| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 28 | 30.4x | 17.8x | Bottom tier | |
Growth | 53 | 4.2% | 7.1% | Around median | |
Quality | 75 | 5.0% | 4.5% | Top tier | |
Safety | 44 | 6.4x | 2.6x | Around median | |
Capital Return | 53 | 4.69% | 2.12% | Around median | |
Momentum | 47 | -0.2% | 2.9% | Around median | |
Sentiment | 72 | 7 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Extra Space Storage Inc. operates as a real estate investment trust specializing in self-storage, with a business model based on operating a broad portfolio of storage facilities and optimizing occupancy and pricing through digital marketing, revenue management, and technology. Its revenue sources are also diversified through third-party facility management, tenant insurance, and a bridge loan program that generates interest, management fees, and tenant insurance income while also creating a potential acquisition pipeline. At the end of Q2 FY2026, the technology and operating platform covered more than 4,400 facilities, including 1,964 facilities in the third-party management portfolio, while outstanding bridge loans totaled approximately $1.5 billion.
According to EDGAR data, the company generated revenue of $874.2 million, gross profit of $642.4 million, net income of $263.5 million, and earnings per share of $1.25 in Q2 FY2026. This represents a gross profit margin of approximately 73.5% and a net income margin of approximately 30.1%. Compared with Q1 FY2026, revenue increased from $856.0 million, gross profit from $617.7 million, and net income from $241.0 million.
At the operating level, Core FFO per share reached $2.15 in Q2 FY2026, up 4.9% year over year, while same-store revenue increased 2.4% and same-store net operating income grew 3.5%, with a slight decline in expenses. The company ended the quarter with occupancy of 94.2% and benefited from stable demand, higher customer retention, and gradually declining new supply. During the quarter, it closed on the acquisition of 18 facilities for $91 million, originated $141 million of new bridge loans, and added 67 facilities to third-party management, for a net increase of 48 facilities.
The average analyst price target is $160.5, with the highest target at $172 and the lowest at $148, while the 52-week range high is $158.88; this means the average target exceeds the top of the range by only approximately $1.62. The “Neutral” consensus and relatively wide target range reflect the market's balancing of higher FY2026 guidance and improved Core FFO on one hand, against stable demand, the potential slowdown in same-store revenue growth, and challenges in some Sun Belt markets on the other.
Figures in the text are as of 2026-08-28; the live price is shown at the top of the page.
According to EDGAR, Extra Space Storage recorded revenue of $874.2 million and gross profit of $642.4 million in Q2 FY2026. Net income reached $263.5 million and earnings per share were $1.25, representing a net margin of approximately 30.1%. On an operating basis, Core FFO per share reached $2.15, up 4.9% year over year, while occupancy reached 94.2%. Same-store revenue also grew 2.4%, and same-store net operating income increased 3.5%.
The company raised its Core FFO per share guidance to $8.25–$8.40 after Q2 FY2026 growth exceeded its internal expectations. It also raised same-store revenue growth guidance by 100 basis points to 1%–2% and same-store net operating income growth guidance by 200 basis points to 0.5%–2.5%. This followed an acceleration in same-store revenue growth to 2.4% and a slight decline in expenses. Results also benefited from tenant insurance, interest income, and expense control.
The company closed on the acquisition of 18 facilities for $91 million in Q2 FY2026, with most transactions completed off-market. It also originated $141 million of new bridge loans, bringing the outstanding balance to approximately $1.5 billion. The third-party management platform added 67 facilities during the quarter, for net growth of 48 facilities, and the total managed portfolio reached 1,964 facilities. These channels generate interest, management fees, and tenant insurance income, in addition to providing a potential acquisition pipeline.
Automated analysis for informational purposes only — not investment advice.
Management said on July 29, 2026, that demand remained stable and that it had not seen improvement in the housing market or a clear increase in customer numbers. Performance improvement came primarily from declining new supply and the company's optimization of the pricing and occupancy mix, rather than from a broad demand recovery. Customer length of stay increased by approximately a month and a half compared with the prior year, and the company did not observe an increase in move-outs. Customers storing because of a lack of space are also expected to stay at least twice as long as customers undergoing residential moves.
Risks include difficult comparisons in the second half of FY2026, as same-store revenue growth could slow toward the low end of the 1%–2% range. Houston, Tampa, and Phoenix also remained challenging markets despite improvements in Austin, Dallas, and Miami. Acquisition prices remained elevated as well, with capitalization rates ranging approximately from the high 4% area to the high 5% area, depending on the market class. The company also estimated that pricing restrictions in Los Angeles would create pressure of 20–30 basis points during FY2026.
The analyst consensus on the stock is “Neutral,” and the average price target is $160.5. The target range extends from $148 to $172, representing a $24 spread between the two ends. The average target exceeds the 52-week range high of $158.88 by a limited $1.62. This reflects recognition of improved guidance and operating profitability, while caution persists regarding stable demand, the potential slowdown, and challenges in some Sun Belt markets.
