A Business at a Glance
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Item 1. Business Extra Space Storage Inc. (“we,” “our,” “us” or the “Company”) is a fully integrated, self-administered and self-managed real estate investment trust (“REIT”) formed as a Maryland corporation on April 30, 2004. We closed our initial public offering (“IPO”) on August 17, 2004. Our common stock is traded on the New York Stock Exchange under the symbol “EXR.” We were formed to continue the business of Extra Space Storage LLC and its subsidiaries, which had engaged in the self-storage business since 1977. These companies were reorganized after the consummation of our IPO and various formation transactions. Our executive management team and board of directors have extensive experience and ownership positions in the Company. Substantially all of our business is conducted through Extra Space Storage LP (the “Operating Partnership”). Our primary assets are general partner and limited partner interests in the Operating Partnership.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 3.4B | 3.4B | 3.3B | 2.6B | 1.9B | 1.6B |
| Net Income | 974M | 974M | 855M | 803M | 861M | 828M |
| EPS | $4.59 | $4.59 | $4.03 | $4.74 | $6.41 | $6.19 |
| Free Cash Flow | 1.3B | 1.3B | 1.4B | 1.3B | -53M | -281M |
| ROIC | 8.5% | 8.3% | 7.5% | 6.3% | 15.3% | 15.8% |
| Gross Margin | 51.6% | 51.6% | 50.4% | 56.3% | 62.4% | 61.3% |
| Debt/Equity | 0.19 | 0.19 | 0.23 | 0.27 | 1.11 | 0.98 |
| Dividends/Share | $6.48 | $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 | 41.8% | 41.8% | 40.6% | 45.7% | 54.6% | 61.9% |
| ROE | 7.3% | 7.1% | 6.1% | 5.6% | 26.4% | 26.6% |
| Shares Outstanding | 212M | 212M | 212M | 169M | 134M | 134M |
Extra Space Storage Inc. passes 5 of 9 quality checks, suggesting mixed fundamentals.
Extra Space Storage Inc. trades at 30.4x trailing earnings, compared to its 15-year median P/E of 25.5x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 16.0x vs a median of 24.3x. The company's 5-year average ROIC is 10.6% with a gross margin of 56.4%. Total shareholder yield (dividends + buybacks) is 5.1%. At current prices, the estimated annualized return to fair value is +8.4%.
Extra Space Storage Inc. (EXR) has a current P/E ratio of 30.4, compared to its historical median P/E of 25.5. The stock is currently considered Fair based on its historical valuation range.
Extra Space Storage Inc. (EXR) has a 5-year average return on invested capital (ROIC) of 10.6%. This indicates solid capital allocation.
Extra Space Storage Inc. (EXR) has a market capitalization of $29.7B. It is classified as a large-cap stock.
Yes, Extra Space Storage Inc. (EXR) pays a dividend with a trailing twelve-month yield of 4.63%. The company also returns capital through share buybacks, with a buyback yield of 0.50%.
Based on historical P/E analysis, Extra Space Storage Inc. (EXR) appears fair. The current P/E of 30.4 is 19% above its historical median of 25.5. The estimated fair value CAGR (P/E method) is 6.8%.
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. (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 0.19. 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 $63.30, based on its most recent annual SEC filing.