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Extra Space Storage NNN Investor Hub | Cap Rate Trends, Credit Rating Trends, Lease Terms & Due Diligence

Extra Space Storage logo

Last Year Cap

7.0%

This Year Cap

7.3%

Cap Change

0.3%

Last Year Rating

BBB+

This Year Rating

BBB+

Rating Change

No change

Extra Space Storage – NNN Cap Rate Trend

Cap Rate Trends

wdt_ID wdt_created_by wdt_created_at wdt_last_edited_by wdt_last_edited_at Tenant Year Cap Rate
5779 admin2 2026 04:17 AM admin2 2026 04:17 AM 7 Brew 2,020 6.5
5780 admin2 2026 04:17 AM admin2 2026 04:17 AM 7 Brew 2,021 6.3
5781 admin2 2026 04:17 AM admin2 2026 04:17 AM 7 Brew 2,022 6.0
5782 admin2 2026 04:17 AM admin2 2026 04:17 AM 7 Brew 2,023 6.3
5783 admin2 2026 04:17 AM admin2 2026 04:17 AM 7 Brew 2,024 6.6
5784 admin2 2026 04:17 AM admin2 2026 04:17 AM 7 Brew 2,025 6.6
Tenant Year Cap Rate
1031 Exchange
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Credit (what net-lease buyers care about)

Credit Snapshot

Extra Space Storage

Cap Rates NNN
Last Year 7.0%
This Year 7.3%
Change 0.3%
S&P Rating CREDIT
Last Year BBB+
This Year BBB+
Change No change

Extra Space Storage Net Lease: Secure, Essential Investment

Extra Space Storage is a nationally recognized, investment-grade self-storage REIT and one of the largest self-storage operators in the United States. This guide reviews cap rates, lease terms, tenant credit, and key due diligence considerations for buyers and sellers.

For 1031 exchange buyers, Extra Space Storage Ground Lease Properties are important to compare against fee simple Extra Space Storage assets, as lease structure can significantly impact pricing, financing, and long-term resale value.

Investors often target Extra Space Storage assets for:

  • Stable Rental Income Potential
  • High-Quality Self-Storage Locations
  • Investment-Grade Tenant Credit
  • Strong 1031 Exchange Compatibility

Extra Space Storage Ground Lease Properties require careful evaluation of rent escalations, remaining lease term, renewal options, and residual land value compared with fee simple ownership.

Extra Space Storage Ground Lease Properties for 1031 Exchange Buyers

Extra Space Storage Ground Lease Properties often trade differently than fee simple assets. Buyers should carefully review the lease structure, remaining term, renewal options, landlord responsibilities, rent escalations, and reversion rights to properly assess long-term risk and investment performance.

Extra Space Storage – Credit Trend (S&P vs Moody’s)

Tenant_Rating_Trend

wdt_ID wdt_created_by wdt_created_at wdt_last_edited_by wdt_last_edited_at TenantKey Tenant Year Moody SP Moody_Grade SP_Grade Moody_GradeRank SP_GradeRank
1 admin2 2025 03:43 PM admin2 2025 03:43 PM 7eleveninc 7-Eleven, Inc. 2022 Baa2 A Lower Medium Grade Upper Medium Grade 5 6
2 admin2 2025 03:43 PM admin2 2025 03:43 PM 7eleveninc 7-Eleven, Inc. 2023 Baa2 A Lower Medium Grade Upper Medium Grade 5 6
3 admin2 2025 03:43 PM admin2 2025 03:43 PM 7eleveninc 7-Eleven, Inc. 2024 Baa2 A Lower Medium Grade Upper Medium Grade 5 6
4 admin2 2025 03:43 PM admin2 2025 03:43 PM 7eleveninc 7-Eleven, Inc. 2025 Baa2 A Lower Medium Grade Upper Medium Grade 5 6
5 admin2 2025 03:43 PM admin2 2025 03:43 PM 99centsonlystoresllc 99 Cents Only Stores, LLC 2022 Caa2 CCC+ Substantial Risk Substantial Risk 2 2
TenantKey Tenant Year Moody SP Moody_Grade SP_Grade Moody_GradeRank SP_GradeRank

Extra Space Storage Stock Price (NYSE: EXR)

EXR stock price by TradingView

Extra Space Storage Investment Market Statistics

AVERAGE SALE PRICE

$25,000,000

BUILDING SIZE

70,000 – 120,000 SF

AVERAGE NOI

$1,400,000

LAND

2.5 – 5.5 acres

$/SF RANGE

$170 – $320

LEASE TERM SHOWN

20 years

Extra Space Storage Investor Snapshot (Quick Facts)

Origins & Growth (Past)

  • Founded in 1977 in Salt Lake City, Utah
  • Expanded through acquisitions and third-party management
  • Grew into one of the largest U.S. self-storage operators
  • Strategic presence in major metropolitan markets
  • Added climate-controlled and modern storage facilities
  • Became a leading self-storage REIT and national brand

Where Extra Space Storage Stands Today

  • One of the largest U.S. self-storage operators
  • Nationwide portfolio of owned and managed facilities
  • Primarily corporate-owned and professionally managed
  • Strong occupancy and recurring rental income
  • Focused on technology and digital customer experience
  • Continues expanding through acquisitions and third-party management

Where Extra Space Storage Stands Today

  • Digital Growth
  • Operational Efficiency
  • Technology Adoption
  • Strong Occupancy
  • Portfolio Expansion
  • Cost Discipline
  • Demand Growth

 

Why investors buy Extra Space Storage NNN Properties or Extra Space Storage ground Lease Properties?

Pros (what buyers like)

  • Strong tenant credit
    Investment-grade REIT with a long operating history
  • Resilient self-storage demand
    Needs-based business supported by moving, downsizing, and business storage
  • High-quality real estate
    Facilities in dense, high-growth markets with strong demographics
  • Attractive lease structures
    Long-term NNN or ground leases appeal to passive and 1031 exchange buyers

Cons (what can bite you)

  • Lease structure variability
    Some assets are modified NNN with limited landlord responsibilities
  • Market competition
    New self-storage supply can pressure occupancy and rental rates
  • Limited rent growth
    Some leases have modest or fixed rent escalations
  • Re-tenanting challenges
    Purpose-built self-storage facilities have limited alternative uses

Find out more

Extra Space Storage NNN, Extra Space Storage Net Lease, Extra Space Storage Ground Lease, Extra Space Storage Investment, Extra Space Storage Cap Rate, Extra Space Storage Real Estate, Extra Space Storage Lease Term, Extra Space Storage Tenant Credit, Self Storage NNN, Self Storage Investment, NNN Property, Ground Lease, Tenant Credit, Cap Rates, 1031 Exchange

Extra Space Storage Background & History

Extra Space Storage is one of the largest self-storage operators in the United States and a leading self-storage REIT. Founded in 1977, the company has grown through acquisitions, third-party management, and strategic development, building a nationwide portfolio of owned and managed storage facilities.

Today, Extra Space Storage provides secure, climate-controlled, and drive-up storage solutions for residential and commercial customers. Demand is supported by recurring life events such as moving, downsizing, home renovations, business expansion, and seasonal storage needs, making self-storage a resilient real estate sector.

The company continues to invest in technology, online rentals, and operational efficiency while expanding its portfolio through acquisitions and management partnerships.

Why Extra Space Storage Matters to NNN Investors

Extra Space Storage is an investment-grade REIT with a nationally recognized brand and a large portfolio of self-storage facilities across high-growth markets. The business generates recurring rental income from a diversified customer base, providing stable cash flow through different economic cycles.

Many facilities occupy highly visible locations with strong demographics and limited land available for new development. Investors value Extra Space Storage for its institutional-quality real estate, disciplined portfolio growth, and long-term operating stability.

What Buyers and Sellers Should Evaluate

For investors evaluating Extra Space Storage NNN properties, an Extra Space Storage net lease, or an Extra Space Storage ground lease, the investment thesis is typically centered on real estate quality, lease structure, and tenant credit. Buyers generally place greater emphasis on location fundamentals, lease economics, and long-term market demand than on the brand name alone.

Common searches include Extra Space Storage real estate, Extra Space Storage cap rate, Extra Space Storage lease term, Extra Space Storage tenant credit, and Extra Space Storage ground lease. Ultimately, property value is driven by site-specific characteristics, remaining lease term, rent escalations, local market supply, and long-term demand for self-storage.

As the self-storage industry continues to grow, the strongest Extra Space Storage assets are typically located in densely populated markets with high occupancy, strong visibility, and barriers to new competition. Buyers and sellers should evaluate each property individually, including market demographics, accessibility, surrounding competition, lease language, landlord responsibilities, and long-term cash-flow durability before making an investment decision.

Corporate vs. Franchise | Store Count

Extra Space Storage operates under a fully corporate-owned and managed model, with no franchised locations. For NNN and ground lease investors, this means leases are generally backed by the corporate entity, providing a clear lease obligor and strong credit transparency. In the U.S., Extra Space Storage operates and manages more than 4,000 self-storage facilities, including both owned and third-party managed properties, making it one of the largest self-storage operators in the country. For investors, tenant credit, lease structure, remaining lease term, and location quality typically matter more than total facility count.

Extra Space Storage Financial Snapshot

Extra Space Storage operates as a publicly traded REIT and generates billions of dollars in annual revenue from its nationwide portfolio of owned and managed self-storage facilities. The company maintains a strong balance sheet, healthy liquidity, and recurring cash flow supported by stable rental income. For net lease investors, Extra Space Storage's investment-grade credit profile, financial strength, and leadership in the self-storage industry are key factors supporting lease reliability and long-term income stability.

Extra Space Storage Lease Types

Most single-tenant Extra Space Storage properties are structured as long-term NNN or ground leases, although lease terms vary by asset. While many are true NNN leases, some properties may have modified NNN structures with limited landlord responsibilities, such as the roof or structural components. As a result, investors should carefully review lease language, expense responsibilities, rent escalations, renewal options, and remaining lease term before underwriting and pricing the asset.

our team of experts are here for you

Our team helps investors evaluate NNN properties with practical, market-based guidance. In addition, we support buyers and sellers with lease review, pricing analysis, and due diligence strategy.

Whether you are comparing Extra Space Storage ground lease properties or fee simple Extra Space Storage assets, we can help you review the details that affect risk and long-term value. As a result, clients can make more confident decisions based on lease structure, location quality, and investment goals.

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