# Extra Space Storage Inc. (EXR) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/EXR/thesis · /stocks/EXR/memo

## Financial 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/EXR/fundamental

## Navigation

- Overview: /stocks/EXR
- Financials (this page): /stocks/EXR/financials
- Thesis: /stocks/EXR/thesis
- Investment Memo: /stocks/EXR/memo
- Coverage universe: /stocks