At a glance
Extra Space Storage Inc is worth $32.56B, about 34 times its fiscal 2025 earnings. Revenue grew 3.7% to $3.38B in fiscal 2025, with 28.8% kept as profit; over 5 years it has grown 20.0% a year. It pays a 4.15% dividend yield, and returned $5.41B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +22.3% over the past year with dividends reinvested and −1.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 31.9% in the 2020 crash (S&P 500: 33.7%) and 27.5% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Extra Space Storage rents self-storage units to households and small businesses. As of December 31, 2025, it owned or operated 4,281 stores in 43 states and Washington, D.C. The company says it is the largest self-storage operator in the United States. Its main publicly traded rivals are Public Storage, CubeSmart and National Storage Affiliates.
Customers rent space month to month, in units from 5 by 5 feet to 20 by 20 feet. Many households rent during life changes such as downsizing, while small businesses store inventory, records or seasonal goods. Store rentals drive results: the self-storage operations segment brought in $2.90 billion, or 85.7% of $3.38 billion in revenue for 2025. The tenant reinsurance segment added 10.4%. Tenants can buy insurance on their stored goods from an outside insurer. An Extra Space subsidiary then takes on that risk in return for premiums roughly equal to what tenants pay.
It also earns fees for managing 1,856 stores for other owners. It earns interest on $1.5 billion of short-term bridge loans to those owners. Both figures are as of December 31, 2025, and both businesses can lead to future purchases. Extra Space is a real estate investment trust (REIT). It generally avoids federal corporate tax on income it pays out and must distribute at least 90% of its taxable income, so growth relies on borrowing and other outside capital.
Price history
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EXR +22.3% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Self-Storage Operations | $2.90B | 85.7% |
| Tenant Reinsurance | $352.9M | 10.4% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $889.8M, up 3.6% from a year earlier, and net income was $247.8M (+49.3%).
- For fiscal 2025, revenue was $3.38B (+3.7% year over year; +20.0% a year from FY2020 to FY2025) with a 28.8% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +20.0% good |
|---|---|
| Operating margin | 41.8% good |
| Free cash flow margin | 38.1% good |
| Return on equity (FY2025) | 7.3% weak |
| Return on assets (FY2025) | 3.3% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.36B | $481.8M | — |
| FY2021 | $1.58B | $827.6M | — |
| FY2022 | $1.92B | $860.7M | $44.9M |
| FY2023 | $2.56B | $803.2M | $1.27B |
| FY2024 | $3.26B | $854.7M | $1.41B |
| FY2025 | $3.38B | $974.0M | $1.29B |
Valuation snapshot
| Market value | $32.56B |
|---|---|
| P/E ratio | 34 |
| Dividend yield | 4.15% |
Rank among 1514 US companies
Market value at each year end
Extra Space Storage’s market value went from $9.72B at the end of 2016 to $32.56B on Nov 2, 2026, about 3.4 times as much; since the end of 2025 it is up 18%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $32.56B | +17.8% |
| 2025 | $27.64B | -12.8% |
| 2024 | $31.71B | -6.4% |
| 2023 | $33.87B | +71.9% |
| 2022 | $19.71B | -35.1% |
| 2021 | $30.36B | +102.7% |
| 2020 | $14.97B | +9.5% |
| 2019 | $13.68B | +19.5% |
| 2018 | $11.45B | +3.9% |
| 2017 | $11.02B | +13.4% |
| 2016 | $9.72B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| EXR price data to Nov 2, 2026 | +24.0% | +22.3% | +19.1% | -1.1% | +12.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +24.0% |
| 2025 | -8.9% |
| 2024 | -2.8% |
| 2023 | +13.8% |
| 2022 | -32.8% |
| 2021 | +101.0% |
| 2020 | +13.6% |
| 2019 | +20.7% |
| 2018 | +7.3% |
| 2017 | +17.8% |
| 2016 | -9.2% |
| 2015 | +55.1% |
| 2014 | +44.0% |
| 2013 | +19.9% |
| 2012 | +55.2% |
| 2011 | +43.0% |
| 2010 | +54.7% |
| 2009 | +18.7% |
| 2008 | -22.0% |
| 2007 | -17.0% |
| 2006 | +25.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 65.8% over that stretch · deepest drop along the way 69.9%, back to its old high 14.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 29.9% over that stretch · deepest drop along the way 31.9%, back to its old high 5.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 22% over that stretch · deepest drop along the way 27.5%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 2 sales ($1.6M), 1 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Mar 13, 2026 | Joseph D Margolis Chief Executive Officer, Director | sell (plan) | $1.1M |
| Jun 11, 2026 | Gwyn Goodson McNeal EVP/Chief Legal Officer | sell | $495K |
Who owns it
Large shareholders (13G filings)
| Vanguard Portfolio Management | 8.71% | Mar 31, 2026 |
| Vanguard Capital Management | 7.58% | Mar 31, 2026 |
| COHEN & STEERS, INC. | 7.21% | Mar 31, 2025 |
| Cohen & Steers, Inc. | 6.2% | Jun 30, 2026 |
| Capital World Investors | 4.8% | Feb 28, 2025 |
ETFs with the most weight in EXR
| INDS Pacer Industrial Real Estate ETF | 15.1% |
| REZ iShares Residential and Multisector Real Estate ETF | 5.79% |
| JPRE JPMorgan Realty Income ETF | 5.61% |
| BYRE Principal Real Estate Active Opportunities ETF | 5.28% |
| HAUS Residential REIT ETF | 4.44% |
| VGSR Vert Global Sustainable Real Estate ETF | 3.33% |
| ICF iShares Cohen & Steers REIT ETF | 3.33% |
| RWR SPDR Dow Jones REIT ETF | 3.16% |
What could go wrong
- Short leases mean revenue can drop quickly. Nearly all of Extra Space's leases run month to month. If empty units take longer to re-rent, or new tenants pay much lower rates, revenue falls quickly and growth slows.
- New storage supply adds competition. Construction of new self-storage facilities has increased, and the company expects more to open. Nearby rival stores and other storage options can hold down occupancy and rents while pushing up operating costs.
- Rules could cap rents and fees. Consumer-protection rules and government responses to natural disasters or health emergencies could limit rent increases, cut late-fee collection or restrict auctions of unpaid tenants' belongings, raising bad debt.
- Bridge loan borrowers could default. Extra Space held $1.5 billion of short-term bridge loans to storage owners as of December 31, 2025, plus preferred stock in other storage companies. If borrowers or those companies fail, it could record losses.
- Large debt load and interest rates. Extra Space had $11.2 billion of unsecured and $1.1 billion of secured notes as of December 31, 2025. Higher rates or a credit-rating downgrade could raise borrowing costs and squeeze cash for dividends.
- Tenant insurance business is heavily regulated. Extra Space takes on the risk of tenant insurance on stored goods, a business that made 10.4% of 2025 revenue. It faces significant government regulation, and rule changes could reduce this income.
Recent events
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Other company announcement
- Shareholder vote results
- Quarterly results released
- Quarterly results released
- Executive or board change; Investor presentation or announcement
For income and retirement investors
Dividends per share rose from $3.60 for 2020 to $6.48 for 2023, then held flat at $6.48 for 2024 and 2025, so there is no active streak of increases. The yield was 4.48% as of October 28, 2026. Dividends for 2025 equaled 141% of net income and 107% of free cash flow (operating cash after capital spending). REIT payouts often exceed net income because depreciation shrinks reported profit, but paying more than free cash flow leaves little cushion. Buybacks were modest: $150 million in 2025.
The shares have fallen hard in market slumps. They dropped about 70% from September 2008 to March 2009 and needed about 14 months from the low to regain their high. In the 2020 COVID crash they fell about 32% and recovered within six months. In the 2022 bear market they fell 27.5% and, as of October 28, 2026, had not regained their April 2022 high. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Extra Space Storage make money?
Mostly by renting storage units. Self-storage operations produced $2.90 billion, or 85.7% of revenue, for the year ended December 31, 2025. Tenant reinsurance, which covers losses on goods tenants store, added 10.4%. Extra Space also earns management fees from 1,856 stores it runs for other owners and interest from $1.5 billion of bridge loans to storage owners, both as of December 31, 2025. Total revenue for 2025 was $3.38 billion, up 3.7% from the prior year.
Does Extra Space Storage raise its dividend every year?
No. Dividends per share rose from $3.60 for 2020 to $6.48 for 2023, then stayed at $6.48 for 2024 and 2025, so there is no active streak of annual increases. Over FY2020–FY2025 the dividend still grew about 12.5% a year on average. For 2025, dividends paid equaled 107% of free cash flow, which leaves little room for raises unless cash flow grows.
What is Extra Space Storage's dividend yield?
The dividend yield was 4.48% as of October 28, 2026. Dividends were $6.48 per share for 2025. Yield is the yearly payout divided by the share price, so it moves as the price changes. As a REIT, Extra Space must distribute at least 90% of its REIT taxable income each year. REIT dividends generally don't get the lower tax rate many other dividends receive, a point the company flags in its annual report.
How much debt does Extra Space Storage have?
Total debt was about $12.57 billion as of June 30, 2026, against $29.66 billion of total assets and $695 million of cash and investments. As of December 31, 2025, most borrowing was unsecured, meaning not backed by specific properties: $11.2 billion of unsecured notes versus $1.1 billion secured. Because a REIT pays out most of its income, Extra Space relies on outside capital to grow. It lists rising interest rates and credit-rating downgrades among its risks.
How has Extra Space Storage stock performed?
It has done well over 10 years but lost ground over five. As of October 28, 2026, the price return was 11.4% a year over 10 years, or 193% in total, versus a loss of 1.7% a year, or 8% in total, over five years. Calendar years swing widely: up 100.95% in 2021, then down 32.81% in 2022, 2.78% in 2024 and 8.93% in 2025. It was up 15.03% year to date as of October 28, 2026.