Extra Space Storage (EXR) AI Stock Analysis

• Market Cap: $28.73B
• Dividend Yield: 5.01%
• Average Volume (3M): 1.30M
• Price to Earnings (P/E): 24.3
• Beta (1Y): 0.63
• Revenue Growth: 3.38%
• EPS Growth: 17.16%
• Country: US
• Employees: 8,012
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Industrial
• EPS (TTM): 1.36
• Shares Outstanding: 211,137,660
• 10 Day Avg. Volume: 1,348,259
• 30 Day Avg. Volume: 1,299,021
• PEG Ratio: 2.04
• Price to Book (P/B): 2.05
• Price to Sales (P/S): 8.17
• P/FCF Ratio: 15.08
• Enterprise Value/Market Cap: 1.49
• Enterprise Value/Revenue: 12.63
• Enterprise Value/Gross Profit: 44.44
• Enterprise Value/Ebitda: 13.37
• 1Y Price Target: $153.46
• Price Target Upside: 17.81% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 14
• EPS Forecast (FY): 4.7
• Revenue Forecast (FY): $3.46B

• Rating: 75 Outperform
• Price Target: $147.00 ▲(12.85% Upside)
• Action: Reiterated Date: 02/23/26
• Date: Action: Reiterated 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 tracking net income near 1x shows durable, high-quality cash conversion that supports REIT distributions, debt service, and disciplined external growth. This cash profile underpins capacity for JV acquisitions, share repurchases, and bridge‑loan origination without relying on volatile capital markets.

High and consistent profitability

Sustained high operating and EBITDA margins indicate structural operating leverage and efficient cost management across the portfolio. That margin base creates durable earnings power and resilience to moderate cost inflation, enabling stable FFO generation and reinvestment into marketing, property upkeep, and selective growth.

Scale of third‑party management platform

A ~1,856-location Management Plus platform creates recurring fee income, a feed for JV deals and acquisitions, and low-capex growth optionality. Scale in third‑party management and a $1.5B bridge‑loan pipeline diversify revenue, deepen market presence, and improve returns without proportional on‑balance‑sheet investment.

Negative Factors

Levered balance sheet

Meaningful absolute debt and a recent uptick in leverage reduce financial flexibility and increase rate sensitivity. If rates remain elevated or operations soften, higher interest costs and refinancing needs could constrain on‑balance‑sheet acquisitions, dividend sustainability, or opportunistic capital deployment.

Regulatory and legal risk

Regulatory scrutiny and litigation in large markets (NYC) and local price‑cap actions (e.g., Los Angeles county drag) pose structural revenue and compliance risks. These actions can limit pricing, elevate legal/operating costs, and create precedent that reduces long‑term rate power in dense, high‑value markets.

Supply overhang and slow NOI flow‑through

Persistent new supply in several markets slows rent growth conversion to same‑store NOI, lengthening recovery timelines and pressuring FFO. Even with improving move‑ins, delayed flow‑through reduces operating leverage and caps margin expansion until supply absorption materially accelerates.

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, 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 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 based on unit size, location, demand/occupancy, and length of stay, and rates can change over time. A second major revenue stream comes from managing self-storage properties for third-party owners: Extra Space earns management fees for operating these facilities on behalf of owners, which can include marketing, staffing, revenue management, and day-to-day property operations; these managed stores can also be a pipeline for future acquisitions. The company also earns ancillary revenue from services and add-ons offered at facilities, including tenant insurance programs and sales of moving/packing supplies (e.g., boxes and locks). As a REIT, the company’s earnings are closely tied to occupancy levels, achieved rental rates, the ability to acquire or develop additional properties, and operating efficiency across its portfolio; specific partnerships or counterparties are not reliably identifiable from the prompt, so null.

Extra Space Storage Financial Statement Overview

Summary

Strong profitability and cash generation support a high-quality fundamental profile (high margins; free cash flow closely tracking earnings). The main offsets are meaningful leverage (with a slight uptick in 2025) and recent volatility/softness in gross margin and free-cash-flow trends.

Income Statement

Revenue has expanded meaningfully over the cycle (2020–2024), with growth slowing in 2024 and re-accelerating in 2025. Profitability remains a clear strength: operating and EBITDA margins are consistently very high, supporting strong earnings power. The key weakness is margin volatility—2025 shows a sharp drop in gross margin versus prior years, which warrants monitoring even though net margin held up well.

Balance Sheet

The balance sheet is solid but levered. Debt-to-equity improved materially from elevated levels in 2020–2022 to a more moderate range in 2023–2025, but 2025 shows leverage ticking up again. Equity and assets have scaled up significantly since 2022, supporting a larger platform, yet the company still carries substantial absolute debt, which can pressure flexibility if rates stay higher or fundamentals weaken.

Cash Flow

Cash generation is strong and high-quality: free cash flow closely tracks net income across years (near 1x), indicating earnings are well supported by cash. Operating cash flow has grown substantially versus 2020, though growth moderated recently and free cash flow declined in 2025 after gains in 2022–2024. Overall cash flow remains a strength, with the main risk being the recent slowdown/decline in free cash flow growth.

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

• Technical Analysis Sentiment: Negative
• Last Price: 130.26
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: 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 130.26 is below the 20-day moving average (MA) of 143.19, below the 50-day MA of 141.65, and below the 200-day MA of 138.07, indicating a bearish trend. The MACD of -2.04 indicates Positive momentum. The RSI at 28.74 is Positive, neither overbought nor oversold. The STOCH value of 4.31 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for EXR.

Extra Space Storage Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IIPR	78 Outperform	$1.45B	11.59	6.29%	13.07%	-11.22%	-24.64%
EXR	75 Outperform	$28.73B	24.31	7.12%	5.01%	3.38%	17.16%
CUBE	71 Outperform	$8.37B	24.70	11.96%	5.69%	4.19%	-12.19%
PSA	67 Neutral	$46.65B	25.52	19.03%	4.63%	2.30%	-0.22%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
NSA	65 Neutral	$4.98B	29.30	7.46%	8.28%	-4.98%	-65.45%

Extra Space Storage Corporate Events

Extra Space Storage Names Noah Springer as President

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 operations function now reporting directly to him. The appointment elevates a 20-year company veteran who played a central role in building Management Plus, the sector’s largest third-party management platform with over 1,800 locations, and signals a consolidation of strategic, operational and human capital oversight under Springer as Extra Space’s senior leadership team prepares to present to investors at the KeyBanc Capital Markets Self Storage Investor Forum in New York on January 8, 2026.

The most recent analyst rating on (EXR) stock is a Hold with a $142.00 price target. To see the full list of analyst forecasts on Extra Space Storage stock, see the EXR Stock Forecast page.