Extra Space Storage's Quarterly Earnings Preview: What You Need to Know

Company Overview - Extra Space Storage Inc. (EXR) has a market cap of $31.6 billion and is the largest operator of self-storage properties in the U.S., owning and/or operating 4,238 stores across 43 states and Washington, D.C. as of September 30, 2025 [1] Financial Performance - Analysts project EXR to post a core FFO of $2.04 per share for fiscal Q4 2025, a slight increase from $2.03 per share in the same quarter last year [2] - For fiscal 2025, core FFO is expected to be $8.16 per share, reflecting a decrease of 10.5% from $9.12 per share in fiscal 2024, but is anticipated to rise to $8.38 per share in fiscal 2026, a year-over-year increase of 2.7% [3] Stock Performance - Over the past 52 weeks, shares of Extra Space Storage have decreased by 1.8%, underperforming the S&P 500 Index, which gained 16.9%, and the State Street Real Estate Select Sector SPDR ETF, which returned 2.7% [4] - Despite reporting a better-than-expected Q3 2025 core FFO of $2.08 per share, shares fell by 4.9% the following day due to missing revenue expectations, with quarterly revenue reported at $858.46 million and net income down 14.3% year-over-year to $0.78 per share [5] Analyst Sentiment - The consensus view among analysts on EXR stock is cautiously optimistic, with a "Moderate Buy" rating. Out of 20 analysts, six recommend a "Strong Buy" and 14 suggest a "Hold." The average price target for the stock is $151.06, indicating a potential upside of 1.5% from current levels [6]