Extra Space Storage Inc. (EXR) is listed on NYSE and operates in the REIT - Industrial industry (Real Estate sector).
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.
| Rating | Analysts |
|---|---|
| Strong Buy | 0 |
| Buy | 12 |
| Hold | 15 |
| Sell | 1 |
| Strong Sell | 0 |
Extra Space Storage Inc., based in Salt Lake City, Utah, operates as a self-administered and self-managed real estate investment trust (REIT) and is part of the S&P 500. As of September 30, 2020, the company owned and/or managed 1,906 self-storage facilities across 40 states, Washington, D.C., and Puerto Rico. These facilities include approximately 1.4 million units, totaling about 147.5 million square feet of rentable space. Extra Space Storage provides a variety of storage solutions, including options for boats, RVs, and businesses. It is the second-largest owner and/or operator of self-storage facilities in the U.S. and the largest self-storage management company nationwide.
Over the past three fiscal years, the company demonstrated a consistent revenue growth trajectory, achieving a 13.6% CAGR, with revenue rising from $2.62 billion in 2023 to $3.38 billion in 2025. Despite this top-line growth, profitability metrics showed some volatility. The gross margin compressed significantly by 48.9pp, dropping from 77.3% to 28.4%, which suggests increased cost pressures or pricing challenges. Operating and net margins also experienced slight declines, with operating margin decreasing by 0.7pp to 44.1% and net margin by 1.9pp to 28.8%. This indicates that while the company maintained a strong operating performance, net profitability was somewhat impacted. Cash generation remained robust, with free cash flow (FCF) increasing from $1.39 billion to $1.83 billion, reflecting a healthy FCF margin of 54.2% in 2025. However, the company's net debt position increased consistently, rising from $11.15 billion to $14.83 billion, which could imply higher leverage or strategic investments. The interest coverage ratio, although below 3x at 2.7x, suggests that the company can still manage its debt obligations, albeit with limited cushion. Additionally, the share count increased by 0.3%, indicating some dilution that may have moderated per-share earnings growth. Despite these challenges, the company maintained a strong cash conversion ratio of 1.81, underscoring the quality of its earnings.
Recent developments for Extra Space Storage Inc. (NYSE: EXR) focus on upcoming financial disclosures and institutional trading activities. The company announced it will release its first-quarter financial results for 2026 on April 28, with a conference call scheduled for April 29 to discuss these results. This announcement is crucial for stakeholders anticipating insights into the company's performance and future guidance. In related financial activities, E. Ohman J or Asset Management AB sold 4,549 shares of Extra Space Storage, valued at approximately $653,000, as disclosed in their latest SEC filing. This transaction is part of broader trading activities among active REIT managers, as reported for the fourth quarter of 2025. Additionally, Avalon Trust Co acquired a new stake in Extra Space Storage during the third quarter, valued at $28,000. These institutional movements suggest ongoing portfolio adjustments but do not necessarily indicate a shift in the company's outlook. Investors will likely look to the upcoming earnings release for more definitive insights into the company's financial health and strategic direction.