Extra Space Storage IncNYSE: EXR
Real Estate · Self-Storage REITs
$148.73
+3.35%
Vol: 75K
Research Digest
Monday, June 15, 2026
No significant overnight updates
No material news in the last 48 hours.
Previous Market Intelligence
13 daysJun 14No significant overnight updatesNeutral▶
No material news in the last 48 hours. Recent items (Q1 results, June 8 Evercore target raise) predate the 48-hour window.
May 21Extra Space Storage adds two new board members; UBS raises price target to $158Neutral▶
At the May 14 annual meeting, Extra Space Storage elected Crystal Call Maggelet (CEO/Chair of FJ Management) and RJ Pittman to the board. On May 15, the board declared a Q2 2026 dividend of $1.62/share (ex-date June 15, payable June 30). UBS raised its price target to $158 from $148 on May 18. Stock at $143.40, down 6% over past month, up ~4.5% YTD. A new 108,524 sqft facility opened in North Las Vegas in early May. Management reaffirmed 2026 Core FFO guidance of $8.05-$8.35.
May 20No significant overnight updatesNeutral▶
No material news in the last 48 hours. Most recent catalyst was the May 15 declaration of Q2 2026 dividend of $1.62/share payable June 30; BofA recently nudged PT from $143 to $147 keeping Underperform.
May 19No significant overnight updatesNeutral▶
No material news in the last 48 hours.
May 18Extra Space Storage declared a $1.62 Q2 2026 dividend on May 15 as shareholders re-elected the full board at the May 14 annual meetingPositive▶
Extra Space Storage's board declared a Q2 2026 dividend of $1.62 per share on May 15, payable June 30 to holders of record on June 15. At the May 14 annual meeting, stockholders re-elected all 10 director nominees, though some board members faced notable opposition votes. The company maintained 2026 guidance after Q1 core FFO of $2.04 beat estimates by 1.5%, supported by steady self-storage demand across its 4,344-property platform. Bank of America's Samir Khanal raised the EXR price target to $147 from $143 while keeping an Underperform rating. The average analyst target now sits around $144.71.
May 15BofA raises Extra Space Storage price target to $147 from $143 while keeping Underperform after mixed Q1 2026 resultsMixed▶
BofA analyst Samir Khanal lifted his EXR price target to $147 from $143 but maintained an Underperform rating following Q1 2026 results that showed core FFO of $2.04/share (+2% YoY) and same-store revenue up 1.7%, with net income per diluted share down 10.9% YoY (lapping a 2025 asset sale gain). EXR remains the largest U.S. self-storage operator with 4,344 stores across 42 states. Consensus analyst rating is Buy with a 12-month target of $144.8 (~3.6% upside from $142.41). Dividend yield stands at ~4.5%. First Eagle Investment Management increased its stake by 61.8% in Q4 per its latest 13F filing.
May 14Extra Space Storage holds May 14 annual stockholders meeting following Q1 2026 FFO beat of $2.04 per share.Mixed▶
Extra Space Storage holds its virtual annual stockholders meeting on May 14, 2026, where shareholders vote on electing ten directors, ratifying Ernst & Young as auditor, and a say-on-pay advisory vote. Q1 2026 results showed core FFO of $2.04 per share, exceeding estimates, with sales of $733.21M and total revenue of $856.03M, though net income and EPS were lower year-over-year. The company maintained full-year guidance. BofA recently raised its price target to $147 from $143 but kept an Underperform rating, while Barclays lowered to $164 from $169 and Mizuho raised to $143. Shares recently closed at $148.87, up 1.18%. Noah Springer was named President on January 5, 2026.
May 13No significant overnight updatesNeutral▶
No material news in the last 48 hours.
May 12BofA raises Extra Space Storage target to $147 after Q1 FFO beat but maintains Underperform ratingMixed▶
Bank of America analyst Samir Khanal raised Extra Space Storage's price target to $147 from $143 on May 4 while maintaining Underperform. Q1 2026 core FFO was $2.04/share (up 2.0% YoY), beating $2.01 estimate, on $856M revenue. Same-store revenue rose 1.7% and same-store NOI up 1.2%. Full-year core FFO guidance maintained at $8.05-$8.35/share. Stock trades around $143.30 within 52-week range of $125.71-$155.19. First Eagle Investment Management lifted its EXR stake 61.8% in Q4 to 2.55M shares. Consensus price target stands at $143.80.
May 11Extra Space Storage Q1 2026 beats estimates with $2.04 core FFO; Bank of America raises price target to $147.Positive▶
Extra Space Storage reported Q1 2026 core FFO of $2.04 per diluted share (up 2.0% YoY) on revenue of $856M, beating the $2.01 consensus estimate by 1.49%. Same-store revenue rose 1.7% and same-store NOI rose 1.2%. The company maintained its full-year 2026 core FFO guidance of $8.05-$8.35. Bank of America raised its EXR price target to $147 from $143 on May 4, 2026, and Barclays maintained a Buy rating. The stock trades around $143.30 with a 52-week range of $125.71-$155.19. A new 108,524 sq ft three-story facility opened in North Las Vegas, expanding the storage footprint. Slight occupancy dip remains a watch item, but consensus rating remains positive.
May 8Extra Space Storage Q1 core FFO beats with same-store revenue growthPositive▶
Extra Space Storage reported Q1 2026 core FFO of $2.04/share (beat estimates) with same-store revenue up 1.7% and NOI up 1.2% YoY. Management maintains full-year core FFO guidance of $8.05-$8.35. Outstanding bridge loans approximately $1.5B. BofA raised price target to $147 from $143 but maintains Underperform rating. Company operates 4,344 self-storage stores across 42 states.
May 7Extra Space Storage Q1 revenue $856M, FFO $2.04 beats; 4,344 stores, strong same-store growthPositive▶
Extra Space Storage reported Q1 revenue of $856.03M and FFO of $2.04/share, both exceeding estimates. Net income attributable to common stockholders decreased 10.9% YoY while Core FFO increased 2.0% YoY. Same-store revenue up 1.7%, same-store NOI up 1.2%. As largest U.S. self-storage operator with 4,344 locations across 42 states, owns 3.0M units and 335.6M sq ft. Originated $5.5M bridge loans in Q1, sold two for $30.8M; $1.5B outstanding bridge balances. Noah Springer appointed President Jan 2026.
May 6Extra Space Storage posts Q1 2026 beat: FFO $2.04/share, same-store revenue +1.7%, net income declined to $240.98MPositive▶
Extra Space Storage reported strong Q1 2026 with FFO of $2.04 per share (2.0% increase YoY) and core FFO matching estimates. Same-store revenue increased 1.7% with same-store NOI up 1.2%. Net income fell to $240.98 million from prior year as headline EPS declined to $1.14. Supply moderation and broad-based improvement in Sunbelt markets drove results. Company originated $5.5 million bridge loans and sold $30.8 million with $1.5 billion outstanding. Completed 1.2 million share buyback for $151 million since Feb 2024. Noah Springer became President Jan 5, 2026. Storage fundamentals improving but cap rate compression and refinancing risks loom.
Sector Peers
| Company | Price | Day | 1M | Fwd P/E | Beta | Mkt Cap |
|---|---|---|---|---|---|---|
| PSAPUBLIC | $325.59 | +6.75% | +3.0% | 30.2x | 0.98 | $53.5B |
| EXREXTRA | $148.73 | +3.35% | +3.3% | 30.1x | 1.23 | $31.8B |
| WELLWELLTOWER | $215.00 | -0.47% | +1.6% | 64.9x | 0.82 | $152.5B |
| PLDPROLOGIS | $149.50 | +3.37% | +1.6% | 42.6x | 1.35 | $134.8B |
| EQIXEQUINIX | $1,076.27 | -0.20% | +1.5% | 56.1x | 1.00 | $106.4B |
| AMTAMERICAN | $187.06 | +1.78% | +3.7% | 26.6x | 0.90 | $85.6B |
Key Fundamentals
RSI (14-Day)
52-Week Range
Moving Averages
Price above both MAs — bullish structure.