10-KPeriod: FY2025

Extra Space Storage Inc. Annual Report, Year Ended Dec 31, 2025

Filed February 20, 2026For Securities:EXR

Summary

Extra Space Storage Inc. (EXR) reported a solid year of growth and operational performance for the fiscal year ending December 31, 2025. The company, a leading REIT in the self-storage industry, saw its total revenues increase by 3.7% to $3.38 billion, driven by a 3.3% rise in property rental revenue, largely due to strategic acquisitions and improved performance at same-store properties. The company expanded its portfolio, acquiring 76 wholly-owned stores and managing a total of 4,281 stores across 43 states and Washington D.C. by year-end 2025. Financially, EXR maintained a robust balance sheet with total assets of $29.26 billion. While debt increased to $13.48 billion, the company's leverage ratio remained manageable, and its fixed-rate debt constituted a significant majority of its total debt at 82.1%. The company's focus on operational efficiency and strategic growth, including its bridge lending program and expansion of third-party management services, positions it well for continued value creation. EXR also demonstrated a commitment to shareholder returns, repurchasing approximately $149.5 million of its common stock during the year.

Financial Highlights

41 data points
Beta

Revenue

$3.38B

72.8% Gross Margin

Net Income

$974.00M

28.8% Net Margin

EPS (Diluted)

$4.59

Total Assets

$29.26B

Cash & Equivalents

$138.92M

Free Cash Flow

$1.85B

Financial Statements
Beta
Revenue$3.38B
Cost of Revenue$918.15M
Gross Profit$2.46B
Operating Expenses$1.89B
Operating Income$1.41B
Net Income$974.00M
EPS (Basic)$4.59
EPS (Diluted)$4.59
Shares Outstanding (Basic)211.85M
Shares Outstanding (Diluted)211.85M

Key Highlights

  • 1Total revenues grew by 3.7% to $3.38 billion in 2025.
  • 2Property rental revenue increased by 3.3%, supported by acquisitions and same-store performance.
  • 3Expanded its portfolio to 4,281 owned and managed stores by the end of 2025.
  • 4Maintained a strong balance sheet with total assets of $29.26 billion and manageable leverage.
  • 5Repurchased $149.5 million of common stock under its share repurchase program.
  • 6Same-store net operating income decreased slightly by 1.7%, impacted by a 4.9% increase in operating expenses, particularly property taxes.
  • 7Interest income increased significantly by 31.2%, driven by a larger bridge loan portfolio.

Frequently Asked Questions

In 2025, Extra Space Storage Inc. reported total revenues of $3.38 billion, a 3.7% increase from $3.26 billion in 2024. This growth was primarily driven by a 3.3% increase in property rental revenue, attributed to acquisitions and improved performance in same-store properties.

As of December 31, 2025, Extra Space Storage Inc. had total assets of $29.26 billion and total liabilities of $14.94 billion. The company had approximately $13.48 billion in total debt outstanding, with 82.1% of it being fixed-rate debt. The company maintained a BBB+/Stable rating from S&P and a Baa2/Stable rating from Moody's, indicating a stable financial position.

Extra Space Storage's growth is driven by its strategy to acquire, develop, and redevelop self-storage properties. The company also benefits from economies of scale due to its clustered asset strategy, sophisticated revenue management systems, and its expanding third-party management business. Its bridge lending program also contributes to growth by creating acquisition opportunities and generating interest income.

For the same-store pool of 1,804 properties, net operating income (NOI) decreased by 1.7% to $1.88 billion in 2025 compared to $1.92 billion in 2024. This was primarily due to a 4.9% increase in same-store operating expenses, notably driven by a 7.6% rise in property taxes and a 7.1% increase in repairs and maintenance.