EXR
Extra Space Storage Inc.Evidence as of 2026-10-14The desk's Snapshot
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Overview · 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
Start free to see the full management team.
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.
−0.1 on a −2 to +2 scale (was −0.2 before the debate changed the read).
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 surviving filings and reported results present a mixed picture (Mixed, -0.1 of a possible +2; was -0.2 before debate) with high confidence. Revenues rose from $ 856,027,000 in fiscal Q1 2026 (fiscal quarter ended 2026-04-24) to $ 874,152,000 in fiscal Q2 2026 (fiscal quarter ended 2026-07-24), while net income moved from $ 240,977,000 to $ 263,471,000 and diluted EPS increased from $ 1.14 to $ 1.25 over those same fiscal quarters. Operating income climbed from $ 367,553,000 to $ 392,184,000 as cost of revenue declined from $ 238,303,000 to $ 231,718,000, weighted-average diluted shares were essentially flat near 220.36 million, and point-in-time common shares outstanding edged modestly higher to 211,269,558 as of 2026-07-24. The balance sheet shows cash and cash equivalents rising from $ 138,986,000 as of 2026-03-31 to $ 695,171,000 as of 2026-06-30, total liabilities increasing to $ 15,483,159,000 and total assets to $ 29,660,493,000 as of 2026-06-30, while management reported approximately $ 13.5 billion of outstanding indebtedness as of 2025-12-31 and stated it expects to address maturities with refinancings and equity and/or debt offerings. Market and ownership signals are mixed: short- and medium-term price momentum readings are negative as of 2026-10-13 (momentum_3m -7.5%, momentum_6m -4.4%, momentum_12_1 -1.6%), volatility is low (vol_90d annualized +19.5%, rank_vol_90d 16th percentile), beta to the S&P 500 is 0.39, dividend yield TTM is 4.85% (93rd percentile), and institutional holdings total $ 28.22B as of 2026-06-30. Valuation metrics in the packet show P/FCF ~ 20.4, EV/EBITDA ~ 13.15, P/E TTM ~ 30.74, and an implied FCF growth rate of about 9.48% given the stated discount and terminal assumptions.
What the debate changed
The desk’s debate removed three misattributed news items about Elixir Energy (ASX:EXR); those headlines were dropped because they refer to a different ticker and did not pertain to Extra Space Storage. Removing those items corrected the news set but did not materially alter the surviving financial, filings, market, ownership or valuation claims that underpin the read. The evidence balance nudged from -0.2 to -0.1 after the clarification, reflecting a slightly stronger surviving consensus.
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.
Revenues rose from $856,027,000 in fiscal Q1 2026 (2026-01-01 to 2026-03-31) to $874,152,000 in fiscal Q2 2026 (2026-04-01 to 2026-06-30).
XBRL companyfacts · 0001289490-26-000053Net income increased from $240,977,000 in fiscal Q1 2026 (2026-01-01 to 2026-03-31) to $263,471,000 in fiscal Q2 2026 (2026-04-01 to 2026-06-30).
XBRL companyfacts · 0001289490-26-000053Reads 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.
As of December 31, 2025, the company reported approximately $13.5 billion of outstanding indebtedness and stated it does not anticipate internally generated cash flow will be adequate to repay existing indebtedness at maturity, expecting to repay through refinancings and equity and/or debt offerings (10-K filed 20 February 2026).
10-K filed 2026-02-20As of December 31, 2025, the company reported $1.8 billion outstanding under investments in debt securities and notes receivable (including $1.5 billion outstanding under its bridge loan program) and $993 million of investments in unconsolidated real estate entities, net of cash distributions (10-K filed 20 February 2026).
10-K filed 2026-02-20Reads 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.
As of 2026-10-13, short- and medium-term price momentum readings are negative: momentum_3m is -7.5%, momentum_6m is -4.4%, and momentum_12_1 is -1.6%.
Moneyta signal set · 2026-10-13weakened in debateAs of 2026-10-13, momentum ranks are below median in the research universe: rank_momentum_6m is 34th percentile of 881 and rank_momentum_12_1 is 36th percentile of 881.
Moneyta signal set · 2026-10-13weakened in debateReads 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.
Institutional holdings reported total $28.22B as of 2026-06-30 (13F reporting carries a 45-day lag).
13F holdings · 803 filers · as of 2026-06-30BlackRock, Inc. is listed as a top holder with $3.33B, a 13.1% quarter-over-quarter increase in reported value.
13F holdings · 803 filers · as of 2026-06-30Reads 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.
The headline 'Are Elixir Energy (ASX:EXR) Strategic Talks Still Alive?' reports Elixir answered an ASX price query after a sharp fall and that talks with Beach Energy were ongoing.
News · kalkinemedia.com · 2026-10-13dropped in debateThe headline 'Does Elixir's Diona Well Lift the Taroom Trough (ASX:EXR)?' reports Elixir Energy confirmed an overpressured gas and condensate resource at the Diona well.
News · kalkinemedia.com · 2026-10-09dropped in debateReads 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.
Joseph D. Margolis (Chief Executive Officer) reported two transactions on 2026-08-04, each with action code G for 13,503 shares and reported value "$0"; the filing does not indicate a 10b5-1 trading plan.
Form 4 · Margolis Joseph D (Chief Executive Officer) · $0 code G · 2026-08-04Zachary T. Dickens (EVP, Chief Investment Officer) reported a transaction on 2026-07-01 with action code F for 164 shares and reported value "$24k"; the filing does not indicate a 10b5-1 trading plan.
Form 4 · Dickens Zachary T (EVP, Chief Investment Officer) · $24k code F · 2026-07-01Reads 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.
Using the stated discount and terminal assumptions, today's price implies a free cash flow (FCF) growth rate of 9.48% per year.
Valuation inputs · SEC XBRL + stored EOD closePrice to trailing-12-month free cash flow (P/FCF) is 20.4 based on FCF TTM of $1,444,617,000 and the quoted share/price data.
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 recent operating and balance-sheet items in the provided evidence jointly point to a favorable read: sequential revenue, operating income, net income and diluted EPS all rose from Q1 to Q2 2026 (fundamentals-0, fundamentals-1, fundamentals-2, fundamentals-3), and cash and cash equivalents materially increased over the same quarter (fundamentals-6). Market-level signals show a high trailing dividend yield (market-4) and low volatility with low market sensitivity (market-2, market-3), which, together with sizable institutional holdings and reported increases by major holders (ownership-0, ownership-1, ownership-2), indicate investor demand and income-oriented positioning. Valuation metrics (P/FCF, EV/EBITDA) and the implied FCF growth embedded in price are internally consistent with a moderate-growth profile rather than an extreme premium (valuation-0, valuation-1, valuation-2, valuation-5), and management disclosure that revenues derive from two core segments with no material impairments reported (filings-4) supports continuity of operating performance. Against the bear points, the operational and cash improvements and ongoing institutional backing provide counter-evidence to characterizations of imminent financial distress, while the negative short-term momentum readings (market-0, market-1) coexist with low beta and low volatility, which can reflect a defensive, income-oriented security rather than a fundamentally impaired business.
Chair's verdict, claim by claim
Fragility · computed, not argued
balanced0.41
38 surviving claims rest on 13 distinct sources; the heaviest analyst carries 21% of them, and 90% of what the desk raised survived the debate.
The desk’s read rests on a moderate spread of sources (13) but a concentrated set of surviving claims (38), with one analyst contributing about one-fifth of the content and a high survival rate from debate. That combination means the evidence is coherent and debated within the team, yet still somewhat sensitive to a small number of contributors and to any new filings or computed signals that contradict key items.
Peer context · computed, not argued
12-1 momentum ranks 5th of 5 in REIT—Industrial (as of 2026-10-13).
90-day volatility ranks 4th of 5 in REIT—Industrial (as of 2026-10-13).
dividend yield ranks 1st of 5 in REIT—Industrial (as of 2026-10-13).
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.
11 filings· 2 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+0.6 to the score
5 documents· 3 cited
SEC filing documents
The filings themselves, including the year-over-year comparison of Item 1A risk factors.
Read by Oakes−0.6 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+0.6 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+0.6 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
4 filings· 2 cited
Insider filings
Parsed Forms 3/4/5 from EDGAR: named insiders, share counts, prices, and 10b5-1 plan state, with stated and inferred flags kept apart.
Read by Talbot+0.0 to the score
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.
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.
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Educational analysis of published data. Moneyta does not give investment advice or make recommendations.