Extra Space Storage Inc.

Listed Company

EXRCIK 0001289490NYSELarge AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$3.38B

Net Income

$974.00M

Total Assets

$29.26B

Equity

$13.43B

Shares Out

211.14M

Op. Cash Flow

$1.85B

Business

Extra Space Storage Inc. is a fully integrated, self‑administered and self‑managed real estate investment trust that owns, operates, manages, acquires, develops and redevelops self‑storage properties. It offers month‑to‑month rental storage units for personal and business use, tenant reinsurance, third‑party property management, bridge lending and investments in preferred stock of other operators. The company reports two operating segments—self‑storage operations and tenant reinsurance—and conducts joint ventures and management and lending activities. It operates thousands of stores across many U.S. states and Washington, D.C., and distributes services via on‑site managers, online marketing and third‑party management channels.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Property rental	2,895	2,803	2,223	1,655	1,341
Tenant reinsurance	353	333	236	186	170
Management fees and other income	129	121	102	84	66
Total revenues	3,378	3,257	2,560	1,924	1,577
Property operations	918	832	612	435	369
Tenant reinsurance	69	74	59	34	29
Life Storage Merger transition costs	0	0	67	0	0
General and administrative	186	167	146	129	102
Depreciation and amortization	715	783	506	288	242
Total expenses	1,889	1,856	1,390	888	742
Loss on real estate assets held for sale and sold, net	−76	−26	0	14	141
Impairment of Life Storage trade name	0	−52	0	0	—
Income from operations	1,413	1,323	1,170	1,050	976
Interest expense	−588	−551	−419	−219	−166
Non-cash interest expense related to amortization of discount on unsecured senior notes, net	−48	−44	−19	0	0
Interest income	163	124	85	69	50
Income before equity in earnings and dividend income from unconsolidated real estate entities and income tax expense	941	853	817	901	859
Equity in earnings and dividend income from unconsolidated real estate entities	69	67	55	41	32
Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets and sale of a joint venture interest	55	14	0	0	6
Income tax expense	−42	−33	−22	−21	−20
Net income	1,023	900	850	921	878
Net income allocated to Preferred Operating Partnership noncontrolling interests	−3	−7	−9	−18	−15
Net income allocated to Operating Partnership and other noncontrolling interests	−46	−38	−38	−43	−35
Net income attributable to common stockholders	974	855	803	861	828
Basic (in dollars per share)	4.59	4.03	4.74	6.41	6.2
Diluted (in dollars per share)	4.59	4.03	4.74	6.41	6.19
Basic (in shares)	212	212	169	134	133
Diluted (in shares)	212	212	169	142	140

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Real estate assets, net	25,004	24,588	24,556	9,998	8,835
Real estate assets - operating lease right-of-use assets	732	690	227	222	228
Investments in unconsolidated real estate entities	1,067	1,332	1,072	582	—
Investments in debt securities and notes receivable	1,807	1,551	905	858	719
Cash and cash equivalents	139	138	99	93	71
Other assets, net	515	549	598	414	164
Total assets	29,264	28,848	27,456	12,167	10,474
Secured notes payable, net	1,080	1,011	1,274	1,289	1,321
Unsecured term loans, net	1,495	2,193	2,651	2,340	1,742
Unsecured senior notes, net	9,432	7,757	6,411	2,758	2,360
Revolving lines of credit and commercial paper	1,224	1,362	682	945	535
Operating lease liabilities	761	706	237	229	233
Cash distributions in unconsolidated real estate ventures	74	75	71	67	64
Accounts payable and accrued expenses	358	347	335	172	142
Other liabilities	517	539	383	290	292
Total liabilities	14,940	13,989	12,042	8,089	6,689
Commitments and contingencies	—	—	—	—	—
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued or outstanding	0	0	0	0	0
Common stock, $0.01 par value, 500,000,000 shares authorized, 211,155,322 and 211,995,510 shares issued and outstanding at December 31, 2025 and 2024, respectively	2	2	2	1	1
Additional paid-in capital	14,881	14,832	14,750	3,345	3,286
Accumulated other comprehensive income	−420,000	13	17	49	−43
Accumulated deficit	−1,449	−899	−379	−136	−128
Total Extra Space Storage Inc. stockholders equity	13,433	13,948	14,391	3,260	3,116
Noncontrolling interest represented by Preferred Operating Partnership units	54	76	222	262	259
Noncontrolling interests in Operating Partnership, net and other noncontrolling interests	837	836	801	557	410
Total noncontrolling interests and equity	14,324	14,859	15,414	4,078	3,786
Total liabilities, noncontrolling interests and equity	29,264	28,848	27,456	12,167	10,474

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Amortization of deferred financing costs	12	17	19	9	11
Non-cash lease expense	13	3	2	2	2
Accrual of interest income added to principal of debt securities and notes receivable	−33	−31	−38	−38	−35
Compensation expense related to share-based awards	36	29	26	21	17
Loss on real estate assets held for sale and sold, net	76	26	0	−14	−141
Distributions from unconsolidated real estate ventures	29	31	20	13	7
Other assets	21	−15	−34	695,000	−22
Accounts payable and accrued expenses	7	964,000	35	29	11
Other liabilities	−42	63	−3	8	−9
Net cash provided by operating activities	1,850	1,887	1,402	1,238	952
Acquisition of real estate assets and improvements	−926	−651	−321	−1,291	−1,233
Life Storage Merger, net of cash acquired	0	0	−1,182	0	0
Development and redevelopment of real estate assets	−143	−129	−100	−62	−56
Proceeds from sale of real estate assets	368	125	2	39	573
Investment in unconsolidated real estate entities	−127	−302	−180	−119	−55
Return of investment in unconsolidated real estate ventures	291	15	0	342,000	32
Issuance of notes receivable	−615	−960	−330	−529	−317
Proceeds from sale of notes receivable	113	184	167	210	172
Payments received on notes receivable	246	141	142	284	51
Issuance of loan collateralized with OP units	0	−50	0	0	—
Purchase of equipment and fixtures	−21	−21	−16	−23	−4
Net cash used in investing activities	−814	−1,647	−1,818	−1,648	−838
Proceeds from unsecured term loans, senior notes, revolving lines of credit and commercial paper	16,183	8,686	7,113	5,188	5,707
Principal payments on unsecured term loans, senior notes, revolving lines of credit and commercial paper	−17,249	−8,724	−7,089	−4,208	−5,500
Proceeds from issuance of public bonds, net	1,650	1,300	1,550	396	1,040
Deferred financing costs	−32	−23	−39	−9	−11
Proceeds from share issuances	0	365,000	0	0	—
Repurchase of common stock	−150	0	0	−63	0
Redemption of Preferred OP units for cash	0	0	−5	−5	0
Offering costs associated with shelf registration	0	−522,000	0	0	—
Redemption of Operating Partnership units for cash	−1	−2	−108,000	−5	−788,000
Dividends paid on common stock	−1,374	−1,375	−1,046	−805	−601
Distributions to noncontrolling interests, net of contributions	−63	−63	−60	−58	−39
Net cash (used in) provided by financing activities	−1,036	−202	423	432	−167
Net change in cash, cash equivalents, and restricted cash	−123,000	38	7	22	−52
Interest paid	565	499	339	197	152
Noncontrolling interests in Operating Partnership	−26	−33	−116	0	−6
Common stock and paid-in capital	26	31	16	0	6
Noncontrolling interests in Operating Partnership Note Receivable Payoff	0	2	100	0	0
Real estate assets - operating lease right-of-use assets	6	486	265,000	16	7
Operating lease liabilities	−6	−486	−265,000	−16	−7
Real estate assets, net	488	138	0	172	318
Value of OP units issued	−20	−100	0	−166	−276
Value of investment in consolidated real estate ventures	−136	0	0	—	—
Net debt assumed	−299	0	0	0	−20
Bridge loan receivable	33	39	0	0	—
Investment in unconsolidated real estate ventures	0	2	0	—	—
Real estate assets, net	0	0	13,576	0	0
Unsecured senior notes	0	0	−2,107	0	0
Net liabilities assumed	0	0	−191	0	0
Investment in unconsolidated real estate ventures	0	0	325	0	0
Acquisition of real estate assets	4	11	11	368,000	1
Accounts payable and accrued expenses	−4	−11	−11	−368,000	−1

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