NYSE : EXR
Extra Space Storage Inc. — Financial statements
Real Estate · REIT - Industrial · United States
Last price 151.32 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 33.00B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 2.97B | 2.90B | 2.80B | 2.22B | 1.65B | 1.34B |
| Property Management Fees | 137.35M | 129.48M | 120.86M | 101.99M | 83.90M | 66.26M |
| Other Revenue | 408.76M | 421.69M | 400.07M | 290.51M | 226.96M | 202.47M |
| Total Revenue | 3.52B | 3.45B | 3.32B | 2.62B | 1.97B | 1.61B |
| Property Expenses | 885.31M | 860.62M | 790.79M | 594.00M | 423.35M | 379.30M |
| Selling, General & Administrative | 316.66M | 312.75M | 282.06M | 223.32M | 174.88M | 120.99M |
| Depreciation & Amortization | 741.09M | 715.18M | 783.02M | 506.05M | 288.32M | 241.88M |
| Total Operating Expenses | 1.94B | 1.89B | 1.86B | 1.32B | 886.55M | 742.17M |
| Operating Income | 1.58B | 1.56B | 1.47B | 1.29B | 1.08B | 867.55M |
| Interest Expense | -641.98M | -635.13M | -595.07M | -437.82M | -219.17M | -166.18M |
| Interest & Investment Income | 154.37M | 163.20M | 124.42M | 84.86M | 69.42M | 49.70M |
| EBT Excluding Unusual Items | 1.09B | 1.09B | 997.65M | 938.74M | 929.30M | 751.07M |
| Merger & Restructuring Charges | -66.73M | -1.47M | ||||
| Gain (Loss) on Sale of Investments | 54.52M | 54.52M | 13.73M | 6.25M | ||
| Gain (Loss) on Sale of Assets | -11.90M | -76.31M | -25.91M | 14.25M | 140.76M | |
| Asset Writedown | -51.76M | |||||
| Pretax Income | 1.13B | 1.06B | 933.71M | 872.01M | 942.08M | 898.08M |
| Income Tax Expense | 43.90M | 41.56M | 33.48M | 21.56M | 20.93M | 20.32M |
| Earnings From Continuing Operations | 1.09B | 1.02B | 900.23M | 850.45M | 921.16M | 877.76M |
| Minority Interest in Earnings | -49.01M | -48.54M | -45.55M | -47.26M | -60.47M | -50.11M |
| Net Income | 1.04B | 974.00M | 854.68M | 803.20M | 860.69M | 827.65M |
| Preferred Dividends & Other Adjustments | 1.80M | 1.74M | 1.50M | 1.23M | 1.20M | 1.18M |
| Net Income to Common | 1.04B | 972.26M | 853.19M | 801.97M | 859.49M | 826.47M |
| Basic Shares Outstanding | 211.04M | 211.85M | 211.58M | 169.22M | 134.05M | 133.37M |
| Diluted Shares Outstanding | 218.09M | 211.85M | 211.58M | 169.22M | 141.68M | 140.02M |
| EPS (Basic) | 4.92 | 4.59 | 4.03 | 4.74 | 6.41 | 6.20 |
| EPS (Diluted) | 4.92 | 4.59 | 4.03 | 4.74 | 6.41 | 6.19 |
| Dividend Per Share | 6.48 | 6.48 | 6.48 | 6.48 | 6.00 | 4.50 |
| Operating Margin | 44.81% | 45.20% | 44.17% | 49.40% | 54.90% | 53.90% |
| Profit Margin | 29.48% | 28.21% | 25.67% | 30.67% | 43.73% | 51.34% |
| EBITDA | 2.31B | 2.27B | 2.25B | 1.79B | 1.37B | 1.11B |
| EBITDA Margin | 65.74% | 65.83% | 67.57% | 68.54% | 69.56% | 68.92% |
| D&A For Ebitda | 736.85M | 710.94M | 777.72M | 500.68M | 288.32M | 241.88M |
| EBIT | 1.58B | 1.56B | 1.47B | 1.29B | 1.08B | 867.55M |
| EBIT Margin | 44.81% | 45.20% | 44.17% | 49.40% | 54.90% | 53.90% |
| Funds From Operations (FFO) | 1.80B | 1.75B | 1.68B | 1.35B | 1.20B | 973.97M |
| FFO Per Share | 7.90 | 7.57 | 7.56 | 8.38 | ||
| Adjusted Funds From Operations (AFFO) | 1.75B | 1.68B | 1.35B | 1.20B | 973.97M | |
| AFFO Per Share | 7.90 | 7.57 | 7.56 | 8.38 | ||
| FFO Payout Ratio | 75.97% | 78.40% | 81.98% | 77.38% | 67.18% | 61.71% |
| Effective Tax Rate | 3.88% | 3.91% | 3.58% | 2.47% | 2.22% | 2.26% |
| Revenue as Reported | 3.48B | 3.38B | 3.26B | 2.56B | 1.92B | 1.58B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 25.69B | 25.80B | 25.33B | 24.80B | 10.24B | 9.08B |
| Total Real Estate Assets | 25.69B | 25.80B | 25.33B | 24.80B | 10.24B | 9.08B |
| Cash & Equivalents | 114.82M | 138.92M | 138.22M | 99.06M | 92.87M | 71.13M |
| Other Receivables | 123.24M | 148.50M | 136.12M | 144.76M | 152.11M | 121.12M |
| Investment In Debt and Equity Securities | 300.00M | 300.00M | 300.00M | 300.00M | 300.00M | 300.00M |
| Goodwill | 170.81M | 170.81M | 170.81M | 170.81M | 170.81M | |
| Other Intangible Assets | 11.59M | 32.21M | 147.58M | 21.57M | 16.46M | |
| Loans Receivable Current | 1.40B | 1.50B | 1.24B | 594.73M | 491.88M | 381.12M |
| Restricted Cash | 4.85M | 4.26M | 5.08M | 6.02M | 4.87M | 5.07M |
| Other Current Assets | 101.67M | 102.66M | 137.49M | 85.15M | 50.32M | 39.38M |
| Trading Asset Securities | 1.06M | 3.36M | 15.73M | 26.18M | 54.84M | 270.00K |
| Deferred Long-Term Charges | 13.30M | 15.34M | 7.55M | 9.79M | 4.85M | 7.41M |
| Other Long-Term Assets | 1.05B | 1.07B | 1.33B | 1.07B | 582.41M | 457.33M |
| Total Assets | 28.96B | 29.26B | 28.85B | 27.46B | 12.17B | 10.47B |
| Current Portion of Long-Term Debt | 622.10M | 1.33B | ||||
| Current Portion of Leases | 59.42M | |||||
| Long-Term Debt | 11.93B | 11.22B | 12.32B | 11.02B | 7.33B | 6.00B |
| Long-Term Leases | 765.72M | 842.22M | 705.85M | 236.51M | 229.03M | 233.36M |
| Accounts Payable | 458.78M | 357.58M | 346.52M | 334.52M | 171.68M | 142.28M |
| Other Current Liabilities | 75.90M | 73.70M | 75.32M | 71.07M | 67.35M | 63.58M |
| Other Long-Term Liabilities | 494.77M | 373.90M | 538.15M | 378.43M | 289.58M | 251.96M |
| Total Liabilities | 15.20B | 14.94B | 13.99B | 12.04B | 8.09B | 6.69B |
| Common Stock | 2.09M | 2.11M | 2.12M | 2.11M | 1.34M | 1.34M |
| Additional Paid-In Capital | 14.90B | 14.88B | 14.83B | 14.75B | 3.35B | 3.29B |
| Retained Earnings | -2.05B | -1.45B | -899.34M | -379.01M | -135.87M | -128.25M |
| Comprehensive Income & Other | -89.00K | -420.00K | 12.81M | 17.43M | 48.80M | -42.55M |
| Total Common Equity | 12.85B | 13.43B | 13.95B | 14.39B | 3.26B | 3.12B |
| Minority Interest | 915.84M | 890.87M | 911.83M | 1.02B | 818.68M | 669.48M |
| Shareholders' Equity | 13.76B | 14.32B | 14.86B | 15.41B | 4.08B | 3.79B |
| Total Liabilities & Equity | 28.96B | 29.26B | 28.85B | 27.46B | 12.17B | 10.47B |
| Total Debt | 14.17B | 14.13B | 13.03B | 11.26B | 7.56B | 6.23B |
| Net Cash (Debt) | -14.06B | -13.99B | -12.87B | -11.13B | -7.41B | -6.16B |
| Net Cash Per Share | -64.45 | -66.05 | -60.85 | -65.79 | -52.32 | -43.99 |
| Filing Date Shares Outstanding | 208.72M | 211.14M | 212.00M | 211.57M | 134.99M | 134.15M |
| Total Common Shares Outstanding | 208.88M | 211.16M | 212.00M | 211.28M | 133.92M | 133.92M |
| Book Value Per Share | 61.50 | 63.62 | 65.79 | 68.11 | 24.34 | 23.27 |
| Tangible Book Value | 12.68B | 13.25B | 13.74B | 14.07B | 3.07B | 3.10B |
| Tangible Book Value Per Share | 60.68 | 62.75 | 64.83 | 66.61 | 22.90 | 23.15 |
| Land | 5.16B | 5.14B | 4.99B | 4.90B | 2.36B | 2.15B |
| Buildings | 23.63B | 23.23B | 22.34B | 21.66B | 9.43B | 8.23B |
| Construction In Progress | 110.15M | 103.09M | 101.29M | 118.75M | 52.31M | 59.25M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.04B | 974.00M | 854.68M | 803.20M | 860.69M | 827.65M |
| Depreciation & Amortization | 736.85M | 710.94M | 777.72M | 500.68M | 288.32M | 241.88M |
| Other Amortization | 64.75M | 63.69M | 65.70M | 43.11M | 8.77M | 10.59M |
| Gain (Loss) on Sale of Assets | 11.90M | 76.31M | 25.91M | -14.25M | -140.76M | |
| Asset Writedown | 51.76M | |||||
| Stock-Based Compensation | 38.16M | 35.54M | 28.99M | 26.48M | 21.39M | 17.30M |
| Income (Loss) on Equity Investments | -7.77M | -25.30M | 17.02M | 20.06M | 13.16M | 784.00K |
| Change in Accounts Payable | -17.85M | 7.30M | 964.00K | 35.03M | 29.03M | 10.95M |
| Change in Other Net Operating Assets | 11.03M | -21.15M | 47.29M | -37.40M | 8.98M | -31.52M |
| Other Operating Activities | 34.51M | 28.87M | 17.41M | 11.31M | 22.06M | 15.56M |
| Operating Cash Flow | 1.91B | 1.85B | 1.89B | 1.40B | 1.24B | 952.44M |
| Acquisition of Real Estate Assets | -764.45M | -1.09B | -799.67M | -436.89M | -1.38B | -1.29B |
| Sale of Real Estate Assets | 217.33M | 368.18M | 124.93M | 2.13M | 39.37M | 572.73M |
| Net Sale / Acq. of Real Estate Assets | -547.12M | -722.25M | -674.74M | -434.75M | -1.34B | -720.46M |
| Cash Acquisition | -1.18B | -157.30M | ||||
| Investment in Marketable & Equity Securities | 33.21M | 164.21M | -286.50M | -180.28M | -118.62M | -23.07M |
| Other Investing Activities | 110.94M | -256.17M | -685.68M | -20.81M | -35.56M | -94.02M |
| Investing Cash Flow | -402.97M | -814.21M | -1.65B | -1.82B | -1.65B | -837.54M |
| Long-Term Debt Issued | 17.83B | 9.99B | 8.66B | 5.58B | 5.71B | |
| Long-Term Debt Repaid | -17.25B | -8.72B | -7.09B | -4.21B | -5.50B | |
| Net Debt Issued (Repaid) | 418.23M | 584.50M | 1.26B | 1.57B | 1.38B | 206.69M |
| Issuance of Common Stock | 365.00K | 278.17M | ||||
| Repurchase of Common Stock | -469.56M | -149.55M | -63.01M | |||
| Common Dividends Paid | -1.37B | -1.37B | -1.38B | -1.05B | -805.31M | -600.99M |
| Other Financing Activities | -85.75M | -96.76M | -89.14M | -104.55M | -76.23M | -50.58M |
| Net Cash Flow | 3.44M | -123.00K | 38.22M | 7.35M | 21.54M | -51.81M |
| Levered Free Cash Flow | 1.60B | 1.14B | 721.30M | 1.12B | 713.75M | 499.20M |
| Unlevered Free Cash Flow | 1.94B | 1.48B | 1.03B | 1.36B | 841.96M | 592.48M |
| Cash Interest Paid | 579.76M | 564.66M | 499.42M | 338.55M | 197.07M | 152.17M |
| Cash Income Tax Paid | 35.29M | 35.29M | 33.77M | 22.75M | 18.96M | 26.25M |
| Change in Working Capital | -6.81M | -13.86M | 48.25M | -2.37M | 38.01M | -20.57M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 33.00B | 27.64B | 31.71B | 33.87B | 19.71B | 30.36B |
| Enterprise Value | 47.06B | 42.06B | 44.80B | 45.83B | 27.61B | 36.56B |
| Last Close Price | 151.32 | 125.86 | 138.18 | 142.18 | 124.87 | 185.87 |
| Price/FFO Ratio | 15.93 | 18.25 | 18.81 | 14.90 | ||
| Price/AFFO Ratio | 15.93 | 18.26 | 18.82 | 14.90 | ||
| PE Ratio | 30.78 | 28.43 | 37.17 | 42.24 | 22.93 | 36.73 |
| PS Ratio | 9.37 | 8.02 | 9.54 | 12.95 | 10.03 | 18.86 |
| PB Ratio | 2.46 | 1.93 | 2.13 | 2.20 | 4.83 | 8.02 |
| P/OCF Ratio | 17.27 | 14.94 | 16.80 | 24.15 | 15.92 | 31.87 |
| EV/Sales Ratio | 13.37 | 12.21 | 13.48 | 17.53 | 14.05 | 22.71 |
| EV/EBITDA Ratio | 20.33 | 18.54 | 19.95 | 25.57 | 20.20 | 32.96 |
| EV/EBIT Ratio | 29.83 | 27.00 | 30.51 | 35.48 | 25.59 | 42.14 |
| Debt / Equity Ratio | 1.03 | 0.99 | 0.88 | 0.73 | 1.85 | 1.65 |
| Debt / EBITDA Ratio | 5.87 | 6.01 | 5.65 | 6.12 | 5.36 | 5.43 |
| Net Debt / Equity Ratio | 1.02 | 0.98 | 0.87 | 0.72 | 1.82 | 1.63 |
| Net Debt / EBITDA Ratio | 6.07 | 6.17 | 5.73 | 6.21 | 5.42 | 5.55 |
| Asset Turnover | 0.12 | 0.12 | 0.12 | 0.13 | 0.17 | 0.16 |
| Quick Ratio | 0.12 | 0.12 | 0.69 | 0.67 | 1.25 | 0.94 |
| Current Ratio | 0.87 | 0.76 | 3.98 | 2.36 | 3.54 | 3.00 |
| Return on Equity (ROE) | 7.70% | 7.01% | 5.95% | 8.73% | 23.43% | 26.12% |
| Return on Assets (ROA) | 3.39% | 3.35% | 3.26% | 4.08% | 5.96% | 5.46% |
| Return on Invested Capital (ROIC) | 5.37% | 5.31% | 5.19% | 6.58% | 9.74% | 8.90% |
| Earnings Yield | 3.25% | 3.52% | 2.70% | 2.37% | 4.37% | 2.73% |
| Dividend Yield | 4.28% | 4.95% | 4.33% | 4.04% | 4.08% | 1.98% |
| Payout Ratio | 131.81% | 141.10% | 160.88% | 130.27% | 93.57% | 72.61% |
| Buyback Yield / Dilution | -2.93% | -0.13% | -25.03% | -19.44% | -1.19% | -8.05% |
| Total Shareholder Return | 1.35% | 4.82% | -20.70% | -15.40% | 2.89% | -6.07% |