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Friday 6 November 2026
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Extra Space Storage Inc
EXR Real Estate Reit Industrial
Extra Space Storage Inc’s revenue for fiscal 2025 (year ended December 2025) was $3.4 billion, up 3.70% from fiscal 2024.
- Revenue
- +3.65%
- EPS
- +50.0%
- Free cash flow
- −27.7%
- Total debt
- +3.90%
Quarter to September 2026, against a year earlier
159.98
1.06
−0.66%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 992 | 1,105 | 1,197 | 1,308 | 1,356 | 1,577 | 1,924 | 2,560 | 3,257 | 3,378 | 3,477 | +14.6% | 2,984 | 3,063 | 3,199 | (1.8%) | |
| Gross margin, % | 73.23 | 73.65 | 73.47 | 72.07 | 71.46 | 74.76 | 75.63 | 73.80 | 72.20 | 70.78 | 70.94 | (2.4) pt | ||||||
| EBT | 413 | 518 | 456 | 462 | 531 | 898 | 942 | 872 | 934 | 1,064 | 1,133 | +11.1% | ||||||
| EBT margin, % | 41.63 | 46.86 | 38.13 | 35.34 | 39.18 | 56.94 | 48.96 | 34.06 | 28.67 | 31.51 | 32.57 | (10.1) pt | ||||||
| Net income | 397 | 514 | 447 | 451 | 518 | 878 | 921 | 850 | 900 | 1,023 | 1,089 | +11.1% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 7.93 | 8.77 | 9.49 | 10.21 | 10.47 | 11.83 | 14.35 | 15.13 | 15.39 | 15.94 | 16.51 | +8.1% | |||||
| Earnings | 2.92 | 3.79 | 3.29 | 3.27 | 3.71 | 6.20 | 6.41 | 4.74 | 4.03 | 4.59 | 4.92 | +5.2% | ||||||
| Cash flow | 4.31 | 4.74 | 5.38 | 5.52 | 5.95 | 7.14 | 9.24 | 8.29 | 8.92 | 8.73 | 9.07 | +8.2% | ||||||
| Capex | (8.43) | (3.02) | (3.48) | (3.12) | (2.71) | (5.40) | (9.97) | (2.57) | (3.19) | (3.41) | (4.05) | (9.6%) | ||||||
| Free cash flow | (4.11) | 1.72 | 1.89 | 2.40 | 3.25 | 1.74 | (0.74) | 5.72 | 5.73 | 5.32 | 5.02 | n/m | ||||||
| Book value | 20.75 | 21.62 | 22.09 | 22.79 | 22.67 | 28.39 | 30.42 | 91.09 | 70.23 | 67.61 | 65.33 | +14.0% | ||||||
| Shares, m | 125 | 126 | 126 | 128 | 130 | 133 | 134 | 169 | 212 | 212 | 211 | +6.0% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 26.48 | 22.61 | 27.59 | 32.30 | 31.06 | 36.57 | 22.48 | 33.28 | 37.03 | 28.31 | 32.52 | 29.8 | |||||
| P/S | 9.72 | 9.77 | 9.53 | 10.35 | 11.07 | 19.17 | 10.05 | 10.87 | 9.72 | 8.17 | 9.69 | 10.8 | ||||||
| P/B | 3.71 | 3.96 | 4.10 | 4.63 | 5.11 | 7.99 | 4.74 | 1.80 | 2.13 | 1.93 | 2.45 | 4.0 | ||||||
| EV/Sales | 14.00 | 13.81 | 13.49 | 14.15 | 15.21 | 22.90 | 13.81 | 15.13 | 13.46 | 12.04 | 13.51 | 14.8 | ||||||
| EV/FCF | (26.98) | 70.40 | 67.59 | 60.13 | 49.03 | 155.73 | (268.94) | 40.03 | 36.15 | 36.06 | 44.44 | 21.9 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 539 | 597 | 678 | 708 | 771 | 952 | 1,238 | 1,402 | 1,887 | 1,850 | 1,911 | +14.7% | |||||
| Capex | (1,054) | (381) | (439) | (400) | (351) | (720) | (1,337) | (435) | (675) | (722) | (854) | (4.1%) | ||||||
| Free cash flow | (515) | 217 | 239 | 308 | 421 | 232 | (99) | 968 | 1,213 | 1,128 | 1,057 | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | (27) | (10) | (29) | (41) | (2) | (71) | (79) | (235) | (208) | (219) | (344) | +26.1% | |||||
| Net debt | 4,248 | 4,468 | 4,739 | 4,976 | 5,618 | 5,887 | 7,239 | 10,918 | 12,184 | 13,092 | 13,291 | +13.3% | ||||||
| Shareholders’ equity | 2,596 | 2,724 | 2,785 | 2,922 | 2,936 | 3,786 | 4,078 | 15,414 | 14,859 | 14,324 | 13,762 | +20.9% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 5.56 | 6.58 | 5.43 | 5.13 | 5.37 | 8.32 | 7.59 | 4.05 | 3.04 | 3.35 | 3.57 | (2.2) pt | |||||
| ROIC | 4.18 | 5.69 | 5.15 | 5.03 | 4.87 | 6.31 | 5.80 | 2.78 | 3.06 | 3.22 | 3.52 | (1.0) pt | ||||||
| ROE | 14.74 | 18.01 | 15.08 | 14.72 | 16.45 | 24.59 | 21.86 | 8.24 | 5.65 | 6.68 | 7.36 | (8.1) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 3,287 | 3,380 | 3,624 | 4,048 | 4,013 | 4,309 | 4,781 | 7,618 | 8,012 | 8,393 | — | +11.0% | |||||
| Revenue/emp, $m | 0.30 | 0.33 | 0.33 | 0.32 | 0.34 | 0.37 | 0.40 | 0.34 | 0.41 | 0.40 | — | +3.3% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Business profile
Extra Space Storage Inc vs peers in Reit Industrial (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| PLD Prologis, Inc. | $124.6B | 28.3× | 34.1× | +7.84% (above 0%: growing) | +4.88% (above 0%: growing) | −37.91% (below 0%: shrinking) | 75.04% | 43.76% | Compare |
| PSA Public Storage | $63.6B | 34.1× | 34.1× | +11.61% (above 0%: growing) | −21.88% (below 0%: shrinking) | −19.32% (below 0%: shrinking) | 72.41% | 23.20% | Compare |
| EXR Extra Space Storage Inc | $34.9B | 32.5× | 32.6× | +3.65% (above 0%: growing) | +50.00% (above 0%: growing) | −27.72% (below 0%: shrinking) | 71.14% | 44.04% | |
| EGP EastGroup Properties, Inc. | $10.4B | 32.9× | 32.7× | +9.50% (above 0%: growing) | +15.87% (above 0%: growing) | +22.82% (above 0%: growing) | 74.02% | 41.57% | Compare |
| CUBE CubeSmart | $10.2B | 29.8× | 27.9× | +3.12% (above 0%: growing) | +16.11% (above 0%: growing) | −5.37% (below 0%: shrinking) | 67.42% | 42.77% | Compare |
| LINE Lineage, Inc. | $9.0B | — (loss-making) | — (loss-making) | +0.81% (above 0%: growing) | n/m | +91.92% (above 0%: growing) | 31.23% | 3.97% | Compare |
| REXR Rexford Industrial Realty, Inc. | $8.1B | — (loss-making) | — (loss-making) | −5.58% (below 0%: shrinking) | −81.08% (below 0%: shrinking) | +58.30% (above 0%: growing) | 76.16% | 39.41% | Compare |
| FR First Industrial Realty Trust, Inc. | $7.4B | 20.1× | 21.7× | +8.65% (above 0%: growing) | −10.20% (below 0%: shrinking) | −240.72% (below 0%: shrinking) | 74.45% | 44.21% | Compare |
| TRNO Terreno Realty Corporation | $7.3B | 19.9× | 33.2× | +13.74% (above 0%: growing) | −38.00% (below 0%: shrinking) | +118.95% (above 0%: growing) | 75.26% | 42.18% | Compare |
| Median of peers | $9.6B | 29.1× | 33.0× | +8.25% | −10.20% | +8.73% | 74.24% | 41.88% |
From the latest earnings call
- CFO Jeff Norman attributed the storage sector’s recovery primarily to moderating new supply, while describing demand over the past few years as steady.
- Norman said Extra Space raised its full-year Core FFO guidance after results exceeded its expectations and its fourth-quarter outlook improved.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
99.14%
Held by the ten largest
61.05%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 34.76m | 16.45% | +321.45k |
| BlackRock | 22.95m | 10.86% | +458.23k |
| State Street | 13.56m | 6.42% | −135.08k |
| COHEN & STEERS, INC. | 12.90m | 6.10% | −3.52m |
| Capital Group | 10.48m | 4.96% | −1.33m |
| Norges Bank | 9.30m | 4.40% | +9.30m |
| First Eagle Investment Management, LLC | 7.75m | 3.67% | +3.92m |
| Geode Capital Management | 6.14m | 2.91% | +53.50k |
| Principal Financial | 6.06m | 2.87% | −370.55k |
| Fidelity (FMR) | 5.09m | 2.41% | +487.02k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 1 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 14.19m | 6.25m | 136.00 |
| 2024 | 12.69m | 8.08m | 149.33 |
| 2023 | 12.28m | 13.30m | 153.60 |
| 2022 | 11.63m | 821.73k | 135.02 |
| 2021 | 7.32m | 30.32m | 200.95 |
Ownership
Directors and executive officers, together
less than 1%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Extra Space Storage Inc (EXR) Latest News
28 Oct
27 Oct
22 Oct
2 Oct
29 Jul
28 Jul
30 Apr
EXR metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
Extra Space Storage is a real estate investment trust, or REIT, focused on self-storage. It rents enclosed spaces to individuals and businesses that need somewhere to keep their belongings. Customers generally rent month to month and move their own goods in and out. Stores typically have on-site managers who oversee daily operations and help tenants.
The company owns some stores outright, holds partial interests in others and manages stores for outside owners. It also lends to self-storage owners whose properties it manages and reinsures policies covering tenants’ stored goods. Nearly all of its business is conducted through Extra Space Storage LP, its operating partnership.