WallStSmart
EXR

Extra Space Storage Inc

NYSE: EXR · REAL ESTATE · REIT - INDUSTRIAL

$140.53
-0.35% today

Updated 2026-04-29

Market cap
$31.01B
P/E ratio
30.68
P/S ratio
9.00x
EPS (TTM)
$4.58
Dividend yield
—
52W range
$123 – $153
Volume
1.3M
OverviewPrice TargetsFinancialsValuationInsidersEarnings

Extra Space Storage Inc (EXR) Financial Forecast & Price Target 2030

Research-backed projections from analyst consensus, management guidance, and sector analysis.

Price target summary

Current
$140.53
Consensus
$144.93
+3.13%
2030 Target
$227.56
+61.93%
DCF
$148.56
+4.09% MoS
15 analysts:
3 Buy10 Hold1 Sell

Management guidance

No specific revenue targets from CEO Joe Margolis were disclosed in available guidance. Management commentary focuses on 2026 as a potential growth inflection year with stabilizing demand, declining new supply deliveries, and positive same-store revenue trends. Q4 2025 showed first positive same-store revenue quarter in over a year with core FFO beating expectations.

Sources: Management guidance, analyst consensus, sector analysishigh confidence

Revenue & price projection

Actual revenue Projected revenue Base case Bull to bear range
Bull case (2030)
$374.81
$4.1B Rev × 20x P/S
Base case (2030)
$227.56
$4.1B Rev × 12x P/S
Bear case (2030)
$147.25
$4.1B Rev × 8x P/S

Financial forecast — research-backed

Metric2023202420252026 (E)2027 (E)2028 (E)2029 (E)2030 (E)
Revenue$2.6B$3.3B$3.4B$3.4B$3.5B$3.7B$3.9B$4.1B
Revenue growth—27.6%1.2%-1.8%3.8%4.8%5.7%6.2%
EPS$4.94$4.35$4.60$4.87$5.08$5.35$5.68$6.08
P/S ratio———12.0x12.0x12.0x12.0x12.0x
Implied price———$187.40$187.40$200.79$214.18$227.56

Catalysts & risks

Growth catalysts
+ Positive same-store revenue inflection in 2026 as supply growth decelerates and demand stabilizes
+ Operating leverage expansion as move-in rates turn positive in major markets driving future rent growth
+ Potential M&A activity - company has scale and strategic positioning for consolidation in self-storage sector
+ Baron Capital's renewed growth thesis and institutional buying interest suggesting valuation re-rating potential
Key risks
- Rising property taxes and operating cost inflation constraining margin expansion despite revenue growth
- Self-storage sector facing structural headwinds from elevated new supply in 2024-2025 impacting pricing power
- High leverage profile (Debt/Equity 1.05) limits financial flexibility if cap rates rise or refinancing costs increase
- Revenue growth deceleration - TTM growth only 3.70% after 27% growth in 2024, suggesting market maturation

Methodology

Extra Space Storage Inc's forward estimates are derived from AI-powered research synthesis combining analyst consensus from 15 Wall Street analysts, management guidance from the latest earnings call, and sector growth forecasts from industry research. Revenue and EPS projections use analyst consensus where available and conservative extrapolation with growth deceleration for outer years. Price targets are calculated using a tiered Price-to-Sales (P/S) methodology, where the P/S multiple is determined by the projected revenue growth rate.

WallStSmart proprietary research model · Not financial advice · Past performance is not indicative of future results · Last researched: April 7, 2026.