Extra Space Storage Inc (EXR) Fair Value & Analysis
Real Estate · US · Market cap $32.1B · ISIN US30225T1025
What is Extra Space Storage Inc really worth?
Extra Space Storage Inc
EXR · US
Below-average quality, and trading another 80% above our fair value of $78.38.
Strengths
Risks
For context
Fair value as of: Sep 3, 2026
From 14 valuation models · updated yesterday
Share price −5.9% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case ($97.97). The favourable scenario is already priced in.
- Solid but not exceptional quality (48/100) and above fair value, neither a clear bargain nor a standout compounder.
- As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 3, 2026.
How to read this chart
60‑month range $91.46 – $188.06 · fair‑value band $58.78 – $97.97 · the $140.98 price screens above the $78.38 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 3, 2026.
Analysis
Extra Space Storage Inc (EXR) currently trades at $140.98, while our model-based Fair Value estimate is $78.38, implying the stock looks roughly 79.9% overvalued today. The Quality Score stands at 48/100 (below-average quality), in the Real Estate sector. Bull case: the DCF Models group reads highest at a median of $173.11 per share, and 4 of the 14 models we run sit above the $140.98 price. Bear case: the Asset-Based group reads lowest at $42.60, and 10 of the 14 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Extra Space Storage Inc generated revenue of $3.5B at a net margin of 27.1%. Revenue grew 3.8% year over year. It earns a return on equity of 6.8%. Net debt stands at $14.8B. Fundamentals as of Sep 3, 2026
Our scenario range runs from $58.78 (bear case) to $97.97 (bull case); at $140.98, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 7% below its 52-week high and 16% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at −43% fair-value upside, at −44%, EXR screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 14 models by family
Widest divergence: DCF Models ($173.11) versus Asset-Based ($42.60). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Sep 3, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 49 · Market factors (momentum, volatility) 51
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Extra Space Storage Inc., headquartered in Salt Lake City, Utah, is a self-administered and self-managed REIT and a member of the S&P 500. As of December 31, 2025, the Company owned and/or operated 4,281 self-storage stores in 43 states and Washington, D.C.
Full company description
Extra Space Storage Inc., headquartered in Salt Lake City, Utah, is a self-administered and self-managed REIT and a member of the S&P 500. As of December 31, 2025, the Company owned and/or operated 4,281 self-storage stores in 43 states and Washington, D.C. Its stores comprise approximately 2.9 million units and approximately 330.4 million square feet of rentable space operating under the Extra Space brand. The Company offers customers a wide selection of conveniently located and secure storage units across the country, including boat storage, RV storage and business storage. It is the largest operator of self-storage properties in the United States. Extra Space Storage Inc. was incorporated in 1977 in Maryland, USA.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Extra Space Storage Inc reported revenue of $3.4B in FY2025 versus $1.6B in FY2021, a compound +20.4%/yr. Reported net income was $974M in FY2025, compounding +4.2%/yr from FY2021.
of which total revenue +16.0 % · buybacks/dilution −5.0 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
EXR screens 80% overvalued. Compare with Prologis, Inc →
Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Why Is Extra Space Storage (EXR) Down 5.7% Since Last Earnings Report?
- Extra Space Storage Announces Executive Leadership Transition
- Extra Space Storage (EXR) Keeps Income In Focus Following Its Dividend Declaration
- Extra Space Storage (EXR) Stock Could Be Undervalued On Cash Flow Yet Full On Earnings
Peer Group
REIT - Industrial · 56 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs REIT - Industrial median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Insider activity: 46/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more REIT - Industrial stocks, each showing price versus our Fair Value estimate (as of Sep 3, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Prologis, Inc PLD | $140.70 | $61.28 | −56% |
| Public Storage, a member of the S&P 500, PSA | $311.20 | $162.43 | −48% |
| EastGroup Properties, Inc EGP | $198.47 | $81.41 | −59% |
| Lineage, Inc LINE | $39.32 | $47.91 | +22% |
| CapitaLand Ascendas REIT (CLAR) A17U | 2.44 SGD | 2.00 SGD | −18% |
| CubeSmart CUBE | $39.73 | $25.06 | −37% |
| First Industrial Realty Trust, Inc FR | $62.39 | $20.72 | −67% |
| Rexford Industrial Realty, Inc REXR | $36.39 | $20.69 | −43% |
| STAG Industrial, Inc STAG | $37.18 | $21.64 | −42% |
| Terreno Realty Corporation TRNO | $66.59 | $36.59 | −45% |
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