EXR

About

Extra Space Storage Inc., headquartered in Salt Lake City, Utah, is a self-administered and self-managed REIT and a member of the S&P 500. As of December 31, 2025, the Company owned and/or operated 4,281 self-storage stores in 43 states and Washington, D.C. The Company's stores comprise approximately 2.9 million units and approximately 330.4 million square feet of rentable space operating under the Extra Space brand. The Company offers customers a wide selection of conveniently located and secure storage units across the country, including boat storage, RV storage and business storage. It is the largest operator of self-storage properties in the United States. Extra Space Storage Inc. Condensed Consolidated Balance Sheets ( In thousands, except share data ) December 31, 2025 December 31, 2024 (Unaudited) Assets: Real estate assets, net $ 25,004,350 $ 24,587,627 Real estate assets - operating lease right-of-use assets 732,176 689,803 Investments in unconsolidated real estate entities 1,066,783 1,332,338 Investments in debt securities and notes receivable 1,806,526 1,550,950 Cash and cash equivalents 138,920 138,222 Other assets, net 515,291 548,986 Total assets $ 29,264,046 $ 28,847,926 Liabilities, Noncontrolling Interests and Equity: Secured notes payable, net $ 1,079,565 $ 1,010,541 Unsecured term loans, net 1,494,659 2,192,507 Unsecured senior notes, net 9,432,427 7,756,968 Revolving lines of credit and commercial paper 1,224,000 1,362,000 Operating lease liabilities 761,106 705,845 Cash distributions in unconsolidated real estate ventures 73,701 75,319 Accounts payable and accrued expenses 357,583 346,519 Other liabilities 516,969 538,865 Total liabilities 14,940,010 13,988,564 Commitments and contingencies Noncontrolling Interests and Equity: Extra Space Storage Inc. stockholders' equity: Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued or outstanding — — 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 December 31, 2024, respectively 2,112 2,120 Additional paid-in capital 14,880,646 14,831,946 Accumulated other comprehensive income (420) 12,806 Accumulated deficit (1,449,172) (899,337) Total Extra Space Storage Inc. stockholders' equity 13,433,166 13,947,535 Noncontrolling interest represented by Preferred Operating Partnership units 53,827 76,092 Noncontrolling interests in Operating Partnership, net and other noncontrolling interests 837,043 835,735 Total noncontrolling interests and equity 14,324,036 14,859,362 Total liabilities, noncontrolling interests and equity $ 29,264,046 $ 28,847,926 Consolidated Statement of Operations for the Three Months and Year Ended December 31, 2025 and 2024 ( In thousands, except share and per share data) - Unaudited For the Three Months Ended December 31, For the Year Ended December 31, 2025 2024 2025 2024 Revenues: Property rental $ 734,225 $ 707,234 $ 2,895,190 $ 2,803,252 Tenant reinsurance 89,251 83,695 352,876 332,795 Management fees and other income 33,991 30,967 129,476 120,855 Total revenues 857,467 821,896 3,377,542 3,256,902 Expenses: Property operations 231,459 221,111 918,148 831,566 Tenant reinsurance 17,031 18,240 68,873 73,886 General and administrative 51,938 44,025 186,343 167,398 Depreciation and amortization 180,089 196,202 715,177 783,023 Total expenses 480,517 479,578 1,888,541 1,855,873 (Loss) gain on real estate assets held for sale and sold, net (6,079) 37,714 (76,310) (25,906) Impairment of Life Storage trade name — — — (51,763) Income from operations 370,871 380,032 1,412,691 1,323,360 Interest expense (149,436) (138,479) (587,613) (551,354) Non-cash interest expense related to amortization of discount on unsecured senior notes, net (12,350) (11,157) (47,519) (43,720) Interest income 38,649 34,676 163,202 124,422 Income before equity in earnings and dividend income from unconsolidated real estate entities and income tax expense 247,734 265,072 940,761 852,708 Equity in earnings and dividend income from unconsolidated real estate entities 16,931 18,764 68,815 67,272 Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets and sale of a joint venture interest 45,167 — 54,521 13,730 Income tax expense (8,968) (6,035) (41,559) (33,478) Net income 300,864 277,801 1,022,538 900,232 Net income allocated to Preferred Operating Partnership noncontrolling interests (723) (1,189) (2,894) (7,262) Net income allocated to Operating Partnership and other noncontrolling interests (12,746) (14,125) (45,645) (38,289) Net income attributable to common stockholders $ 287,395 $ 262,487 $ 973,999 $ 854,681 Earnings per common share Basic $ 1.36 $ 1.24 $ 4.59 $ 4.03 Diluted $ 1.36 $ 1.24 $ 4.59 $ 4.03 Weighted average number of shares Basic 211,648,451 211,737,843 211,850,521 211,575,240 Diluted 221,052,557 211,737,843 211,850,521 211,577,680 Reconciliation of GAAP Net Income to Total Same-Store Net Operating Income — for the Three Months and Year Ended December 31, 2025 and 2024 (In thousands) - Unaudited For the Three Months Ended December 31, For the Year Ended December 31, 2025 2024 2025 2024 Net Income $ 300,864 $ 277,801 $ 1,022,538 $ 900,232 Adjusted to exclude: Loss (gain) on real estate assets held for sale and sold, net 6,079 (37,714) 76,310 25,906 Equity in earnings and dividend income from unconsolidated real estate entities (16,931) (18,764) (68,815) (67,272) Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets and sale of a joint venture interest (45,167) — (54,521) (13,730) Interest expense 149,436 138,479 587,613 551,354 Non-cash interest expense related to amortization of discount on unsecured senior notes, net 12,350 11,157 47,519 43,720 Depreciation and amortization 180,089 196,202 715,177 783,023 Impairment of Life Storage trade name — — — 51,763 Income tax expense 8,968 6,035 41,559 33,478 General and administrative 51,938 44,025 186,343 167,398 Management fees, other income and interest income (72,640) (65,643) (292,678) (245,277) Net tenant insurance (72,220) (65,455) (284,003) (258,909) Non same-store rental revenue (69,992) (45,426) (246,376) (157,718) Non same-store operating expense 43,130 34,812 154,131 103,238 Total same-store net operating income $ 475,904 $ 475,509 $ 1,884,797 $ 1,917,206 Same-store rental revenues 664,233 661,808 2,648,814 2,645,534 Same-store operating expenses 188,329 186,299 764,017 728,328 Same-store net operating income $ 475,904 $ 475,509 $ 1,884,797 $ 1,917,206 Reconciliation of the Range of Estimated GAAP Fully Diluted Earnings Per Share to Estimated Fully Diluted FFO Per Share — for the Year Ending December 31, 2026 - Unaudited For the Year Ending December 31, 2026 Low End High End Net income attributable to common stockholders per diluted share $ 4.40 $ 4.70 Income allocated to noncontrolling interest - Preferred Operating Partnership and Operating Partnership 0.22 0.22 Net income attributable to common stockholders for diluted computations 4.62 4.92 Adjustments: Real estate depreciation 3.02 3.02 Amortization of intangibles 0.05 0.05 Unconsolidated joint venture real estate depreciation and amortization 0.13 0.13 Funds from operations attributable to common stockholders 7.82 8.12 Adjustments: Non-cash interest expense related to amortization of discount on unsecured senior notes, net 0.19 0.19 Amortization of other intangibles related to the Life Storage Merger, net of tax benefit 0.04 0.04 Core funds from operations attributable to common stockholders $ 8.05 $ 8.35 Reconciliation of Estimated GAAP Net Income to Estimated Same-Store Net Operating Income — for the Year Ending December 31, 2026 (In thousands) - Unaudited For the Year Ending December 31, 2026 Low High Net Income $ 1,000,500 $ 1,084,000 Adjusted to exclude: Equity in earnings of unconsolidated joint ventures (63,500) (64,500) Interest expense 595,000 590,000 Non-cash interest expense related to amortization of discount on unsecured senior notes, net 43,000 42,000 Depreciation and amortization 713,500 713,500 Income tax expense 48,000 47,000 General and administrative 192,500 190,500 Management fees and other income (138,000) (139,500) Interest income (149,500) (151,000) Net tenant reinsurance income (289,000) (292,000) Non same-store rental revenues (219,000) (220,000) Non same-store operating expenses 144,500 144,000 Total same-store net operating income 1 $ 1,878,000 $ 1,944,000 Same-store rental revenues 1 2,693,000 2,747,000 Same-store operating expenses 1 815,000 803,000 Total same-store net operating income 1 $ 1,878,000 $ 1,944,000 (1) Estimated same-store rental revenues, operating expenses and net operating income are for the Company's 2026 same-store pool of 1,871 stores. SOURCE Extra Space Storage Inc.

52-Week Range