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Extra Space Storage
(NYSE:EXR)
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Rating:72Outperform
Price Target:
$162.00
â–²(11.45% Upside)
Action:Reiterated
Date:06/26/26
EXR scores well primarily due to strong cash generation and solid operating performance, reinforced by a constructive earnings update showing accelerating same-store trends and good liquidity. The score is moderated by leverage considerations and a premium valuation (high P/E), while technicals suggest only modest near-term momentum.
Positive Factors
Strong cash generation
Consistently high operating and free cash flow that track earnings provides durable internal funding for REIT distributions, maintenance capex and opportunistic acquisitions. Reliable cash conversion also supports debt servicing and reduces dependence on volatile external capital markets over the next several quarters.
Negative Factors
Moderate leverage level
Leverage near parity with equity raises sensitivity to refinancing costs and interest-rate moves, constraining financial flexibility. If operating momentum softens, higher debt could pressure free cash flow coverage and limit the pace of dividend growth or acquisition funding over the coming 2–6 months.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Consistently high operating and free cash flow that track earnings provides durable internal funding for REIT distributions, maintenance capex and opportunistic acquisitions. Reliable cash conversion also supports debt servicing and reduces dependence on volatile external capital markets over the next several quarters.
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
$32.96B
Dividend Yield5.01%
Average Volume (3M)1.07M
Price to Earnings (P/E)33.5
Beta (1Y)0.56
Revenue Growth4.16%
EPS Growth3.52%
CountryUS
Employees8,012
SectorReal Estate
Sector Strength53
IndustryREIT - Industrial
Share Statistics
EPS (TTM)4.46
Shares Outstanding211,260,940
10 Day Avg. Volume1,397,398
30 Day Avg. Volume1,066,943
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 Cap1.34
Enterprise Value/Revenue13.03
Enterprise Value/Gross Profit46.75
Enterprise Value/Ebitda13.61
Forecast
1Y Price Target
$155.31Price Target Upside6.84% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering13
EPS Forecast (FY)4.64
Revenue Forecast (FY)$3.47B
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:Apr 28, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 28, 2026
Earnings Call Sentiment Positive
The call conveyed predominantly positive operational momentum: revenue and NOI acceleration, improving occupancy dynamics, strong ancillary growth (management fees, insurance), expanding third-party management, and a healthy balance sheet with significant liquidity. Management is exercising disciplined capital allocation amid aggressive market pricing for acquisitions, noted localized market and regulatory headwinds (L.A. County, some Sunbelt markets), a moderation in move-in rate growth, and short-term expense volatility due to weather and insurance timing. On balance, the company appears to be in a constructive recovery phase but remains cautious and measured given macro and valuation uncertainties.Positive Updates
Core FFO Growth
Core FFO of $2.04 per share in Q1 2026, up 2% year-over-year, demonstrating positive earnings momentum.
Negative Updates
Modest YoY Occupancy Decline
Reported occupancy was 93.0% in Q1 versus 93.2% a year earlier (small YoY decline), though management noted sequential improvement since year-end.
Read all updates
Q1-2026 Updates
Positive
Negative
Core FFO Growth
Core FFO of $2.04 per share in Q1 2026, up 2% year-over-year, demonstrating positive earnings momentum.
Read all positive updates
Company Guidance
Management maintained full‑year 2026 guidance — core FFO $8.05–$8.35 per share and its same‑store performance outlook — even after a stronger-than-expected Q1 (core FFO $2.04, +2% YoY) in which same‑store revenue accelerated to 1.7% (up 130 bps q/q) and same‑store NOI to 1.2% (up 110 bps q/q); portfolio occupancy was 93% (vs. 93.2% LY) with the occupancy delta improving 50 bps since year‑end, new‑customer rates averaged ~2.5% per sq. ft. (~3.5% per unit like‑for‑like), bad debt was 1.5%, management fee & other income grew >9% YoY, net tenant insurance +5% YoY, and bridge loans averaged ~$1.5B. On capital and balance sheet metrics they expect ~$200M of acquisitions in 2026 (with more closings in asset‑light JVs), added 84 managed stores (net +60) to 1,916 total, carry ~83% fixed‑rate debt (93% effective), a 4.3% weighted average rate, ~ $2B revolver capacity, and noted expense growth ex‑weather of ~1.5% and an insurance renewal expected flat or better; they will reassess guidance after Q2.Extra Space Storage Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
66
Positive
Cash Flow
86
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.39B | 3.38B | 3.34B | 2.62B | 1.97B | 1.61B |
| Gross Profit | 945.64M | 960.17M | 2.55B | 2.02B | 1.54B | 1.23B |
| EBITDA | 3.25B | 2.41B | 2.26B | 1.79B | 1.37B | 1.11B |
| Net Income | 944.10M | 974.00M | 854.68M | 803.20M | 860.69M | 827.65M |
Balance Sheet | ||||||
| Total Assets | 29.10B | 29.26B | 28.85B | 27.46B | 12.17B | 10.47B |
| Cash, Cash Equivalents and Short-Term Investments | 138.99M | 138.92M | 138.22M | 99.06M | 92.87M | 71.13M |
| Total Debt | 13.94B | 14.97B | 13.03B | 11.25B | 7.56B | 6.19B |
| Total Liabilities | 14.89B | 14.94B | 13.99B | 12.04B | 8.09B | 6.69B |
| Stockholders Equity | 13.33B | 13.43B | 13.95B | 14.39B | 3.26B | 3.12B |
Cash Flow | ||||||
| Free Cash Flow | 1.75B | 1.83B | 1.87B | 1.39B | 1.22B | 948.78M |
| Operating Cash Flow | 1.86B | 1.85B | 1.89B | 1.40B | 1.24B | 952.44M |
| Investing Cash Flow | -519.68M | -814.21M | -1.65B | -1.82B | -1.65B | -837.54M |
| Financing Cash Flow | -1.32B | -1.04B | -202.29M | 423.13M | 431.86M | -166.71M |
Extra Space Storage Technical Analysis
Positive
145.36
Price Trends
143.05
Positive
140.92
Positive
137.24
Positive
Market Momentum
1.46
Positive
58.93
Neutral
62.83
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 145.36 is below the 20-day moving average (MA) of 146.62, above the 50-day MA of 143.05, and above the 200-day MA of 137.24, indicating a bullish trend. The MACD of 1.46 indicates Positive momentum. The RSI at 58.93 is Neutral, neither overbought nor oversold. The STOCH value of 62.83 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | $1.84B | 15.89 | 6.41% | 13.07% | -13.63% | -24.40% | |
72 Outperform | $32.96B | 33.47 | 6.97% | 5.01% | 4.16% | 3.52% | |
71 Outperform | $9.32B | 28.86 | 11.95% | 5.69% | 5.02% | -15.68% | |
69 Neutral | $57.88B | 33.95 | 20.48% | 4.63% | 2.90% | -3.92% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
59 Neutral | $6.19B | 60.58 | 8.20% | 8.28% | -1.65% | 27.25% |
* Real Estate Sector Average
EXR
Extra Space Storage
149.34
6.98
4.90%
CUBE
Cubesmart
40.98
0.71
1.78%
PSA
Public Storage
329.64
49.32
17.60%
NSA
National Storage Affiliates
46.04
16.39
55.28%
IIPR
Innovative Industrial Properties
63.36
15.41
32.15%
Extra Space Storage Corporate Events
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.