Extra Space Storage (NYSE:EXR) Announces Earnings Results

Key Points

• Quarterly EPS missed: EXR reported EPS of $1.14, missing consensus by $0.87 while revenue modestly beat at $856.03M year-over-year (+4.4%), and the company updated FY2026 guidance to 8.05–8.35 EPS.
• Generous but potentially unsustainable dividend: The REIT paid a $1.62 quarterly dividend (annualized $6.48) for a 4.6% yield, while its dividend payout ratio is a high 140.87%.
• Insider sale and market view: CEO Joseph D. Margolis sold 7,500 shares (reducing his stake), insiders own under 1% of stock, and analysts have an average “Hold” rating with a consensus target of $143.67 vs. the recent share price around $141.

Extra Space Storage (NYSE:EXR - Get Free Report) issued its earnings results on Tuesday. The real estate investment trust reported $1.14 EPS for the quarter, missing analysts' consensus estimates of $2.01 by ($0.87), Zacks reports. Extra Space Storage had a net margin of 28.84% and a return on equity of 6.79%. The firm had revenue of $856.03 million during the quarter, compared to analysts' expectations of $850.40 million. During the same quarter last year, the firm earned $2.00 EPS. The business's revenue for the quarter was up 4.4% compared to the same quarter last year. Extra Space Storage updated its FY 2026 guidance to 8.050-8.350 EPS.

Extra Space Storage Stock Performance

Shares of EXR opened at $141.03 on Wednesday. The company has a market capitalization of $29.79 billion, a PE ratio of 30.66, a price-to-earnings-growth ratio of 4.42 and a beta of 1.26. Extra Space Storage has a one year low of $125.71 and a one year high of $155.19. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.39 and a quick ratio of 0.39. The company's fifty day moving average price is $140.65 and its 200 day moving average price is $138.50.

Extra Space Storage Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Monday, March 16th were paid a $1.62 dividend. The ex-dividend date was Monday, March 16th. This represents a $6.48 dividend on an annualized basis and a yield of 4.6%. Extra Space Storage's dividend payout ratio (DPR) is presently 140.87%.

Insider Transactions at Extra Space Storage

In other Extra Space Storage news, CEO Joseph D. Margolis sold 7,500 shares of the company's stock in a transaction dated Friday, March 13th. The shares were sold at an average price of $142.08, for a total transaction of $1,065,600.00. Following the completion of the sale, the chief executive officer directly owned 66,495 shares in the company, valued at $9,447,609.60. This represents a 10.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.96% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. NewEdge Advisors LLC grew its stake in shares of Extra Space Storage by 9.3% in the first quarter. NewEdge Advisors LLC now owns 3,409 shares of the real estate investment trust's stock worth $506,000 after acquiring an additional 291 shares during the last quarter. Empowered Funds LLC boosted its holdings in Extra Space Storage by 15.5% in the 1st quarter. Empowered Funds LLC now owns 4,912 shares of the real estate investment trust's stock valued at $729,000 after purchasing an additional 661 shares during the period. Sivia Capital Partners LLC bought a new stake in Extra Space Storage in the 2nd quarter valued at $457,000. First Trust Advisors LP grew its position in Extra Space Storage by 184.1% in 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 purchasing an additional 70,115 shares during 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 worth $653,000 after purchasing an additional 80 shares during the period. 99.11% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

EXR has been the subject of several research reports. Scotiabank lifted their price target on Extra Space Storage from $145.00 to $156.00 and gave the company a "sector perform" rating in a report on Monday, March 2nd. Mizuho raised their price target on shares of Extra Space Storage from $137.00 to $143.00 and gave the company an "outperform" rating in a report on Monday, January 12th. BNP Paribas Exane raised shares of Extra Space Storage from a "neutral" rating to an "outperform" rating and set a $154.00 price objective for the company in a research note on Wednesday, March 18th. Truist Financial upped their price objective on shares of Extra Space Storage from $142.00 to $146.00 and gave the stock a "hold" rating in a report on Tuesday, January 20th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Extra Space Storage in a research report on Tuesday, April 21st. Six analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $143.67.

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.