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Earnings transcript
Read the complete earnings call transcript.
EXR
Extra Space Storage Inc.
$139.61
1.92
(1.39%)
| Exchange: | NYSE |
| Market Cap: | 29.495B |
| Shares Outstanding: | 6.035M |
Delayed data
About The Company
| Sector: | Real EstateView sector performance | |||||
| Industry: | REIT – IndustrialView industry performance | |||||
| CEO: | Joseph D. Margolis | |||||
| Full Time Employees: | 8393 | |||||
| Address: |
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| Website: | https://www.extraspace.com |
Extra Space Storage Inc., a prominent, self-administered and self-managed real estate investment trust (REIT), is headquartered in Salt Lake City, Utah, and holds a distinguished place as a member of the S&P 500 index. As of September 30, 2020, its expansive portfolio encompassed 1,906 self-storage facilities, with operations spanning 40 U.S. states, Washington, D.C., and Puerto Rico. Collectively, these facilities offer roughly 1.4 million individual storage units, totaling approximately 147.5 million square feet of rentable area. Extra Space Storage caters to diverse customer needs by providing a wide array of secure and conveniently located storage solutions nationwide. This includes specialized options for vehicles like boats and RVs, as well as dedicated business storage. Notably, it holds the position of the second-largest owner and operator of self-storage facilities throughout the U.S., and stands as the nation’s largest self-storage management company.
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Revenue Segmentation
EXR full analysis
Welcome to MARKETSNAP’s SWOT analysis for Extra Space Storage Inc., ticker EXR! If you’re a long-term investor looking to build wealth through smart stock picks, you’re in the right place. Today, we’re diving deep into a company that’s a major player in the self-storage industry, dissecting its strengths, weaknesses, opportunities, and threats to help you decide if it fits into your portfolio. Let’s unpack what makes Extra Space Storage tick, look at some recent developments, and see where it stands…
EPS
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Earnings Call
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Key takeaways
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Login — it's freeIncome Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 2,615,079 | 3,337,904 | 3,377,542 |
| Gross Profit | 2,021,081 | 2,547,117 | 960,167 |
| EBITDA | 1,797,761 | 2,265,054 | 2,414,406 |
| Operating Income | 1,170,141 | 1,323,360 | 1,489,001 |
| Net Income | 803,198 | 854,681 | 973,999 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Assets | 27,456,262 | 28,847,926 | 29,264,046 |
| Total Liabilities | 12,042,313 | 13,988,564 | 14,940,010 |
| Total Stockholders Equity | 14,390,921 | 13,947,535 | 13,433,166 |
| Total Debt | 11,253,263 | 13,027,861 | 14,752,863 |
| Cash and Cash Equivalents | 99,062 | 138,222 | 138,920 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | 1,402,474 | 1,887,430 | 1,850,193 |
| Capital Expenditure | -15,994 | 0 | 0 |
| Free Cash Flow | 1,386,480 | 1,887,430 | 1,850,193 |
| Net Income | 850,453 | 900,232 | 1,022,538 |
| Net Change in Cash | 7,348 | 38,220 | -123 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2030 | Research Access | Research Access | Research Access | Research Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 4,304,400.340 | Research Access | Research Access | Research Access | Research Access |
| Estimated Revenue (High) | 4,390,575.413 | Research Access | Research Access | Research Access | Research Access |
| Estimated Revenue (Avg) | 4,339,100 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (Low) | 2,057,437.486 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (High) | 2,090,051.352 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (Avg) | 2,070,570.323 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (Low) | 1,146,774.416 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (High) | 1,176,694.065 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (Avg) | 1,158,822.355 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (Low) | 335,058.356 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (High) | 341,766.300 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (Avg) | 337,759.408 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (Avg) | 5.470 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (High) | 5.550 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (Low) | 5.410 | Research Access | Research Access | Research Access | Research Access |
| Number of Analysts (Estimated Revenue) | 1 | Research Access | Research Access | Research Access | Research Access |
| Number of Analysts (Estimated EPS) | 2 | Research Access | Research Access | Research Access | Research Access |
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Current Key Metrics
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Login — it's freeSWOT Analysis
Strengths (preview)
- Solid Financial Performance: Extra Space Storage reported a Core FFO of $2.08 per share in Q3 2025, reflecting strong operational efficiency and profitability. Revenue and net income trends from historical income statements indicate consistent growth, supported by robust gross and net profit margins as per key metrics.
- Operational Resilience: The Q3 2025 earnings call highlighted effective cost management and operational execution, with the company maintaining stability despite market challenges. High ROE and ROIC from key metrics further demonstrate efficient use of capital and strong returns for shareholders.
- Diversified Portfolio: As noted in the earnings call, the company's diversified growth strategies across regions and product segments (per revenue product and geo segments) provide a buffer against localized economic downturns, enhancing long-term stability.
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At what price to buy it? -
Intrinsic Value Calculator
Based on current fundamentals and analyst forecasts, MarketSnap estimates EXR intrinsic value between $78.67 – $101.51 per share. This depends on revenue growth, margins, and discount rate.
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
Common questions about EXR valuation
Is Extra Space Storage Inc. (EXR) overvalued or undervalued right now?
MarketSnap estimates intrinsic value for Extra Space Storage Inc. (EXR) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is EXR a buy, hold, or sell for long-term investors?
MarketSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether EXR trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is EXR’s P/E ratio?
You can see EXR’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for EXR?
MarketSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MarketSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is EXR a good long-term investment?
Whether EXR fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MarketSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
EXR
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Daily snapshot
1.39
Trading Metrics:
| Open: | 137.36 | Previous Close: | 137.69 | |
| Day Low: | 137.36 | Day High: | 140.93 | |
| Year Low: | 125.71 | Year High: | 158.88 | |
| Price Avg 50: | 139.46 | Price Avg 200: | 141.9 | |
| Volume: | 1.206M | Average Volume: | 1.278M |
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