On 12 Nov 2026 our base value for Extra Space Storage is $154.24 a share, 2.5% below its $158.20 close; 0 of 1 valuation methods put it above the price.
| Method | Value | vs price | Basis |
|---|---|---|---|
| Discounted cash flow | — | — | not used for REITs: depreciation of property makes earnings and free cash flow understate what a REIT earns; see price to FFO |
| Exit multiple (P/E) | — | — | not used for REITs: depreciation of property makes earnings and free cash flow understate what a REIT earns; see price to FFO |
| Sum of the parts | — | — | not used for REITs: REITs are valued on funds from operations; see price to FFO |
| Price to sales | — | — | not used for REITs: REITs are valued on funds from operations; see price to FFO |
| Tangible book | — | — | not used for REITs: REITs are valued on funds from operations; see price to FFO |
| Price to FFO (REITs) | $154.24 | -2.5% | funds from operations $8.20 a share (FY2025) at its own 5-year median of 18.8× (today 19.3×) |
Each working is rebuilt by code from the valuation's own figures and checked against the published value.
| Fiscal year | Net income | Depreciation | FFO | Shares | FFO per share | Year-end close | P/FFO |
|---|---|---|---|---|---|---|---|
| 2021 | $877.76m | $241.88m | $1.12bn | 140.02m | $8.00 | $226.73 | 28.4× |
| 2022 | $921.16m | $288.32m | $1.21bn | 141.68m | $8.54 | $147.18 | 17.2× |
| 2023 | $801.97m | $506.05m | $1.31bn | 169.22m | $7.73 | $160.33 | 20.7× |
| 2024 | $900.23m | $783.02m | $1.68bn | 211.58m | $7.96 | $149.60 | 18.8× |
| 2025 | $1.02bn | $715.18m | $1.74bn | 211.85m | $8.20 | $130.22 | 15.9× |
| Median P/FFO | 18.8× |
| Latest FFO per share (FY2025) | $8.20 |
| Value per share = median × latest FFO per share | $154.24 |
For a REIT the base value is the price-to-FFO value: $154.24 a share.
Bear $141.42 · Base $154.24 · Bull $170.14 (the REIT's own lower and upper quartile price-to-FFO)
One-year price simulation: a 65% chance the price is higher than today's $158.20 in a year, from 19.73% volatility. The simulation assumes the price drifts up at our discount rate of 9.54% a year.
| Week | Price | Base value |
|---|---|---|
| 2 Oct 2026 | $133.25 | $154.24 |
| 9 Oct 2026 | $134.65 | $154.24 |
| 16 Oct 2026 | $139.61 | $154.24 |
| 23 Oct 2026 | $143.41 | $154.24 |
| 30 Oct 2026 | $151.32 | $154.24 |
| 6 Nov 2026 | $159.19 | $154.24 |
| 12 Nov 2026 | $158.20 | $154.24 |
Data as of 12 Nov 2026; financials to 30 Sep 2026. Sources: company filings via EODHD, SEC EDGAR, US Treasury. How these values are computed. Not investment advice.
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