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EXRExtra Space Storage Inc.
$159.19$33.6B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
Performance
P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
Discovery & Screens
Live BreakoutsStock ScreenerOwnership
EXR logo

Extra Space Storage Inc.

EXR
NYSE · Industrial & Storage REITs
$159.19
At close - Nov 6, 4:00 PM EST - USD
Market Cap$33.63B
P/E33.8x
52W High$163.18
Volume1.26M
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q3

Debt-Funded Growth Masks Thin Equity Returns at EXR

Extra Space Storage's reported revenue reached $889.8M in 2026Q3 with 14.4% year-over-year growth, but the trend is distorted by the Life Storage merger and organic momentum appears muted.

GrowthMixed
ProfitabilityStable
ValuationExpensive
TechnicalsNeutral
Explore valuation models
MARKET ACTION

EXR price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

7/12 Beats

EPS beat 7 of last 12 quarters

02

Valuation risk

+22% Peers

P/E is 22% above peer median

03

Market leadership

RS 80 · Leader

High momentum (Outperforming 80% of market)

04

Trend Check

N/A

Trend data unavailable

Next CatalystEstimated earnings · Jan 27
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Revenue growth has decelerated to mid-single digits on an organic basis with FFO per share recovering to $1.99 in 2026Q3 from a $1.64 low, though it remains below the $2.14 peak in 2024Q4 and NOI margins have been volatile.

Analyst Consensus-1.3% target
Buy(28 analysts)
14 Buy14 Hold0 Sell

The Bull Case

Upside Catalysts

Market Leadership & Acquisition Growth

Extra Space Storage is the largest U.S. self‑storage operator by store count, managing over 4,000 properties. The July 2023 Life Storage acquisition added 757 stores, expanding its footprint and revenue base.

Capital‑Efficient Third‑Party Management

The company’s third‑party management platform taps growing demand from businesses, boosting fee‑based revenue with minimal capital outlay. This model delivers high margin growth while keeping capital expenditures low.

Inflation‑Adjusted Earnings Power

Extra Space Storage’s ancillary income streams—tenant insurance and management fees—have risen, strengthening its inflation‑adjusted earnings. These streams provide a cushion against rising operating costs.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 11/8/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
EXR+25.26%
S&P 500 (^GSPC)+7.63%
1-Year Return
EXR+26.41%
S&P 500 (^GSPC)+9.69%
3-Year Return
EXR+68.81%
S&P 500 (^GSPC)+67.89%
5-Year Return
EXR-3.39%
S&P 500 (^GSPC)+56.11%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/EMedian
33.8x
Forward P/E
34.2x
EV/EBITDA20th %ile
20.7x
FCF YieldCash Flow
5.1%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
33.8x
33.8x
40th· Fair
EV/EBITDA
20.7x
21.2x
20th· Low
Price/FCF
19.5x
17.2x
60th· Fair
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$127.78-19.7%
Base (Fair)$172.80+8.5%
Bull$218.61+37.3%
$127.78 Bear$172.80 Base$218.61 Bull
Current Market Price: $159.19
Trades at a 7.9% discount to Base DCF ($172.80)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue FY25
$3.38B+1.2% YoY
Net income FY25
$974M+14.0% YoY
Free cash flow FY25
$1.83B-2.0% YoY
Operating margin FY25
44.1%+4.4 pts YoY
ROIC (FY25)3.9%
Avg ROIC 5Y5.5%
ROE (TTM)7.3%
Piotroski Score5 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate7/12 (58%)
Revenue Beat Rate5/12 (42%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q4 2026Latest
Oct 27, 2026
$1.17-1.7%
vs $1.19
$890M+0.4%
vs $887M
Q3 2026
Jul 28, 2026
$1.25+7.8%
vs $1.16
$874M-0.1%
vs $875M
Q2 2026
Apr 28, 2026
$1.14+1.8%
vs $1.12
$856M+0.2%
vs $855M
Q1 2026
Feb 19, 2026
$1.36+16.2%
vs $1.17
$857M+0.3%
vs $855M
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

4 Stories
PRNewsWire·Oct 27, 2026
Extra Space Storage Inc. Reports 2026 Third Quarter Results

SALT LAKE CITY, Oct. 27, 2026 /PRNewswire/ -- Extra Space Storage Inc. (NYSE: EXR) (the "Company"), a leading owner and operator of self-storage facilities in the United States and a member of the S&P 500 index, announced operating results for the three and nine months ended September 30, 2026. Highlights for the three months ended September 30, 2026: Achieved net income attributable to common stockholders of $1.17 per diluted share, representing a 50.0% increase compared to the same period in the prior year, which included a loss from real estate assets sold in 2025.

Zacks Investment Research·Oct 26, 2026
Extra Space Storage Stock Pre-Q3 Earnings: Smart Buy or Risky Move?

EXR heads into Q3 earnings with revenue and FFO growth expected, supported by steady customer demand, improving pricing trends and disciplined expense management.

Zacks Investment Research·Oct 23, 2026
APLE vs. EXR: Which Stock Is the Better Value Option?

Investors looking for stocks in the REIT and Equity Trust - Other sector might want to consider either Apple Hospitality REIT (APLE) or Extra Space Storage (EXR). But which of these two stocks is more attractive to value investors?

Defense World·Oct 21, 2026
Reviewing Mobile Infrastructure (NASDAQ:BEEP) & Extra Space Storage (NYSE:EXR)

Mobile Infrastructure (NASDAQ: BEEP - Get Free Report) and Extra Space Storage (NYSE: EXR - Get Free Report) are both real estate companies, but which is the better business? We will compare the two companies based on the strength of their valuation, dividends, institutional ownership, analyst recommendations, risk, earnings and profitability. Volatility and Risk Mobile Infrastructure has

Filtered for Extra Space Storage Inc.More Headlines
04

Compare before deciding

Benchmark EXR against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Extra Space Storage Inc. (EXR)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
EXR logoEXRExtra Space Storage Inc.Current
$159.19$33.63B33.821.19%29.27%7.34%4.08%
PSA logoPSAPublic Storage
$337.46$62.93B32.872.74%37.76%17.61%3.88%
CUBE logoCUBECubeSmart
$45.02$10.23B29.465.33%30.17%12.97%4.62%
SST logoSSTSystem1, Inc.
$1.72$17.21M-0.15-22.62%-50.66%—0.24%
PLD logoPLDPrologis, Inc.
$126.96$118.37B28.867.18%45.51%7.28%3.1%
REXR logoREXRRexford Industrial Realty, Inc.
$37.80$8.64B-17.977.13%-47.79%-5.64%4.69%

Compare EXR vs Peers

Extra Space Storage Inc. (EXR) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs PSA

Most directly comparable listed peer for EXR.

Scale Benchmark

vs PLD

Larger-name benchmark to compare EXR against a more recognizable public peer.

Peer Set

Compare Top 5

vs PSA, CUBE, SST, PLD

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

EXR SEC Filings & Documents

Extra Space Storage Inc. (EXR) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Oct 27, 2026·SEC

Material company update

Jul 28, 2026·SEC

Material company update

Jul 6, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 20, 2026·SEC

FY 2025

Feb 28, 2025·SEC

FY 2024

Feb 29, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Oct 30, 2026·SEC

FY 2026

Jul 31, 2026·SEC

FY 2026

May 1, 2026·SEC

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EXR Frequently Asked Questions

Extra Space Storage Inc. (EXR) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Extra Space Storage Inc.'s revenue?

Extra Space Storage Inc. (EXR) reported $3.54B in revenue over the trailing twelve months. Revenue was $3.38B in fiscal year 2025. That is 14705% more than the $22.8M of fiscal year 2001.

How fast is Extra Space Storage Inc. growing?

Extra Space Storage Inc. (EXR) grew revenue by 7.2% over the trailing twelve months, compared with the twelve months before.

Is EXR profitable?

Yes. Extra Space Storage Inc. (EXR) earned $1.04B in net income over the trailing twelve months (a 29.3% net margin).

Dividend & Returns
Does EXR pay dividends?

Yes. Extra Space Storage Inc. (EXR) pays a dividend that yields 4.08% at the current price, a high yield.

What is EXR's return on equity?

Extra Space Storage Inc. (EXR) had a return on equity (ROE) of 7.3% over the trailing twelve months. That is below the market's typical 10-15%.

Industry Metrics
What is Extra Space Storage Inc.'s FFO?

Extra Space Storage Inc. (EXR) generated Funds From Operations (FFO) of $1.78B in the trailing twelve months. FFO is the primary profitability metric for REITs.

Is EXR a good dividend stock?

Extra Space Storage Inc. (EXR) offers a 4.08% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

What if you invested $1,000 in EXR back in 2001?

Total return calculator · dividends reinvested · 25+ years of data

See returns →