Extra Space Storage

EXR · NYSE

$141.05+$2.87 (+2.08%)TodayMarket closed · Oct 20, 7:34 PM ET

Prev close $138.18

EXR analyst rating

HoldConsensus of 14 analysts over the last 12 months. 43% rate it a buy.

Strong buy0
Buy6
Hold8
Underperform0
Sell0

12-month price target · 20 analysts

Average $161.94 (+14.8% upside)

Low: $141.40
Now: $141.05
High: $186.90

Upgrades and downgrades

The latest rating actions, newest first

EXR analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
UBS	Oct 16, 2026	Maintains	Buy	$163.00 → $152.00	45%
Truist Securities	Oct 2, 2026	Upgrade	Hold → Buy	$148.00 → $147.00	54%
Evercore ISI Group	Sep 21, 2026	Maintains	In-Line	$152.00 → $146.00	45%
JP Morgan	Sep 21, 2026	Maintains	Neutral	$157.00 → $153.00	53%
Mizuho	Sep 2, 2026	Maintains	Outperform	$155.00 → $152.00	33%
Wells Fargo	Sep 1, 2026	Maintains	Overweight	$158.00 → $157.00	43%
BMO Capital	Aug 27, 2026	Upgrade	Market Perform → Outperform	$160.00 → $170.00	54%
Scotiabank	Aug 18, 2026	Maintains	Sector Perform	$157.00 → $158.00	47%
RBC Capital	Jul 30, 2026	Maintains	Sector Perform	$153.00 → $157.00	38%
Wells Fargo	Jul 24, 2026	Maintains	Overweight	$154.00 → $158.00	43%

The case for and against

Updated Oct 14, 2026

Bull case

Extra Space Storage is supported by a resilient self-storage platform with more than 4,400 properties across 42 states and over 340 million net rentable square feet, giving it broad scale and diversified revenue sources through wholly owned assets, joint ventures, and managed properties. Its fundamentals also look solid because July move-in rates were up 2% year over year, management sees improved demand in Los Angeles, and the company has kept variable-rate debt near a comfortable 11% while locking in better financing, including an $800 million 7-year bond priced at 4.993%. In addition, better retention of management contracts and a more dynamic, lifetime-value-focused pricing approach suggest stable normalized FFO and sustainable management NOI even if move-in rates remain weak.

Bear case

Extra Space Storage is facing a weaker fundamental setup as estimates were trimmed for 2025 FFO per share to $8.18 from $8.22 and for 2026 to $8.42 from $8.45, while 2027 normalized FFO is now $8.47 versus $8.50 and still only implies 0.3% year-over-year growth in 2026. The cautious outlook reflects slowing self-storage fundamentals, softer pricing surveys, and sensitivity to credit markets that could pressure asset values and funding costs, while higher-than-expected supply, promotions, and lower street rates could further weaken returns. Although the company has a large capital base and more than 4,400 properties, integration risk from rebranding the LSI stores and limited growth visibility support a negative stance.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.