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Extra Space Storage Inc. — Intrinsic Value & Fair Price

EXR
NYSEReal EstateREIT - IndustrialCIK 0001289490extraspace.comAbout EXR
Last close · Oct 16, 2026139.61+1.92 (+1.39%)
Market cap$29.5B
Model value · P/Cash FFO · own history
162.51
Extra Space Storage closed at $139.61 — undervalued by 14% vs model.
145.74the model's range184.71

P/Cash FFO · own history leads for a REIT. From its own five-year median price to Cash FFO.

Other models
37.26 – 2,459.60
Wall St. target
154.50 10% below
Below model, 1y
20 of 20 days

Price and model value

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What the marks mean
Daily close

Dividends

Quarterly · as of Oct 16, 2026
Yield, trailing 12 months
4.64%
#37 · Highest dividend yield
Past 2 years
low 3.07%high 5.12%
Dividends per share, a year at a time
$4.50Dec ’21$6.00Dec ’22$4.86Sep ’23$6.48Sep ’24$6.48Sep ’25$6.48TTM
Dividends / FFO, FY2025
81.4%
Raised
—
Growth, 5 yrs
7.6% a year
Last change
+165.6% · Dec 2023
Every payment, with ex-dates · latest $1.62, paid Sep 30, 2026

Research on EXR

No posts on EXR yet.
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How it is valued

Valued asREIT
Moderate growth (~13% recent)High profitability (752% net margin)Strong dividend yieldHighly cyclical earnings
What growth the price implies: the reverse DCF

Key figures

FY2025 · chosen for REITs
Price / Cash FFO
—
Dividend yield, TTM
4.64%
Dividends / Cash FFO
—
Debt / assets
51.2%
Price / book
2.1×
Revenue growth
7.1%
Full financials

Analyst actions

third-party, quoted
10-16UBS · target152.00
10-02Truist Securities · “Buy” from “Hold”upgrade
10-01Truist Financial · target147.00
09-21Evercore ISI · target146.00
Ratings, targets and estimates

Comparable companies

by business, not by industry label
1 more company lists EXR as a comparable

The weekly

One email a week across every stock we cover: 13F filings, insider trades, earnings and new research. It covers the whole market, not just EXR. No account.

About Extra Space Storage

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.

CEO
Joseph D. Margolis
Headquarters
Salt Lake City, UT
Employees
8,393
IPO
2004-08-16
Full company profile

Model estimates for research reference only, not investment advice. Every model rests on assumptions that may not match what happens; the formulas are in how we value a stock.