EXR
Extra Space Storage Inc.Evidence as of 2026-09-02Overview · Extra Space Storage Inc.
Extra Space Storage Inc., headquartered in Salt Lake City, Utah, is a self-administered and self-managed REIT and a member of the S&P 500. As of December 31, 2022, the Company owned and/or operated 2,338 self-storage stores in 41 states and Washington, D.C. The Company's stores comprise approximately 1.6 million units and approximately 176.1 million square feet of rentable space. The Company offers customers a wide s…
Management team
- Mr. Noah Springer · Executive VP and Chief Strategy & Partnership OfficerFind on LinkedIn
- Mr. Zachary Dickens · Executive VP & Chief Investment OfficerFind on LinkedIn
- Mr. P. Scott Stubbs CPA · Executive VP & CFOFind on LinkedIn
- Mr. Joseph Daniel Margolis J.D. · CEO & DirectorFind on LinkedIn
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Links open LinkedIn searches, not verified profiles. Team data from our market-data vendor's company profile.
Moneyta sentiment
Where the published evidence leans after the desk debated it — not a rating or a recommendation.
+0.4 on a −2 to +2 scale.
What builds the score
Solid bars are analyst rubric scores; faded bars are computed directly from data. Claims dropped in debate count for nothing; weakened claims count at half weight.
Editor's note
Written after the debate settled — the rest of the page is the evidence behind it.
What the evidence shows
The evidence balance is Mixed (+0.4 of a possible +2; was +0.4 before debate) · confidence high. Reported three‑month revenues rose from $ 819,997,000 in the quarter ended 31 March 2025 to $ 874,152,000 in the quarter ended 30 June 2026, while operating income was roughly stable at $ 388,730,000 then $ 392,184,000 with an intra‑period dip to $ 279,120,000 on 30 September 2025. Net income and diluted EPS fell sharply in the quarter ended 30 September 2025 and then partially recovered to $ 263,471,000 and $ 1.25 per share, respectively, by 30 June 2026. Market metrics show low beta ( 0.35 ), a golden cross in place, dividend yield of 4.62% TTM, and valuation ratios of P/E ~ 32.21, EV/EBITDA ~ 13.78 and P/FCF ~ 21.4 alongside an implied FCF growth rate of 10.62% embedded in the current price.
What the debate changed
Nothing material was dropped or weakened in the debate; 100% of the desk’s raised claims survived and the evidence balance remained Mixed at +0.4. The analysts contested interpretation of valuation and momentum signals, but the chair weakened no fundamental claim — the operating‑income dip and the subsequent recovery remain in the record and those facts continued to anchor the read. The risk review highlighted the sparse property‑level and post‑24 July 2026 filing detail, but did not change the surviving numerical claims.
How this note was made
every stage ran before the note was writtenAnalyst desk
Mercer, Oakes, Nash, Ellis, Yates, Talbot and Archer. The desk: named AI agents, not people. Each reads one slice of the evidence and nothing else — no outside knowledge, no browsing — so every finding traces to a source you can open.
Reads the XBRL figures companies file with the SEC — revenue, margins, income, debt and share count, quarter by quarter — and reports which way the trend is running.
Reported quarterly revenues rose from $819,997,000 in the quarter ended 31 March 2025 to $874,152,000 in the quarter ended 30 June 2026 (three-month periods).
XBRL companyfacts · 0001628280-25-021878Operating income moved from $388,730,000 in the quarter ended 31 March 2025 to $392,184,000 in the quarter ended 30 June 2026, with an intra-period dip to $279,120,000 in the quarter ended 30 September 2025 before recovering.
XBRL companyfacts · 0001628280-25-021878Reads the filings themselves, above all the year-over-year diff of Item 1A risk factors: which risks a company added, dropped or quietly reworded since its last annual report.
Which filings the desk reads
The desk reads the annual 10-K in full — its risk factors, and how they changed since last year. Quarterly 10-Qs and event filings (8-Ks, insider Form 4s) are listed for context but not read line by line: the 10-K is where the material risk disclosures live. A brand-new company, or one we have only just begun tracking, may have no annual report on file yet — its risk analysis fills in once that lands.
An 8-K for the company was filed on 2026-08-24 (the 8-K filed 24 August 2026).
8-K filed 2026-08-24The 8-K includes a primary document available at the SEC URL named aug2026ex991announcement.htm, indicating the filing contains an announcement exhibit (Exhibit 99.1) filed on 2026-08-24.
8-K filed 2026-08-24Reads the signal panel above — momentum, volatility, drawdown, relative strength and beta — and ranks each against the whole research universe rather than judging it in isolation.
Beta vs SPY is 0.35 and correlation vs SPY is 0.20 as of 2026-09-01.
Moneyta signal set · 2026-09-01Three-month momentum is -0.4% and six-month momentum is -4.3%, with the six-month momentum ranking in the 27th percentile of a 547-stock research universe on 2026-09-01.
Moneyta signal set · 2026-09-01Reads which funds hold the name and at what weight, plus insider Form 4 filings, to show the exposure you may already carry through index funds.
As of the timestamped snapshot on 2026-09-02, Exchange-traded funds holding EXR include VO at 0.39% weight of the fund.
ETF constituents · market dataAdditional ETF exposures in the same snapshot on 2026-09-02 show VTV at 0.15%, VOO at 0.06%, SCHX at 0.06%, SCHB at 0.06%, and IVV at 0.05% weight of their respective funds.
ETF constituents · market dataReads recent headlines that are genuinely about this company, ignoring rating chatter and market-wide stories. Findings argue in the debate but never move the sentiment score.
Multiple recent filings show institutional position changes in Extra Space Storage during the second quarter, including UBS AM reporting ownership of 2,241,413 shares after a 24,295.0% increase.
News · thelincolnianonline.com · 2026-09-01The Manufacturers Life Insurance Company disclosed a new roughly $17.04 million position in Extra Space Storage during the second quarter in a Form 13F filing.
News · thelincolnianonline.com · 2026-08-29Reads parsed Forms 3/4/5 — who bought or sold, at what size, and whether a 10b5-1 plan was involved. Flags clustered open-market officer buying; treats plan sales as routine and never counts a fund or 10%-holder as an officer.
No insider transactions on file in the trailing 180 days.
Reads the implied-expectations math built from the company's own filings (the growth rate today's price would justify, and the multiples beside it) and argues whether the market's bar looks high or low for this business. Never turns the math into a target.
The model shows an implied free-cash-flow (FCF) growth rate of 10.62% that today's price would justify under the stated discount and terminal assumptions.
Valuation inputs · SEC XBRL + stored EOD closePrice-to-FCF (TTM) is 21.37 based on the price 140.12 and FCF TTM of 1,444,617,000 (FCF per share 6.5556).
Valuation inputs · SEC XBRL + stored EOD closeDebate and risk review
A bull and a bear contest the claims and the chair rules on each; the risk review stress-tests what survived.
A bull and a bear argue the analysts' claims across two rounds, then a chair rules on each one. Only what survives feeds the score — the argument is shown, not hidden, so you can judge the reasoning yourself.
Several company-specific operating metrics show a favorable read: reported quarterly revenue rose from $819.997M to $874.152M (fundamentals-0) while implied gross margin ticked up to ~73.5% (fundamentals-2). Operating income recovered from a mid‑period dip back toward prior levels (fundamentals-1) and net income and diluted EPS both display partial recovery through 6/30/2026 after the intra‑year troughs (fundamentals-3, fundamentals-4). Capital structure is essentially stable with a small decline in shares outstanding (fundamentals-5), and market signals consistent with a lower-volatility, income-oriented profile include a low beta and correlation vs SPY (market-0), very low relative volatility (market-4), and a high trailing dividend yield in the 92nd percentile (market-5). These pieces jointly support a constructive interpretation of the business’s recent operating resilience and income characteristics; short-term negative momentum readings are counterbalanced by stronger 12‑month momentum and ETF ownership that indicates passive exposure (market-1 rebutted by market-2; ownership-0 and ownership-1).
Chair's verdict, claim by claim
Fragility · computed, not argued
balanced0.37
33 surviving claims rest on 13 distinct sources; the heaviest analyst carries 21% of them, and 100% of what the desk raised survived the debate.
The evidence set survived internal debate intact but is moderately fragile: 33 claims rely on just 13 distinct sources, so a few key documents drive much of the picture. The largest analyst contribution (21%) and 100% survival through review mean the read is coherent but sensitive to any one source being amended or reinterpreted.
Peer context · computed, not argued
12-1 momentum ranks 2nd of 2 in REIT—Industrial (as of 2026-09-01).
90-day volatility ranks 2nd of 2 in REIT—Industrial (as of 2026-09-01).
dividend yield ranks 1st of 2 in REIT—Industrial (as of 2026-09-01).
Disconfirming evidence · base rates · falsifiers
Context
Outside consensus, and where this name already sits in your own portfolio.
Third-party consensus shown for context. It never enters Moneyta sentiment — when the two diverge, the debate above is where the why lives.
What this was built from
Every figure on this page traces to one of these. The desk reads only what is listed here — no outside knowledge, no browsing — and each card shows who read it and what it contributed to the score.
14 filings· 1 cited
SEC XBRL filings
Quarterly figures as filed with the SEC, read straight from EDGAR's structured data — not retyped or estimated.
Read by Mercer+0.7 to the score
1 document
SEC filing documents
The filings themselves, including the year-over-year comparison of Item 1A risk factors.
Read by Oakes+0.0 to the score
1 signal set
Moneyta signal set
Computed from our own end-of-day price history and ranked against the whole research universe. No AI involved.
Read by Nash+0.4 to the score
2 holdings records· 1 cited
Fund holdings
Which funds hold this name and at what weight, plus insider Form 4 filings.
Read by Ellis+0.4 to the score
8 headlines· 2 cited
News coverage
Recent headlines about this company, rating chatter excluded and nothing published after the report date.
Read by Yatesnothing survived
1 computation
Valuation inputs
TTM cash-flow figures from the company's own XBRL filings, priced with the stored closing price. Implied growth and multiples only; no fair-value dollar figure reaches the desk, by design.
Read by Archercontext only
1 record· 0 cited
Company profile
Sector, industry and company details.
1 record· 0 cited
Analyst consensus
Third-party consensus, shown for context only — it never enters Moneyta sentiment.
Read means we pulled and handed it to an analyst; cited means a claim on this page points at it. Reading twelve quarters to state one trend is normal — the gap is shown rather than hidden.
Written by AI, checked against sources
The analysts, the bull–bear debate and the editor's note are AI agents reading only the evidence listed on this page. They can misread a filing or a headline, which is why every claim cites a source you can open and check yourself. The sentiment score is arithmetic over the claims that survived the debate, not a language model's opinion.
Educational analysis of published data. Moneyta does not give investment advice or make recommendations. Past patterns do not indicate future results.
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The full terminal on EXR Gold
Who holds it, who's buying, what the Street thinks: live behind the lock, updated as filings land.
Institutional holders
Net institutional flow, Q/Q
Largest holder position
Insider buys, 90 days
Clustered insider value
Street target range
The real figures are for members. Educational analysis, not advice.
Educational analysis of published data. Moneyta does not give investment advice or make recommendations.