Extra Space Storage (EXR) Research

Forward Estimates

EPS Estimates

Current Qtr

$1.16

$1.11$1.19

vs $1.18-1.6%

5 analysts

Next Qtr

$1.19

$1.13$1.24

vs $0.78+52.6%

5 analysts

Current Yr

$4.58

$4.37$4.72

vs $4.59-0.2%

6 analysts

Next Yr

$4.79

$4.57$4.98

vs $4.58+4.7%

6 analysts

Revenue Estimates

Current Qtr

$738.77M

$732.20M$744.00M

vs $721.00M+2.5%

5 analysts

Next Qtr

$750.51M

$743.50M$756.00M

vs $735.58M+2.0%

5 analysts

Current Yr

$2.96B

$2.94B$2.99B

vs $2.90B+2.4%

6 analysts

Next Yr

$3.05B

$3.03B$3.10B

vs $2.96B+2.9%

6 analysts

SEC filings →

View all 10-K, 10-Q, and 8-K filings for EXR on EDGAR.

EXR filing events and research context
Filed	Item	Context
May 1, 2026	mda_quarterly	Extra Space Storage (EXR) reported total revenues of $856.0 million for the quarter ended March 31, 2026, a 4.4% increase year-over-year, driven by a 4.1% rise in property rental revenues to $733.2 million and a 5.2% increase in tenant reinsurance to $89.1 million. Revenue growth was primarily propelled by recent acquisitions, which added $22.7 million, alongside an $11.4 million increase from same-store properties. Funds from operations (FFO) rose 1.5% to $434.4 million, though net income fell to $252.4 million due to a non-recurring $35.8 million gain on real estate sales in the prior-year period. Same-store net operating income (NOI) grew 1.2% to $476.7 million across 1,870 stabilized stores, with average occupancy dipping slightly to 93.0% and average annual rent per occupied square foot rising to $19.92. Same-store expenses rose 2.7%, pressured by a 12.3% spike in insurance costs. EXR’s total portfolio reached 4,344 owned and managed stores across 42 states, with major concentrations in Florida, Texas, and California. The company managed $13.41 billion in total debt at a 4.3% weighted average interest rate, supported by $139.0 million in cash, an active $850.0 million commercial paper program, and an untapped $800.0 million at-the-market equity program.
Feb 20, 2026	business	Extra Space Storage (EXR) is a fully integrated UPREIT and the largest self-storage operator in the United States. As of December 31, 2025, the company owned or operated 4,281 stores across 43 states and Washington, D.C., totaling 330.4 million square feet. Beyond core rental operations, EXR generates diversified revenue through the management of 1,856 third-party stores, a $1.5 billion bridge lending program, and tenant reinsurance activities. The company employs a technology-driven approach to dynamic rental rate management and pursues growth through the acquisition of stabilized portfolios and "Certificate of Occupancy" stores, as well as strategic redevelopment. Financing is diversified across $11.2 billion in unsecured notes, $1.1 billion in secured notes, revolving credit lines, and an "at the market" equity program. EXR competes primarily with Public Storage, CubeSmart, and National Storage Affiliates in a fragmented market trending toward consolidation. Key operational risks include state-level rent increase restrictions—specifically those implemented in California following natural disasters—and evolving data privacy regulations. The company maintains a competitive edge with a 2025 same-store occupancy rate of 93.7%, which exceeds the industry average of approximately 90%.
Feb 20, 2026	mda	EXR operates as a fully integrated self-storage REIT, generating revenue through property rentals, tenant reinsurance, and third-party management fees. In 2025, total revenues rose 3.7% to $3.38 billion, primarily driven by the acquisition of 76 wholly-owned stores and an increase in third-party stores managed. However, organic performance softened, with same-store net operating income declining 1.7% and year-end square foot occupancy falling to 92.6% from 93.3%. New lease rents increased to $13.16 per square foot. Funds from operations (FFO) grew to $1.75 billion. Operating expenses rose 10.4%, pressured by higher property taxes, payroll, and benefits. The company’s debt profile expanded to a total face value of $13.5 billion, resulting in a total enterprise value ratio of 31.9%, with 82.1% of debt held at fixed rates. Interest income grew 31.2% due to an increase in outstanding bridge loans to $1.5 billion. To mitigate competitive pressures and seasonal fluctuations, EXR utilizes a proprietary revenue management system to adjust rental rates daily. The company maintains a BBB+/Baa2 credit rating and relies on operating cash flow and capital markets to fund acquisitions and required REIT distributions.

Filed

Item

Context

May 1, 2026

mda_quarterly

Extra Space Storage (EXR) reported total revenues of $856.0 million for the quarter ended March 31, 2026, a 4.4% increase year-over-year, driven by a 4.1% rise in property rental revenues to $733.2 million and a 5.2% increase in tenant reinsurance to $89.1 million. Revenue growth was primarily propelled by recent acquisitions, which added $22.7 million, alongside an $11.4 million increase from same-store properties. Funds from operations (FFO) rose 1.5% to $434.4 million, though net income fell to $252.4 million due to a non-recurring $35.8 million gain on real estate sales in the prior-year period. Same-store net operating income (NOI) grew 1.2% to $476.7 million across 1,870 stabilized stores, with average occupancy dipping slightly to 93.0% and average annual rent per occupied square foot rising to $19.92. Same-store expenses rose 2.7%, pressured by a 12.3% spike in insurance costs. EXR’s total portfolio reached 4,344 owned and managed stores across 42 states, with major concentrations in Florida, Texas, and California. The company managed $13.41 billion in total debt at a 4.3% weighted average interest rate, supported by $139.0 million in cash, an active $850.0 million commercial paper program, and an untapped $800.0 million at-the-market equity program.

Feb 20, 2026

business

Extra Space Storage (EXR) is a fully integrated UPREIT and the largest self-storage operator in the United States. As of December 31, 2025, the company owned or operated 4,281 stores across 43 states and Washington, D.C., totaling 330.4 million square feet. Beyond core rental operations, EXR generates diversified revenue through the management of 1,856 third-party stores, a $1.5 billion bridge lending program, and tenant reinsurance activities. The company employs a technology-driven approach to dynamic rental rate management and pursues growth through the acquisition of stabilized portfolios and "Certificate of Occupancy" stores, as well as strategic redevelopment. Financing is diversified across $11.2 billion in unsecured notes, $1.1 billion in secured notes, revolving credit lines, and an "at the market" equity program. EXR competes primarily with Public Storage, CubeSmart, and National Storage Affiliates in a fragmented market trending toward consolidation. Key operational risks include state-level rent increase restrictions—specifically those implemented in California following natural disasters—and evolving data privacy regulations. The company maintains a competitive edge with a 2025 same-store occupancy rate of 93.7%, which exceeds the industry average of approximately 90%.

Feb 20, 2026

mda

EXR operates as a fully integrated self-storage REIT, generating revenue through property rentals, tenant reinsurance, and third-party management fees. In 2025, total revenues rose 3.7% to $3.38 billion, primarily driven by the acquisition of 76 wholly-owned stores and an increase in third-party stores managed. However, organic performance softened, with same-store net operating income declining 1.7% and year-end square foot occupancy falling to 92.6% from 93.3%. New lease rents increased to $13.16 per square foot. Funds from operations (FFO) grew to $1.75 billion. Operating expenses rose 10.4%, pressured by higher property taxes, payroll, and benefits. The company’s debt profile expanded to a total face value of $13.5 billion, resulting in a total enterprise value ratio of 31.9%, with 82.1% of debt held at fixed rates. Interest income grew 31.2% due to an increase in outstanding bridge loans to $1.5 billion. To mitigate competitive pressures and seasonal fluctuations, EXR utilizes a proprietary revenue management system to adjust rental rates daily. The company maintains a BBB+/Baa2 credit rating and relies on operating cash flow and capital markets to fund acquisitions and required REIT distributions.

Forward Estimates

EXR filing events and research context

Keep researching EXR

Related tickers

Related explainers

Forward Estimates