Extra Space Storage Inc. (EXR)

In the past six months, Extra Space Storage's stock has been influenced by several events. The company's Q1 2025 results exceeded internal projections, with core FFO per share increasing by 2.0% year-over-year to $2.00, same-store occupancy at 93.4%, and same-store revenue growth of 0.3%. Q2 2025 results were disappointing, with core FFO falling below analyst estimates, leading to a nearly 1.93% drop in the stock price. The company also executed two bond offerings in Q1 2025. Extra Space Storage declared a quarterly dividend of $1.62 per share, equating to an annual dividend of $6.48 and a yield of 4.3%. On October 1, 2025, CEO Joseph D. Margolis sold 7,500 shares, a transaction valued at over $1 million. The stock price as of October 14, 2025, was $147.90 per share, marking a 13.58% decline from October 14, 2024. More recently, on October 27, 2025, the stock price decreased by 0.5%, closing at $149.51. The company is scheduled to release its Q3 2025 earnings on October 29, 2025, with analysts anticipating earnings of $2.06 per share and revenue of $736.26 million. Institutional ownership changes also occurred.

Demand for Extra Space Storage's products and services exhibits clear seasonality. The self-storage industry generally experiences peak demand during the spring and summer months, driven by moving seasons and increased outdoor activities. Conversely, demand typically dips in the fall and winter. The self-storage asset category is considered need-based and recession-resilient, with favorable demographic changes also contributing to industry demand. The company utilizes strategies such as dynamic pricing, space management, and upselling services to optimize revenue throughout these seasonal cycles.

Extra Space Storage, Inc. is a self-administered and self-managed REIT that invests in and operates self-storage facilities. It is the largest owner and operator of self-storage facilities in the United States and the largest self-storage property manager. The company leases storage units for personal and business use, offering various types such as climate-controlled units, drive-up units, lockers, boat storage, RV storage, and business storage. Extra Space Storage also reinsures risks related to the loss of goods stored by tenants and provides third-party management services. The company operates under the Extra Space Storage brand, and includes brands like Life Storage and Storage Express.

Extra Space Storage has a significant operational presence across the United States. As of June 30, 2025, the company owned and/or operated 4,179 self-storage stores in 43 states and Washington, D.C., comprising approximately 2.9 million units and 321.5 million square feet of rentable space. As of March 31, 2025, it owned and/or operated over 4,000 self-storage facilities. Its operational presence extends across numerous states, including Colorado, Connecticut, California, Delaware, Hawaii, Kansas, Florida, Georgia, Kentucky, Louisiana, and Maryland.

Extra Space Storage maintains a high brand value within the self-storage industry. The company has been recognized on multiple "Best Places to Work" awards by Forbes and Glassdoor. Customer satisfaction levels remain high, and the customer base is resilient. The company emphasizes providing convenient, secure, and professional storage solutions. No specific negative events significantly impacted Extra Space Storage's brand reputation were identified in the past year.

The ownership structure of Extra Space Storage is largely dominated by institutional investors, who held approximately 89.73% of the shares as of March 2025. Major institutional owners include Vanguard Group Inc, BlackRock, Inc., Cohen & Steers, Inc., State Street Corp, Norges Bank, Capital World Investors, Principal Financial Group Inc, Geode Capital Management LLC, and JPMorgan Chase Co. Vanguard Fiduciary Trust Co. is noted as the largest institutional shareholder. Company insiders hold approximately 0.97% of the shares. Spencer Kirk is identified as a major individual shareholder, owning 10.21 million shares, representing 4.81% of the company.