EXRNYSEReal Estate Investment TrustsUS GAAP · USD

Extra Space Storage Inc.

Extra Space Storage Inc. is a self-managed REIT that owns, operates, acquires, develops and redevelops self-storage properties across the United States. It also earns fee income by managing stores for third-party owners, providing bridge lending to storage operators, and writing tenant reinsurance through a wholly owned subsidiary.

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Revenue3,378m USD
+3.7 %y/y
Operating profit (EBIT)1,413m USD
+6.8 %y/y
EBIT margin41.8%
+1.2 ppy/y
Net income974m USD
+14.0 %y/y
Free cash flow1,850m USD
−2.0 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

01,0002,0003,0004,000m USD2020: 1,356 m USD2020: EBIT 666 m USD20202021: 1,577 m USD2021: EBIT 976 m USD20212022: 1,924 m USD2022: EBIT 1,050 m USD20222023: 2,560 m USD2023: EBIT 1,170 m USD20232024: 3,257 m USD2024: EBIT 1,323 m USD20242025: 3,378 m USD2025: EBIT 1,413 m USD20253,3781,413
RevenueOperating profit (EBIT)
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Business

Share of revenue
Self-storage operations85 %

Rental income from wholly owned and consolidated joint-venture stores offering month-to-month storage space.

Tenant reinsurance8 %

Premium income from reinsurance of tenant property-loss coverage sold through non-affiliated insurers.

Management fees and other income5 %

Fees earned from managing third-party and unconsolidated joint-venture stores and related transaction income.

Bridge lending2 %

Interest and fee income from mortgage and mezzanine loans to self-storage owners, often linked to managed assets.

Customers

The core customers are households and small businesses that rent storage units on a month-to-month basis, typically because they need flexible space during moves, life transitions or business inventory overflow. A second customer group is third-party self-storage owners and joint-venture partners that pay Extra Space to manage stores and, in some cases, borrow through its bridge lending program. The company also sells tenant reinsurance coverage indirectly to storage renters through a non-affiliated insurer.

Residential storage renters

Households rent units for moving, downsizing, relocation and life-event storage needs.

Small business renters

Businesses rent space for inventory, tools, records and seasonal overflow.

Third-party store owners

Owners outsource management to Extra Space to improve occupancy, pricing and operating efficiency.

Joint-venture partners

Partners use Extra Space's operating platform and may monetize assets through sales or restructurings.

Tenant insurance buyers

Storage tenants purchase optional reinsurance-backed coverage for goods stored at the facilities.

Strategy

Management is focused on maximizing cash flow per share by improving store-level performance, using dynamic pricing and online marketing to drive occupancy and rates. Growth also comes from acquisitions, redevelopment, third-party management and bridge lending, which deepen relationships and create future acquisition opportunities. Portfolio pruning and disciplined capital allocation are used to keep the asset base aligned with target markets and returns.

Optimize store-level pricing and occupancyShort term

Self-storage returns depend on filling units and adjusting rates quickly to local demand.

Expand through acquisitions and redevelopmentMedium term

Buying and improving stores increases scale in core markets and improves long-term cash flow.

Grow fee-based and capital-light businessesMedium term

Third-party management and bridge lending generate income while creating acquisition pipelines.

Geography

Extra Space's business is overwhelmingly U.S.-centric, with stores in 43 states and Washington, D.C. Its portfolio is clustered around large population centers, which supports pricing power, operating efficiency and lower unit costs through scale. The company also manages a large third-party store base, extending its footprint without heavy capital investment.

Risks

The business is exposed to local demand swings, competition and macro conditions that affect occupancy and rental rates. Because revenue is tied to real estate operations, it is also sensitive to weather events, climate-related disruptions, zoning changes, cybersecurity risks and tenant payment behavior. Tenant reinsurance and bridge lending add underwriting and credit exposure on top of the core property risk.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Competitive intensity1Local demand and pricing pressure2Natural disasters and climate events3Cybersecurity and data protection4Bridge lending and tenant reinsurance losses5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Competitive intensityImpact: HighLikelihood: High

    Customers can choose among multiple nearby storage facilities, limiting pricing power in many markets.

    Exposure: Store-level revenue and margins

  2. Local demand and pricing pressureImpact: HighLikelihood: Medium

    Storage demand depends on housing turnover, mobility and local economic conditions, which can reduce occupancy and rates.

    Exposure: Core self-storage operations

  3. Natural disasters and climate eventsImpact: MediumLikelihood: Medium

    Storms, earthquakes, hurricanes and other events can damage stores, disrupt operations and increase claims.

    Exposure: Geographically dispersed U.S. portfolio

  4. Cybersecurity and data protectionImpact: MediumLikelihood: Medium

    The company stores tenant, lease and financial data across internal and third-party systems that can be attacked or interrupted.

    Exposure: IT systems and vendor ecosystem

  5. Bridge lending and tenant reinsurance lossesImpact: MediumLikelihood: Medium

    Loan defaults or elevated claims could reduce fee and interest income and create volatility outside core rent revenue.

    Exposure: Lending and insurance-related subsidiaries

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Accounting

Judgemental items
Consolidation and VIE judgments

Joint ventures may require consolidation based on control and primary-beneficiary analysis, affecting reported assets, liabilities and revenue.

Impact: Can materially change balance sheet size and operating results

Seasonality in occupancy and revenue

Occupancy is generally higher in summer due to moving activity, which affects quarterly comparability.

Impact: Quarterly revenue and margin volatility

Tenant reinsurance claims

Claims can spike after significant events at stores, creating volatility in expense recognition.

Impact: Impacts segment profitability and earnings stability

Customer intangibles and depreciation

Customer intangible assets are amortized over estimated tenant usage periods and can distort near-term expense trends.

Impact: Affects depreciation and amortization expense

Bridge loan valuation and credit estimates

Mortgage and mezzanine loans require credit and fair-value judgments, especially if borrowers weaken.

Impact: Can affect interest income and loss provisions

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Last updated: 24/09/2026

Extra Space Storage Inc. (EXR) Revenue, Earnings & Financials 2025 – Clarifo