Extra Space Storage IncNYSE: EXR
Real Estate · Self-Storage REITs
$142.38
-0.66%
Vol: 709K
Research Digest
Friday, May 1, 2026
Extra Space Storage reported strong Q1 2026 earnings with 2% FFO growth and improved fundamentals, though stock declined slightly and faces NYC predatory pricing lawsuit.
Extra Space Storage reported Q1 2026 core FFO of $2.04 per share (2% YoY growth) and beat EPS ($1.14 vs $1.12) and revenue ($856M vs $851M) estimates, signaling improving fundamentals as moderating new supply supports better revenue trends. The company reached over 4,000 stores nationwide milestone. However, New York City sued EXR alleging bait-and-switch pricing and predatory practices, seeking restitution and $5M+ civil penalties. Barclays lowered price target to $164 from $169.
Previous Market Intelligence
13 daysApr 30Extra Space Storage beats Q1 with $856.03M revenue and $2.04 FFO per share, maintaining full-year guidance of $8.05-$8.35 per share.Positive▶
Extra Space Storage reported strong Q1 2026 results with revenue of $856.03 million and core FFO of $2.04 per diluted share, both exceeding estimates. FFO increased 2.0% YoY while same-store revenue grew 1.7% and same-store NOI gained 1.2%. The company owns/operates 4,344 self-storage facilities across 42 states with approximately 3.0 million units and 335.6 million rentable square feet. Full-year 2026 guidance maintained at $8.05-$8.35 FFO per share. Management recently named Noah Springer as President in January 2026. Analyst consensus is Buy with 12-month target of $144.80 (1.67% upside).
Apr 29Extra Space Storage Q1 FFO $2.04/share, up 2% YoY; maintains 2026 full-year guidance of $8.05-$8.35Neutral▶
Extra Space Storage beat Q1 expectations with EPS of $1.14 above the $1.12 forecast and revenue of $856M exceeding the $850M estimate. Core FFO per share was $2.04, up 2.0% YoY. Same-store revenue increased 1.7% with same-store NOI up 1.2%. The company owns/operates 4,344 self-storage stores in 42 states totaling 3.0M units and 335.6M sq ft. Stock rose 0.77% in premarket trading. Company maintained full-year 2026 guidance for core FFO of $8.05-$8.35 per share. Challenges include 2.7% expense growth versus 1.7% revenue growth.
Apr 16Extra Space Storage raises Q1 2026 FFO guidance; completed $244M acquisition of 24 properties; Q4 2025 net income $1.36/share (+9.7% YoY).Positive▶
Extra Space Storage reported Q4 2025 net income of $1.36 per diluted share (9.7% increase YoY) and FFO of $1.99 per diluted share, with Core FFO of $2.08 (+2.5% YoY). The company completed a $244 million acquisition of 24 self-storage properties, expanding its portfolio to 4,281 stores. A shift in new customer rate strategies marks the first positive pricing move in three years, signaling market improvement. EXR celebrates 4,000 stores milestone. Q1 earnings due April 28. Analyst consensus: 7 Strong Buy, 12 Hold, 1 Moderate Sell with average price target of $153.28.
Apr 15Extra Space Storage to report Q1 2026 earnings on April 28; Wall Street Zen upgrades from Sell to Hold.Neutral▶
Extra Space Storage will release Q1 2026 financial results on April 28, 2026. Wall Street Zen upgraded the stock from Sell to Hold on April 4, 2026. The company operates 4,281 self-storage facilities across 43 states. EXR is trading at $148.87, up $1.74 on April 14.
Apr 14Extra Space Storage maintains solid Q4 with 92.6% occupancy and raises 2026 FFO guidance to $8.05-$8.35 per share.Neutral▶
Extra Space Storage reported Q4 2025 revenue of $865 million with strong FFO of $440.3 million, supported by resilient occupancy of 92.6%. The company completed 27 store acquisitions totaling $304.8 million and declared a Q1 2026 dividend of $1.62 per share. Baron Capital reaffirms bullish outlook for 2026. Analyst price target trimmed to $149.70, shares declined 12.2% over the past month. Q1 2026 earnings scheduled for April 28, 2026.
Apr 13Extra Space Storage reported Q4 2025 FFO strength with 2026 guidance of $8.05-$8.35 per share amid stable 92.6% occupancy.Positive▶
Q4 2025 net income increased 9.7% with FFO of $440.3M and revenue of $865M. Same-store occupancy remained resilient at 92.6%. The company completed 27 store acquisitions totaling $304.8M. 2026 core FFO guidance of $8.05-$8.35 reflects modest growth expectations. Baron Capital reaffirmed investment thesis predicting 2026 growth. Q1 2026 dividend increased to $1.62 per share.
Apr 10Extra Space Storage Q4 2025 earnings beat expectations; Noah Springer promoted to PresidentPositive▶
EXR reported net income per diluted share of $1.36 in Q4 2025, a 9.7% increase year-over-year, with full-year 2025 adjusted FFO of $8.21. The company promoted Noah Springer to President in January 2026.
Apr 9Extra Space Storage promotes Noah Springer to President; analysts maintain Buy rating on self-storage REITPositive▶
Extra Space Storage announced promotion of Noah Springer to President effective January 5, 2026, strengthening leadership. As the largest U.S. self-storage REIT with 4,238 properties, the company reported 2025 earnings growth of 13.96% with analysts maintaining a "Buy" rating and 12-month price target of $144.93 (up 8.36%).
Apr 8No significant overnight updatesNeutral▶
No material news in the last 48 hours.
Apr 7Extra Space Storage announces Q1 2026 earnings release for April 28; Baron Capital turns incrementally bullish on 2026 inflectionPositive▶
Extra Space Storage will release first-quarter 2026 financial results on April 28 after market close with investor call April 29. Baron Capital upgraded outlook citing positive fundamental inflection potential with demand stabilizing and supply deliveries declining in 2026. Company owns/operates 4,238 stores across 43 states with 2.9 million units and 327M square feet of space. 2025 revenue reached $3.45B (+3.68% YoY) with earnings of $972M (+13.96%). Noah Springer promoted to President effective January 5, 2026. Analyst consensus is Buy with $144.93 average price target (+8.36% upside).
Apr 6Extra Space Storage faces NYC lawsuit over predatory pricing practices amid 4,000-store milestoneMixed▶
Extra Space Storage, the largest U.S. self-storage operator, reached over 4,000 stores milestone and operates in 98 of the 100 largest metro areas. However, New York City sued the company in February 2026, accusing it of bait-and-switch pricing and false advertising, with allegations of vermin infestation, water damage and mold. The company completed a $244 million acquisition of 24 self-storage properties in February 2026. Noah Springer was named President on January 5, 2026.
Apr 3Extra Space Storage Q1 earnings scheduled for April 28-29; stock down 1.2% past week amid market headwinds.Neutral▶
Extra Space Storage will report Q1 2026 results on April 28, 2026 after market close. In Q4 2025, the company reported net income of $1.36 per share (+9.7% YoY) and Core FFO of $2.08 per share (+2.5% YoY). The company owns/operates 4,281 properties across 43 states with 2.9M units.
Apr 2Extra Space Storage hits 4,000-store milestone but faces NYC lawsuit over alleged predatory pricing practicesNegative▶
Extra Space Storage reached 4,000+ stores nationwide in 2025, more than doubling since 2021 to hold 14% U.S. market share. However, New York City sued EXR for alleged bait-and-switch pricing, vermin infestation, water damage and mold issues, seeking $5M+ in civil penalties. The company completed a $244 million acquisition of 24 self-storage properties in February 2026. Stock price: $132.49 (down 10.18% in one month, 8.10% over 52 weeks). Average analyst rating: Buy with $144.93 target (+8.36%).
Sector Peers
| Company | Price | Day | 1M | Fwd P/E | Beta | Mkt Cap |
|---|---|---|---|---|---|---|
| PSAPUBLIC | $302.09 | -0.12% | +7.7% | 30.0x | 1.00 | $53.1B |
| EXREXTRA | $142.38 | -0.66% | +6.9% | 30.0x | 1.27 | $31.6B |
| WELLWELLTOWER | $217.35 | +0.00% | +8.2% | 66.1x | — | $153.2B |
| PLDPROLOGIS | $141.40 | -0.43% | +7.3% | 41.8x | 1.41 | $132.4B |
| EQIXEQUINIX | $1,082.36 | -0.04% | +6.6% | 49.5x | 1.00 | $106.8B |
| AMTAMERICAN | $181.72 | -0.54% | +3.7% | 26.4x | 0.93 | $85.1B |
Key Fundamentals
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Price above both MAs — bullish structure.