Extra Space Storage Inc. (EXR)

In the past six months, Extra Space Storage's stock has been influenced by several events. The Q3 2025 earnings report showed a decrease in net income per diluted share and a decline in same-store revenue and NOI. The Q4 and full-year 2025 earnings report showed an increase in net income and Core FFO. The company declared a first-quarter 2026 cash dividend of $1.62 per share. The CEO sold 7,500 shares of stock. Analyst firms adjusted their price objectives and ratings for EXR. As of April 1, 2026, the share price was $132.49, representing a decline of 11.30% from April 1, 2025.

Demand for Extra Space Storage's products and services exhibits clear seasonality. The self-storage busy season typically runs from spring through summer, with demand peaking from May through August, driven by residential moves, home renovations, and college students storing belongings. Demand often slows during the fall and winter months. Regional variations exist, with college towns experiencing sharper peaks and valleys, coastal markets seeing increased demand around storm season, and Sun Belt states often maintaining consistent demand throughout the year. Occupancy levels generally peak in July and are lowest in late February and early March.

Extra Space Storage, Inc. (EXR) is a leading American REIT specializing in self-storage facilities, headquartered in Salt Lake City, Utah. It is the largest owner and operator of self-storage units in the United States and the largest self-storage property manager. The company rents diverse self-storage units to individuals and businesses, offering various sizes, climate-controlled units, drive-up units, lockers, and specialized storage. It also provides ancillary services such as moving supplies, packing materials, tenant insurance, and a bridge lending program.

Extra Space Storage has a geographically diversified footprint across the United States. As of December 31, 2025, the company owned and/or operated 4,281 self-storage stores in 43 states and Washington, D.C., comprising approximately 2.9 million units and 330.4 million square feet of rentable space. As of March 31, 2025, it managed 4,099 locations across 43 states and Washington, D.C. The company's portfolio includes wholly-owned properties, joint ventures, and facilities managed for third-party owners.

Extra Space Storage has maintained a positive brand reputation, highlighted by several recognitions and ongoing initiatives. The company was recognized by Utah Business as a "2024 Fast 50 Company" and named in the top 25 companies on Forbes' "America's Best Companies" 2025 list. Extra Space Storage continues to be recognized for its sustainability initiatives, including having solar installations at many of its properties. The company celebrated its merger with Life Storage, which occurred in July 2023, at a NYSE Closing Bell Ceremony. Extra Space Storage has been awarded multiple times as a "Best Place to Work" by various organizations.

Extra Space Storage's ownership is predominantly institutional, with institutions controlling 93.05% of the company's stock as of March 5, 2025. As of April 9, 2026, 741 institutional owners held a total of 211,252,103 shares. Major institutional shareholders include Vanguard Group Inc., BlackRock, Inc., and Cohen & Steers, Inc. Insiders hold a smaller percentage, approximately 0.89% to 1.08% of the company's stock. Spencer Kirk is a significant individual shareholder, owning 10.14 million shares, representing 4.80% of the company.