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One of the largest self-storage REITs in the United States, renting storage units to individuals and businesses.
One of the largest self-storage REITs in the United States, renting storage units to individuals and businesses.
Rents units month to month, so it can change rents quickly as demand shifts, and adds income from tenant insurance plus fees for managing stores owned by others. The 2023 merger with Life Storage added a large number of stores.
Moat: narrow (scale, brand, installed base). Large self-storage footprint and third-party management platform give scale advantages in a fragmented market.
Headquarters: Salt Lake City, Utah, United States · Founded: 1977 · Employees: 8,393
Size Extra Space Storage (EXR) is a United States Real Estate company (Real Estate Investment Trusts) with a market value of $33.2B, the 335th largest of 3,117 United States companies the cockpit tracks. Shares closed at $159.19 on 6 Nov 2026.
Performance Over six months the shares gained 12.3%, against -3.8% for the median peer and -1.1% for the United States market (cap-weighted) — 4th highest of 20 in its peer set.
Growth Revenue grew 4.0% over the last twelve months (peer median +5.0%); the operating margin is 29.1% (peer median 39.3%).
Valuation It trades at 2.59× book value against a peer median of 2.28× (7th most expensive of 18).
Price implies The share price implies a return on equity of about 21.8%; Extra Space Storage delivers 7.8%, so the price asks more than the business earns today.
Credit Extra Space Storage has 15 bonds outstanding ($8.27B), rated BBB+ by the agencies and trading like BBB+ at a weighted spread of 84 bp.
Short interest Short interest is 2.5% of the free float (15 Oct 2026).
Next results Next results expected around 24 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $3.48B | $3.38B | $3.26B | $2.56B | $1.92B |
| Revenue growth | — | +4% | +27% | +33% | — |
| Gross profit | $1.21B | $1.68B | $1.57B | $1.38B | $1.17B |
| EBITDA | $2.27B | $2.20B | $2.16B | $1.74B | $1.33B |
| Net income | $1.04B | $972M | $853M | $802M | $859M |
| Free cash flow | $1.77B | $1.69B | $1.74B | $1.29B | $1.15B |
| Capital expenditure | $145M | $164M | $149M | $116M | $84.9M |
| Total debt | $14.2B | $14.1B | $13.2B | $11.4B | $7.71B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Extra Space Storage EXR | $33.2B | +12% | +4% | 8% | 2.59× | 21.8% |
| Public Storage PSA | $63.1B | +10% | +5% | 16% | 6.45× | 43.1% |
| CubeSmart CUBE | $10.1B | +11% | +3% | 13% | 4.06× | 30.4% |
| U-Haul UHAL | $9.87B | +7% | +3% | 0% | 1.45× | 13.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | EXR | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +19.6% | +8.7% | 2nd highest of 21 |
| 6-month return | +12.3% | -3.8% | 4th highest of 20 |
| Return on equity | 7.8% | 7.4% | 8th highest of 18 |
| Price / book | 2.59× | 2.28× | 7th most expensive of 18 |
| Trailing P/E | 32.8× | 31.1× | 11th cheapest of 21 |
| ROE the price implies | 21.8% | 16.0% | 6th most demanding of 18 |
| ROE delivered | 7.8% | 7.4% | 8th highest of 18 |
| Bond spread | 84 bp | 95 bp | 8th tightest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Extra Space Storage EXR | United States | $33.2B | +12% | +4% | 8% | 2.59× | 21.8% | 7.8% |
| Iron Mountain IRM | United States | $31.7B | -17% | +17% | n/a | n/a | n/a | n/a |
| Crown Castle CCI | United States | $37.7B | -1% | -16% | n/a | n/a | n/a | n/a |
| Goodman GMG.AX | Australia | $39.6B | -11% | +17% | 12% | 2.28× | 26.9% | 11.5% |
| Vici Properties VICI | United States | $27.3B | -13% | +5% | 8% | 0.94× | 7.9% | 8.3% |
| Ventas VTR | United States | $47.9B | +2% | +22% | 2% | 2.97× | 20.2% | 1.9% |
| Equity Residential VMRK | United States | $50.7B | n/a | +4% | 8% | 2.34× | 16.0% | 8.1% |
| SBA Communications SBAC | United States | $19.8B | -13% | +2% | n/a | n/a | n/a | n/a |
| Realty Income O | United States | $56.1B | -4% | +11% | 3% | 1.42× | 10.3% | 3.5% |
| Essex Property Trust ESS | United States | $17.5B | +4% | +5% | 6% | 3.30× | 20.8% | 6.4% |
| Public Storage PSA | United States | $63.1B | +10% | +5% | 16% | 6.45× | 43.1% | 16.0% |
| Kimco Realty KIM | United States | $17.0B | +10% | +3% | 7% | 1.67× | 13.9% | 7.2% |
| Host Hotels & Resorts HST | United States | $16.9B | +15% | +5% | 16% | 2.64× | 22.6% | 15.8% |
| Digital Realty DLR | United States | $65.9B | -10% | +21% | 4% | 2.39× | 19.2% | 3.6% |
| SEGRO SGRO.L | United Kingdom | $16.6B | +33% | +7% | 2% | 1.03× | 14.8% | 2.5% |
| Lamar Advertising LAMR | United States | $15.8B | -1% | +4% | 59% | 16.13× | 134.1% | 58.9% |
| Invitation Homes INVH | United States | $15.6B | -5% | +5% | 7% | 1.79× | 13.6% | 7.4% |
| Weyerhaeuser WY | United States | $15.1B | -10% | -1% | 5% | 1.61× | 13.6% | 4.8% |
| W. P. Carey WPC | United States | $15.0B | -12% | +9% | 8% | 1.71× | 12.9% | 7.7% |
| Simon Property SPG | United States | $73.9B | +14% | +15% | 135% | 16.82× | 143.3% | 135.4% |
| Annaly Capital Management NLY | United States | $14.8B | -17% | +23% | 7% | 1.05× | 11.8% | 7.3% |
Extra Space Storage has 15 bonds outstanding with $8.27B face value. The agencies rate it BBB+; its bonds trade like BBB+. Weighted yield 5.44%, a spread of 84 bp over government bonds.