Financials Extra Space Storage Inc.

Stocks

EXR

US30225T1025

Specialized REITs

Market Closed - NYSE Other stock markets 21:02:22 17/07/2026 BST			5-day change	1st Jan Change
148.16 ^USD	-1.44%		+2.92%	+13.78%

07-15	Jefferies Adjusts Extra Space Storage Price Target to $161 From $166, Maintains Buy Rating	MT
07-10	UBS Adjusts Price Target on Extra Space Storage to $163 From $158	MT

Projected Income Statement: Extra Space Storage Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	1,341	1,655	2,223	2,803	2,895	2,966	3,055	3,221
Change	-	23.4%	34.32%	26.13%	3.28%	2.45%	2.98%	5.45%
EBITDA ¹	1,218	1,339	1,676	2,106	2,204	2,423	2,484	2,569
Change	-	9.93%	25.21%	25.66%	4.64%	9.94%	2.49%	3.42%
EBIT ¹	976	1,050	1,170	1,323	1,413	1,603	1,665	1,739
Change	-	7.63%	11.4%	13.09%	6.75%	13.48%	3.87%	4.46%
Interest Paid ¹	-166.2	-219.2	-419	-551.4	-587.6	-599.6	-611.3	-632
Earnings before Tax (EBT) ¹	859.5	900.7	817.2	852.7	940.8	1,056	1,124	1,180
Change	-	4.79%	-9.27%	4.35%	10.33%	12.22%	6.48%	5.01%
Net income ¹	827.6	860.7	803.2	854.7	974	1,005	1,057	1,116
Change	-	3.99%	-6.68%	6.41%	13.96%	3.23%	5.15%	5.54%
Announcement Date	23/02/22	22/02/23	27/02/24	25/02/25	19/02/26	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4	2028 Q1
Net sales ¹	321.5	351.4	364.5	379.8	408	428.8	438.1	434	440.7	650.9	697	688	697.1	710.9	707.2	704.4	721	735.6	734.2	733.2	739.1	748.6	746	750.2	762.1	774.1	772.2	-
Change	-	9.29%	3.75%	4.19%	7.43%	5.08%	2.17%	-0.94%	1.56%	47.68%	7.08%	-1.28%	1.32%	1.98%	-0.51%	-0.4%	2.36%	2.02%	-0.18%	-0.14%	0.81%	1.28%	-0.34%	0.56%	1.59%	1.57%	-0.25%	-
EBITDA ¹	256.4	287.8	374	303.2	344.7	341.3	349.5	342	352.4	550.1	529.6	532.8	499.6	556.9	576.2	569.1	551.2	561.7	557	553.3	613.1	625.1	618	613.4	632	648.2	638.8	614.4
Change	-	12.24%	29.94%	-18.92%	13.69%	-1%	2.41%	-2.13%	3.04%	56.1%	-3.73%	0.6%	-6.24%	11.48%	3.47%	-1.24%	-3.14%	1.9%	-0.83%	-0.66%	10.79%	1.96%	-1.14%	-0.73%	3.02%	2.57%	-1.45%	-3.81%
EBIT ¹	196.8	226.3	311.8	235.3	275.7	269.9	269.6	263.5	273.3	299.8	333.5	335.8	304.8	302.7	380	388.7	374	279.1	370.9	367.6	404.8	414	411.5	408.4	422.3	432	426	426.6
Change	-	14.96%	37.78%	-24.53%	17.15%	-2.11%	-0.11%	-2.24%	3.72%	9.68%	11.23%	0.71%	-9.25%	-0.66%	25.53%	2.29%	-3.8%	-25.36%	32.87%	-0.89%	10.14%	2.26%	-0.59%	-0.75%	3.39%	2.31%	-1.39%	0.14%
Charge d'intérêts ¹	-40.24	-39.67	-45.58	-42.54	-47.47	-56.24	-72.92	-80.1	-86.37	-122.9	-129.7	-132.9	-137.1	-142.9	-138.5	-142.4	-146.1	-149.6	-149.4	-147.3	-147.2	-148.1	-149	-149.1	-149.8	-151.9	-152.4	-
Earnings before Tax (EBT) ¹	175.7	198.3	279	211.8	243.3	231.7	213.9	202.9	208	190.8	215.5	215.8	188	183.8	265.1	274	258.1	161	247.7	247.2	271.9	278.6	275.9	274.7	284.7	293.5	288.7	289.8
Change	-	12.9%	40.68%	-24.11%	14.87%	-4.74%	-7.7%	-5.15%	2.54%	-8.31%	12.97%	0.15%	-12.89%	-2.22%	44.2%	3.36%	-5.81%	-37.62%	53.9%	-0.2%	9.99%	2.46%	-0.96%	-0.44%	3.65%	3.08%	-1.64%	0.39%
Net income ¹	167.9	188.3	268.4	203.6	232.1	220.7	204.3	196.3	202.4	188.4	216.1	213.1	185.9	193.2	262.5	270.9	249.7	166	287.4	241	254.4	260	256	253.8	267.9	274.6	271.6	275.6
Change	-	12.1%	42.57%	-24.16%	14.02%	-4.92%	-7.46%	-3.9%	3.11%	-6.95%	14.75%	-1.4%	-12.78%	3.95%	35.86%	3.2%	-7.81%	-33.53%	73.13%	-16.15%	5.57%	2.2%	-1.53%	-0.85%	5.54%	2.5%	-1.09%	1.47%
Announcement Date	27/07/21	27/10/21	23/02/22	03/05/22	02/08/22	01/11/22	22/02/23	02/05/23	03/08/23	07/11/23	27/02/24	30/04/24	30/07/24	29/10/24	25/02/25	29/04/25	30/07/25	29/10/25	19/02/26	28/04/26	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Extra Space Storage Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	5,882	7,239	10,918	12,184	13,092	13,157	13,242	13,326
Change	-	23.07%	50.82%	11.6%	7.45%	0.5%	0.65%	0.63%
Announcement Date	23/02/22	22/02/23	27/02/24	25/02/25	19/02/26	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Extra Space Storage Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	1,290	84.85	116.2	149.1	164.2	142.9	132.5	133.6
Change	-	-93.42%	36.92%	28.37%	10.08%	-12.97%	-7.26%	0.8%
Free Cash Flow (FCF) ¹	-	1,153	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Announcement Date	23/02/22	22/02/23	27/02/24	25/02/25	19/02/26	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Extra Space Storage Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	90.82%	80.9%	75.42%	75.14%	76.13%	81.7%	81.31%	79.75%
EBIT Margin (%)	72.78%	63.48%	52.65%	47.21%	48.79%	54.05%	54.51%	54%
EBT Margin (%)	64.09%	54.43%	36.77%	30.42%	32.49%	35.59%	36.8%	36.65%
Net margin (%)	61.72%	52.01%	36.14%	30.49%	33.64%	33.9%	34.61%	34.64%
FCF margin (%)	-	69.7%	-	-	-	-	-	-
FCF / Net Income (%)	-	134%	-	-	-	-	-	-
Profitability
ROA	8.33%	7.6%	4.05%	3.04%	3.35%	3.43%	3.74%	3.94%
ROE	29.22%	27%	9.1%	6.03%	7.11%	7.66%	8.2%	8.82%
Financial Health
Leverage (Debt/EBITDA)	4.83x	5.41x	6.51x	5.78x	5.94x	5.43x	5.33x	5.19x
Debt / Free cash flow	-	6.28x	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	96.16%	5.13%	5.23%	5.32%	5.67%	4.82%	4.34%	4.15%
CAPEX / EBITDA (%)	105.89%	6.34%	6.93%	7.08%	7.45%	5.9%	5.33%	5.2%
CAPEX / FCF (%)	-	7.36%	-	-	-	-	-	-
Items per share
Cash flow per share ¹	-	8.739	8.288	8.921	8.734	8.318	8.821	9.383
Change	-	-	-5.16%	7.64%	-2.1%	-4.76%	6.05%	6.37%
Dividend per Share ¹	4.5	6	6.48	6.48	6.48	6.558	6.779	7.004
Change	-	33.33%	8%	0%	0%	1.2%	3.37%	3.32%
Book Value Per Share ¹	23.27	24.34	68.11	65.79	63.62	59.93	59.76	59.68
Change	-	4.59%	179.84%	-3.41%	-3.3%	-5.79%	-0.28%	-0.14%
EPS ¹	6.19	6.41	4.74	4.03	4.59	4.598	4.84	5.09
Change	-	3.55%	-26.05%	-14.98%	13.9%	0.18%	5.25%	5.18%
Nbr of stocks (in thousands)	133,892	133,922	211,278	211,984	212,248	211,261	211,261	211,261
Announcement Date	23/02/22	22/02/23	27/02/24	25/02/25	19/02/26	-	-	-