Start here if you're new
what it is
Extra Space rents storage units, manages stores for others, and clips fees across 42 states and Washington, DC.
how it gets paid
Last year Extra Space Stor made $129M in revenue. Wholly owned stores was the main engine at $63M, or 49% of sales.
why it's growing
Revenue grew 7.1% last year. The 7.09% earnings beat matters because this stock already trades at 29.6x trailing earnings.
what just happened
Last earnings came in at $1.36 a share versus a $1.27 estimate, a 7.09% beat.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
70/100 earnings predictability — reasonably predictable
29.6x trailing p/e — priced about right
5.0% dividend yield — cash in your pocket every quarter
5.5% return on capital — nothing to write home about
xvary composite: 54/100 — below average
What they do
Extra Space rents storage units, manages stores for others, and clips fees across 42 states and Washington, DC.
Scale is the moat. Extra Space had 4,011 properties covering 308 million square feet at 12/31/24, so there is usually a location near you when you need to stash your stuff fast. Management contracts (running stores for other owners) → fee income without owning the building → so what: 1,575 managed stores widen the network and feed growth without needing to buy every property.
How they make money
$129M
annual revenue · their business grew +7.1% last year
Wholly owned stores
$63M
+7.1%
Joint venture stores
$15M
+7.1%
Third-party managed stores
$51M
+7.1%
Development and other
$0M
0.0%
The products that matter
rents storage units
Self-Storage Rentals
$129M snapshot revenue · 66.0% operating margin
The segment snapshot on this page shows $129M in revenue and a 66.0% operating margin. The revenue slice is thin here, but the margin is the point: rented square footage throws off serious cash when the buildings stay full.
core earnings engine
owns and consolidates stores
Property Portfolio
2,436 properties total
EXR owns 1,967 properties and holds stakes in 469 more. That scale is the business model — more rooftops, more local data, and more ways to spread fixed costs without pretending storage is a tech company.
scale moat
manages stores for others
Third-Party Management
operates beside a 2,436-property network
This is the lighter-capital layer of the story. The page does not break out revenue, so we will not make it up, but management fees matter because they let EXR extend reach without buying every building.
asset-light layer
Key numbers
4,011
properties
That footprint is the point. More locations mean a better shot that your next storage unit is already in Extra Space's network.
5.0%
dividend yield
You are getting paid while you wait, and 5.0% is the kind of yield that keeps REIT investors paying attention.
29.6x
trailing p/e
P/E → price divided by earnings → so what: you are paying nearly 30 years of last year's profits for a business with average risk rank 3.
$163
18-month target
That is 22% above $133.30. Nice upside, but not the kind that forgives a bad rate backdrop or a slower leasing tape.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 75 / 100
- net profit margin 30.0% — keeps 30 cents of every dollar in revenue
- return on equity 8% — $0.08 profit for every $1 investors have put in
B++ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in EXR 3 years ago → it's now worth $9,750.
The index would have given you $13,920.
source: institutional data · total return
What just happened
beat estimates
Last earnings came in at $1.36 a share versus a $1.27 estimate, a 7.09% beat.
The cleaner read is that profit held up better than expected. SEC-verified data also showed a latest quarter with $95M of revenue, up 193% vs. prior year, and EPS of $3.23, though that does not line up neatly with the consensus snapshot.
$95M
revenue
$3.23
eps
7.09%
surprise
the number that mattered
The 7.09% earnings beat matters because this stock already trades at 29.6x trailing earnings, so even small misses get punished faster.
-
extra space storage was on track for solid operating results in 2025. (the self-storage reit is set to report full-year financials in late february.) revenues increased 3.5% during the first three quarters, from the same span in 2024, to a total of $2.52 billion.
-
portfolio expansion and decent operating metrics drove the performance.
-
through the september interim, core funds from operations (core ffo) edged up less than 1%, to an aggregate of $6.13 per share.
-
expenses (+2.3%) were kept in check, though the cost of capital (+6.1%) has swelled of late.
-
the company continues to build out its portfolio.during the first nine months of 2025, exr purchased 14 operating stores (for a combined $179 million), acquired the stake of joint-venture (jv) partners in two other properties (for a total of $326 million), and added another six assets through an exchange of ownership interests. in conjunction with jv partners, extra space finished the development of two facilities, acquired three operating stores, and purchased one ‘‘certificate of occupancy’’ store.
source: company earnings report, 2026
Get this snapshot in your inbox
This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.
weekly updates
earnings alerts
plain english
no spam
What could go wrong
EXR's problem is not whether people need storage. It's whether rent growth keeps outrunning the cost of money. Lately, it hasn't.
med
funding costs stay above internal growth
EXR already told you the story in two numbers: revenue through three quarters rose 3.5%, while cost of capital rose 6.1%.
If that spread sticks, earnings growth can stall even while rents still move up.
med
occupancy or street pricing slips
A 66.0% operating margin looks great until local supply catches up or customers trade down. Storage is still a neighborhood business wearing a national logo.
With core FFO up less than 1% to $6.13 per share, there is not much growth cushion right now.
med
new deals clear the asset test, not the return test
Management bought 14 stores for $179M and JV stakes for another $326M. Buying more real estate is easy. Buying it at returns above your financing cost is harder.
At a 5.0% return on capital, EXR does not have room for many mediocre deals.
med
the valuation gives you less forgiveness
The stock trades at 29.6x trailing earnings after a three-year result that turned $10,000 into $9,750, versus $13,920 for the index.
If growth stays sleepy, the 5.0% yield has to carry more of the investment case than you probably want.
When revenue is up 3.5% but the cost of capital is up 6.1%, the business can look stable while your stock return still goes nowhere.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
the next core FFO print
Core FFO rose less than 1% to $6.13 through September. If that line does not reaccelerate, the yield has to do most of the work.
metric
cost of capital versus revenue growth
Revenue through three quarters was up 3.5%, while cost of capital rose 6.1%. That gap is the cleanest read on pressure.
trend
acquisition pace
EXR spent $179M on 14 stores and $326M on JV buyouts. More deals help only if the returns outrun financing costs.
risk
local pricing discipline
If occupancy or advertised rates soften, a 29.6x trailing p/e gets harder to defend in a hurry.
Analyst rankings
short-term outlook
below average
momentum score 4 — in human-speak, analysts think EXR could lag from here.
risk profile
average
stability score 3 means this looks like a normal stock on risk, not a bunker and not a rollercoaster.
chart momentum
average
technical score 3 says the chart is not sending a dramatic signal either way.
earnings predictability
70 / 100
Predictability is decent, but not clean enough to treat every quarter like a formality.
source: institutional data
Institutional activity
346 buyers vs. 370 sellers in 3q2025. total institutional holdings: 0.2B shares.
source: institutional data
Price targets
3-5 year target range
$113
$213
$133
current price
$163
target midpoint · +22% from current · 3-5yr high: $225 (+70% · 17% ann'l return)
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive