Extra Space Storage Inc.
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EXR Q3 2025 request
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| Metric | Q3 2025 | Q3 2024 | YoY |
|---|---|---|---|
| Lease Income | 735,581 | 710,874 | +3.5% |
| Direct Premiums Earned | 90,341 | 84,048 | +7.5% |
| Revenue | 32,538 | 29,882 | +8.9% |
| Revenue | 858,460 | 824,804 | +4.1% |
Show Business Segments breakouts |
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| Self-Storage Operations · Operating Segments | 735,581 | 710,874 | +3.5% |
| Tenant Reinsurance · Operating Segments | 90,341 | 84,048 | +7.5% |
Show Consolidation Items breakouts |
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| Operating Segments | 825,922 | 794,922 | +3.9% |
| Cost of Revenue | 235,486 | 209,035 | +12.7% |
| Tenant Reinsurance Expense | 17,781 | 17,510 | +1.5% |
| General & Administrative | 43,479 | 39,750 | +9.4% |
| Depreciation & Amortization | 177,466 | 195,046 | -9.0% |
| Total Costs & Expenses | 474,212 | 461,341 | +2.8% |
| Gains Losses On Real Estate Transactions And Earn Out From Prior Acquisition And Sale Of Other Assets | -105,128 | -8,961 | -1073.2% |
| Operating Income | 279,120 | 302,739 | -7.8% |
Show Business Segments breakouts |
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| Self-Storage Operations · Operating Segments | 500,095 | 501,839 | -0.3% |
| Tenant Reinsurance · Operating Segments | 72,560 | 66,538 | +9.1% |
Show Consolidation Items breakouts |
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| Operating Segments | 572,655 | 568,377 | +0.8% |
| Interest Expense Excluding Amortization Of Debt Discount Premium | -149,650 | -142,855 | -4.8% |
| Amortization Of Debt Discount Premium | -12,086 | -11,005 | -9.8% |
| Interest Income | 43,588 | 34,947 | +24.7% |
| Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments | 160,972 | 183,826 | -12.4% |
| Income Loss From Equity Method Investments | 15,669 | 16,246 | -3.6% |
| Equity Method Investments Gain Loss On Sale Of Real Estate Assets And Purchase Of Joint Venture Partner Interest | 9,354 | 13,730 | -31.9% |
| Income Tax Expense (Benefit) | -11,962 | -10,857 | -10.2% |
| Net Income | 174,033 | 202,945 | -14.2% |
Show Equity Components breakouts |
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| Operating Partnership | 7,293 | 7,800 | -6.5% |
| Other | 18 | 3 | +500.0% |
| Preferred Operating Partnership | 724 | 1,932 | -62.5% |
| Retained Earnings | 165,998 | 193,210 | -14.1% |
| Noncontrolling Interest In Net Income Loss Preferred Unit Holders Redeemable | -724 | -1,932 | +62.5% |
| Minority Interest In Net Income Loss Operating Partnerships And Other | -7,311 | -7,803 | +6.3% |
| Net Income | 165,998 | 193,210 | -14.1% |
| EPS (Basic) | 0.78 | 0.91 | -14.3% |
| EPS (Diluted) | 0.78 | 0.91 | -14.3% |
| Wtd Avg Shares (Basic) | 211,963,870 | 211,698,436 | +0.1% |
| Wtd Avg Shares (Diluted) | 221,304,958 | 220,298,870 | +0.5% |
| Common Stock Dividends Per Share Cash Paid | 1.62 | 1.62 | 0.0% |
| Operating Expenses (Q) | — | — | — |
Show Business Segments breakouts |
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| Self-Storage Operations · Operating Segments | 235,486 | 209,035 | +12.7% |
Show Consolidation Items breakouts |
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| Operating Segments | 253,267 | 226,545 | +11.8% |
| Comprehensive Income | 164,133 | 169,309 | -3.1% |
| Net Income Loss Available To Common Stockholders Basic | 165,568 | 192,818 | -14.1% |
| Labor And Related Expense (Q) | — | — | — |
Show Business Segments breakouts |
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| Self-Storage Operations · Operating Segments | 46,386 | 41,393 | +12.1% |
Balance Sheet
| Metric | Q3 2025 | Q3 2024 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents | 111,931 | 88,931 | +25.9% |
| Non-Current Assets | |||
| Operating Lease Right-of-Use Assets | 732,103 | 694,001 | +5.5% |
| Total Assets | 29,232,969 | 28,063,117 | +4.2% |
| Property, Plant & Equipment | 51,595 | 50,065 | +3.1% |
| Goodwill | 170,811 | 170,811 | 0.0% |
| Intangible Assets | 16,552 | 39,498 | -58.1% |
| Other Assets | |||
| Real Estate Investment Property Net | 24,926,700 | 24,385,492 | +2.2% |
| Real Estate Investments Unconsolidated Real Estate And Other Joint Ventures | 1,063,969 | — | — |
| Debt Securities Held To Maturity And Financing Receivable After Allowance For Credit Loss And Interest Receivable | 1,851,094 | — | — |
| Other Assets | 547,172 | 495,861 | +10.3% |
| Non-Current Liabilities | |||
| Accounts Payable And Accrued Liabilities Current And Noncurrent | 472,831 | 388,757 | +21.6% |
| Total Liabilities | 14,736,557 | 13,104,434 | +12.5% |
| Long-Term Debt (Q) | — | — | — |
Show Long-Term Debt Type breakouts |
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| Term Debt | 11,960,705 | 10,643,830 | +12.4% |
| Other Liabilities | |||
| Other Notes Payable | 1,042,178 | 1,011,705 | +3.0% |
| Unsecured Debt | 1,494,914 | 2,194,894 | -31.9% |
| Senior Notes | 9,423,613 | 7,437,231 | +26.7% |
| Line Of Credit | 942,000 | — | — |
Show Debt Instrument breakouts |
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| Commercial Paper | 540,000 | — | — |
| Lines Of Credit | 942,000 | — | — |
| Secured credit line | 17,000 | — | — |
| Unsecured Credit Line | 385,000 | — | — |
| Operating Lease Liability | 757,807 | 706,491 | +7.3% |
| Cash Distributions In Unconsolidated Real Estate Ventures | 77,705 | — | — |
| Other Liabilities | 525,509 | 407,183 | +29.1% |
| Stockholders' Equity | |||
| Common Stock | 2,123 | 2,120 | +0.1% |
| Additional Paid In Capital Common Stock | 14,867,437 | 14,823,018 | +0.3% |
| Accumulated Other Comprehensive Income | 1,338 | 3,340 | -59.9% |
| Retained Earnings | -1,253,277 | -817,865 | -53.2% |
| Total Stockholders' Equity | 13,617,621 | 14,010,613 | -2.8% |
| Minority Interest In Preferred Unit Holders | 53,827 | 191,306 | -71.9% |
Show Preferred Units By Name breakouts |
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| Series B Units | 33,567 | 33,567 | 0.0% |
| Series D Units | 20,260 | 157,739 | -87.2% |
| Minority Interest In Operating Partnerships | 824,964 | 756,764 | +9.0% |
| Stockholders Equity Including Portion Attributable To Noncontrolling Interest | 14,496,412 | 14,958,683 | -3.1% |
Show Equity Components breakouts |
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| Accumulated Other Comprehensive Income | 1,338 | 3,340 | -59.9% |
| Additional Paid In Capital | 14,867,437 | 14,823,018 | +0.3% |
| Common Stock | 2,123 | 2,120 | +0.1% |
| Operating Partnership | 811,596 | 746,136 | +8.8% |
| Other | 13,368 | 10,628 | +25.8% |
| Preferred Operating Partnership | 53,827 | 191,306 | -71.9% |
| Retained Earnings | -1,253,277 | -817,865 | -53.2% |
| Total Liabilities & Equity | 29,232,969 | 28,063,117 | +4.2% |
Cash Flow Statement
| Metric | YTD Q3 2025 | YTD Q3 2024 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Amortization of Financing Costs | 8,757 | 13,419 | -34.7% |
| Operating Lease Right Of Use Asset Amortization Expense | 9,661 | 3,224 | +199.7% |
| Stock-Based Compensation | 22,740 | 14,417 | +57.7% |
| Noncash Interest Income | -24,101 | -23,455 | -2.8% |
| Gains Loss On Real Estate Transactions Net Of Impairment Of Real Estate | 70,231 | 63,620 | +10.4% |
| Income Loss From Equity Method Investments Net Of Dividends Or Distributions | 24,795 | 21,839 | +13.5% |
| Increase Decrease In Other Operating Assets | -28,098 | 42,513 | -166.1% |
| Increase Decrease In Accounts Payable And Accrued Liabilities | 121,191 | 45,145 | +168.4% |
| Increase Decrease In Other Operating Liabilities | -5,357 | 18,581 | -128.8% |
| Net Cash from Operations | 1,482,396 | 1,479,151 | +0.2% |
| Noncontrolling Interest Increase Decrease From Redemptions Of Operating Partnership Units | -26,218 | 58,375 | -144.9% |
| Redemption Of Operating Partnership Units Held By Noncontrolling Interest Including Additional Paid In Capital | 26,218 | -58,375 | +144.9% |
| Right Of Use Asset Obtained In Exchange For Operating Lease Liability | 419 | — | — |
| Establishment Of Operating Lease Liability | -419 | — | — |
| Investing Activities | |||
| Payments To Acquire Real Estate | -587,547 | -361,126 | -62.7% |
| Payments To Develop Real Estate Assets | -111,067 | -100,507 | -10.5% |
| Proceeds From Sale Of Real Estate Heldforinvestment | 168,747 | 4,415 | +3722.1% |
| Payments For Investment In Unconsolidated Real Estate Entities | -107,178 | -7,175 | -1393.8% |
| Return Of Investment Real Estate Ventures | 231,130 | 12,999 | +1678.1% |
| Payments To Acquire Notes Receivable | -512,377 | -739,702 | +30.7% |
Show Accounts Notes Loans And Financing Receivable By Receivable Type breakouts |
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| Bridge Loan | -328,241 | -636,215 | +48.4% |
| Proceeds From Collection Of Notes Receivable | 137,962 | 153,971 | -10.4% |
| Proceeds From Sale Of Notes Receivable | 98,372 | 175,335 | -43.9% |
| Payments To Acquire Furniture And Fixtures | -15,704 | -15,713 | +0.1% |
| Net Cash from Investing | -697,662 | -877,503 | +20.5% |
| Financing Activities | |||
| Proceeds From Issuance Of Debt | 11,436,343 | 5,542,362 | +106.3% |
| Debt Repayments | -12,780,602 | -6,062,896 | -110.8% |
| Proceeds From Issuance Of Unsecured Debt | 1,650,000 | 1,000,000 | +65.0% |
| Payments Of Financing Costs | -30,698 | -12,633 | -143.0% |
| Share Repurchases | -8,615 | — | — |
| Cash Portion Of Redemption Of Operating Partnership Units | -1,453 | — | — |
| Payments Of Dividends Common Stock | -1,031,930 | -1,031,044 | -0.1% |
| Payments Of Dividends Minority Interest | -44,848 | -48,038 | +6.6% |
| Net Cash from Financing | -811,803 | -612,406 | -32.6% |
| Supplemental | |||
| Interest Paid | 433,412 | 381,434 | +13.6% |
| Income Taxes Paid | 33,275 | 30,635 | +8.6% |
| Unpaid Capital Expenditures | -5,121 | -9,094 | +43.7% |
| Other Cash Flow | |||
| Net Change in Cash | -27,069 | -10,758 | -151.6% |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 116,234 | 94,325 | +23.2% |
| Restricted Cash | 4,303 | 5,394 | -20.2% |
| Noncash Or Part Noncash Acquisition Net Real Estate Assets Acquired | 111,984 | — | — |
| Stock Issued1 | -5,878 | — | — |
| Investments In Real Estate Joint Ventures Net Of Distributions Received | -105,471 | — | — |
| Asset Acquisition Real Estate Assets Net Liabilities Assumed | -635 | — | — |
| Real Estate Additions Portion Not Yet Paid | 5,121 | 9,094 | -43.7% |
Values in thousands USD. Source: SEC EDGAR 10-Q filing.