55.84 is Neutral, neither overbought nor oversold. The STOCH value of 38.45 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | $60.45B | 30.84 | 22.12% | 3.72% | 2.97% | 14.30% | |
73 Outperform | $32.67B | 32.68 | 7.14% | 4.39% | 4.16% | -1.68% | |
68 Neutral | $1.71B | 14.74 | 7.08% | 12.36% | -13.63% | -24.40% | |
67 Neutral | $9.43B | 28.40 | 11.95% | 5.01% | 3.86% | -10.98% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
61 Neutral | $5.84B | 57.11 | 8.20% | 5.33% | -1.65% | 27.25% |
* Real Estate Sector Average
EXR
Extra Space Storage
150.04
18.13
13.75%
CUBE
Cubesmart
41.95
4.59
12.28%
PSA
Public Storage
327.34
57.13
21.14%
NSA
National Storage Affiliates
43.41
15.22
53.98%
IIPR
Innovative Industrial Properties
58.47
13.71
30.64%
Extra Space Storage Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Extra Space Storage Issues New Senior Notes Offering
Positive
Jul 6, 2026
On July 6, 2026, Extra Space Storage LP completed an underwritten public offering of $550 million in 4.900% Senior Notes due February 1, 2032, priced at 99.702% of par and fully guaranteed by Extra Space Storage Inc. and two affiliated business tr...
Business Operations and StrategyPrivate Placements and Financing
Extra Space Storage Prices $550 Million Senior Notes Offering
Positive
Jun 25, 2026
On June 24, 2026, Extra Space Storage’s operating partnership priced a public offering of $550 million in 4.900% senior notes due February 1, 2032, at 99.702% of par, with the notes fully and unconditionally guaranteed by the parent company ...
Executive/Board ChangesShareholder Meetings
Extra Space Storage shareholders back board and pay policies
Positive
May 15, 2026
At its May 14, 2026 annual meeting, Extra Space Storage stockholders elected 10 directors to serve until the 2027 annual meeting, with all nominees receiving strong majorities of votes cast despite some opposition to certain board members. The sha...
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.