Extra Space Storage Inc.
EXR - Insider Information
Get informed when a big investor buys or sells
+ FollowMarket Cap$33.29B
Close$
Earnings Call Q3 2026
October 28, 2026 - AI Summary
Q3 performance: clear operating momentum + raised guidance
- Core FFO: $2.17/share, +4.3% YoY, ahead of internal projections.
- Same-store: revenue +2.7%, expenses -1.8%, driving same-store NOI +4.6%.
- Occupancy: ended at 94%, +30 bps YoY (still industry-leading per management).
- Outlook (raised again): full-year Core FFO guidance raised to $8.45/share midpoint (implied range not fully re-stated in transcript; CFO said raising guidance a second time in 2026).
Demand vs supply (investor framing): recovery mainly from moderating new supply
- Management explicitly said demand is steady (not sharply improving), and the sector’s recovery is primarily due to reduced absorption of new supply, with Extra Space benefiting via market-share capture and its execution.
- They remain confident because vacates are low, bad debt historically low, and existing-customer strength continues—reducing the risk that this is just a one-quarter bounce.
Revenue management stance vs competitor narrative (surprising vs PSA discussion)
- Question focused on differences vs Public Storage (PSA) revenue management approaches; Extra Space emphasized they won’t discuss competitor tactics, but confirm their own approach is maximizing property-level NOI using both occupancy and rate levers.
- Noah highlighted they keep highest occupancy in the industry and adjust move-in/rate dynamically “every single day,” with the goal of maximizing more valuable customer economics (e.g., length of stay trends).
- Management implies competitor differences may be tactical, while Extra Space’s priority is consistent NOI and per-share compounding.
Exclusive for Stockcircle Pro members
Sign up
$146.75
7.9% downside
Current Fair Value
7.9% downsideOvervalued by 7.9% based on the discounted cash flow analysis.
Insider Trades
Loading insider trades…
Congress Trades
Loading congress trades…
Share Statistics
| Market cap | $33.29 Billion |
|---|---|
| Enterprise Value | $47.35 Billion |
| Annual dividend | $6.48 |
| Dividend yield | 4.07% |
| Earnings per Share | $4.59 |
| Beta | 1.09 |
| Outstanding Shares | 210,646,953 |
Return
| Return on Equity | 8.06% |
|---|---|
| Return on Assets | 3.58% |
| Return on Invested Capital | 4.21% |
Valuation & Multiples
| P/E Ratio | 32.36 |
|---|---|
| PEG | 70.66 |
| Price to Sales | 9.95 |
| Price to Book Ratio | 2.45 |
| Enterprise Value to Revenue | 13.38 |
| Enterprise Value to EBIT | 40.95 |
| Enterprise Value to Net Income | 45 |
| Total Debt to Enterprise | 0.3 |
| Debt to Equity | 1.1 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 4, 2026
EPS Estimate
$1.19
Consensus analyst estimateRevenue Estimate
$890.42 M
Consensus analyst estimateNext Earnings Call
Expected Date
February 18, 2027
EPS Estimate
$1.18
Consensus analyst estimateRevenue Estimate
$889.04 M
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 64.56% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 14.16%▼ 85.09% |
|---|---|
| Total Invested | $3.93B▼ 87.07% |
| Investors Holding | 368▼ 457.00% |
About Extra Space Storage Inc.
8,393 employees
CEO: Joseph D. Margolis
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 December 31, 2025, the Company owned and/or operated 4,281 self-storage stores in 43 states ...