Extra Space Storage Inc. (EXR)

Over the past six months, Extra Space Storage's stock price has underperformed the S&P 500 Index by -8.78%. As of June 13, 2025, the share price was $149.60, a decline of 4.45% from June 14, 2024. Key events include Scotiabank upgrading its outlook for EXR, and Mizuho initiating coverage with an "Outperform" recommendation. In Q1 2025, Extra Space Storage announced a 26.7% increase in net income attributable to common stockholders per diluted share and a 2.0% increase in Core FFO per diluted share. The company acquired 12 operating stores and exchanged ownership interests in 17 properties. Extra Space Storage paid a quarterly dividend of $1.62 per share in Q1 2025. The market has been revising upward the revenue expectations for EXR for FY2025.

Demand for self-storage services exhibits seasonality, with occupancy levels typically peaking at the end of July and being lowest in late February and early March. The late first quarter and second quarter are generally considered the prime lease-up season. Recent data from March 2024 showed a month-over-month drop of 2% in rents. The self-storage sector has historically been considered recession-resilient and inflation-resilient. Demand is also influenced by demographic shifts.

Extra Space Storage, Inc. (EXR) is a self-administered and self-managed real estate investment trust (REIT) in the self-storage industry. The company owns, operates, manages, acquires, develops, and redevelops self-storage facilities, generating revenue by leasing storage units and earning management fees. Its major products and services include various types of self-storage units and ancillary services like packing supplies and tenant insurance.

As of December 31, 2024, Extra Space Storage owns and/or operates 4,011 self-storage stores across 42 states and Washington, D.C., encompassing approximately 2.8 million units and 308.4 million square feet of rentable space. The company's strategy includes clustering facilities in large population centers to enhance brand visibility and achieve operational efficiencies. Extra Space Storage also manages 1,575 stores for third-party owners, further expanding its geographic reach.

Extra Space Storage has a well-recognized and trusted brand, emphasizing customer satisfaction, operational excellence, and technological innovation. The company has been recognized for its sustainability efforts, being named the most sustainable U.S. self-storage company by GRESB for three consecutive years as of November 2020. It also received an A grade for public disclosure from GRESB and was ranked as a top self-storage company by Just Capital. However, some recent sentiment from April 2024 suggests potential concerns regarding customer retention due to rapid rate increases.

Extra Space Storage Inc. has a diverse ownership structure, primarily held by institutional investors, with smaller percentages owned by insiders and retail investors. Institutional shareholders hold approximately 94.78% of the company's stock. The Vanguard Group Inc. is the largest institutional shareholder, holding 16.01% of shares. Insiders own approximately 7.02% of Extra Space Storage shares, with Spencer Kirk noted as the largest individual shareholder.