# Extra Space Storage Inc. (EXR)

> Source: Nexqual · https://nexqual.com/EXR · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Extra Space Storage Inc. (EXR), nexqual.com/EXR" · informational, not investment advice.

**Price:** USD 143.19 (+2.37% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 139.87 · day 139.7–143.28 · 52w 125.71–158.88 · market cap $31.6B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $3.45B, net income $958M (27.8% margin), free cash flow $1.54B (SEC filings).
- Valuation: P/E 33.0x (avg 33.0x at the last 3 fiscal year-ends).
- 2 of 80 tracked superinvestors hold EXR (13F, Q2 2026): 0 new, 1 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $495K; 1 not under a Rule 10b5-1 plan ($495K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.29 on a 1–5 scale) (21 analysts), mean target USD 156.5 (range 140–178).
- Total return with dividends: 1Y -0.6% vs S&P 500 +14.9%; 5Y -5.5% vs S&P 500 +80.3%.
- Next earnings: 2026-10-27, EPS estimate USD 1.18, revenue estimate $751M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.58B | $1.92B | $2.56B | $3.26B | $3.38B | $3.45B |
| Gross profit | $1.21B | $1.49B | $1.95B | $2.43B | $2.46B | — |
| Operating income | $976M | $1.05B | $1.17B | $1.32B | $1.41B | $1.41B |
| Net income | $828M | $861M | $803M | $855M | $974M | $958M |
| EPS (diluted) | $6.19 | $6.41 | $4.74 | $4.03 | $4.59 | — |
| Free cash flow | — | $44.9M | $1.27B | $1.41B | $1.29B | $1.54B |
| Gross margin | 76.6% | 77.4% | 76.1% | 74.5% | 72.8% | — |
| Operating margin | 61.9% | 54.6% | 45.7% | 40.6% | 41.8% | 40.9% |
| Net margin | 52.5% | 44.7% | 31.4% | 26.2% | 28.8% | 27.8% |
| Revenue growth | +16.3% | +22.0% | +33.1% | +27.2% | +3.7% | — |
| Cash + short-term investments | $71.1M | $92.9M | $99.1M | $138M | $139M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 33.0x · P/S 9.2x · P/FCF 20.5x · P/B 2.4x · FCF yield 4.87% · Earnings yield 3.03% · Dividend yield (paid, TTM) 4.34% · Buyback yield (TTM) 0.45%
P/E at fiscal year-ends: Dec 2025 28.3x, Dec 2024 37.0x, Dec 2023 33.8x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold EXR. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Eagle Investment | First Eagle Investment Management | 0.94% | $563M | Added +1.0% |
| Christopher Davis | Davis Advisors | 0.02% | $4.0M | Reduced -2.1% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-06-11 | McNeal Gwyn Goodson | EVP/Chief Legal Officer | 3,300 | $495K | 8.1% | No | Too little history (no open-market trades in 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.29 on a 1–5 scale), 21 analysts; mean target USD 156.5 (low 140, high 178).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-16 | UBS | Target lowered | Buy | $163 → $152 |
| 2026-10-02 | Truist Securities | Upgrade | Hold → Buy | $148 → $147 |
| 2026-09-21 | Evercore ISI Group | Target lowered | In-Line | $152 → $146 |
| 2026-09-21 | JP Morgan | Target lowered | Neutral | $157 → $153 |
| 2026-09-02 | Mizuho | Target lowered | Outperform | $155 → $152 |
| 2026-09-01 | Wells Fargo | Target lowered | Overweight | $158 → $157 |
| 2026-08-27 | BMO Capital | Upgrade | Market Perform → Outperform | $160 → $170 |
| 2026-08-18 | Scotiabank | Target raised | Sector Perform | $157 → $158 |
| 2026-07-30 | RBC Capital | Target raised | Sector Perform | $153 → $157 |
| 2026-07-24 | Wells Fargo | Target raised | Overweight | $154 → $158 |
| 2026-07-10 | UBS | Target raised | Buy | $158 → $163 |
| 2026-07-10 | Barclays | Target raised | Overweight | $170 → $172 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -0.6% | -5.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -0.6% | -1.1% |
| Volatility (annualized) | 23.0% | 27.7% |
| Max drawdown | -16.0% (Oct 2025→Dec 2025) | -50.8% (Dec 2021→Oct 2023) |

## Peers (REIT - Industrial)
PSA (Public Storage) USD 309.13 +3.63% · EGP (EastGroup Properties, Inc.) USD 202.7 -0.30% · CUBE (CubeSmart) USD 40.15 +3.05% · LINE (Lineage, Inc.) USD 35.09 +2.42% · REXR (Rexford Industrial Realty, Inc.) USD 36.28 -1.41% · PLD (Prologis, Inc.) USD 126.66 -0.74%

## More
Full page: https://nexqual.com/EXR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Self Storage Operations | $746.2M | 2137.8% | +3.5% | $514.4M | 68.9% |
| Tenant Reinsurance | $93.1M | 266.7% | +5.1% | $75.8M | 81.4% |
| Total revenue | $34.9M | 100% | — | $590.2M | 1690.9% |
The lines above cover 2404.4% of total revenue.

## Company outlook (8-K filed 2026-07-28)

- "Outlook: The following table outlines the Company's Core FFO estimates and assumptions for the year ending December 31, 2026 1 ."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.18 | $1.17 | +0.9% | $750.5M | 5 |
| Next quarter (ends 2026-12-31) | $1.17 | $1.15 | +1.2% | $745.5M | 6 |
| Current fiscal year (ends 2026-12-31) | $4.64 | $4.54 | +2.2% | $2.98B | 6 |
| Next fiscal year (ends 2027-12-31) | $4.80 | $4.75 | +1.1% | $3.06B | 6 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-27): ±6.3%; last 8 reports averaged ±4.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 27.6% | ±6.3% |
| 2026-12-18 | 56 | 24.6% | ±8.3% |
| 2027-03-19 | 147 | 24.0% | ±12.5% |
| 2027-06-17 | 237 | 24.5% | ±15.8% |