EXR changes
Pick any two versions below to diff them.
- Price
- $139.61 → $151.32(+8.4%)
- Discount category
- Below intrinsic value → Close to intrinsic value
- Next earnings
- Oct 27, 2026 → Jan 27, 2027
- Next earnings is estimate
- No → Yes
- About
- Extra Space Storage is a real estate investment trust (REIT) that owns and operates self-storage stores in the United States. At removed: June added: September 30, 2026, it removed: had direct and indirect interests in 2,446 stores, and it managed 1,964 more stores for other owners, so it owned or managed removed: 4,410 added: 4,411 stores in removed: 42 added: 43 states and Washington, D.C. added: Of these, it managed 1,963 stores for other owners. It is the largest self-storage management company in the United States. Customers rent storage units mostly on month-to-month leases. Extra Space also sells tenant insurance for stored goods and makes bridge loans to other self-storage owners, with about removed: $1.5 added: $1.4 billion of loans outstanding at removed: June added: September 30, 2026. It merged with Life Storage in 2023.
- Thesis
- The market prices Extra Space for a slow recovery in self-storage demand and for new stores that compete for customers. Fewer home sales mean fewer moves, and moves are a main reason that people rent storage. Same-store revenue grew only removed: 2.0% added: 2.3% in the first removed: half added: nine months of 2026, and the 2026 guidance is for growth of removed: 1.0% added: 2.0% to removed: 2.0%. Same-store occupancy was 94.2% at June 30, 2026, slightly lower than a year earlier. added: 2.5%. The CEO, Joe Margolis, also retires at the end of 2026. added: The Q3 2026 report showed first signs of a recovery. Same-store revenue growth rose to 2.7% from 2.4% in Q2 2026, and same-store occupancy was 94.0% at September 30, 2026, up from 93.7% a year earlier. Extra Space raised its 2026 Core FFO guidance to $8.40 to $8.50 per share and bought back $327 million of its shares in Q3 2026. For the gap to close, three things must be true. Same-store revenue growth must keep removed: improving, from 2.4% in Q2 2026 added: improving toward 3% or more in 2027, as rents for new customers rise. Core FFO must reach the removed: $8.25 to $8.40 per share range of the 2026 removed: guidance. added: guidance and grow again in 2027. The management and bridge loan businesses must keep growing, and the new CEO, Noah Springer, must keep the same strategy from January 1, 2027. The removed: Q3 added: Q4 2026 report removed: on October 27, 2026 gives added: and the removed: next test. The 2027 guidance in removed: February added: early 2027 removed: is added: are the main test. If these checks pass, the gap can close over the next removed: four added: three to removed: six added: five quarters. The main reason it may not close is a weak housing market that keeps moves, and so storage demand, low for longer.
- Risks
- Demand for storage depends on moves, home sales and the economy. The company names fewer housing market transactions, higher unemployment and higher interest rates as risks to occupancy and rents. Other operators keep building new self-storage stores. The company says that this new supply has increased competition and can stop rent increases in some markets. Extra Space had about removed: $13.6 added: $13.4 billion of debt at removed: June added: September 30, 2026, with a weighted average maturity of about 4.0 years. About removed: 21.5% added: 20.4% of debt had variable rates. Higher interest rates raise the cost of refinancing. The CEO changes on January 1, 2027. The new CEO is an insider who has been with the company since 2006, but any change in strategy can affect results.
- Balance sheet
- Cash: removed: $695M added: $115M Debt: removed: $13.6B added: $13.4B Net debt: removed: $13.0B added: $13.3B Extra Space funds itself mainly with unsecured senior notes. At removed: June added: September 30, 2026, debt net of discounts and costs was about removed: $13.6 added: $13.41 billion: removed: $9.46 added: $9.42 billion of unsecured senior notes, $1.50 billion of unsecured term loans, $1.07 billion of secured notes and removed: $1.62 added: $1.42 billion drawn on revolving lines of credit and commercial paper. Commercial paper was $850 million of a $1.0 billion program. Cash was added: $115 million, down from $695 removed: million. On added: million at June 30, 2026. In July removed: 6, 2026, removed: after the quarter, it removed: completed a added: issued $550 million removed: offering of 4.90% notes due 2032. The weighted average interest rate was removed: 4.3% added: 4.4% and the weighted average maturity was about 4.0 years. About removed: 78.5% added: 79.6% of debt had fixed rates, or removed: 88.4% added: 89.3% after the effect of its variable rate bridge loans. Interest expense was removed: $294 added: $445 million in the first removed: half added: nine months of 2026. added: In Q3 2026, Extra Space bought back $327 million of shares. After the quarter, it used the rest of its buyback program, and on October 15, 2026, the board approved a new program of up to $500 million. The company had $800 million available under its at-the-market share program and did not use it in removed: Q2 added: Q3 2026. As of removed: Jun added: Sep 30, 2026.
- Checkpoints
- Oct 27, 2026: Q3 2026 results: same-store revenue and occupancy. removed: Pending. added: Passed. Watch: Same-store revenue growth of 2.4% or more and Core FFO guidance kept at $8.25 to $8.40 per share pass; slower revenue growth or lower occupancy fails. removed: Feb added: Outcome: Same-store revenue grew 2.7%, occupancy was 94.0%, up from 93.7% a year earlier, and Extra Space raised its Core FFO guidance to $8.40 to $8.50 per share. Jan 27, 2027 (estimate): added: Q4 2026 results and 2027 guidance: first outlook under the new CEO. Pending. Watch: 2027 guidance for same-store revenue growth of about 3% or more and higher Core FFO passes; guidance for flat revenue or lower Core FFO fails.
- Recent events
- added: Oct 27, 2026: Extra Space reported Q3 2026 results. Core FFO rose 4.3% to $2.17 per share. Same-store revenue rose 2.7%, same-store expenses fell 1.8% and same-store NOI rose 4.6%. Same-store occupancy was 94.0%, up from 93.7% a year earlier. Extra Space raised its 2026 Core FFO guidance to $8.40 to $8.50 per share, from $8.25 to $8.40, and its same-store revenue growth guidance to 2.0% to 2.5%. It bought back 2.39 million shares for $327.1 million in Q3 2026. Oct 15, 2026: The board authorized a new share buyback program of up to $500 million. Extra Space had used all of its earlier $500 million program in Q3 2026 and in October 2026. Aug 24, 2026: Extra Space said that its CEO, Joe Margolis, will retire at the end of 2026 and serve as an adviser to the board. Noah Springer, President since January 1, 2026, will become CEO on January 1, 2027. Mr. Springer joined the company in 2006 and built its third-party management platform. Jul 28, 2026: Extra Space reported Q2 2026 results. Core FFO rose 4.9% to $2.15 per share. Same-store revenue rose 2.4%, same-store expenses fell 0.5% and same-store NOI rose 3.5%. Same-store occupancy was 94.2%. Extra Space raised its 2026 Core FFO guidance to $8.25 to $8.40 per share from $8.05 to $8.35, and its same-store revenue growth guidance to 1.0% to 2.0%. Jul 6, 2026: Extra Space completed an offering of $550 million of 4.90% unsecured senior notes due 2032. Apr 28, 2026: Extra Space reported Q1 2026 results and gave 2026 same-store revenue guidance of a fall of 0.5% to a rise of 1.5%, and Core FFO guidance of $8.05 to $8.35 per share.