Extra Space Storage Inc.

EXR 10-K · Q4 2025
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EXR Q4 2025 request

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Income Statement

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Income Statement
Metric Q4 2025 Q4 2024 YoY
Lease Income 734,225 707,234 +3.8%
Direct Premiums Earned 89,251 83,695 +6.6%
Revenue 33,991 30,967 +9.8%
Revenue 857,467 821,896 +4.3%
Show Business Segments breakouts
Self-Storage Operations · Operating Segments 734,225 707,234 +3.8%
Tenant Reinsurance · Operating Segments 89,251 83,695 +6.6%
Show Consolidation Items breakouts
Operating Segments 823,476 790,929 +4.1%
Cost of Revenue 231,459 221,111 +4.7%
Tenant Reinsurance Expense 17,031 18,240 -6.6%
General & Administrative 51,938 44,025 +18.0%
Depreciation & Amortization 180,089 196,202 -8.2%
Total Costs & Expenses 480,517 479,578 +0.2%
Gains Losses On Real Estate Transactions And Earn Out From Prior Acquisition And Sale Of Other Assets -6,079 37,714 -116.1%
Operating Income 370,871 380,032 -2.4%
Show Business Segments breakouts
Self-Storage Operations · Operating Segments 502,766 486,123 +3.4%
Tenant Reinsurance · Operating Segments 72,220 65,455 +10.3%
Show Consolidation Items breakouts
Operating Segments 574,986 551,578 +4.2%
Interest Expense Excluding Amortization Of Debt Discount Premium -149,436 -138,479 -7.9%
Amortization Of Debt Discount Premium -12,350 -11,157 -10.7%
Interest Income 38,649 34,676 +11.5%
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments 247,734 265,072 -6.5%
Income Loss From Equity Method Investments 16,931 18,764 -9.8%
Equity Method Investments Gain Loss On Sale Of Real Estate Assets And Purchase Of Joint Venture Partner Interest 45,167 0 —
Income Tax Expense (Benefit) -8,968 -6,035 -48.6%
Net Income 300,864 277,801 +8.3%
Show Equity Components breakouts
Operating Partnership 12,730 14,102 -9.7%
Other 16 23 -30.4%
Preferred Operating Partnership 723 1,189 -39.2%
Retained Earnings 287,395 262,487 +9.5%
Noncontrolling Interest In Net Income Loss Preferred Unit Holders Redeemable -723 -1,189 +39.2%
Minority Interest In Net Income Loss Operating Partnerships And Other -12,746 -14,125 +9.8%
Net Income 287,395 262,487 +9.5%
EPS (Basic) 1.36 1.24 +9.7%
EPS (Diluted) 1.36 1.24 +9.7%
Wtd Avg Shares (Basic) -68,068 52,662 -229.3%
Wtd Avg Shares (Diluted) -68,068 -8,600,012 +99.2%
Operating Expenses (Q) — — —
Show Business Segments breakouts
Self-Storage Operations · Operating Segments 231,459 221,111 +4.7%
Show Consolidation Items breakouts
Operating Segments 248,490 239,351 +3.8%
Comprehensive Income 285,637 271,953 +5.0%
Labor And Related Expense (Q) — — —
Show Business Segments breakouts
Self-Storage Operations · Operating Segments 47,783 43,455 +10.0%
Net Income Loss Available To Common Stockholders Basic 286,951 262,133 +9.5%

Balance Sheet

Balance Sheet
Metric Q4 2025 Q4 2024 YoY
Current Assets
Cash & Cash Equivalents 138,920 138,222 +0.5%
Non-Current Assets
Operating Lease Right-of-Use Assets 732,176 689,803 +6.1%
Total Assets 29,264,046 28,847,926 +1.4%
Property, Plant & Equipment 65,154 50,365 +29.4%
Show Property Plant And Equipment By Type breakouts
Software Development 25,294 16,254 +55.6%
Goodwill 170,811 170,811 0.0%
Intangible Assets 11,593 32,206 -64.0%
Other Assets
Real Estate Investment Property Net 25,004,350 24,587,627 +1.7%
Real Estate Investments Unconsolidated Real Estate And Other Joint Ventures 1,066,783 1,332,338 -19.9%
Debt Securities Held To Maturity And Financing Receivable After Allowance For Credit Loss And Interest Receivable 1,806,526 1,550,950 +16.5%
Other Assets 515,291 548,986 -6.1%
Non-Current Liabilities
Accounts Payable And Accrued Liabilities Current And Noncurrent 357,583 346,519 +3.2%
Total Liabilities 14,940,010 13,988,564 +6.8%
Long-Term Debt (Q) — — —
Show Long-Term Debt Type breakouts
Term Debt 12,006,651 10,960,016 +9.5%
Other Liabilities
Other Notes Payable 1,079,565 1,010,541 +6.8%
Unsecured Debt 1,494,659 2,192,507 -31.8%
Senior Notes 9,432,427 7,756,968 +21.6%
Line Of Credit 1,224,000 1,362,000 -10.1%
Show Debt Instrument breakouts
Commercial Paper 680,000 — —
Lines Of Credit 1,224,000 — —
Secured credit line 19,000 — —
Unsecured Credit Line 525,000 — —
Operating Lease Liability 761,106 705,845 +7.8%
Cash Distributions In Unconsolidated Real Estate Ventures 73,701 75,319 -2.1%
Other Liabilities 516,969 538,865 -4.1%
Stockholders' Equity
Common Stock 2,112 2,120 -0.4%
Additional Paid In Capital Common Stock 14,880,646 14,831,946 +0.3%
Accumulated Other Comprehensive Income -420 12,806 -103.3%
Retained Earnings -1,449,172 -899,337 -61.1%
Total Stockholders' Equity 13,433,166 13,947,535 -3.7%
Minority Interest In Preferred Unit Holders 53,827 76,092 -29.3%
Show Preferred Units By Name breakouts
Series B Units 33,567 33,567 0.0%
Series D Units 20,260 42,525 -52.4%
Minority Interest In Operating Partnerships 837,043 835,735 +0.2%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 14,324,036 14,859,362 -3.6%
Show Equity Components breakouts
Accumulated Other Comprehensive Income -420 12,806 -103.3%
Additional Paid In Capital 14,880,646 14,831,946 +0.3%
Common Stock 2,112 2,120 -0.4%
Operating Partnership 822,869 823,898 -0.1%
Other 14,174 11,837 +19.7%
Preferred Operating Partnership 53,827 76,092 -29.3%
Retained Earnings -1,449,172 -899,337 -61.1%
Total Liabilities & Equity 29,264,046 28,847,926 +1.4%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q4 2025 YTD Q4 2024 YoY
Operating Activities
Amortization of Financing Costs 3,173 3,254 -2.5%
Operating Lease Right Of Use Asset Amortization Expense 3,227 0 —
Noncash Interest Income -8,453 -7,912 -6.8%
Stock-Based Compensation 12,797 14,574 -12.2%
Income Loss From Equity Method Investments Net Of Dividends Or Distributions 4,429 8,906 -50.3%
Increase Decrease In Other Operating Assets 49,249 -57,977 +184.9%
Increase Decrease In Accounts Payable And Accrued Liabilities -113,895 -44,181 -157.8%
Increase Decrease In Other Operating Liabilities -36,945 44,169 -183.6%
Net Cash from Operations 367,797 408,279 -9.9%
Noncontrolling Interest Increase Decrease From Redemptions Of Operating Partnership Units 0 -91,329 +100.0%
Redemption Of Operating Partnership Units Held By Noncontrolling Interest Including Additional Paid In Capital 0 89,429 -100.0%
Investing Activities
Payments To Acquire Real Estate -338,720 -289,409 -17.0%
Payments To Develop Real Estate Assets -31,958 -28,111 -13.7%
Proceeds From Sale Of Real Estate Heldforinvestment 199,436 120,513 +65.5%
Payments For Investment In Unconsolidated Real Estate Entities -19,927 -294,742 +93.2%
Return Of Investment Real Estate Ventures 60,182 2,414 +2393.0%
Payments To Acquire Notes Receivable -102,835 -220,570 +53.4%
Proceeds From Sale Of Notes Receivable 14,192 8,297 +71.0%
Proceeds From Collection Of Notes Receivable 108,514 -13,008 +934.2%
Payments To Acquire Furniture And Fixtures -5,435 -4,801 -13.2%
Net Cash from Investing -116,551 -769,417 +84.9%
Financing Activities
Proceeds From Issuance Of Debt 4,746,800 3,143,571 +51.0%
Debt Repayments -4,468,038 -2,661,548 -67.9%
Proceeds From Issuance Of Unsecured Debt 0 300,000 -100.0%
Payments Of Financing Costs -1,713 -10,497 +83.7%
Payments Of Dividends Common Stock -342,368 -343,959 +0.5%
Payments Of Dividends Minority Interest -18,048 -15,110 -19.4%
Net Cash from Financing -224,300 410,116 -154.7%
Supplemental
Interest Paid 131,253 117,983 +11.2%
Unpaid Capital Expenditures 1,353 -1,943 +169.6%
Income Taxes Paid 2,012 3,137 -35.9%
Other Cash Flow
Net Change in Cash 26,946 48,978 -45.0%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 143,180 143,303 -0.1%
Restricted Cash 4,260 5,081 -16.2%
Real Estate Additions Portion Not Yet Paid -1,353 1,943 -169.6%

Values in thousands USD. Source: SEC EDGAR 10-K filing.

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