NYSE: EXR
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Real Estate · Real Estate Investment Trusts
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$27.4B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $9.73B |
| FY2017, ended Dec 31, 2017 | $11.0B |
| FY2018, ended Dec 31, 2018 | $11.5B |
| FY2019, ended Dec 31, 2019 | $13.7B |
| FY2020, ended Dec 31, 2020 | $15.3B |
| FY2021, ended Dec 31, 2021 | $30.4B |
| FY2022, ended Dec 31, 2022 | $19.9B |
| FY2023, ended Dec 31, 2023 | $33.9B |
| FY2024, ended Dec 31, 2024 | $31.7B |
| FY2025, ended Dec 31, 2025 | $27.5B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $27.4B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$3.48B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $992M |
| FY2017, ended Dec 31, 2017 | $1.11B |
| FY2018, ended Dec 31, 2018 | $1.20B |
| FY2019, ended Dec 31, 2019 | $1.31B |
| FY2020, ended Dec 31, 2020 | $1.36B |
| FY2021, ended Dec 31, 2021 | $1.58B |
| FY2022, ended Dec 31, 2022 | $1.92B |
| FY2023, ended Dec 31, 2023 | $2.56B |
| FY2024, ended Dec 31, 2024 | $3.26B |
| FY2025, ended Dec 31, 2025 | $3.38B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $3.48B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $366M | $516M |
| FY2017, ended Dec 31, 2017 | $479M | $566M |
| FY2018, ended Dec 31, 2018 | $415M | $617M |
| FY2019, ended Dec 31, 2019 | $420M | $654M |
| FY2020, ended Dec 31, 2020 | $482M | $704M |
| FY2021, ended Dec 31, 2021 | $828M | $896M |
| FY2022, ended Dec 31, 2022 | $861M | $44.9M |
| FY2023, ended Dec 31, 2023 | $803M | $1.27B |
| FY2024, ended Dec 31, 2024 | $855M | $1.41B |
| FY2025, ended Dec 31, 2025 | $974M | $1.29B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.04B | $1.55B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$115M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $43.9M |
| FY2017, ended Dec 31, 2017 | $55.7M |
| FY2018, ended Dec 31, 2018 | $57.5M |
| FY2019, ended Dec 31, 2019 | $65.7M |
| FY2020, ended Dec 31, 2020 | $109M |
| FY2021, ended Dec 31, 2021 | $71.1M |
| FY2022, ended Dec 31, 2022 | $92.9M |
| FY2023, ended Dec 31, 2023 | $99.1M |
| FY2024, ended Dec 31, 2024 | $138M |
| FY2025, ended Dec 31, 2025 | $139M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $115M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.—
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | — |
| FY2017, ended Dec 31, 2017 | $604M |
| FY2018, ended Dec 31, 2018 | — |
| FY2019, ended Dec 31, 2019 | — |
| FY2020, ended Dec 31, 2020 | — |
| FY2021, ended Dec 31, 2021 | — |
| FY2022, ended Dec 31, 2022 | — |
| FY2023, ended Dec 31, 2023 | — |
| FY2024, ended Dec 31, 2024 | $500M |
| FY2025, ended Dec 31, 2025 | — |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | — |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 65.8% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.209M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 126M |
| FY2017, ended Dec 31, 2017 | 126M |
| FY2018, ended Dec 31, 2018 | 127M |
| FY2019, ended Dec 31, 2019 | 130M |
| FY2020, ended Dec 31, 2020 | 132M |
| FY2021, ended Dec 31, 2021 | 134M |
| FY2022, ended Dec 31, 2022 | 135M |
| FY2023, ended Dec 31, 2023 | 212M |
| FY2024, ended Dec 31, 2024 | 212M |
| FY2025, ended Dec 31, 2025 | 211M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 209M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $431M more bought back than issued
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| Period | Bought back | Paid to employees | Sold for cash | Used in acquisitions |
|---|---|---|---|---|
| FY2016, ended Dec 31, 2016 | — | $8.04M | $123M | — |
| FY2017, ended Dec 31, 2017 | — | $9.56M | $0 | — |
| FY2018, ended Dec 31, 2018 | $0 | $11.2M | $90.2M | — |
| FY2019, ended Dec 31, 2019 | $0 | $13.1M | $199M | — |
| FY2020, ended Dec 31, 2020 | $67.9M | $16.3M | $103M | — |
| FY2021, ended Dec 31, 2021 | $0 | $17.3M | $273M | — |
| FY2022, ended Dec 31, 2022 | $63.0M | $21.4M | $0 | $41.0M |
| FY2023, ended Dec 31, 2023 | $0 | $26.5M | $0 | — |
| FY2024, ended Dec 31, 2024 | $0 | $29.0M | — | — |
| FY2025, ended Dec 31, 2025 | $150M | $35.5M | — | — |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $470M | $38.2M | — | — |
Revenue (TTM)
$3.48B
+4.1% YoY
Net income (TTM)
$1.04B
+9.5% YoY
Cash
$115M
+2.6% YoY
Total debt
—
—
Valuation
At current price- Market Cap
- $31.6B
- P/E
- 30.4×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 9.1×
- Price / Book
- 2.5×
- EV / EBITDA
- —. (Market cap + debt − cash) / EBITDA (TTM)
Growth
Trailing 12 months- Revenue (TTM)
- $3.48B
- Revenue Growth YoY
- 4.1%
- Revenue CAGR 3Y
- 20.6%
- Revenue CAGR 5Y
- 20.0%
- EPS Growth YoY
- 10.1%
- Net Income Growth YoY
- 9.5%
Profitability
Trailing 12 months- Gross Margin
- 73.0%
- Operating Margin
- 43.8%
- Net Margin
- 29.9%
- FCF Margin
- 44.7%
- Return on Equity
- 7.9%
Earnings
Trailing 12 months- Net Income
- $1.04B
- EPS (diluted)
- $4.92
- EBITDA
- $2.26B
- Operating Income
- $1.52B
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $115M
- Total Debt
- —. Short- and long-term borrowings, excluding leases
- Net Cash
- —. Cash − total debt
- Total Assets
- $29.0B
- Total Liabilities
- $15.2B
- Shareholders' Equity
- $12.8B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.91B
- Capital Expenditure
- $357M
- Free Cash Flow
- $1.55B
Dividends and risk
Last 12 months- Dividend Yield
- 4.3%
- Dividend / Share
- $6.48
- Beta (5Y)
- 1.15
Every ratio is calculated from the company’s reported figures.
Note
Revenue is roughly flat year over year at $3.48B.
Strength
Keeps 43.8% of revenue as operating profit.
Strength
Turns 44.7% of revenue into free cash flow.
Strength
Share count is down 1.7% in a year, from buybacks.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 30, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K56Some concerns
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 20, 2026 · Read the filing on EDGAR
- Revenue rose 3.7% to $3.38 billion and net income rose 13.6% to $1.02 billion, helped by lower amortization and joint venture sale gains.
- Long-held stores weakened again: same-store revenue rose 0.1%, while net operating income fell 1.7% as costs rose 4.9%, led by property taxes.
- Debt grew to $13.5 billion and bridge loans rose to $1.5 billion, while the company also bought back $149.5 million of stock.
- The company recorded $115.8 million of estimated losses on stores sold or held for sale, partly offset by $39.5 million of gains.
Business momentum
Improving
“Total revenues $ 3,377,542 $ 3,256,902 $ 120,640 3.7 %”
Outlook
Neutral
“We expect to generate positive cash flow from operations, and we consider projected cash flows in our sources and uses of cash.”
Financial stress
Moderate
“we do not anticipate that our internally generated cash flow will be adequate to repay our existing indebtedness upon maturity and, therefore, we expect to repay our indebtedness through refinancings and equity and/or debt offerings”
Tone against the previous report
About the same
Red flags
- Minor
Large write-down
“we recognized estimated losses of $115,830 related to properties sold or classified as held for sale given their estimated fair value, net of selling costs, was less than the carrying value of the assets”
Positives
Net income grew about 13.6%
“Net Income $ 1,022,538 $ 900,232”
Third-party management platform expanded by 281 stores
“we managed 1,856 stores for third party owners, compared to 1,575 stores as of December 31, 2024”
Met all debt covenants at year end
“We were in compliance with all financial covenants at December 31, 2025.”
Concerns
Profit from long-held stores fell as costs outpaced flat revenue
“Same-store net operating income $ 1,884,797 $ 1,917,206 (1.7)%”
Total debt rose by about $880 million
“As of December 31, 2025, we had approximately $13,481,899 in total face value of debt, compared to approximately $12,600,661 as of December 31, 2024.”
Bridge loan exposure kept growing, raising possible credit losses
“The balance of bridge loans outstanding was $1,500,151 as of December 31, 2025, compared to $1,244,575 as of December 31, 2024.”
New risks since the previous report
Errors, legal exposure or falling behind rivals from using AI tools in marketing and store operations
“The use of AI tools may introduce errors or inadequacies that are not easily detectable”
Rising property taxes squeezing store profits, including possible retroactive increases
“the amount of property taxes we are required to pay could increase substantially from the property taxes we currently pay or have paid in the past, including on a retroactive basis”
Biggest risks named
- Refinancing about $13.5 billion of debt, which internal cash cannot repay
- Competition and new store development pressuring occupancy and rents
- Economic weakness and month-to-month leases affecting occupancy and rents
- Losses on $1.8 billion of bridge loans and other debt investments
- Higher interest costs on about $2.4 billion of variable-rate debt
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +6 | |
| Outlook | 0 | |
| Tone against the previous report | 0 | |
| Financial stress | −8 | |
| Red flags | −1.5 | |
| New risks | −1 | |
| Score | 56 | |
Written by AI (Claude Opus 5.5) from the report’s text. 12 of 12 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 30, 2026 | Pro | |||
| 10-K | Feb 20, 2026 | 56 | Improving | 1 minor | |
| 10-K | Feb 28, 2025 | 56 | Improving | 1 minor | |
| 10-K | Feb 29, 2024 | 49 | Mixed | None | |
| 10-K | Feb 28, 2023 | 64 | Strong improvement | None | |
| 10-K | Feb 28, 2022 | 63 | Strong improvement | None | |
| 10-K | Feb 26, 2021 | 57 | Improving | None | |
| 10-K | Feb 25, 2020 | 57 | Improving | None | |
| 10-K | Feb 26, 2019 | 49 | Mixed | None | |
| 10-K | Mar 1, 2018 | 64 | Strong improvement | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 30, 2026. View filings on SEC EDGAR