Extra Space Storage Inc.

Extra Space Storage Inc.

EXR

Get informed when a big investor buys or sells

+ Follow
Market Cap$30.7B
Close$

Compare to Similar Companies

P/E RatioDividendsReturn on EquityPrice-to-SalesDebt-to-Equity
Extra Space Storage Inc.Extra Space Storage Inc.32.64.46%7%9.11

Earnings Call Q1 2026

April 29, 2026 - AI Summary

Strong start to 2026; core FFO up and operating momentum improved - Core FFO: $2.04/share, +2% YoY. - Same-store revenue: +1.7% (accelerated from +0.4% in Q4’25). - Same-store NOI: +1.2% (improved from +0.1% in Q4’25). - Occupancy: 93.0% vs 93.2% a year ago; year-over-year occupancy delta improved by 50 bps since year-end. - Expenses: In-line with estimates except utilities and R&M, higher mainly due to snow/weather; excluding weather items, YoY expense growth would have been about +1.5%.
Outlook/guidance maintained; management expects to re-up after leasing season - Company keeps full-year 2026 core FFO guidance $8.05–$8.35/share. - CFO emphasized no guidance cut/raise despite Q1 beating internal expectations because it’s early in the year and they want to reassess after leasing season (i.e., at Q2 earnings). - They cited macro uncertainties (e.g., higher gas prices, inflation, consumer confidence) but said they haven’t seen evidence yet in their business: bad debt ~1.5%, vacates muted vs history, customer behavior unchanged.
Revenue recovery supported by supply moderation; move-in/rate dynamics are mixed but not feared - Management sees broad-based revenue improvement driven primarily by declining new supply. - New customer rate growth moderated through the quarter (reported growth: ~5–6% Jan/Feb down to ~1%+ in March, averaging ~2.5% for Q1), but occupancy improved as well. - Important nuance: they changed the metric for reported “new customer rate” (now per square foot), which makes comparisons non-identical; like-for-like implied move-in rates were higher (~3.5% for the quarter vs the ~2.5% reported on the new basis). - April commentary: continuation of improving occupancy (sequential and YoY), with modestly positive new-customer rates—suggesting no immediate collapse in pricing power.

Exclusive for Stockcircle Pro members

Sign upSign Up
$150.33

Target Price by Analysts

2.9% upsideExtra Space Storage Target Price DetailsTarget Price
$154.00

Current Fair Value

5.4% upside

Undervalued by 5.4% based on the discounted cash flow analysis.

Share Statistics

Market cap$30.70 Billion
Enterprise Value$44.50 Billion
Dividend Yield$6.48 (4.46%)
Earnings per Share$4.59
Beta1.21
Outstanding Shares210,896,947

Return

Return on Equity7.08%ROE
Return on Assets3.24%
Return on Invested Capital1.69%

Valuation & Multiples

P/E Ratio32.59P/E Ratio
PEG-295.22PEG
Price to Sales9.13Price to Sales
Price to Book Ratio2.18Price to Book Ratio
Enterprise Value to Revenue13.11
Enterprise Value to EBIT91.47
Enterprise Value to Net Income47
Total Debt to Enterprise0.31
Debt to Equity1.05Debt to Equity

Revenue Sources

No data

Insider Trades

Last Earnings Call

Report Date
May 5, 2026
EPS Estimate
$1.13
Average shareholder expectation
Revenue Estimate
$850.40 M
Average shareholder expectation

Next Earnings Call

Expected Date
July 29, 2026
EPS Estimate
$1.16
Average shareholder expectation
Revenue Estimate
$864.93 M
Average shareholder expectation

Institutional Put/Call Ratio

Market sentiment based on institutional option activity.

Put/Call Ratio0.4955▼ 29.85%
Total Calls233,300▲ 89.98%
Total Puts115,600▲ 18.56%

Institutional Ownership

Holdings and activity of institutional investors.

Ownership %95.21%▼ 5.86%
Total Invested$26.41B▼ 5.29%
Investors Holding773▲ 22.00%

ESG Score

No data

About Extra Space Storage Inc.

Relevant Senate Committees

Joint Committee on Taxation

This committee's role in assisting tax-writing committees and providing revenue estimates for tax legislation is critical. Its analyses and recommendations directly influence the tax structures and policies that are highly relevant to Extra Space Storage as a REIT.

Finance

As the primary committee for taxation, this committee's decisions on corporate tax policy, capital gains, and specific REIT tax regulations directly and significantly impact Extra Space Storage's profitability, cash flow, and attractiveness to investors.

Banking, Housing, and Urban Affairs

This committee directly regulates the financial system, including the SEC, and has significant oversight over housing and urban affairs. As a REIT, Extra Space Storage is fundamentally a real estate company operating as a financial vehicle, making this committee's decisions on financial regulation, real estate markets, and capital requirements highly relevant.