Barclays Lifts Extra Space Storage (EXR) Target as Self-Storage REIT Models Are Updated

Extra Space Storage Inc. (NYSE:EXR) is included among the 15 Best Stocks to Buy Now for Passive Income.

On March 5, Barclays raised its price recommendation on Extra Space Storage Inc. (NYSE:EXR) to $170 from $164. It reiterated an Overweight rating on the shares. The firm said it updated its models for self-storage real estate investment trusts following the fourth-quarter reports.

During the Q4 2025 earnings call, CEO Joseph Margolis said Extra Space delivered modest growth, even as operating conditions remained challenging, though he noted they are gradually improving. He said the company generated 2.5% core FFO growth in the fourth quarter and 1.1% growth for the full year. Margolis pointed to improving operating trends across the portfolio. Sixteen of the company’s top 20 markets reported year-over-year increases in move-in rates.

He also noted that revenue trends improved as the year progressed. Same-store revenue returned to positive territory in the fourth quarter, rising 0.4%. Margolis also spoke about the company’s capital allocation. He said Extra Space repurchased about $141 million of its common shares during the period. The company also acquired 27 operating storage properties for about $305 million and originated $80 million in bridge loans.

He added that the company’s diversified external growth platform continues to open opportunities across several channels. According to Margolis, this approach gives the company an edge when competing for external growth opportunities in the industry.

Extra Space Storage Inc. (NYSE:EXR) is a self-administered and self-managed real estate investment trust. The company owns, operates, manages, provides lending to, acquires, develops, and redevelops self-storage properties. Its facilities offer month-to-month rental of storage space for personal or business use.

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