Extra Space Storage (EXR)
NYSEReal EstateReit - IndustrialSnapshot 2026-07-08
$143.99-2.53%
Close 2026-07-08 · 1-day change
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Extra Space Storage grows core FFO to about $8.2 per share in 2026. Same-store NOI rose 1.2% in Q1 2026. The third-party management platform added 61 stores in Q1. The company manages growth and expenses well.
New supply risks could hurt same-store NOI growth. Revenue growth is expected to decline about 7%. The stock trades at a high price compared to peers.
The price is about 16% above our fair value near $128. Analysts expect revenue to fall about 7% next year. Our fair value is below the Street median of $148.
Breaks if: Core FFO per share falls below $8.05 in FY26
Continue to grow Core Funds From Operations (Core FFO) per share through operational improvements and disciplined capital allocation.
Standing thesis, reviewed periodically — not a price target or advice.
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
Stated as a priority in 2 of last 2 quarters. Core FFO per share grew from $2.08 in 2025-Q4 to $2.04 in 2026-Q1 (a 2.0% year-over-year increase in Q1). The company projects full-year 2026 Core FFO between $8.05 and $8.35 per share. The trajectory shows delivering modest growth consistent with management's stated focus.
“Core FFO was $2.04 per diluted share, representing a 2.0% increase year-over-year.”
“Core FFO was $2.08 per diluted share, representing a 2.5% increase year-over-year.”
Breaks if: Same-store NOI growth falls below -2.25% in FY26
Focus on improving same-store net operating income (NOI) through revenue growth and expense management across the same-store portfolio.
Stated as a priority in 2 of last 2 quarters. Same-store NOI grew 0.1% in 2025-Q4 and 1.2% in 2026-Q1, showing modest improvement. Management's 2026 guidance projects same-store NOI growth between (2.25)% and 1.25%, indicating a cautious outlook but consistent focus on managing NOI growth.
“Same-store net operating income increased by 1.2% compared to prior year.”
“Same-store net operating income increased by 0.1% compared to prior year.”
Breaks if: Number of third-party stores falls below 2,263
Grow the third-party management platform by adding stores to increase fee income and scale.
Stated as a priority in 2 of last 2 quarters. The third-party management platform grew from 2,263 stores at 2025-Q4 to 2,324 stores at 2026-Q1, adding 61 net stores. This demonstrates consistent delivery on expanding the management platform.
“Added 84 stores (60 net) to third-party management platform, managing 2,324 stores total.”
“Added 78 stores (45 net) to third-party management platform, managing 2,263 stores total.”