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EXR 
Extra Space Storage Inc (EXR)
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Upturn Advisory Summary
12/09/2025: EXR (1-star) is currently NOT-A-BUY. Pass it for now.
Upturn Star Rating
Not Recommended Performance
These Stocks/ETFs, based on Upturn Advisory, consistently fall short of market performance, signaling caution before investing.
Number of Analysts
20 Analysts rated it
Well-followed company, solid analyst reports, reliable data for confident investing.
1 Year Target Price $155
1 Year Target Price $155
| 4 | Strong Buy |
| 5 | Buy |
| 11 | Hold |
| 0 | Sell |
| 0 | Strong Sell |
Analysis of Past Performance
Type Stock | Historic Profit -13.87% | Avg. Invested days 39 | Today’s Advisory PASS |
Upturn Star Rating | Upturn Advisory Performance  2.0 | Stock Returns Performance  1.0 |
| Profits based on simulation | Last Close 12/09/2025 |
Key Highlights
Company Size Large-Cap Stock | Market Capitalization 28.07B USD | Price to earnings Ratio 28.34 | 1Y Target Price 155 |
Price to earnings Ratio 28.34 | 1Y Target Price 155 | ||
Volume (30-day avg) 20 | Beta 1.27 | 52 Weeks Range 118.40 - 157.45 | Updated Date 12/9/2025 |
52 Weeks Range 118.40 - 157.45 | Updated Date 12/9/2025 | ||
Dividends yield (FY) 5.04% | Basic EPS (TTM) 4.47 |
Analyzing Revenue: Products, Geography and Growth
Revenue by Products
Product revenue - Year on Year
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin 27.74% | Operating Margin (TTM) 46.33% |
Management Effectiveness
Return on Assets (TTM) 3.35% | Return on Equity (TTM) 6.79% |
Valuation
Trailing PE 28.34 | Forward PE 26.45 | Enterprise Value 40830884933 | Price to Sales(TTM) 8.2 |
Enterprise Value 40830884933 | Price to Sales(TTM) 8.2 | ||
Enterprise Value to Revenue 12.22 | Enterprise Value to EBITDA 17.07 | Shares Outstanding 212247580 | Shares Floating 209723956 |
Shares Outstanding 212247580 | Shares Floating 209723956 | ||
Percent Insiders 0.98 | Percent Institutions 99.2 |
Upturn AI SWOT
Extra Space Storage Inc
Company Overview
History and Background
Extra Space Storage Inc. (NYSE: EXR) was founded in 1977. It is a leading owner and operator of self-storage facilities in the United States. The company has grown significantly through acquisitions and development, becoming one of the largest storage companies in the nation. A key milestone was its initial public offering (IPO) in 2004. Extra Space Storage has consistently expanded its portfolio and operational efficiency over the decades.
Core Business Areas
- Self-Storage Operations: The core business involves the ownership, operation, acquisition, and development of self-storage properties. These facilities offer a variety of unit sizes and types to meet diverse customer needs, including climate-controlled units, vehicle storage, and business storage solutions. The company operates under various brands, including Extra Space Storage, Extra Space Storage, and many smaller, local brands.
- Property Management Services: Extra Space Storage also provides third-party property management services to other self-storage owners. This segment leverages the company's expertise in operations, marketing, and technology to generate management fees and increase its overall market presence.
Leadership and Structure
Extra Space Storage Inc. is led by a seasoned management team with extensive experience in real estate and operations. Key executives include the CEO, CFO, COO, and various senior vice presidents responsible for different aspects of the business such as acquisitions, operations, and finance. The company is structured as a Real Estate Investment Trust (REIT), which generally allows it to avoid corporate income tax by distributing at least 90% of its taxable income to shareholders annually.
Top Products and Market Share
Key Offerings
- Self-Storage Units: Rental of various sizes of self-storage units, including standard, climate-controlled, and specialized units for items like furniture, vehicles, and business inventory. Competitors include Public Storage (PSA), Life Storage (LSI), CubeSmart, U-Haul, and numerous independent operators. Specific market share for individual unit types is not publicly disclosed but is a core revenue driver for all players.
- Rental of Moving and Packing Supplies: Sale of boxes, tape, locks, and other packing materials to complement storage rentals. This is a ancillary service to the core storage offering. Competitors range from specialized moving supply companies to general retailers like Amazon and home improvement stores.
- Vehicle Storage: Dedicated storage solutions for cars, boats, RVs, and other vehicles. This is a niche offering within the broader self-storage market. Competitors include other self-storage companies that offer such facilities and specialized vehicle storage lots.
Market Dynamics
Industry Overview
The self-storage industry is a mature but resilient sector within commercial real estate. It is characterized by stable demand, driven by life events such as moving, downsizing, or business expansion. The industry benefits from relatively low operating costs and high occupancy rates. Trends include increasing demand for climate-controlled units, technology integration for customer convenience, and consolidation through acquisitions.
Positioning
Extra Space Storage is a dominant player in the U.S. self-storage market, known for its strategic acquisitions, strong operational capabilities, and customer-centric approach. Its extensive network of well-located properties, efficient management platform, and focus on technology provide a significant competitive advantage. The company's REIT structure also facilitates capital allocation and shareholder returns.
Total Addressable Market (TAM)
The self-storage market in the United States is estimated to be in the tens of billions of dollars annually. Extra Space Storage, with its significant market share, is well-positioned to capture a substantial portion of this TAM. The company continues to grow by acquiring existing facilities, developing new ones, and expanding its third-party management services, effectively increasing its penetration of the total addressable market.
Upturn SWOT Analysis
Strengths
- Extensive portfolio of owned and managed properties across the U.S.
- Strong brand recognition and reputation
- Experienced management team with a proven track record
- Efficient operational platform and technology integration
- Strategic acquisition strategy that drives growth
- REIT structure enabling tax advantages and shareholder distributions
Weaknesses
- High reliance on acquisitions for growth can increase integration risks
- Sensitivity to economic downturns, though typically resilient
- Competition from larger and smaller operators can pressure pricing
- Limited geographic diversification outside the U.S. (primarily domestic focus)
Opportunities
- Continued consolidation of the fragmented self-storage market
- Expansion into new geographic markets or underserved segments
- Leveraging technology for enhanced customer experience and operational efficiency
- Increasing demand for specialized storage solutions (e.g., climate-controlled, vehicle storage)
- Growing demand from small businesses for flexible storage solutions
Threats
- Interest rate hikes increasing borrowing costs and impacting property valuations
- Increased new supply in certain markets leading to higher vacancy rates
- Potential for disruptive technologies or business models
- Changes in consumer spending habits during economic slowdowns
- Regulatory changes affecting real estate or REITs
Competitors and Market Share
Key Competitors
- Public Storage (PSA)
- Life Storage, Inc. (LSI)
- CubeSmart (CUBE)
Competitive Landscape
Extra Space Storage benefits from its scale, brand recognition, and sophisticated operational management. Its acquisition strategy allows it to quickly gain market share. Public Storage is its largest competitor, with a similarly vast portfolio. Life Storage and CubeSmart are also significant players, often competing on price and location. The industry is fragmented, with many smaller operators, which presents ongoing acquisition opportunities for larger players like EXR. EXR's technology integration and customer service initiatives are key differentiators.
Major Acquisitions
Life Storage, Inc.
- Year: 2023
- Acquisition Price (USD millions): 12500
- Strategic Rationale: To significantly expand its national footprint, enhance its market position, and create substantial operational synergies. This acquisition aimed to create a larger, more efficient, and diversified self-storage portfolio.
Growth Trajectory and Initiatives
Historical Growth: Extra Space Storage has experienced consistent historical growth, driven by strategic acquisitions, same-store net rental income growth, and development projects. The company has adeptly navigated market cycles, expanding its footprint and enhancing its operational efficiencies. Acquisitions have been a particularly strong engine for its growth, allowing it to enter new markets and gain scale.
Future Projections: Analyst estimates for Extra Space Storage's future growth are generally positive, projecting continued revenue and FFO growth. This is expected to be driven by ongoing acquisition activity, incremental rent increases at existing properties, and the development of new facilities. The company is expected to maintain its position as a leader in the growing self-storage sector.
Recent Initiatives: Recent strategic initiatives have included continued focus on accretive acquisitions, optimizing its technology platform for enhanced customer experience and operational efficiency, and exploring opportunities for development and redevelopment. The company has also emphasized its commitment to sustainability and ESG principles.
Summary
Extra Space Storage Inc. is a strong, well-established leader in the U.S. self-storage market, characterized by consistent growth, effective management, and a strategic acquisition approach. Its robust financial performance, attractive dividend history, and expanding market share position it favorably for continued success. The company's main areas to monitor include interest rate environments, competitive supply increases, and the successful integration of its large acquisition of Life Storage.
Similar Stocks
Sources and Disclaimers
Data Sources:
- Extra Space Storage Inc. Investor Relations
- SEC Filings (10-K, 10-Q)
- Financial News Outlets (e.g., Bloomberg, Wall Street Journal)
- Industry Analyst Reports
- Financial Data Providers (e.g., Refinitiv, FactSet)
Disclaimers:
This JSON output is for informational purposes only and does not constitute financial advice. The data presented is based on publicly available information and may not be exhaustive or entirely up-to-date. Investors should conduct their own due diligence before making any investment decisions. Market share data is an estimation based on industry reports and company scale.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About Extra Space Storage Inc
Exchange NYSE | Headquaters Salt Lake City, UT, United States | ||
IPO Launch date 2004-08-12 | CEO & Director Mr. Joseph Daniel Margolis J.D. | ||
Sector Real Estate | Industry REIT - Industrial | Full time employees 8012 | Website https://www.extraspace.com |
Full time employees 8012 | Website https://www.extraspace.com | ||
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, 2025, the Company owned and/or operated 4,238 self-storage stores in 43 states and Washington, D.C.The Company's stores comprise approximately 2.9 million units and approximately 326.9 million square feet of rentable space operating under the Extra Space brand. 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. It is the largest operator of self-storage properties in the United States.
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