Extra Space Storage Inc. (EXR), headquartered in Salt Lake City, Utah, is a self-administered and self-managed REIT that owns and operates over 3,500 self-storage properties. Valued at $32.3 billion by market cap, EXR is the largest operator of self-storage properties in the U.S. that offers customers a wide selection of conveniently located and secure storage units, including boat storage, RV storage, and business storage.
Shares of this leading self-storage REIT have underperformed the broader market over the past year. EXR has declined marginally over this time frame, while the broader S&P 500 Index ($SPX) has rallied nearly 9.8%. In 2025, EXR stock is down 2.8%, compared to SPX’s marginal dip on a YTD basis.
Narrowing the focus, EXR’s underperformance is also apparent compared to iShares U.S. Real Estate ETF (IYR). The exchange-traded fund has gained about 5.4% over the past year. Moreover, the ETF’s marginal fall on a YTD basis outshine the stock’s single-digit losses over the same time frame.
On Apr. 29, EXR reported its Q1 results, and its shares closed up more than 3% in the following trading session. Its FFO of $2 per share beat Wall Street expectations of $1.96 per share. The company’s revenue was $820 million, falling short of Wall Street forecasts of $823.4 million. EXR expects full-year FFO in the range of $8 to $8.30 per share.
For the current fiscal year, ending in December, analysts expect EXR’s FFO to decline 10.5% to $8.16 per share on a diluted basis. The company’s FFO surprise history is impressive. It beat the consensus estimate in each of the last four quarters.
Among the 20 analysts covering EXR stock, the consensus is a “Moderate Buy.” That’s based on eight “Strong Buy” ratings, one “Moderate Buy,” and 11 “Holds.”
This configuration is more bullish than a month ago, with seven analysts suggesting a “Strong Buy,” and one analyst suggesting a “Moderate Sell.”
On May 16, Barclays PLC (BCS) kept an “Overweight” rating on EXR and lowered the price target to $178, the Street-high price target, implying a potential upside of 22.4% from current levels.
The mean price target of $162.22 represents an 11.6% premium to EXR’s current price levels.
