Extra Space Storage Inc.
EXRFinancial Snapshot
ticker: EXR step: 04 generated: 2026-05-13 source: quick-research
Extra Space Storage Inc. (EXR) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | YoY |
|---|---|---|---|---|
| Revenue | ~$1.93B | $2.56B | $3.26B | +27.2% |
| NOI Margin | ~75% | ~72% | ~70% | |
| Core FFO (total) | ~$1.05B | ~$1.42B | ~$1.50B | +5.6% |
| Core FFO/Share | ~$7.52 | $8.10 | $8.12 | +0.2% |
| Net Income/Share | ~$4.20 | ~$3.80 | ~$3.50 |
FY2023 and FY2024 revenue surges reflect Life Storage merger closing (July 2023). Core FFO/share essentially flat FY2023–FY2024 as integration costs, share count dilution from the all-stock deal, and self-storage rate headwinds offset scale benefits. NOI margin compression reflects integration and occupancy normalization.
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| Core FFO | ~$1.50B |
| Annual Dividend | ~$6.48/share annualized (~4.3% yield) |
| Total Debt | ~$14.5B |
| Net Debt / EBITDA | ~6.8x |
| Life Storage Synergies Achieved | $100M+ run rate by Q1 2024 |
| Same-Store Revenue Growth (Q4 2025) | +0.4% (improving) |
Elevated leverage post-Life Storage ($14.5B debt) is being reduced through EBITDA growth. Investment-grade rated.
Key Ratios (approximate)
- Price/Core FFO: ~18x | Implied Cap Rate: ~5% | Dividend Yield: ~4.3%
- Same-Store Revenue Growth (Q1 2026): +1.7% (accelerating from +0.4% in Q4 2025)
- Same-Store NOI Growth (Q1 2026): +1.2%
- New supply competition: falling from high-20% range to 8% in 2025 → 6% projected 2026
- Move-in rates positive in 16 of 20 markets in Q4 2025 (vs. 2 of 20 a year prior)
Growth Profile
Pre-Life Storage, EXR delivered strong Core FFO/share growth of 10–15% annually through the COVID demand surge (2020–2022). Post-merger, Core FFO/share growth flatlined at near-zero in FY2023–FY2024 as the self-storage industry normalized from pandemic highs, new supply pressured occupancy and rates, and integration costs absorbed synergy benefits. FY2025 same-store revenue turned slightly positive, and Q1 2026 same-store revenue growth accelerated to +1.7% — the first clear signal of a fundamental inflection. EBITDA expected to grow ~10% in 2026 as supply normalizes.
Forward Estimates
- FY2026 EBITDA: ~$2.42B (~10% growth from ~$2.2B in 2025)
- Same-Store Revenue Growth 2026E: +1.7% Q1 pace; supply declining to 6% of same-store properties facing new competition
- Analyst consensus: 9 Buy, 11 Hold, 2 Sell; mean price target ~$152 (~3% upside at current prices)
- Self-storage demand drivers (moving activity, household formation) expected to improve with any housing market recovery
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $EXR.