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Extra Space Storage (NYSE:EXR) is a self-administered and self-managed REIT, which, as of Dec. 31, 2023, owned and/or operated 3,714 self-storage stores in 42 states and Washington, D.C. The company's stores comprise approximately 2.6 million units and 283.0 million square feet of rentable space operating under the Extra Space, Life Storage and Storage Express brands.

It is set to report its Q4 2024 earnings on Feb. 25, 2025. Wall Street analysts expect the company to post revenues of $747.86 million, up from $696.98 million in the previous year.

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If You Bought Extra Space Storage Stock 10 Years Ago

The company's stock traded at approximately $59.29 per share 10 years ago. If you had invested $10,000, you could have bought roughly 169 shares. Currently, shares trade at $174.27, meaning your investment's value could have grown to $29,374 from stock price appreciation alone. However, Extra Space Storage also paid dividends during these 10 years. 

Extra Space Storage's dividend yield is currently 3.77%. Over the last 10 years, it has paid about $41.10 in dividends per share, which means you could have made $6,932 from dividends alone. 

Summing up $29,374 and $6,932, we end up with the final value of your investment, which is $36,306. This is how much you could have made if you had invested $10,000 in Extra Space Storage stock 10 years ago. This means a total return of 263.06%. In comparison, S&P 500 total return for the same period is 230.79%.

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What Could The Next 10 Years Bring? 

Extra Space Storage has a consensus rating of "Buy" and a price target of $172.24 based on the ratings of 18 analysts. The price target implies a potential downside of around 1% from the current stock price.

On Oct. 29, the company announced its Q3 2024 earnings, posting a core FFO of $2.07, beating the consensus estimate of $2.04. However, revenues of $710.87 million missed the consensus of $757.26 million, as reported by Benzinga.

Joe Margolis, CEO of Extra Space Storage, commented: “We continue to maintain strong occupancy during a time of year typically marked by occupancy declines. This occupancy both optimizes performance in the current market and positions the portfolio for future revenue growth. Our third-party management, bridge loan and insurance businesses continue to outperform projections and together with incremental G&A savings, produced core FFO per share growth modestly ahead of our projections.”

Given no expected upside potential, growth-focused investors may not find Extra Space Storage stock attractive. Conversely, the stock can be a good option for income-focused investors, who can benefit from the company's solid dividend yield of 3.77% and consistent hikes. Extra Space Storage has raised its dividend consecutively for the last 14 years.

Check out this article by Benzinga for three more stocks offering high dividend yields. 

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This article If You Invested $10,000 In Extra Space Storage Stock 10 Years Ago, How Much Would You Have Now? originally appeared on Benzinga.com