Extra Space Storage Inc (EXR) Fair Value & Analysis
Real Estate · US · Market cap $32.1B
Extra Space Storage Inc
EXR · US
Fair value as of: Jul 26, 2026
From 14 valuation models · updated 15 days ago
Share price +3.9% over the past month.
Below-average quality, and screening another 48% overvalued on our models.
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 Jul 26, 2026.
How to read this chart
60‑month range $91.46 – $188.06 · fair‑value band $58.78 – $97.97 · the $149.54 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 Jul 26, 2026.
Analysis
Extra Space Storage Inc (EXR) currently trades at $149.54, while our model-based Fair Value estimate is $78.38, implying the stock looks roughly 47.6% overvalued today. The Quality Score stands at 48/100 (below-average quality), in the Real Estate sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: 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 Jul 26, 2026
Our scenario range runs from $58.78 (bear case) to $97.97 (bull case); at $149.54, 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 1% below its 52-week high and 23% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -41% fair-value upside, at -48%, 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 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.
All 14 models by family
Widest divergence: DCF Models ($173.11) versus Asset-Based ($42.60). Highest evidence: Growth DCF (80).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 26, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 49 · Market factors (momentum, volatility) 61
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.
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.
EXR screens 48% overvalued. Compare with Prologis, Inc →
Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- APLE or EXR: Which Is the Better Value Stock Right Now?
- Extra Space Storage Inc (EXR) (Q2 2026) Earnings Call Highlights: Core FFO Beats Expectations, ...
- EXR's Q2 Core FFO Beats Estimates on Strong Same-Store NOI
- Extra Space Storage Inc. Q2 2026 Earnings Call Summary
Peer Group
REIT - Industrial · 63 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
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.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more REIT - Industrial stocks, each showing price versus our Fair Value estimate (as of Jul 26, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Prologis, Inc PLD | $143.42 | $61.28 | -57% |
| Public Storage, a member of the S&P 500, PSA | $322.48 | $172.80 | -46% |
| EastGroup Properties, Inc EGP | $213.10 | $81.41 | -62% |
| Lineage, Inc LINE | $41.42 | $47.91 | +16% |
| CapitaLand Ascendas REIT (CLAR) A17U | 2.51 SGD | 2.00 SGD | -20% |
| CubeSmart CUBE | $42.09 | $25.06 | -40% |
| First Industrial Realty Trust, Inc FR | $66.99 | $21.48 | -68% |
| Rexford Industrial Realty, Inc REXR | $39.00 | $21.35 | -45% |
| STAG Industrial, Inc STAG | $41.11 | $24.31 | -41% |
| FIBRA Prologis FIBRAPL14 | 76.48 MXN | 46.89 MXN | -39% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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