Extra Space Storage Stock: Is Wall Street Bullish or Bearish?
Salt Lake City, Utah-based Extra Space Storage Inc. (EXR) is a popular name in the self-storage industry. Valued at $29.6 billion by market cap, the REIT offers a vast array of storage facilities and rentable storage space to its customers, located across the nation.
The real estate major has significantly underperformed the broader market over the past year. EXR stock has plummeted 18.7% over the past 52 weeks and 7.1% on a YTD basis, compared to the S&P 500 Index’s ($SPX) 13.3% surge over the past year and 8.3% uptick in 2025.
Narrowing the focus, Extra Space has also underperformed the sector-focused Real Estate Select Sector SPDR Fund’s (XLRE) 1.4% dip over the past year and 2.2% uptick in 2025.
Extra Space Storage’s stock prices plunged more than 10% in the trading sessions following the release of its mixed Q2 results on Jul. 30. Q2 was marked with historically high occupancy rates, steady existing customer behavior, and gradually improving new customer rates. Its topline for the quarter grew 3.8% year-over-year to $841.6 million, surpassing the Street expectations by 70 bps. However, Extra Space’s same-store revenues remained flat, while net operating income dropped by 3.1%. Further, the company’s Core FFO (CFFO) per share dipped 49 bps year-over-year to $2.05 and missed the consensus estimates by one cent.
For the full fiscal 2025, ending in December, analysts expect EXR to deliver a CFFO of $8.16 per share, down 10.5% year-over-year. The company has a mixed FFO surprise history. While it surpassed the Street’s FFO estimates thrice over the past four quarters, it missed the projections on one other occasion.
Nevertheless, the stock maintains a consensus “Moderate Buy” rating overall. Of the 22 analysts covering the EXR stock, opinions include eight “Strong Buys,” one “Moderate Buy,” and 13 “Holds.”
This configuration has remained mostly stable in recent months.
On Aug. 4, Evercore ISI Group analyst Steve Sakwa reiterated an “In-Line” rating on EXR and lowered the price target from $148 to $146.
As of writing, EXR’s mean price target of $160.05 represents a 15.1% premium to current price levels. While the street-high target of $178 suggests a notable 28% upside potential.
On the date of publication, Aditya Sarawgi did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.