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Extra Space Storage — REIT card

EXR
Self storageMarket cap $30.8B4-quarter TTM
Close · Oct 16, 2026139.61P/E 31.2 · EV yield 5.0%
P/Cash FFO16.4×Cash FFO/sh 8.52
Yield · spread to 10y4.6%−0.45 pt vs. the bond
−14% below 5y medianP/Cash FFO vs. its own five years
10-year Treasury · Oct 16, 20265.09%2-year 4.74%
Board median yield4.4%trailing dividends ÷ last close
Yield spread to the 10-year−0.71 ptREITs yield less than the bond: paying for growth
Board median P/Cash FFO15.6×five-year median 16.7× · −7%
Lights on1 of 3prices Oct 16, 2026 · TTM through Jun 30, 2026

Where it has traded

quarter-end P/Cash FFO · 20 quarters · Sep 30, 2021 → Jun 30, 2026
14×19×24×29×34×2021202220232024202520262021-09-30 · 26.0× (close 167.99 · Cash FFO/sh 6.47)2021-12-31 · 32.8× (close 226.73 · Cash FFO/sh 6.91)2022-03-31 · 27.7× (close 205.60 · Cash FFO/sh 7.42)2022-06-30 · 21.6× (close 170.12 · Cash FFO/sh 7.86)2022-09-30 · 20.9× (close 172.71 · Cash FFO/sh 8.28)2022-12-31 · 17.6× (close 147.18 · Cash FFO/sh 8.39)2023-03-31 · 19.3× (close 162.93 · Cash FFO/sh 8.45)2023-06-30 · 17.7× (close 148.85 · Cash FFO/sh 8.39)2023-09-30 · 18.9× (close 121.58 · Cash FFO/sh 6.42)2023-12-31 · 25.1× (close 160.33 · Cash FFO/sh 6.38)2024-03-31 · 20.8× (close 147.00 · Cash FFO/sh 7.06)2024-06-30 · 19.2× (close 155.41 · Cash FFO/sh 8.09)2024-09-30 · 21.8× (close 180.19 · Cash FFO/sh 8.26)2024-12-31 · 17.3× (close 149.60 · Cash FFO/sh 8.64)2025-03-31 · 17.1× (close 148.49 · Cash FFO/sh 8.67)2025-06-30 · 16.9× (close 147.44 · Cash FFO/sh 8.74)2025-09-30 · 16.1× (close 140.94 · Cash FFO/sh 8.75)2025-12-31 · 15.6× (close 130.22 · Cash FFO/sh 8.37)2026-03-31 · 15.5× (close 131.13 · Cash FFO/sh 8.44)2026-06-30 · 17.1× (close 145.30 · Cash FFO/sh 8.52)p75 22×med 19×p25 17×now 16.4×
Five-year median 19.1×, middle half 17.1–21.7×, range 15.5–32.8×. Now 16.4×: −14% below its own median, higher than 15% of those quarters.Each quarter priced at its own trailing Cash FFO per share · the band is the 25th–75th percentile

Where the cash goes

TTM through Jun 30, 2026 · $B
0123Revenue: 3.4 $B3.4RevenueProperty & operating: −1.2 $B−1.2Property &operatingEBITDA: 2.2 $B2.2EBITDAInterest: −1.5 $B−1.5InterestD&A: −0.7 $B−0.7D&AOther items: 1.0 $B1.0OtheritemsNet income: 1.0 $B1.0NetincomeAdd back D&A: 0.7 $B0.7Add backD&ANon- cash: 0.2 $B0.2Non-cashCash FFO: 1.9 $B1.9CashFFODividends: −1.4 $B−1.4DividendsRetained: 0.4 $B0.4Retained
Cash FFO 1.88B = net income 0.96B + depreciation 0.73B + 0.19B other non-cash items · dividends 1.43B · retained 0.45B

Against its type

EXR (blue) vs. the other Self storage REITs on the board (1), grey
P/Cash FFO16.4× vs. 16.4×
Dividend yield4.6% vs. 4.0%
Cash FFO payout76% vs. 66%
Net debt / EBITDA6.2× vs. 2.8×
Interest cover1.5× vs. 10.8×
EBITDA margin65% vs. 72%

Type averages are the plain mean of the other REITs of the same property type with a usable window.

Quarter by quarter

8 quarters · Sep 30, 2024 → Jun 30, 2026 · a gap is a dropped quarter
Revenue, $B0.87
Cash FFO / share, quarter2.22
EBITDA margin66%
Interest cover3.6×