Extra Space Storage
Owns and manages U.S. self-storage facilities, with tenant reinsurance and bridge lending.
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Profile
Owns, operates and manages U.S. self-storage facilities, earning mainly month-to-month rent plus tenant reinsurance, management fees and bridge-loan income. A broad third-party management network extends its operating platform and supplies potential acquisition opportunities.
Owns, operates and manages self-storage properties across the United States, offering month-to-month units for personal and business use under the Extra Space brand. The portfolio spans wholly owned stores, joint ventures and facilities managed for third-party owners.
Extends its operating platform through ManagementPlus, while a bridge-lending program finances managed properties and can create future management or acquisition opportunities. Tenant insurance is offered through an unaffiliated insurer, with a wholly owned subsidiary reinsuring the policies and assuming their loss risk.
Centralized pricing, digital marketing and customer-service systems support store operations across the network. Results depend on occupancy, rental rates and new supply in local markets; facilities and related services remain subject to lien-sale, rent, insurance and real-estate brokerage rules.
Company facts
Categories
Key statistics
Year to date +9.1% · Average volume (30d) 1.1M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 27, 2026 | BMO Capital | Upgrade | Market Perform | Outperform | $160 | $170 |
| Aug 24, 2026 | BMO Capital | Reiterate | Market Perform | $160 | ||
| Aug 18, 2026 | Scotiabank | Reiterate | Sector Perform | $145 | $158 | |
| Jul 30, 2026 | Goldman Sachs | Reiterate | Neutral | $237 | $160 | |
| Jul 24, 2026 | Wells Fargo | Reiterate | Overweight | $148 | $158 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 28, 2026Q2 FY26 | $1.16 | $1.25 | +7.8% | $875.0M | $874.2M | −0.1% | +0.42% |
| Apr 28, 2026Q1 FY26 | $1.12 | $1.14 | +1.8% | $851.4M | $856.0M | +0.5% | −0.35% |
| Feb 19, 2026Q4 FY25 | $1.17 | $1.36 | +16.2% | $854.6M | $857.5M | +0.3% | +4.56% |
| Oct 29, 2025Q3 FY25 | $2.06 | $2.08 | +1.0% | $733.0M | $777.6M | +6.1% | −4.91% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $839.9M | $841.6M | $777.6M | $918.4M | $856.0M | $874.2M | |
| Gross profit | $614.4M | $597.1M | $307.4M | −$558.7M | $599.9M | $439.5M | |
| Operating income | $388.7M | $374.0M | $279.1M | $447.2M | $367.6M | $392.2M | |
| Net income | $270.9M | $249.7M | $169.9M | $283.5M | $241.0M | $263.5M | |
| Diluted EPS | $1.28 | $1.18 | $0.78 | $1.30 | $1.14 | $1.25 | |
| Gross margin | 73.1% | 70.9% | 39.5% | -60.8% | 70.1% | 50.3% | |
| Operating margin | 46.3% | 44.4% | 35.9% | 48.7% | 42.9% | 44.9% |
Fiscal years (4-quarter sums)FY21 $1.61B · FY22 $1.97B · FY23 $2.62B · FY24 $3.34B · FY25 $3.38B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $695.2M · Total debt $14.41B · Total assets $29.66B · Shareholders' equity $13.26B
Dividends
Raised for 15 straight years — most recently to $1.62 from $0.61 in Dec 2023. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 15, 2026 | Jun 15 | Jun 30 | $1.62 | |
| Mar 16, 2026 | Mar 16 | Mar 31 | $1.62 | |
| Dec 15, 2025 | Dec 15 | Dec 31 | $1.62 | |
| Sep 15, 2025 | Sep 15 | Sep 30 | $1.62 | |
| Jun 16, 2025 | Jun 16 | Jun 30 | $1.62 | |
| Mar 14, 2025 | Mar 14 | Mar 31 | $1.62 | |
| Dec 16, 2024 | Dec 16 | Dec 31 | $1.62 | |
| Sep 16, 2024 | Sep 16 | Sep 30 | $1.62 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 211.27M · Float 208.86M · 98.9% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 22.95M | 10.86% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 18.62M | 8.81% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 13.81M | 6.54% | 13F | Aug 13, 2026 |
| State Street Corp | 13.56M | 6.42% | 13F | Aug 7, 2026 |
| Cohen & Steers, Inc. | 12.90M | 6.10% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 11, 2026 | Gwyn Goodson McNeal | officer: EVP/Chief Legal Officer | −3,300 | $150.00 |
| Mar 13, 2026 | Joseph D. Margolis | director, officer: Chief Executive Officer | −7,500 | $142.08 |
| Oct 1, 2025 | Joseph D. Margolis | director, officer: Chief Executive Officer | −7,500 | $141.41 |
Peers
- Public Storage
Largest US self-storage REIT by owned sq ft; bear-hug bidder for Life Storage.
- CubeSmart
Top-3 US self-storage REIT; urban/coastal focus with a growing management arm.
- U-Haul
Third-largest North American self-storage operator; bundled with moving.
- SmartStop Self Storage REIT
New-entrant pure-play self-storage REIT (IPO Apr 2025); US + Canada platform.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Extra Space Storage | $143.00 | +0.06% | $30.19B | 32.0 | 30.6 | 8.8 | +3.9% |
| Public Storage | $313.51 | +0.03% | $58.46B | 29.9 | 31.6 | 12.0 | +2.7% |
| CubeSmart | $40.02 | −0.05% | $9.06B | 27.6 | 25.5 | 8.0 | +1.5% |
| U-Haul | $68.59 | +0.01% | $13.41B | 361.0 | 50.4 | 2.2 | +3.2% |
| SmartStop Self Storage REIT | $33.04 | +0.03% | $1.83B | 64.6 | 64.0 | 11.4 | −5.9% |
| Median | 47.3 | 41.0 | 9.7 | +2.1% |