Extra Space Storage Inc. EXR

Real EstateResidential & Commercial REITsUnited States of America

Last close 151.32 USD on Nov 1, 2026, +20.3% year to date

Quant rating

Quant rating C Rank 76 of 175 in Real Estate

Growth B 40 of 175
Valuation D 160 of 175
Quality C 95 of 175
Revisions C 77 of 175
Momentum B 28 of 175

Wall Street consensus Hold (2.52)Average target 156.33 USD +3.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 31.6B
Enterprise value: 45.5B
52-week range: 125.72 – 158.68
3-year range: 103.33 – 183.14
Dividend yield: 4.28%
Beta (5 years): 1.11
Shares outstanding: 209M
Next earnings: Feb 22, 2027

About the company

Extra Space Storage, Inc. is a self-administered and self-managed real estate investment trust (REIT). The Company owns, operates, manages, acquires, develops and redevelops self-storage properties (stores) and provides lending to owners of stores located throughout the United States. Its segments include self-storage operations and tenant reinsurance. Its self-storage operations segment includes rental operations of wholly owned stores. Its tenant reinsurance segment includes the reinsurance of risks relating to the loss of goods stored by tenants in its stores. The Company owns and operates 4,344 self-storage properties, which comprise approximately 3.0 million units and approximately 335.6 million square feet of rentable storage space operating under the Extra Space brand. It offers customers a selection of conveniently located and secure storage units across the country, including boat storage, RV storage and business storage.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	3,378	3,257	2,560	1,924	1,577	–
Revenue growth	3.7%	27.2%	33.1%	22.0%	16.3%	20.0%
EPS (basic, normalized)	4.59	4.03	4.74	6.41	6.19	–
EPS growth	13.9%	−15.0%	−26.1%	3.6%	–	–
Gross margin	72.4%	73.8%	75.1%	76.6%	76.0%	74.8%
Net margin	28.8%	26.2%	31.3%	44.7%	52.4%	36.7%
ROE	7.1%	6.0%	9.1%	27.0%	29.2%	15.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	115
Current ratio	–
Long-term debt (mil)	13,406
Net debt (mil)	14,207
Total equity (mil)	12,846
Net debt / equity	1.11x
Net debt / EBITDA	6.68x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	3,378	+3.7%	13.5x	2,128	−7.8%	21.4x	4.59	+13.9%	33.0x
2026	3,195	−5.4%	14.2x	2,441	+14.7%	18.6x	4.61	+0.4%	32.8x
2027	3,401	+6.5%	13.4x	2,512	+2.9%	18.1x	4.78	+3.8%	31.6x
2028	3,522	+3.6%	12.9x	2,578	+2.7%	17.6x	5.04	+5.3%	30.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	3,195	+1.8%	−0.7%	+0.4%	4.61	0.0%	+0.5%	−0.9%
2027	3,401	+1.3%	+1.7%	+2.7%	4.78	0.0%	−0.5%	−1.2%
2028	3,522	+3.0%	+2.0%	+3.8%	5.04	−0.1%	−1.0%	−2.4%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	688	697	711	707	704	721	736	734	733	746
Sales mean (mil)	719	729	757	760	763	762	780	779	797	813
Surprise	−4.4%	−4.3%	−6.1%	−6.9%	−7.7%	−5.4%	−5.7%	−5.8%	−8.0%	−8.3%
EPS reported	1.01	1.19	0.91	1.24	1.28	1.18	0.78	1.36	1.14	1.25
EPS mean	0.99	1.03	1.12	1.05	1.02	1.16	1.20	1.17	1.12	1.16
Surprise	+1.9%	+15.1%	−18.8%	+17.5%	+24.9%	+2.1%	−35.0%	+16.2%	+2.2%	+8.2%

Peer comparison Residential & Commercial REITs

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
EXR Extra Space Storage Inc.	31.6B	6.68x	28.8%	2.41x	32.8x	31.6x	18.6x	18.1x
WELL Welltower Inc.	172.1B	3.89x	−4.7%	3.53x	80.9x	71.9x	35.1x	29.1x
PLD Prologis, Inc.	121.6B	5.26x	37.8%	2.18x	31.1x	34.3x	22.0x	19.8x
SPG Simon Property Group Inc	70.5B	6.33x	72.7%	15.89x	33.1x	30.8x	19.1x	18.2x
PSA Public Storage	60.7B	7.23x	32.9%	4.18x	32.5x	31.9x	21.5x	19.5x
O Realty Income Corporation	53.9B	6.26x	18.4%	1.36x	36.5x	32.0x	15.5x	14.2x
Mean		5.94x	31.0%	4.93x	41.2x	38.8x	22.0x	19.8x
Median		6.30x	30.8%	2.97x	33.0x	31.9x	20.3x	18.8x

Technical analysis

1M+14.9%
3M+0.6%
1Y+7.9%
3Y+65.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Extra Space Storage Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	3,378	3,257	2,560	1,924	1,577	1,356
Cost of revenue	931	855	638	450	379	359
Gross profit	2,447	2,402	1,922	1,475	1,198	997
Selling, general & administrative expenses	243	218	179	149	121	125
Research & development	–	–	–	–	–	–
Depreciation/amortization	715	783	506	288	242	224
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	76.3	77.7	66.7	−12.7	−141	−18.1
Other operating expenses	0	0	0	0	0	0
Operating income	1,413	1,323	1,170	1,050	976	666
Net interest income (expense)	−349	−390	−298	−108	−77.9	−135
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	1,064	934	872	942	898	531
Provision for taxes	41.6	33.5	21.6	20.9	20.3	13.8
Minority interest	−48.5	−45.6	−47.3	−60.5	−50.1	−35.8
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	974	855	803	861	828	482
Extraordinary items	–	–	–	–	–	–
Net income	974	855	803	861	828	482
EBIT, normalized	1,489	1,401	1,237	1,038	835	648
EBITDA, normalized	2,204	2,184	2,161	1,326	1,077	873
Basic EPS, normalized	4.59	4.03	4.74	6.41	6.19	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Extra Space Storage Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	139	138	99.1	92.9	71.1	109
Receivables	142	130	135	–	–	–
Total inventory	–	–	–	–	–	–
Prepaid expenses	103	137	85.2	–	–	–
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	25,802	25,328	24,832	10,263	9,063	8,146
Goodwill	171	171	171	171	–	–
Intangibles	11.6	32.2	116	–	–	–
Long-term investments	1,367	1,632	1,372	882	1,177	991
Note receivable	1,507	1,251	605	558	–	–
Other long-term assets	407	434	361	294	235	259
Total assets	29,264	28,848	27,456	12,167	10,474	9,396
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	358	347	335	172	142	130
Accrued expenses	761	706	237	229	233	263
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	13,371	12,464	11,160	7,477	6,026	5,746
Minority interest	891	912	1,023	819	669	388
Other liabilities	1,569	1,525	882	612	663	713
Total liabilities	15,831	14,900	13,065	8,908	7,358	6,848
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	2.1	2.1	2.1	1.3	1.3	1.3
Additional paid-in capital	14,881	14,832	14,750	3,345	3,286	3,000
Retained earnings (accumulated deficit)	−1,449	−899	−379	−136	−128	−355
Treasury stock	–	–	–	–	–	–
Other equity	−0.4	12.8	17.4	48.8	−42.5	−99.1
Total equity	13,433	13,948	14,391	3,260	3,116	2,548
Total liabilities & shareholders' equity	29,264	28,848	27,456	12,167	10,474	9,396

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Extra Space Storage Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	1,023	900	850	921	878	518
Depreciation, depletion & amortization	715	783	506	288	242	224
Deferred taxes	–	–	–	–	–	–
Non-cash items	126	146	46.5	−7.4	−145	11.3
Changes in working capital	−13.9	57.8	−0.6	36.1	−22.4	17.9
Cash from operations	1,850	1,887	1,402	1,238	952	771
Investing activities
Capital expenditures	−1,090	−800	−437	−1,376	−1,293	−395
Other investing cash flows	276	−847	−1,381	−272	456	−561
Cash from investing	−814	−1,647	−1,818	−1,648	−838	−955
Financing activities
Financing cash flow items	−95.3	−86.8	−99.1	−67.1	−49.4	−21.4
Cash dividends paid	−1,374	−1,375	−1,046	−805	−601	−468
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	434	1,260	1,569	1,304	484	731
Cash from financing	−1,036	−202	423	432	−167	241
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−0.1	38.2	7.3	21.5	−51.8	57.3
Free cash flow	760	1,088	966	−138	−341	377

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.