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Extra Space Storage (EXR)
NYSE:EXR
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Extra Space Storage (EXR) AI Stock Analysis

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EXR

Extra Space Storage

(NYSE:EXR)

Rating:66Neutral
Price Target:
$145.00
â–²(5.03%Upside)
Extra Space Storage exhibits strong financial performance and strategic growth initiatives, though technical indicators suggest current bearish momentum. The valuation is moderate, supported by a strong dividend yield. While earnings call guidance reflects cautious optimism, challenges in revenue growth and expenses remain.
Positive Factors
Acquisitions
EXR continued to acquire various acquisitions/JVs with $153.8 million for the acquisition of 12 operating stores.
Move-in Rates
Move-in rates improved slightly, showing a year-over-year increase.
Occupancy
Average same store occupancy was 94.1% in 4Q24, up 70 basis points year-over-year, indicating improved occupancy.
Negative Factors
Core FFO
Core FFO was below consensus and full-year guidance was reiterated below expectations.
Property Taxes and Expenses
Property taxes continue to be higher year over year and marketing expenses as a percentage of revenue also increased.
Same-store Revenue and Income
Same-store revenue growth was 0% compared to the previous quarter's positive growth.

Extra Space Storage (EXR) vs. SPDR S&P 500 ETF (SPY)

Extra Space Storage Business Overview & Revenue Model

Company DescriptionExtra 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 MoneyExtra Space Storage makes money primarily through rental income generated from leasing storage units to individuals and businesses. This revenue is sourced from monthly rental fees paid by customers for the use of storage space. The company also generates income from ancillary services such as insurance offerings, which provide additional coverage options for stored items and generate additional fees. Extra Space Storage's earnings are bolstered by strategic acquisitions and partnerships that expand its property portfolio and market presence, as well as initiatives focused on operational efficiency and maximizing occupancy rates. Revenue growth is further supported by the company’s dynamic pricing model, which adjusts rental rates based on market demand and conditions.

Extra Space Storage Key Performance Indicators (KPIs)

Any
Any
Ending Same-Store Occupancy
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.
Chart InsightsExtra Space Storage's same-store occupancy has stabilized around 93-94% after peaking in 2021. The latest earnings call highlights a 100 basis points improvement from Q1 2024, reaching 93.4% in Q1 2025, reflecting effective revenue management and strategic growth initiatives. Despite economic uncertainties and rising uncontrollable expenses, the company maintains a positive outlook, supported by strong external growth and a resilient self-storage sector. This stability in occupancy, coupled with strategic acquisitions, underscores the company's robust operational strategy and financial health.
Data provided by:Main Street Data

Extra Space Storage Earnings Call Summary

Earnings Call Date:Jul 30, 2025
(Q2-2025)
|
% Change Since: -7.55%|
Next Earnings Date:Nov 04, 2025
Earnings Call Sentiment Neutral
The earnings call presented a mix of strong occupancy rates and positive new customer rate trends, alongside challenges such as flat same-store revenue growth and higher expenses. Despite some positive indicators, the overall sentiment reflects a cautious outlook due to external market pressures and slower-than-expected improvement in customer rates.
Q2-2025 Updates
Positive Updates
Strong Occupancy Rates
Same-store occupancy reached 94.6%, up 60 basis points year-over-year and 120 basis points sequentially from the first quarter.
Positive New Customer Rate Growth
Achieved positive year-over-year rate growth to new customers for the first time since March 2022.
Expansion of Third-Party Management Program
Added 93 stores with net growth of 74 properties, expanding the managed portfolio to 1,749 stores.
Bridge Loan Program Success
Generated $158 million in new originations, showing strong market traction.
Stable Balance Sheet
89% of debt is maintained at fixed rates, with a weighted average interest rate at 4.4% and average maturity of 4.3 years.
Negative Updates
Flat Same-Store Revenue Growth
Same-store revenue growth remained flat for the quarter, with muted near-term revenue growth.
Higher-Than-Normal Expense Increases
Same-store expenses increased by 8.6%, driven by outsized increases in property taxes in certain states.
Slow Improvement in New Customer Rate
New customer rate growth was slower than expected, impacting internal expectations.
Sun Belt Market Challenges
Sun Belt areas have been impacted by new supply, leading to tougher market conditions.
Company Guidance
During the Q2 2025 earnings call, Extra Space Storage provided guidance indicating a stable operational performance with a same-store occupancy of 94.6%, reflecting an increase of 60 basis points year-over-year and 120 basis points sequentially. The company reported flat same-store revenue growth, attributed to gradual improvements in new customer rate growth, marking the first positive year-over-year rate growth since March 2022. Extra Space Storage maintained its full-year core FFO guidance midpoint at $8.15 per share, with a guidance range of $8.05 to $8.25 per share, and anticipated same-store revenue growth between negative 0.5% and positive 1% for the full year. Operating expenses were projected to grow between 4% and 5%, with property tax growth expected to normalize in the latter half of the year. The company highlighted its strategic approach to capital allocation, completing a $12 million acquisition, buying out joint venture partners for $326 million, and generating $158 million in new bridge loan originations. Additionally, their third-party management program expanded by 74 properties, increasing their managed portfolio to 1,749 stores.

Extra Space Storage Financial Statement Overview

Summary
Extra Space Storage shows strong financial performance with robust revenue growth and solid profit margins. The company has a healthy cash flow with a strong operating cash flow to net income ratio, indicating effective cash conversion. While the return on equity is moderate, the overall financial stability and growth potential are impressive.
Income Statement
85
Very Positive
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
78
Positive
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
82
Very Positive
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.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue3.28B3.26B2.56B1.92B1.58B1.36B
Gross Profit2.16B2.35B1.89B1.46B1.18B969.10M
EBITDA2.39B2.31B1.79B1.33B1.11B894.87M
Net Income912.05M854.68M803.20M860.69M827.65M481.78M
Balance Sheet
Total Assets28.99B28.85B27.46B12.17B10.47B9.40B
Cash, Cash Equivalents and Short-Term Investments119.56M138.22M99.06M92.87M71.13M109.12M
Total Debt13.25B13.03B11.25B7.56B6.19B6.01B
Total Liabilities14.22B13.99B12.04B8.09B6.69B6.46B
Stockholders Equity13.89B13.95B14.39B3.26B3.12B2.55B
Cash Flow
Free Cash Flow1.94B1.87B1.39B1.22B948.78M764.14M
Operating Cash Flow1.90B1.89B1.40B1.24B952.44M771.23M
Investing Cash Flow-1.71B-1.65B-1.82B-1.65B-837.54M-955.43M
Financing Cash Flow-128.73M-202.29M423.13M431.86M-166.71M241.47M

Extra Space Storage Technical Analysis

Technical Analysis Sentiment
Negative
Last Price138.06
Price Trends
50DMA
147.92
Negative
100DMA
145.17
Negative
200DMA
149.61
Negative
Market Momentum
MACD
-1.88
Positive
RSI
36.92
Neutral
STOCH
15.53
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 138.06 is below the 20-day moving average (MA) of 147.65, below the 50-day MA of 147.92, and below the 200-day MA of 149.61, indicating a bearish trend. The MACD of -1.88 indicates Positive momentum. The RSI at 36.92 is Neutral, neither overbought nor oversold. The STOCH value of 15.53 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for EXR.

Extra Space Storage Risk Analysis

Extra Space Storage disclosed 30 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

Overall Rating
UnderperformOutperform
Sector (63)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
77
Outperform
$48.93B30.4318.98%4.30%2.49%-14.10%
74
Outperform
$9.14B24.3213.43%5.19%3.14%-8.01%
74
Outperform
$58.51M24.324.98%5.62%3.58%8.22%
71
Outperform
$1.44B9.887.78%14.79%-1.33%-8.62%
66
Neutral
$30.87B30.276.97%4.65%4.83%18.94%
63
Neutral
$6.73B14.24-1.41%7.30%4.75%-35.88%
56
Neutral
$3.98B49.885.66%7.67%-9.89%-70.29%
* Real Estate Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
EXR
Extra Space Storage
138.06
-14.21
-9.33%
CUBE
Cubesmart
39.72
-5.51
-12.18%
PSA
Public Storage
280.58
-11.83
-4.05%
NSA
National Storage Affiliates
29.44
-10.57
-26.42%
IIPR
Innovative Industrial Properties
51.65
-50.05
-49.21%
SELF
Global Self Storage
5.15
0.62
13.69%

Extra Space Storage Corporate Events

Executive/Board ChangesShareholder MeetingsBusiness Operations and Strategy
Extra Space Storage Approves Key Proposals at Annual Meeting
Neutral
May 23, 2025

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.

Executive/Board Changes
Extra Space Storage Announces CFO Transition Plan
Neutral
May 19, 2025

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.

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.Date of analysis: Aug 01, 2025