Extra Space Storage Inc.
- Open
- 141.29
- Day high
- 141.63
- Day low
- 139.95
- Prev close
- 139.93
- Volume
- 22K
- Mkt cap
- $29.7B
- P/E (TTM)
- 30.9
- EPS (TTM)
- $4.53
- P/B
- 2.2
- P/S
- 8.7
- Yield
- 4.62%
- Per share
- $6.48
- ▼Insiders net selling -$495K over the last 3 months (0 open-market buys, 1 sale)
- 🏛Institutions accumulating (13F)
Extra Space Storage Inc. (EXR) is a Real Estate company listed on NYSE. The stock is down 2% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 1 sale (SEC Form 4). Drillr has 1 published research article covering EXR.
Extra Space Storage Inc. (EXR) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 11 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
EXR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 29, 2026 | $1.16 | $1.25 | +7.8% | $874M | -0.1% |
| Apr 29, 2026 | $1.16 | $2.04 | +75.9% | $856M | +0.5% |
| Feb 19, 2026 | $2.03 | $2.08 | +2.5% | $918M | +26.6% |
| Oct 29, 2025 | $2.06 | $2.08 | +1.0% | $778M | +6.1% |
| Jul 30, 2025 | $2.06 | $2.05 | -0.5% | $842M | +14.9% |
| Feb 25, 2025 | $1.10 | $2.03 | +84.5% | $822M | +16.2% |
| Jul 30, 2024 | $2.00 | $2.06 | +3.0% | $811M | +9.2% |
| Apr 30, 2024 | $1.95 | $1.96 | +0.5% | $800M | +11.6% |
| Feb 27, 2024 | $2.03 | $2.02 | -0.5% | $798M | +10.7% |
| Aug 3, 2023 | $1.51 | $1.50 | -0.7% | $511M | +0.7% |
| May 2, 2023 | $1.41 | $1.46 | +3.3% | $503M | +10.3% |
| Feb 22, 2023 | $1.46 | $1.52 | +4.1% | $507M | -0.5% |
EXR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 2, 2026 | Dickens Zachary Tofficer: EVP, Chief Investment Officer | Tax | 164 | $147.29 |
| Jul 2, 2026 | Springer William Nofficer: President | Tax | 138 | $147.29 |
| Jul 2, 2026 | Norman Jeffrey Jayofficer: Executive VP and CFO | Tax | 735 | $147.29 |
| Jun 12, 2026 | McNeal Gwyn Goodsonofficer: EVP/Chief Legal Officer | Sell | 3,300 | $150.00 |
| May 18, 2026 | Saffire Josephdirector | Grant | 1,407 | $142.19 |
| May 18, 2026 | Bonner Joseph Jdirector | Grant | 1,407 | $142.19 |
| May 18, 2026 | Barberio Mark Gdirector | Grant | 1,407 | $142.19 |
| May 18, 2026 | CRITTENDEN GARY Ldirector | Grant | 1,407 | $142.19 |
| May 18, 2026 | PITTMAN RAYMOND Jdirector | Grant | 1,407 | $142.19 |
| May 18, 2026 | Maggelet Crystal Calldirector | Grant | 1,407 | $142.19 |
| May 18, 2026 | Vander Ploeg Juliadirector | Grant | 1,407 | $142.19 |
| May 18, 2026 | Woolley Kenneth M.director | Grant | 1,407 | $142.19 |
| May 18, 2026 | Harnett Suedirector | Grant | 1,407 | $142.19 |
| Apr 3, 2026 | KUNDE GRACEofficer: CAO | Tax | 276 | $132.49 |
| Apr 3, 2026 | Norman Jeffrey Jayofficer: Executive VP and CFO | Tax | 375 | $132.49 |
Source: EXR SEC Form 4 filings, latest Jul 2, 2026. For informational purposes only — not investment advice.
See the full EXR insider & 13F page →Extra Space Storage Inc. company profile
Overview
Extra Space Storage Inc. (NYSE:EXR) is a publicly traded real estate investment trust (REIT) founded in 1977 and headquartered in Salt Lake City, Utah. The company went public in 2004 and has grown to become the second-largest owner and operator of self-storage facilities in the United States. As a member of the S&P 500, Extra Space Storage operates approximately 1,900 self-storage properties across 40 states, Washington D.C., and Puerto Rico, comprising roughly 1.4 million storage units and 147.5 million square feet of rentable space. The company completed a major strategic acquisition in 2022 by merging with Life Storage, significantly expanding its portfolio and market presence.
Business
Extra Space Storage operates in the self-storage real estate industry, which provides rental storage space to both individual consumers and businesses. Self-storage facilities are warehouse-like buildings divided into individual units of various sizes that customers can rent on a month-to-month basis to store personal belongings, business inventory, or other items. The company's core business revolves around three main segments: 1. Wholly-owned stores represent the largest revenue segment, generating approximately 85% of total revenues. These are self-storage facilities that Extra Space Storage owns outright and operates directly. Customers rent individual storage units ranging from small lockers to large garage-sized spaces, paying monthly rent for access to secure, climate-controlled or standard storage units. 2. Third-party management services contribute roughly 10% of revenues. Under this model, Extra Space Storage manages self-storage facilities owned by other parties, providing operational expertise, marketing, pricing optimization, and day-to-day management in exchange for management fees. This asset-light approach allows the company to expand its footprint without significant capital investment. 3. Bridge lending and ancillary services make up the remaining 5% of revenues. The bridge lending program provides short-term financing to self-storage developers and operators, while ancillary services include tenant insurance, moving supplies, and truck rentals offered to storage customers. The self-storage industry serves diverse customer needs, from individuals downsizing homes or relocating to businesses requiring temporary inventory storage. The company's facilities accommodate everything from household furniture and seasonal items to business records and equipment, with specialized offerings for boat storage, RV storage, and commercial storage needs.
Revenue model
Extra Space Storage generates revenue through multiple streams within its self-storage ecosystem. The primary revenue source comes from monthly rental fees collected from customers who lease storage units. These customers include individual consumers storing personal belongings during life transitions (moving, downsizing, divorce) and businesses needing temporary or overflow storage space. The company employs sophisticated revenue management systems that dynamically adjust pricing based on local market conditions, occupancy levels, and seasonal demand patterns. New customers typically receive promotional rates to encourage move-ins, while existing customers face regular rent increases to optimize long-term revenue per unit. Third-party management generates recurring management fees, typically ranging from 6-10% of the managed properties' revenues. This model provides stable income without the capital requirements of property ownership, allowing Extra Space Storage to leverage its operational expertise and technology platform across a broader portfolio. The bridge lending program creates interest income by providing short-term loans to self-storage developers and operators. These loans typically carry higher interest rates than traditional financing and often include options for Extra Space Storage to acquire or manage the properties upon loan maturity. Ancillary services boost per-customer revenue through tenant insurance (providing coverage for stored items), retail sales of moving supplies, and truck rental partnerships. These services have high margins and enhance customer convenience while generating additional income streams. Several factors influence the company's profitability margins. Property taxes represent a significant expense that varies by location and can increase substantially due to rising property values. Labor costs for on-site management and maintenance affect margins, particularly in markets with tight labor conditions. Utility expenses for climate-controlled units fluctuate with energy prices and weather patterns. New supply in local markets can pressure occupancy and pricing power, while economic conditions affect customer demand and payment ability. Interest rates impact the company's borrowing costs and acquisition financing, while housing market activity drives customer demand as people moving homes frequently need temporary storage.
Competitive moat
Extra Space Storage possesses a moderate but durable competitive moat built primarily on operational scale, local market density, and customer switching costs. The company's extensive portfolio of nearly 1,900 facilities creates significant economies of scale in marketing, technology development, and operational efficiency. This scale advantage allows Extra Space Storage to invest heavily in revenue management systems, digital marketing platforms, and customer acquisition technologies that smaller competitors cannot match. The company's local market density strategy creates a meaningful competitive advantage in major metropolitan areas. By clustering multiple facilities within specific markets, Extra Space Storage can dominate local search results, optimize marketing spend, and provide customers with convenient location options. This density makes it difficult for new entrants to achieve similar market penetration and brand recognition. Customer switching costs provide some protection, as moving stored belongings is inconvenient and costly for customers. Once established in a facility, customers tend to remain for extended periods, creating predictable revenue streams. The company's investment in customer service, online account management, and facility security further enhances customer retention. However, the moat faces several challenges. Low barriers to entry allow new competitors to develop self-storage facilities in attractive markets, particularly during periods of easy credit and strong real estate demand. The business model is relatively simple to replicate, and local operators can compete effectively on price and service. Regulatory constraints in some markets limit expansion opportunities, while alternative storage solutions like on-demand storage services and peer-to-peer storage platforms represent emerging competitive threats. The company's technology investments and brand recognition provide some differentiation, but the self-storage industry remains highly fragmented with numerous regional and local competitors. While Extra Space Storage's scale and operational expertise create competitive advantages, the moat is not insurmountable and requires continuous investment to maintain market position.
Risks & safety
Extra Space Storage demonstrates strong financial stability with solid cash generation and manageable debt levels, though current liquidity appears tight. • Debt and Solvency: Debt-to-equity ratio of 0.95 indicates moderate leverage typical for REITs. Strong cash flow from operations of $1.9 billion annually provides substantial debt service coverage. The company maintains investment-grade credit ratings and access to capital markets. • Cash Position: Current cash and short-term investments of $138 million appear low relative to current liabilities of $1.8 billion, resulting in a current ratio of 0.93. However, this reflects the REIT structure where cash is typically distributed to shareholders rather than accumulated. • Cash Generation: Robust free cash flow of $1.9 billion annually demonstrates strong underlying business fundamentals. Operating cash flow margins of approximately 58% indicate efficient operations and pricing power. • Valuation Metrics: Trading at 20.6x EV/EBITDA and 37x P/E ratio, suggesting premium valuation that offers limited margin of safety. Price-to-book ratio of 2.27 indicates shares trade above tangible book value. • Other Considerations: As a REIT, the company must distribute at least 90% of taxable income to shareholders, limiting cash accumulation but providing predictable dividend income. The real estate-heavy balance sheet provides tangible asset backing, though property values can fluctuate with market conditions.
Recent development
Over the past few years, Extra Space Storage has undergone significant strategic transformation centered around the Life Storage merger integration. Completed in 2022, this $12.7 billion acquisition doubled the company's portfolio size and established Extra Space Storage as a dominant national player. The integration process has been methodical, with management initially operating both brands separately before deciding to consolidate all properties under the single Extra Space brand by 2024. The brand unification strategy has shown early positive results, with improved search engine optimization, better digital conversion rates, and reduced marketing expenses. The company achieved approximately $2 million in quarterly savings from eliminating duplicate paid search campaigns and improved website performance metrics across the combined portfolio. Technology and revenue optimization initiatives have accelerated, with the company deploying sophisticated algorithms for dynamic pricing and occupancy management. These systems continuously adjust rental rates based on local market conditions, seasonal patterns, and competitor pricing to maximize long-term revenue per unit. The third-party management platform has emerged as a key growth driver, expanding from managing properties for other owners to becoming the largest self-storage management company in the United States. This asset-light model added over 100 net new properties in recent quarters, providing scalable revenue growth without significant capital investment. Bridge lending operations have expanded substantially, with the company originating nearly $1 billion in loans during 2024. This program provides attractive returns while creating potential acquisition opportunities when loans mature, as Extra Space Storage often has rights to purchase or manage the financed properties. The company has also focused on operational efficiency improvements, including solar installations, utility optimization programs, and automated facility management systems. These initiatives help offset inflationary pressures on property taxes, labor costs, and utilities while improving overall profitability margins.
EXR company profile · for informational purposes only — not investment advice.
Track EXR with Drillr
SEC filings, earnings calls, insider activity, alt-data signals — all queryable through Drillr's AI terminal and MCP API.
Try Drillr for free