Analyst Consensus ?
ConsensusHold27 ratings
Bullish1348.1%
Neutral1451.9%
Bearish00.0%
Extra Space Storage Inc. · EXR · FY2025 Q2 · Calendar Q3 2025
EXR Q2 2025: Guidance Held as Rate Growth Turns Positive
The quarter supports a measured, mixed view: high occupancy, improving new-customer rates, and ancillary platforms provide support, but flat same-store revenue and slower rate growth temper the case for durable earnings acceleration.
Reported After market closeNYSEReal Estate
$28.29B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$2.05
Consensus $2.06
EPS surprise
-0.5%
Reported versus consensus
Reported revenue
$841.6M
Consensus $732.2M
Revenue surprise
+14.9%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-10.0%
Event window
SPY move
-0.4%
Same window
Abnormal move
-9.7%
Stock minus SPY
Volume
4.2×
Versus trailing sessions
Subsequent drift
+5.9%
Up to 20 sessions
EXRSPY benchmark
Ask FN2 about EXR FY2025 Q2
Transcript, numbers and history already loaded
Why did EXR fall 10.0% after missing EPS estimates in FY2025 Q2?What changed in EXR's guidance and outlook in FY2025 Q2?Give me the bull and bear case for EXR after FY2025 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Management reported positive year-over-year rate growth to new customers, while same-store revenue remained flat. The company emphasized disciplined capital allocation, ancillary income, and continued expansion of its bridge-loan and third-party-management platforms.
Guidance delta
Maintained versus the prior quarter.
Key takeaways
- Occupancy remained high with modest sequential improvement, while rate growth to new customers turned positive year over year.
- Same-store revenue was flat, with tenant insurance and management fees providing support.
- Capital allocation remained disciplined, including a modest acquisition and joint-venture property buyouts.
- The bridge-loan and third-party-management platforms remain additional sources of growth and acquisition opportunities.
Management priorities
- Continue disciplined acquisitions and evaluate select asset dispositions.
- Expand bridge-loan and preferred-equity offerings.
- Grow the third-party management portfolio.
- Focus on pricing power and occupancy optimization.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$133.03Current
$74Low
$160.25Average
$237High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 7, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Truist Securities | Buy | Hold | Upgrade | Oct 2, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Sep 21, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Sep 21, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Sep 2, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Sep 1, 2026 |
| BMO Capital | Outperform | Market Perform | Upgrade | Aug 27, 2026 |
| Scotiabank | Sector Perform | Sector Perform | Maintain | Aug 18, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Jul 30, 2026 |
| UBS | Buy | Buy | Maintain | Jul 10, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jul 10, 2026 |
| B of A Securities | Neutral | Underperform | Upgrade | Jun 16, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Dec 5, 2025 |
| Citigroup | Neutral | Neutral | Maintain | Aug 22, 2025 |
| Goldman Sachs | Neutral | Buy | Downgrade | Aug 21, 2025 |
| Benchmark | Buy | Buy | Maintain | May 13, 2025 |
| Jefferies | Buy | Hold | Upgrade | Sep 18, 2024 |
| Keybanc | Overweight | Overweight | Maintain | Sep 9, 2024 |
| Raymond James | Outperform | Outperform | Maintain | Jul 23, 2024 |
| Stifel | Buy | Buy | Maintain | Nov 8, 2023 |
| Wolfe Research | Peer Perform | Outperform | Downgrade | Jan 18, 2023 |
| SunTrust Robinson Humphrey | Hold | Hold | Maintain | Apr 17, 2020 |
| Baird | Neutral | Outperform | Downgrade | Jul 18, 2018 |
| Bank of America | Buy | Buy | Maintain | Jul 16, 2018 |
| Cantor Fitzgerald | Neutral | Neutral | Maintain | Nov 10, 2017 |
| Macquarie | Outperform | Neutral | Upgrade | Apr 10, 2014 |
| ISI Group | Hold | Buy | Downgrade | Feb 19, 2014 |
| Deutsche Bank | Hold | Hold | Maintain | Jan 9, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $133.02. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Truist Financial | Analyst unavailable | $147 | $133.15 | +10.5% | Oct 1, 2026 |
| Evercore ISI | Analyst unavailable | $146 | $137.42 | +9.8% | Sep 21, 2026 |
| Mizuho Securities | Ravi Vaidya | $152 | $140.12 | +14.3% | Sep 2, 2026 |
| Wells Fargo | Analyst unavailable | $157 | $141.1 | +18.0% | Sep 1, 2026 |
| BMO Capital | Analyst unavailable | $170 | $144.09 | +27.8% | Aug 27, 2026 |
| BMO Capital | Analyst unavailable | $160 | $146.25 | +20.3% | Aug 24, 2026 |
| Scotiabank | Nicholas Yulico | $158 | $148.68 | +18.8% | Aug 18, 2026 |
| Goldman Sachs | Analyst unavailable | $160 | $148.21 | +20.3% | Jul 30, 2026 |
| Wells Fargo | Analyst unavailable | $158 | $145.42 | +18.8% | Jul 24, 2026 |
| UBS | Analyst unavailable | $163 | $143.92 | +22.5% | Jul 10, 2026 |
| Barclays | Analyst unavailable | $172 | $142.68 | +29.3% | Jul 10, 2026 |
| Truist Financial | Ki Bin Kim | $148 | $143.92 | +11.3% | Jun 17, 2026 |
| Mizuho Securities | Analyst unavailable | $155 | $143.99 | +16.5% | May 27, 2026 |
| UBS | Michael Goldsmith | $158 | $138.58 | +18.8% | May 18, 2026 |
| Wells Fargo | Analyst unavailable | $148 | $141.06 | +11.3% | Apr 16, 2026 |
| Truist Financial | Michael Lewis | $140 | $130.49 | +5.2% | Mar 26, 2026 |
| RBC Capital | Brad Heffern | $153 | $152.75 | +15.0% | Feb 23, 2026 |
| Wells Fargo | Analyst unavailable | $150 | $141.71 | +12.8% | Feb 5, 2026 |
| Truist Financial | Analyst unavailable | $146 | $148.87 | +9.8% | Jan 20, 2026 |
| Barclays | Brendan Lynch | $164 | $138.36 | +23.3% | Jan 13, 2026 |
| Mizuho Securities | Analyst unavailable | $143 | $141.37 | +7.5% | Jan 12, 2026 |
| UBS | Michael Goldsmith | $148 | $133.88 | +11.3% | Jan 8, 2026 |
| Scotiabank | Analyst unavailable | $145 | $133.88 | +9.0% | Jan 8, 2026 |
| Truist Financial | Analyst unavailable | $142 | $132.32 | +6.7% | Dec 16, 2025 |
| Mizuho Securities | Analyst unavailable | $137 | $131.09 | +3.0% | Dec 5, 2025 |
| Morgan Stanley | Analyst unavailable | $152 | $131.09 | +14.3% | Dec 5, 2025 |
| Evercore ISI | Steve Sakwa | $149 | $141.47 | +12.0% | Oct 3, 2025 |
| UBS | Michael Goldsmith | $160 | $143.56 | +20.3% | Sep 16, 2025 |
| Evercore ISI | Steve Sakwa | $147 | $143.73 | +10.5% | Sep 15, 2025 |
| Scotiabank | Analyst unavailable | $162 | $141.84 | +21.8% | Aug 28, 2025 |
| Truist Financial | Ki Bin Kim | $150 | $138.73 | +12.8% | Aug 19, 2025 |
| RBC Capital | Analyst unavailable | $148 | $138.06 | +11.3% | Aug 4, 2025 |
| Scotiabank | Analyst unavailable | $165 | $157.09 | +24.0% | Mar 5, 2025 |
| Jefferies | Jonathan Petersen | $175 | $149.6 | +31.6% | Jan 1, 2025 |
| Wells Fargo | Eric Luebchow | $175 | $171.28 | +31.6% | Oct 21, 2024 |
| Jefferies | Jonathan Petersen | $204 | $178.78 | +53.4% | Sep 18, 2024 |
| Evercore ISI | Steve Sakwa | $170 | $177.48 | +27.8% | Sep 16, 2024 |
| National Bank | Todd Thomas | $178 | $175.84 | +33.8% | Sep 9, 2024 |
| Truist Financial | Ki Bin Kim | $167 | $165.93 | +25.5% | Aug 16, 2024 |
| Bank of America Securities | Jeff Spector | $155 | $158.74 | +16.5% | Aug 5, 2024 |
| Scotiabank | Nicholas Yulico | $159 | $165.44 | +19.5% | Jul 19, 2024 |
| Morgan Stanley | Ronald Kamdem | $74 | $147.8 | -44.4% | Jun 30, 2023 |
| Truist Financial | Ki Bin Kim | $225 | $213.79 | +69.1% | Aug 15, 2022 |
| Goldman Sachs | Caitlin Burrows | $237 | $194.43 | +78.2% | Nov 1, 2021 |
| Berenberg Bank | Keegan Carl | $221 | $194.71 | +66.1% | Oct 29, 2021 |
| Citigroup | Smedes Rose | $175 | $161.6 | +31.6% | Jul 1, 2021 |
| Wells Fargo | Todd Stender | $160 | $145.88 | +20.3% | May 28, 2021 |
Track every rating change on EXR the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationExtra Space Storage Inc., a prominent, self-administered and self-managed real estate investment trust (REIT), is headquartered in Salt Lake City, Utah, and holds a distinguished place as a member of the S&P 500 index. As of September 30, 2020, its expansive portfolio encompassed 1,906 self-storage facilities, with operations spanning 40 U.S. states, Washington, D.C., and Puerto Rico. Collectively, these facilities offer roughly 1.4 million individual storage units, totaling approximately 147.5 million square feet of rentable area. Extra Space Storage caters to diverse customer needs by providing a wide array of secure and conveniently located storage solutions nationwide. This includes specialized options for vehicles like boats and RVs, as well as dedicated business storage. Notably, it holds the position of the second-largest owner and operator of self-storage facilities throughout the U.S., and stands as the nation's largest self-storage management company.
Historical context
All EXR earningsLatest beats and misses
Who reports nextBeat on EPS
- LWFY2027 Q1 · October 6, 2026+27.8% EPS+7.5% move
- RPMFY2027 Q1 · October 6, 2026+1.5% EPS+3.2% move
- ACNFY2026 Q4 · October 1, 2026+3.5% EPS+15.8% move
- MKCFY2026 Q3 · October 1, 2026+13.9% EPS-4.9% move
- NKEFY2027 Q1 · October 1, 2026+10.0% EPS-0.7% move
- CAGFY2027 Q1 · September 30, 2026+44.4% EPS-4.9% move
Get the EXR recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:55.686058+00:00
- Polygon adjusted daily market bars · 2026-10-07T14:50:45.748120+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-07T14:50:45.745331+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-07. For educational purposes only; not investment advice.