A Business at a Glance
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Extra Space Storage Inc.
EXR
$31.3B
Mkt Cap
$147.71
+1.57%
Extra Space Storage Inc. (EXR) has a current P/E ratio of 32.2, compared to its historical median P/E of 25.5. The stock is currently considered Expensive based on its historical valuation range.
Extra Space Storage Inc. (EXR) has a 5-year average return on invested capital (ROIC) of 12.4%. This indicates solid capital allocation.
Extra Space Storage Inc. (EXR) has a market capitalization of $31.2B. It is classified as a large-cap stock.
Yes, Extra Space Storage Inc. (EXR) pays a dividend with a trailing twelve-month yield of 4.40%. The company also returns capital through share buybacks, with a buyback yield of 0.48%.
Based on historical P/E analysis, Extra Space Storage Inc. (EXR) appears expensive. The current P/E of 32.2 is 26% above its historical median of 25.5. The estimated fair value CAGR (P/E method) is 6.2%.
Extra Space Storage Inc. (EXR) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
Extra Space Storage Inc. (EXR) reported annual revenue of $3.4 billion in its most recent fiscal year, based on SEC EDGAR filings.
Extra Space Storage Inc. is a fully integrated, self-administered and self-managed REIT that owns, operates, manages, and acquires self-storage properties across the United States. As of December 31, 2025, the company owned and/or operated 4,281 stores in 43 states and Washington, D.C., comprising approximately 330.4 million square feet of net rentable space in approximately 2.9 million units, making it the largest self-storage operator in the United States. The company generates revenue primarily through month-to-month rental of storage space for personal or business use, with tenants choosing stores based on price, convenience, security, and site visibility; the business model benefits from high occupancy levels (averaging 93.7% in 2025) and extended tenant retention despite month-to-month lease terms. Beyond core rental operations, Extra Space generates ancillary revenues through tenant reinsurance (reinsuring policies covering loss of stored goods), management fees from 1,856 third-party managed stores, bridge lending to self-storage owners (with $1.5 billion in outstanding bridge loans as of December 31, 2025), and preferred stock investments in other self-storage companies. The company's competitive advantages include its scale, advanced technology systems for dynamic pricing and online marketing, diversified capital sources (including credit lines, commercial paper, secured and unsecured debt, equity offerings, and joint ventures), and a proven acquisition platform that enables consolidation in a fragmented industry characterized by numerous small, local operators. The business is subject to seasonal fluctuations, with higher revenues and profits typically realized from May through September, and operates in a mature industry with average occupancies around 90%.
【Steady operational momentum with cautious guidance】 Management is encouraged by accelerating same-store net operating income and positive core FFO growth, with Q1 2026 performance exceeding internal expectations and sequential improvements observed across the business. The company is maintaining its full-year 2026 core FFO guidance range of $8.05–$8.35 per share and same-store performance outlook, balancing positive momentum against macroeconomic uncertainties and the need to observe the full leasing season before adjusting guidance. Management expects continued disciplined cost management with expense growth of 2%–3.5% in 2026, reflecting normalization of property taxes to inflationary rates and favorable insurance renewal conditions, while most 2026 acquisitions are expected to be completed in joint venture structures with modest net capital deployment of approximately $200 million. The company does not assume any specific catalysts for material acceleration in storage demand or material changes in the broader economy, and anticipates a gradual recovery in storage fundamentals with same-store revenue guidance of –0.5% to +1.5% for 2026.
| Metric | Target | Period |
|---|---|---|
| Core FFO per share | $8.05–$8.35 | FY2026 |
| Same-store revenue growth | –0.5% to +1.5% | FY2026 |
| Same-store expense growth | 2%–3.5% | FY2026 |
| Acquisition capital deployment | $200 million | FY2026 |
Core FFO per share (FY2026): “We are maintaining our full year 2026 core FFO guidance range of $8.05- $8.35 per share”
Same-store revenue growth (FY2026): “our 2026 same-store revenue guidance is -0.5% to +1.5%”
Same-store expense growth (FY2026): “Our expense growth range is 2%-3.5%, reflecting disciplined cost management”
Acquisition capital deployment (FY2026): “we expect in 2026 that most of our acquisitions will be done in a joint venture format, where we put in a minority of the capital. So $200 million of our capital may represent a much larger number of gross acquisition”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 3.4B | 3.4B | 3.3B | 2.6B | 1.9B | 1.6B |
| Net Income | 942M | 972M | 853M | 802M | 859M | 826M |
| EPS | $4.45 | $4.59 | $4.03 | $4.74 | $6.41 | $6.19 |
| Free Cash Flow | 1.4B | 1.3B | 1.4B | 1.3B | 45M | -281M |
| ROIC | 8.6% | 8.7% | 8.1% | 10.5% | 19.9% | 14.6% |
| Gross Margin | - | 51.6% | 50.4% | 56.3% | 62.4% | 61.3% |
| Debt/Equity | 0.17 | 0.17 | 0.11 | 0.14 | 0.69 | 0.60 |
| Dividends/Share | $6.50 | $6.48 | $6.48 | $6.48 | $6.00 | $4.50 |
| Operating Income | 1.4B | 1.4B | 1.3B | 1.2B | 1.1B | 976M |
| Operating Margin | 40.8% | 41.8% | 40.6% | 45.7% | 54.6% | 61.9% |
| ROE | 7.1% | 7.1% | 6.0% | 9.1% | 27.0% | 29.2% |
| Shares Outstanding | 211M | 212M | 212M | 169M | 134M | 134M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 647M | 782M | 992M | 1.1B | 1.2B | 1.3B | 1.4B | 1.6B | 1.9B | 2.6B | 3.3B | 3.4B | 3.4B |
| Gross Margin | 55.6% | 56.9% | 56.4% | 57.9% | 58.2% | 57.5% | 73.2% | 61.3% | 62.4% | 56.3% | 50.4% | 51.6% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 61M | 68M | 82M | 79M | 81M | 89M | 97M | 102M | 129M | 146M | 167M | 186M | 187M |
| EBIT | 278M | 295M | 458M | 654M | 620M | 635M | 666M | 976M | 1.1B | 1.2B | 1.3B | 1.4B | 1.4B |
| Op. Margin | 43.0% | 37.7% | 46.2% | 59.2% | 51.8% | 48.5% | 49.1% | 61.9% | 54.6% | 45.7% | 40.6% | 41.8% | 40.8% |
| Net Income | 178M | 189M | 365M | 478M | 415M | 419M | 481M | 826M | 859M | 802M | 853M | 972M | 942M |
| Net Margin | 27.5% | 24.1% | 36.8% | 43.3% | 34.6% | 32.0% | 35.5% | 52.4% | 44.7% | 31.3% | 26.2% | 28.8% | 27.6% |
| Non-Recurring | 0 | 0 | 0 | 6.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 9.3% | 6.6% | 10.5% | 14.0% | 12.2% | 9.2% | 8.6% | 14.6% | 19.9% | 10.5% | 8.1% | 8.7% | 8.6% |
| ROE | 10.2% | 9.9% | 16.9% | 20.8% | 17.4% | 16.9% | 18.9% | 29.2% | 27.0% | 9.1% | 6.0% | 7.1% | 7.1% |
| ROA | 4.3% | 3.6% | 5.6% | 6.6% | 5.4% | 5.1% | 5.4% | 8.3% | 7.6% | 4.0% | 3.0% | 3.3% | 3.2% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 338M | 367M | 539M | 597M | 678M | 708M | 771M | 952M | 1.2B | 1.4B | 1.9B | 1.9B | 1.9B |
| Free Cash Flow | -166M | 17M | -547M | -56M | 251M | 358M | 451M | -281M | 45M | 1.3B | 1.4B | 1.3B | 1.4B |
| Owner Earnings | 218M | 228M | 349M | 395M | 458M | 475M | 753M | 693M | 928M | 870M | 1.1B | 1.1B | 1.1B |
| CapEx | 504M | 350M | 1.1B | 653M | 426M | 349M | 320M | 1.2B | 1.2B | 136M | 479M | 562M | 438M |
| Maint. CapEx | 115M | 133M | 183M | 193M | 209M | 220M | 2.3M | 242M | 288M | 506M | 783M | 715M | 721M |
| Growth CapEx | 388M | 216M | 904M | 460M | 217M | 130M | 318M | 991M | 905M | 0 | 0 | 0 | 0 |
| D&A | 115M | 133M | 183M | 193M | 209M | 220M | 2.3M | 242M | 288M | 506M | 783M | 715M | 721M |
| CapEx/OCF | 149.2% | 0.6% | 1.6% | 0.9% | 0.2% | 0.5% | 0.1% | 0.1% | 0.0% | 0.7% | 0.6% | 0.2% | 23.6% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 210M | 269M | 368M | 393M | 425M | 458M | 468M | 601M | 805M | 1.0B | 1.4B | 1.4B | 1.4B |
| Dividend Yield | 5.3% | 4.6% | 5.0% | 5.4% | 4.9% | 4.3% | 4.3% | 3.4% | 3.8% | 4.9% | 4.4% | 4.6% | 4.4% |
| Share Buybacks | 0 | 70M | 872K | 6.2M | 0 | 0 | 68M | 0 | 63M | 0 | 0 | 150M | 151M |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | 0.6% | N/A | 0.4% | N/A | N/A | 0.5% | 0.5% |
| Stock-Based Comp | 5.0M | 6.1M | 8.0M | 9.6M | 11M | 13M | 16M | 17M | 21M | 26M | 29M | 36M | 36M |
| Debt Repayment | 533M | 1.3B | 1.1B | 1.1B | 1.1B | 2.0B | 2.0B | 5.5B | 4.2B | 7.1B | 8.7B | 17.2B | 17.2B |
| Balance Sheet | |||||||||||||
| Net Debt | 1.9B | 2.7B | 3.5B | 3.8B | 4.2B | 4.4B | 5.6B | 1.8B | 2.1B | 1.9B | 1.4B | 2.2B | 2.1B |
| Cash & Equiv. | 48M | 76M | 44M | 56M | 57M | 66M | 109M | 71M | 93M | 99M | 138M | 139M | 139M |
| Long-Term Debt | 1.9B | 2.8B | 3.2B | 3.7B | 4.1B | 4.3B | 4.8B | 1.3B | 1.3B | 1.3B | 1.0B | 1.1B | 1.1B |
| Debt/Equity | 1.15 | 1.34 | 1.59 | 1.63 | 1.75 | 1.76 | 2.26 | 0.60 | 0.69 | 0.14 | 0.11 | 0.17 | 0.17 |
| Interest Coverage | 3.4 | 3.1 | 3.4 | 4.3 | 3.5 | 28.0 | 38.8 | 5.9 | 4.8 | 2.8 | 280.3 | 316.0 | 316.0 |
| Equity | 1.7B | 2.1B | 2.2B | 2.4B | 2.4B | 2.5B | 2.5B | 3.1B | 3.3B | 14.4B | 13.9B | 13.4B | 13.3B |
| Total Assets | 4.4B | 6.1B | 7.1B | 7.5B | 7.8B | 8.5B | 9.4B | 10.5B | 12.2B | 27.5B | 28.8B | 29.3B | 29.1B |
| Total Liabilities | 2.5B | 3.7B | 4.5B | 4.7B | 5.1B | 5.6B | 6.5B | 6.7B | 8.1B | 12.0B | 14.0B | 14.9B | 14.9B |
| Intangibles | 7.1M | 2.2M | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 66M | 32M | 12M | 6.6M |
| Retained Earnings | -258M | -338M | -339M | -253M | -263M | -301M | -355M | -128M | -136M | -379M | -899M | -1.4B | -1.6B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 375M |
| Per Share Data | |||||||||||||
| EPS | 1.53 | 1.56 | 2.91 | 3.76 | 3.27 | 3.24 | 3.71 | 6.19 | 6.41 | 4.74 | 4.03 | 4.59 | 4.45 |
| Owner EPS | 1.87 | 1.88 | 2.78 | 3.10 | 3.61 | 3.67 | 5.80 | 5.19 | 6.92 | 5.14 | 5.08 | 5.19 | 5.22 |
| Book Value | 14.95 | 17.25 | 17.88 | 18.49 | 19.04 | 19.63 | 19.65 | 23.34 | 24.31 | 85.06 | 65.88 | 63.42 | 63.13 |
| Cash Flow/Share | 2.90 | 3.03 | 4.30 | 4.70 | 5.35 | 5.47 | 5.95 | 7.13 | 9.23 | 8.29 | 8.92 | 8.73 | 7.87 |
| Dividends/Share | 1.81 | 2.24 | 2.93 | 3.12 | 3.36 | 3.56 | 3.60 | 4.50 | 6.00 | 6.48 | 6.48 | 6.48 | 6.50 |
| Shares Out. | 116.3M | 121.1M | 125.5M | 127.1M | 126.8M | 129.4M | 129.7M | 133.5M | 134.1M | 169.2M | 211.7M | 211.8M | 211.2M |
| Valuation | |||||||||||||
| P/E Ratio | 25.9 | 39.3 | 18.3 | 17.4 | 21.2 | 25.7 | 25.3 | 30.5 | 19.9 | 31.4 | 35.1 | 28.5 | 33.2 |
| P/FCF | N/A | 426.1 | N/A | N/A | 35.0 | 30.1 | 27.0 | N/A | 381.2 | 19.9 | 21.3 | 21.5 | 22.0 |
| EV/EBIT | 23.8 | 36.3 | 23.2 | 19.2 | 21.6 | 24.5 | 23.2 | 28.9 | 19.6 | 24.7 | 24.9 | 21.3 | 23.9 |
| Price/Book | 2.7 | 3.6 | 3.0 | 3.5 | 3.6 | 4.3 | 4.8 | 8.1 | 5.3 | 1.8 | 2.2 | 2.1 | 2.3 |
| Price/Sales | 6.1 | 7.6 | 7.4 | 6.6 | 7.2 | 8.2 | 8.0 | 11.4 | 11.0 | 8.4 | 9.5 | 8.8 | 9.1 |
| FCF Yield | -3.6% | 0.2% | -8.2% | -0.7% | 2.9% | 3.3% | 3.7% | -1.1% | 0.3% | 5.0% | 4.7% | 4.6% | 4.6% |
| Market Cap | 4.6B | 7.5B | 6.7B | 8.3B | 8.8B | 10.8B | 12.2B | 25.2B | 17.1B | 25.2B | 30.0B | 27.8B | 31.2B |
| Avg. Price | 34.00 | 48.71 | 58.58 | 57.11 | 68.17 | 83.28 | 83.82 | 134.30 | 158.26 | 127.09 | 146.05 | 140.48 | 147.71 |
| Year-End Price | 39.61 | 61.35 | 53.11 | 65.25 | 69.35 | 83.32 | 93.98 | 188.76 | 127.57 | 148.78 | 141.52 | 130.79 | 147.71 |
Extra Space Storage Inc. passes 5 of 9 quality checks, suggesting mixed fundamentals.
Extra Space Storage Inc. trades at 32.2x trailing earnings, compared to its 15-year median P/E of 25.5x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 16.9x vs a median of 24.3x. The company's 5-year average ROIC is 12.4% with a gross margin of 56.4%. Total shareholder yield (dividends + buybacks) is 4.9%. At current prices, the estimated annualized return to fair value is +7.9%.
Extra Space Storage Inc. (EXR) has a net profit margin of 28.8%. This is a strong margin indicating high profitability.
Extra Space Storage Inc. (EXR) generated $1.3 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Extra Space Storage Inc. (EXR) has a debt-to-equity ratio of 0.17. This indicates a conservatively financed balance sheet.
Extra Space Storage Inc. (EXR) reported earnings per share (EPS) of $4.59 in its most recent fiscal year.
Extra Space Storage Inc. (EXR) has a return on equity (ROE) of 7.1%. This indicates moderate shareholder returns.
Extra Space Storage Inc. (EXR) has a 5-year average gross margin of 56.4%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 18 years of financial data for Extra Space Storage Inc. (EXR), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Extra Space Storage Inc. (EXR) has a book value per share of $63.42, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management is encouraged by accelerating same-store net operating income and positive core FFO growth, with Q1 2026 performance exceeding internal expectations and sequential improvements observed across the business. The company is maintaining its full-year 2026 core FFO guidance range of $8.05–$8.35 per share and same-store performance outlook, balancing positive momentum against macroeconomic uncertainties and the need to observe the full leasing season before adjusting guidance. Management expects continued disciplined cost management with expense growth of 2%–3.5% in 2026, reflecting normalization of property taxes to inflationary rates and favorable insurance renewal conditions, while most 2026 acquisitions are expected to be completed in joint venture structures with modest net capital deployment of approximately $200 million. The company does not assume any specific catalysts for material acceleration in storage demand or material changes in the broader economy, and anticipates a gradual recovery in storage fundamentals with same-store revenue guidance of –0.5% to +1.5% for 2026.
Based on recent SEC filings and earnings calls, Extra Space Storage Inc. (EXR) has provided the following forward guidance: Core FFO per share: $8.05–$8.35 (FY2026); Same-store revenue growth: –0.5% to +1.5% (FY2026); Same-store expense growth: 2%–3.5% (FY2026); Acquisition capital deployment: $200 million (FY2026).