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EXR

Extra Space Storage Inc.

EXR

Extra Space Storage Inc. • NYSE
$133.17 ▼ -0.09% (-0.12)
Market Cap $28.27 B
52w High $171.24
52w Low $121.03
Dividend Yield 6.48%
P/E 29.79
Volume 358.72K
Outstanding Shares 212.25M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $777.563M ▼ $28.329M ▼ $169.942M ▼ 21.856% ▼ $0.78 ▼ $1.052B ▲
Q2-2025 $841.618M ▲ $223.082M ▼ $249.731M ▼ 29.673% ▼ $1.18 ▼ $609.518M ▲
Q1-2025 $839.928M ▼ $225.65M ▼ $270.875M ▲ 32.25% ▲ $1.28 ▲ $553.256M ▲
Q4-2024 $840.66M ▼ $335.942M ▲ $262.487M ▲ 31.224% ▲ $1.24 ▲ $551.977M ▼
Q3-2024 $854.78M $325.496M $192.818M 22.558% $0.95 $588.485M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $111.931M ▼ $29.233B ▼ $14.737B ▲ $13.618B ▼
Q2-2025 $125.045M ▲ $29.368B ▲ $14.691B ▲ $13.791B ▼
Q1-2025 $119.559M ▼ $28.994B ▲ $14.215B ▲ $13.887B ▼
Q4-2024 $138.222M ▲ $28.848B ▲ $13.989B ▲ $13.948B ▼
Q3-2024 $88.931M $28.063B $13.104B $14.011B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $188.083M ▼ $457.131M ▼ $-83.407M ▲ $-386.178M ▼ $-13.114M ▼ $465.533M ▼
Q2-2025 $262.716M ▼ $543.861M ▲ $-272.217M ▲ $-266.004M ▼ $5.64M ▲ $539.728M ▲
Q1-2025 $270.875M ▲ $481.404M ▲ $-342.038M ▲ $-159.621M ▼ $-20.255M ▼ $477.135M ▲
Q4-2024 $262.133M ▲ $408.279M ▼ $-769.417M ▼ $410.116M ▲ $48.978M ▲ $403.478M ▼
Q3-2024 $202.945M $468.351M $-112.736M $-342.834M $12.781M $462.29M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Self Storage Operations
Self Storage Operations
 $710.00M ▲$700.00M ▼$720.00M ▲$740.00M ▲
Tenant Reinsurance
Tenant Reinsurance
 $80.00M ▲$80.00M ▲$90.00M ▲$90.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Extra Space Storage has grown its revenue steadily and strongly over the past five years, showing that demand for its storage offering has remained solid. Operating and cash earnings have scaled up with that growth, which signals that the core business is still profitable and efficient. However, profit per share has trended down since its peak, mainly because the company has expanded its share count through deals and growth initiatives, so each share now represents a smaller slice of total earnings. Overall, the income statement reflects a mature, profitable REIT that is growing in size but facing some pressure on per‑share performance as it integrates acquisitions and manages higher costs, including interest expense.

Balance Sheet

Balance Sheet The balance sheet has expanded dramatically, with both assets and equity growing significantly as the company has added properties and absorbed acquisitions. Debt levels are also much higher than a few years ago, but they are supported by a larger asset base and stronger equity, which helps cushion financial risk. This is still a levered balance sheet, as is typical for a real estate trust, so results remain sensitive to interest rates and credit conditions. The structure suggests a company built for scale: sizable property holdings, meaningful leverage, but also a much thicker equity buffer than in the past.

Cash Flow

Cash Flow Cash generation from the business has been consistently strong and has improved over time, tracking the growth in rental income. Free cash flow is very close to operating cash flow because ongoing capital spending appears relatively modest compared with the cash coming in. That pattern suggests the portfolio does not require heavy reinvestment to maintain operations, giving management flexibility to fund dividends, service debt, and pursue selective growth. As with most REITs, the cash position on the balance sheet is small, so the company depends on steady cash flow and access to financing rather than large cash reserves.

Competitive Edge

Competitive Edge Extra Space Storage benefits from being one of the largest players in U.S. self‑storage, which gives it brand recognition, marketing muscle, and cost advantages that smaller operators struggle to match. Its nationwide footprint, broad range of unit types, and focus on clean, secure facilities support a reputation for reliability with both individual and business customers. The third‑party management platform is a key differentiator: it expands the company’s reach without heavy capital outlay, provides fee income, and creates a pipeline of potential acquisitions. Risks to this position include local oversupply in certain markets, ongoing competition from other large chains, and the impact of economic cycles on storage demand and pricing power.

Innovation and R&D

Innovation and R&D While it does not run a traditional R&D lab, Extra Space leans heavily on technology and analytics to sharpen its edge. The company uses data science and AI to adjust prices dynamically, manage occupancy, and improve marketing effectiveness, which can enhance revenue and utilization. Customer‑facing technology—such as an advanced website, digital rental and payment tools, and AI‑driven service agents—aims to make the storage experience faster and more convenient. Investments in solar and other sustainability initiatives also reduce operating costs over time and support a “modern, efficient operator” brand image, though the long‑term payoff depends on continued execution and technology adoption across the portfolio.

Summary

Overall, Extra Space Storage looks like a scaled, established self‑storage REIT that has grown significantly in size and revenue while maintaining solid profitability. The company has taken on more debt to fund expansion, but it also built a much larger equity base and asset portfolio, which helps balance financial risk. Strong, steady cash flows and relatively modest reinvestment needs give it room to support dividends and ongoing growth, though higher interest costs and integration of acquisitions remain watchpoints. Competitively, its national scale, technology focus, and third‑party management platform provide meaningful advantages, but performance will depend on how well it navigates industry competition, local supply conditions, and the broader interest‑rate environment.

NEWS

November 20, 2025 · 6:45 PM UTC

Extra Space Storage Inc. Announces 4th Quarter 2025 Dividend

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October 29, 2025 · 4:15 PM UTC

Extra Space Storage Inc. Reports 2025 Third Quarter Results

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September 24, 2025 · 6:00 PM UTC

Extra Space Storage Inc. Announces Date of Earnings Release and Conference Call to Discuss 3rd Quarter 2025 Results

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