Extra Space Storage (EXR) AI Stock Analysis

• Market Cap: $31.65B
• Dividend Yield: 4.54%
• Average Volume (3M): 988.72K
• Price to Earnings (P/E): 31.0
• Beta (1Y): 0.72
• Revenue Growth: 4.83%
• EPS Growth: 18.94%
• Country: US
• Employees: 8,012
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Industrial
• EPS (TTM): 1.18
• Shares Outstanding: 212,253,620
• 10 Day Avg. Volume: 904,333
• 30 Day Avg. Volume: 988,719
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 1.44
• Enterprise Value/Revenue: 13.52
• Enterprise Value/Gross Profit: 17.87
• Enterprise Value/Ebitda: 19.82
• 1Y Price Target: $156.20
• Price Target Upside: 9.37% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 15

• Rating: 71 Outperform
• Price Target: $156.00 ▲(9.23% Upside)

Extra Space Storage's overall stock score reflects strong financial performance and strategic growth initiatives, tempered by valuation concerns and mixed technical indicators. The company's robust cash flow and stable balance sheet are significant strengths, while high operating expenses and a cautious market outlook present challenges. The earnings call highlighted both positive trends and areas needing improvement, contributing to a balanced but cautious outlook.

Positive Factors

Strong Cash Flow

Strong cash flow growth highlights the company's ability to generate cash efficiently, supporting reinvestment and debt management, crucial for long-term stability.

High Occupancy Rates

High occupancy rates indicate strong demand for storage solutions, enhancing revenue stability and providing a buffer against economic fluctuations.

Strategic Acquisitions

Strategic acquisitions expand the company's portfolio, potentially increasing market share and revenue streams, supporting long-term growth.

Negative Factors

Flat Revenue Growth

Flat revenue growth suggests challenges in pricing power or market saturation, potentially limiting future revenue expansion and profitability.

Rising Operating Expenses

Increased operating expenses, especially from taxes, can pressure margins, reducing profitability and cash available for growth initiatives.

Impact of New Supply

New supply in key markets can increase competition, potentially leading to lower occupancy rates and pricing pressures, affecting long-term market positioning.

Extra Space Storage Business Overview & Revenue Model

Company Description

Extra 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.

How the Company Makes Money

Extra Space Storage generates revenue primarily through the rental of storage units to customers. The company offers month-to-month leases, allowing for flexibility in storage solutions, which attracts a diverse clientele. Additionally, Extra Space Storage earns income from ancillary services, including the sale of packing supplies, tenant insurance, and administrative fees. The company benefits from economies of scale due to its large network of facilities, enabling it to optimize operational efficiencies and reduce costs. Strategic partnerships with local businesses and online platforms also contribute to its customer base and revenue growth. Furthermore, the company engages in selective acquisitions of existing storage facilities, which can enhance its portfolio and drive revenue expansion.

Extra Space Storage Financial Statement Overview

Summary

Extra Space Storage demonstrates strong financial health with robust revenue growth and efficient cash flow management. While profit margins remain solid, there is a slight decline in gross profit margin that warrants attention. The balance sheet is stable, with manageable leverage and a balanced capital structure. The company is well-positioned for continued growth, though it should monitor cost management to maintain profitability.

Income Statement

Extra Space Storage shows strong revenue growth with a TTM increase of 94.5%, indicating robust expansion. The company maintains healthy profit margins, with a TTM gross profit margin of 66.8% and a net profit margin of 29.5%. However, there is a slight decline in gross profit margin from the previous year, suggesting increased costs or pricing pressures.

Balance Sheet

The balance sheet reflects a stable financial position with a debt-to-equity ratio of 0.99, indicating manageable leverage. The return on equity is moderate at 7.0%, suggesting efficient use of equity. However, the equity ratio of 46.9% shows a balanced capital structure, but there is room for improvement in asset utilization.

Cash Flow

Cash flow metrics are impressive, with a significant free cash flow growth rate of 160.6% TTM, highlighting strong cash generation capabilities. The operating cash flow to net income ratio of 1.56 indicates effective cash conversion, and the free cash flow to net income ratio of 1.03 suggests good cash flow management.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	3.38B	3.34B	2.62B	1.97B	1.61B	1.38B
Gross Profit	2.56B	2.55B	2.02B	1.54B	1.23B	1.02B
EBITDA	2.30B	2.26B	1.79B	1.37B	1.11B	894.87M
Net Income	975.91M	854.68M	803.20M	860.69M	827.65M	481.78M
Balance Sheet
Total Assets	29.37B	28.85B	27.46B	12.17B	10.47B	9.40B
Cash, Cash Equivalents and Short-Term Investments	125.05M	138.22M	99.06M	92.87M	71.13M	109.12M
Total Debt	13.65B	13.03B	11.25B	7.56B	6.19B	6.01B
Total Liabilities	14.69B	13.99B	12.04B	8.09B	6.69B	6.46B
Stockholders Equity	13.79B	13.95B	14.39B	3.26B	3.12B	2.55B
Cash Flow
Free Cash Flow	1.88B	1.87B	1.39B	1.22B	948.78M	764.14M
Operating Cash Flow	1.90B	1.89B	1.40B	1.24B	952.44M	771.23M
Investing Cash Flow	-1.50B	-1.65B	-1.82B	-1.65B	-837.54M	-955.43M
Financing Cash Flow	-358.34M	-202.29M	423.13M	431.86M	-166.71M	241.47M

Extra Space Storage Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 142.82
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EXR, the sentiment is Positive. The current price of 142.82 is above the 20-day moving average (MA) of 141.84, above the 50-day MA of 140.35, and below the 200-day MA of 143.91, indicating a neutral trend. The MACD of -0.05 indicates Negative momentum. The RSI at 55.60 is Neutral, neither overbought nor oversold. The STOCH value of 77.78 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for EXR.

Extra Space Storage Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PLYM	78 Outperform	$996.83M	7.68	25.64%	4.34%	-3.63%	436.37%
PSA	76 Outperform	$51.50B	32.03	18.98%	4.09%	2.49%	-14.10%
CUBE	73 Outperform	$9.33B	24.80	13.43%	5.11%	3.14%	-8.01%
EXR	71 Outperform	$31.65B	31.04	6.97%	4.54%	4.83%	18.94%
IIPR	69 Neutral	$1.58B	12.21	7.04%	13.46%	-7.80%	-18.78%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
NSA	59 Neutral	$4.08B	48.51	6.19%	7.55%	-7.33%	-66.93%

Extra Space Storage Corporate Events

Extra Space Storage Amends Credit Agreement for Growth

On August 21, 2025, Extra Space Storage LP, a subsidiary of Extra Space Storage Inc., entered into a fourth amended and restated credit agreement with various financial institutions. This agreement allows for aggregate borrowings of up to $4.5 billion, with provisions for extensions and interest rates tied to the company’s credit ratings. The agreement is significant as it enhances the company’s financial flexibility and supports its strategic growth initiatives, although it includes several financial covenants and customary events of default.

The most recent analyst rating on (EXR) stock is a Buy with a $160.00 price target. To see the full list of analyst forecasts on Extra Space Storage stock, see the EXR Stock Forecast page.