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EXRExtra Space Storage Inc.
$147.73$31.2B
Overview & Verdict
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EXR logoExtra Space Storage Inc.(EXR)Earnings, Financials & Key Ratios

EXR•NYSE•REIT / Real Estate
$146.14
31.8× P/E·Price updated Jul 6, 2026
SectorReal EstateIndustryIndustrial REITsSub-IndustrySelf-Storage REITs
AboutExtra Space Storage Inc., headquartered in Salt Lake City, Utah, is a self-administered and self-managed REIT and a member of the S&P 500. As of September 30, 2020, the Company owned and/or operated 1,906 self-storage stores in 40 states, Washington, D.C. and Puerto Rico. The Company's stores comprise approximately 1.4 million units and approximately 147.5 million square feet of rentable space. The Company offers customers a wide selection of conveniently located and secure storage units across the country, including boat storage, RV storage and business storage. The Company is the second largest owner and/or operator of self-storage stores in the United States and is the largest self-storage management company in the United States.Show more
  • Revenue$3.38B+1.2%
  • FFO$1.69B+3.5%
  • FFO/Share7.97+3.3%
  • FFO Payout81.36%-3.4%
  • FFO per Share7.97+3.3%
  • NOI Margin28.43%-62.7%
  • FFO Margin50.01%+2.3%
  • ROE6.68%+18.2%
  • ROA3.35%+10.4%

EXR Price & Volume

Extra Space Storage Inc. (EXR) stock price & volume — 10-year historical chart

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Post-Merger Integration Strains Operational Margin Stability

Investment Thesis • Updated 2026Q1

VerdictNegative
Growth:Mixed
Profitability:Strained
Financial:Adequate
Cash Flow:Mixed
Primary Risk:Street rate pricing compression

Key Thesis Takeaways

  • Extra Space Storage faces a challenging transition period as revenue growth decelerates to 1.9% in 2026Q1, signaling that inorganic expansion tailwinds have largely dissipated.
  • The company's elevated debt-to-equity ratio of 0.98 and rising maintenance capital expenditures, which spiked to $103.7 million in 2026Q1, suggest significant pressure on future distributable cash flow.
  • Investors should monitor the sustainability of the dividend payout, which currently consumes 80.3% of FFO, as the firm navigates integration risks and potential property-level margin compression.

Verdict Logic

the combination of a 5.4% year-over-year decline in FFO per share and a high dividend payout ratio of 80.3% suggests limited near-term upside for shareholders.

EXR Growth Metrics

Extra Space Storage Inc. (EXR) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years15.57%
5 Years19.63%
3 Years19.78%
TTM0.9%

Profit CAGR

10 Years17.79%
5 Years15.12%
3 Years4.21%
TTM3.51%

EPS CAGR

10 Years11.4%
5 Years4.35%
3 Years-10.54%
TTM2.09%

Return on Capital

10 Years7.7%
5 Years7.52%
3 Years5.55%
Last Year5.42%

EXR Recent Earnings

Extra Space Storage Inc. (EXR) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 8/12 qtrs (67%)●Beat Revenue 12/12 qtrs (100%)
Q2 2026Latest
Apr 28, 2026
Metric
Actual
Est
EPS
$1.14+1.8%
$1.12
Rev
$856M+0.5%
$851M
Q1 2026
Feb 19, 2026
Metric
Actual
Est
EPS
$1.36+16.2%
$1.17
Rev
$857M+0.3%
$855M
Q4 2025
Oct 29, 2025
Metric
Actual
Est
EPS
$2.08+1.0%
$2.06
Rev
$778M+6.1%
$733M
Q3 2025
Jul 30, 2025
Metric
Actual
Est
EPS
$2.05-0.5%
$2.06
Rev
$842M+14.9%
$732M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 28, 2026
$1.14vs $1.12+1.8%
$856Mvs $851M+0.5%
Q1 2026Feb 19, 2026
$1.36vs $1.17+16.2%
$857Mvs $855M+0.3%
Q4 2025Oct 29, 2025
$2.08vs $2.06+1.0%
$778Mvs $733M+6.1%
Q3 2025Jul 30, 2025
$2.05vs $2.06-0.5%
$842Mvs $732M+14.9%
Based on last 12 quarters of dataView full earnings history →

Latest EXR News

Recent stock market news and headlines for Extra Space Storage Inc. (EXR)

PRNewsWire·Jun 24, 2026
Extra Space Announces Pricing of $550 Million of 4.900% Senior Notes due 2032

SALT LAKE CITY, June 24, 2026 /PRNewswire/ -- Extra Space Storage Inc. ("Extra Space") (NYSE: EXR), a leading owner and operator of self-storage facilities in the United States and a member of the S&P 500, today announced that its operating partnership, Extra Space Storage LP (the "operating partnership"), has priced a public offering of $550 million aggregate principal amount of 4.900% senior notes due 2032 (the "Notes"). The Notes were priced at 99.702% of the principal amount and will mature on February 1, 2032.

PRNewsWire·Jun 23, 2026
Extra Space Storage Releases 2025 Sustainability Report

SALT LAKE CITY, June 23, 2026 /PRNewswire/ -- Extra Space Storage, Inc. (NYSE: EXR), a self-administered and self-managed Real Estate Investment Trust and member of the S&P 500 today announced the publication of its annual sustainability report. The report details the company's progress across key corporate responsibility initiatives, including environmental stewardship, workplace culture, corporate governance, and long-term portfolio resiliency.

Peers Comparison

Key metrics vs top competitors for Extra Space Storage Inc. (EXR)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
EXR logoEXRExtra Space Storage Inc.Current
$146.14$30.87B31.841.19%28.84%6.68%4.44%
PSA logoPSAPublic Storage
$324.00$56.88B35.962.74%39.16%20.27%—
CUBE logoCUBECubeSmart
$40.23$9.17B27.555.33%28.93%11.7%—
NSA logoNSANational Storage Affiliates Trust
$45.32$3.49B64.74-2.26%11.92%5.74%—
SST logoSSTSystem1, Inc.
$2.81$28M-0.34-22.62%-42.18%-584.15%—
PLD logoPLDPrologis, Inc.
$140.20$130.71B39.607.18%41.54%6.46%—

Compare EXR vs Peers

Extra Space Storage Inc. (EXR) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs PSA

Most directly comparable listed peer for EXR.

Scale Benchmark

vs PLD

Larger-name benchmark to compare EXR against a more recognizable public peer.

Peer Set

Compare Top 5

vs PSA, CUBE, NSA, SST

EXR SEC Filings & Documents

Extra Space Storage Inc. (EXR) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 15, 2026·SEC

Material company update

Apr 28, 2026·SEC

Material company update

Feb 19, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 20, 2026·SEC

FY 2025

Feb 28, 2025·SEC

FY 2024

Feb 29, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

May 1, 2026·SEC

FY 2025

Oct 31, 2025·SEC

FY 2025

Aug 1, 2025·SEC

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EXR Frequently Asked Questions

Extra Space Storage Inc. (EXR) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Extra Space Storage Inc.'s revenue?

Extra Space Storage Inc. (EXR) reported $3.39B in revenue for fiscal year 2025. This represents a 14775% increase from $22.8M in 2001.

How fast is Extra Space Storage Inc. growing?

Extra Space Storage Inc. (EXR) grew revenue by 1.2% over the past year. Growth has been modest.

Is EXR profitable?

Yes, Extra Space Storage Inc. (EXR) is profitable, generating $944.1M in net income for fiscal year 2025 (28.8% net margin).

Dividend & Returns
Does EXR pay dividends?

Yes, Extra Space Storage Inc. (EXR) pays a dividend with a yield of 4.44%. This makes it attractive for income-focused investors.

What is EXR's return on equity?

Extra Space Storage Inc. (EXR) has a return on equity (ROE) of 6.7%. This is below average, suggesting room for improvement.

Industry Metrics
What is Extra Space Storage Inc.'s FFO?

Extra Space Storage Inc. (EXR) generated Funds From Operations (FFO) of $1.66B in the trailing twelve months. FFO is the primary profitability metric for REITs.

Is EXR a good dividend stock?

Extra Space Storage Inc. (EXR) offers a 4.44% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

What if you invested $1,000 in EXR back in 2001?

Total return calculator · dividends reinvested · 25+ years of data

See returns →