---
title: Extra Space Storage (EXR) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/exr
ticker: EXR
as_of: 2026-10-17
sector: Real Estate
industry: REIT - Industrial
---
# Extra Space Storage (EXR)

Extra Space Storage (EXR) closed at $139.61 on Oct 16, 2026, undervalued by 14% vs its model value of $162.51 (from its own five-year median price to Cash FFO).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $139.61 (Oct 16, 2026) |
| Model value (from its own five-year median price to Cash FFO) | $162.51 |
| Price vs model | undervalued by 14% vs model |
| Range of that model | $145.74 – $184.71 |
| Market value | $29.5B |
| P/E (fiscal 2025) | 30.4 |
| Net margin (fiscal 2025) | 28.8% |
| Free cash flow (fiscal 2025) | $1.3B |
| Dividend yield (trailing twelve months) | 4.64% |
| Beta | 1.17 |
| Cost of capital (WACC) | 8.72% |
| Business classification | Dividend Payer (Moderate growth (~13% recent), High profitability (752% net margin), Strong dividend yield, Highly cyclical earnings) |

## On the stock lists

| List | Place | Figure | Page |
| --- | ---: | ---: | --- |
| Highest dividend yield | #37 | 4.64% | https://sweetvaluelab.com/lists/highest-dividend-yield |

## Dividends

| Figure | Value |
| --- | ---: |
| Trailing dividend yield | 4.64% |
| Dividends per share, last 12 months | $6.48 |
| Dividends / FFO (fiscal 2025) | 81.4% |
| Raised | — |
| Growth over 5 years | 7.6% a year |
| Latest payment | $1.62, ex-date Sep 15, 2026, paid Sep 30, 2026 |

| Year of payments | Dividends per share |
| --- | ---: |
| To Dec 14, 2021 | $4.50 |
| To Dec 13, 2022 | $6.00 |
| To Sep 14, 2023 | $4.86 |
| To Sep 16, 2024 | $6.48 |
| To Sep 15, 2025 | $6.48 |
| Trailing twelve months (to Sep 15, 2026) | $6.48 |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| P/Cash FFO · own history | primary | $162.51 | $145.74 | $184.71 |
| P/E · peers | cross check | $134.01 | $133.11 | $525.63 |
| P/E · own history | cross check | $145.41 | $125.66 | $160.57 |
| PEG | sanity check | $37.26 | $37.26 | $37.26 |
| EV/EBITDA · peers | cross check | $2,459.60 | $2,448.14 | $2,470.06 |
| EV/Revenue · peers | cross check | $56.78 | $56.56 | $57.44 |
| Dividend discount | cross check | $118.76 | $85.07 | $180.48 |

## Insider activity (SEC Form 4)

No open-market insider buys or sales filed in the past 90 days.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Aug 4, 2026 | Margolis Joseph D | Chief Executive Officer | Bona fide gift | 13,503 | $0 |
| Aug 4, 2026 | Margolis Joseph D | Chief Executive Officer | Bona fide gift | 13,503 | $0 |
| Jul 1, 2026 | Dickens Zachary T | EVP, Chief Investment Officer | Tax withholding | 164 | $24,155.6 |
| Jul 1, 2026 | Springer William N | President | Tax withholding | 138 | $20,326 |
| Jul 1, 2026 | Norman Jeffrey Jay | Executive VP and CFO | Tax withholding | 735 | $108,258.2 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Aug 24, 2026 | 8-K | 5.02 Departure/Election of Directors or Officers; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1289490/000128949026000058/exr-20260824.htm |
| Jul 31, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/1289490/000128949026000053/exr-20260630.htm |
| Jul 28, 2026 | 8-K | 2.02 Results of Operations (Earnings); 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1289490/000128949026000048/exr-20260728.htm |
| Jul 6, 2026 | 8-K | 1.01 Entry into a Material Agreement; 2.03 Creation of a Direct Financial Obligation; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1289490/000119312526296159/d152545d8k.htm |
| Jun 25, 2026 | 8-K | 8.01 Other Events; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1289490/000119312526282771/d32600d8k.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| First Eagle | 2026-06-30 | 3,876,997 | $563.3M |
| Christopher Davis | 2026-06-30 | 27,535 | $4.0M |

2 tracked managers in all.

## About

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 th…

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Source: https://sweetvaluelab.com/stocks/exr (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.