Extra Space Storage (NYSE:EXR) Releases FY 2026 Earnings Guidance

Extra Space Storage (NYSE:EXR) updated its FY 2026 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 8.250-8.400 for the period, compared to the consensus EPS estimate of 8.260. The company issued revenue guidance of -.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on EXR. Mizuho increased their price target on Extra Space Storage from $150.00 to $155.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. UBS Group boosted their price objective on Extra Space Storage from $158.00 to $163.00 and gave the company a “buy” rating in a research report on Friday, July 10th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Extra Space Storage in a research report on Friday, July 17th. Wells Fargo & Company raised their target price on Extra Space Storage from $154.00 to $158.00 and gave the company an “overweight” rating in a research note on Friday, July 24th. Finally, Raymond James Financial started coverage on shares of Extra Space Storage in a report on Thursday, July 16th. They set an “outperform” rating and a $44.00 price target for the company. Six equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $146.53.

Extra Space Storage Stock Up 2.3%

Shares of EXR stock traded up $3.45 on Wednesday, reaching $155.66. 1,195,715 shares of the company’s stock traded hands, compared to its average volume of 1,253,384. The company has a market capitalization of $32.88 billion, a P/E ratio of 34.85, a price-to-earnings-growth ratio of 4.59 and a beta of 1.19. Extra Space Storage has a 12-month low of $125.71 and a 12-month high of $158.88. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.37 and a current ratio of 0.37. The business’s 50 day moving average price is $146.13 and its two-hundred day moving average price is $142.97.

Extra Space Storage (NYSE:EXR) last issued its earnings results on Tuesday, July 28th. The real estate investment trust reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.09. The company had revenue of $874.15 million for the quarter, compared to the consensus estimate of $874.99 million. Extra Space Storage had a return on equity of 6.65% and a net margin of 27.66%.The firm’s quarterly revenue was up 3.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.05 EPS. Extra Space Storage has set its FY 2026 guidance at 8.250-8.400 EPS. On average, equities analysts forecast that Extra Space Storage will post 8.26 earnings per share for the current year.

Extra Space Storage Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were paid a dividend of $1.62 per share. The ex-dividend date of this dividend was Monday, June 15th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 4.2%. Extra Space Storage’s dividend payout ratio (DPR) is 145.29%.

Insider Activity at Extra Space Storage

In other Extra Space Storage news, EVP Gwyn Goodson Mcneal sold 3,300 shares of the company’s stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $150.00, for a total value of $495,000.00. Following the transaction, the executive vice president directly owned 37,374 shares of the company’s stock, valued at $5,606,100. This represents a 8.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.96% of the stock is currently owned by corporate insiders.

Key Stories Impacting Extra Space Storage

Here are the key news stories impacting Extra Space Storage this week:

• Positive Sentiment: Q2 earnings beat expectations. Extra Space Storage reported $1.25 in diluted EPS versus the $1.16 consensus estimate. Core FFO reached $2.15 per share, ahead of the $2.06 estimate and up from $2.05 a year earlier. Revenue rose 3.9% year over year to approximately $874.2 million, broadly in line with estimates. Extra Space Storage Beats Q2 FFO and Revenue Estimates
• Positive Sentiment: Management raised its 2026 outlook. Full-year Core FFO guidance was increased to $8.25–$8.40 per share, in line with the current analyst forecast. Management cited moderating new supply and improving rental rates as drivers of net operating income growth. Extra Space Storage Reports 2026 Second Quarter Results
• Positive Sentiment: Operating performance and shareholder returns remained solid. Same-store revenue increased 2.4% and same-store NOI rose 3.5%. The company paid a $1.62 quarterly dividend, representing an approximately 4.3% yield, while maintaining a strong balance sheet and continuing to deleverage following its Life Storage acquisition.
• Neutral Sentiment: Occupancy was slightly lower. Same-store occupancy ended the quarter at 94.2%, compared with 94.4% a year earlier. Extra Space also acquired 17 operating stores and invested $90.7 million during the quarter, supporting expansion but requiring continued capital deployment.
• Negative Sentiment: Valuation prompted a downgrade. With shares near an analyst’s estimated fair value of roughly $156 after a strong run since January, one research view shifted from “buy” to “hold.” The report suggests the earnings momentum and dividend are attractive, but much of the near-term upside may already be reflected in the stock price. Extra Space Storage Solid Fundamentals at a Fair Valuation
• Negative Sentiment: Insiders reported sales of shares over the past six months, including sales by the CEO and chief legal officer, which may weigh modestly on sentiment.

Institutional Trading of Extra Space Storage

A number of institutional investors have recently added to or reduced their stakes in EXR. NewEdge Advisors LLC lifted its stake in shares of Extra Space Storage by 9.3% in the 1st quarter. NewEdge Advisors LLC now owns 3,409 shares of the real estate investment trust’s stock valued at $506,000 after purchasing an additional 291 shares during the last quarter. Empowered Funds LLC lifted its position in shares of Extra Space Storage by 15.5% in the first quarter. Empowered Funds LLC now owns 4,912 shares of the real estate investment trust’s stock worth $729,000 after buying an additional 661 shares during the last quarter. Sivia Capital Partners LLC bought a new stake in shares of Extra Space Storage during the 2nd quarter worth about $457,000. First Trust Advisors LP boosted its stake in shares of Extra Space Storage by 184.1% during the 2nd quarter. First Trust Advisors LP now owns 108,205 shares of the real estate investment trust’s stock worth $15,954,000 after acquiring an additional 70,115 shares in the last quarter. Finally, Brown Advisory Inc. increased its holdings in shares of Extra Space Storage by 1.8% during the 2nd quarter. Brown Advisory Inc. now owns 4,431 shares of the real estate investment trust’s stock valued at $653,000 after acquiring an additional 80 shares during the last quarter. 99.11% of the stock is currently owned by institutional investors and hedge funds.

Extra Space Storage Company Profile

Extra Space Storage (NYSE: EXR) is a real estate investment trust that specializes in the ownership, development and operation of self-storage properties. The company provides storage solutions for residential and commercial customers, offering a range of unit sizes, climate-controlled units and specialized options such as vehicle and boat storage. Extra Space Storage markets itself as a customer-focused operator, with online rentals, contactless move-in options and ancillary retail products like packing supplies and insurance to support tenant needs.

Its business model combines property ownership with third-party management and development activities.