MARKETS / NYSE / EXR

NYSE · REAL ESTATE INVESTMENT TRUSTS · LARGE CAP

Extra Space Storage Inc. EXR

18 fiscal years on record · USD · FY2025 reported · SEC filings only

Revenue

$129.5M

▲ 7.1% YoY

Net income

$974.0M

▲ 14.0% YoY

Free cash flow

$1.3B

▼ 8.5% YoY

In brief

What this company does

Extra Space Storage Inc. owns, operates, manages, provides lending for, acquires, develops and redevelops self-storage properties, referred to in the filing as stores. As of December 31, 2025, it owned and/or operated 4,281 stores in 43 states and Washington, D.C., comprising approximately 330.4 million square feet of net rentable space in approximately 2.9 million units. As of December 31, 2025, the company had 8,393 employees, none of whom were represented by a collective bargaining agreement. It operates in two segments: self-storage operations and tenant reinsurance. Its tenant reinsurance activities include the reinsurance of risks relating to the loss of goods stored by tenants in its stores. Extra Space Storage Inc. was formed as a Maryland corporation on April 30, 2004. It was formed to continue the business of Extra Space Storage LLC and its subsidiaries, which had engaged in the self-storage business since 1977.

Written from the business description in Extra Space Storage Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 20 February 2026. Every sentence was checked against that document before publication.

Growth

USD 129.5M

Revenue, FY2025 · full 18-year series below

Revenue $M Net income $M

FY2025 · Revenue 129.5 · Net income 974.0

Compound annual growth

Revenue

+15.6%

+20.0%

−16.5%

−5.0%

Net income

+4.2%

+15.1%

+17.8%

Returned to shareholders

+20.6%

+26.6%

+18.9%

+28.6%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at +20.0% a year over five years — but profit grew slower: net income at +15.1%.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

790 cents

of every revenue dollar became profit

Operating margin Net margin

FY2025 · Operating 1091.1% · Net 789.8%

ROE

FY2025 · ROE 7.1%

Gross margin-609.1%

Operating margin1091.1%

Net margin789.8%

Return on assets3.5%

EBITDAUSD 2.1B

Each USD of equity produced 7 cents of profit this year.

Cash & shareholders

USD 1.5B

returned in FY2025 · dividends + net buybacks

Free cash flow $B

FY2025 · FCF 1.3

Net buybacks $B Dividends $B

FY2025 · Dividends 1.4 · Net buybacks 0.1

Dividends paidUSD 1.4B

Net buybacksUSD 149.5M

Share of profit156.5%

Consecutive raises—

USD 1.4B in dividends and USD 149.5M in buybacks — 156% of the year's profit, so the payout drew on cash built up earlier.

Total assetsUSD 29.3B

EquityUSD 13.4B

CashUSD 138.9M

Equity funds 46% of total assets.

The 18-year record

18 fiscal years

Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Revenue $B	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.8	0.6	0.5	0.4	0.3	0.3	0.3	0.3
Operating income $B	1.4	1.3	1.2	1.1	1.0	0.7	0.6	0.6	0.7	0.5	0.3	0.3	0.2	0.2	0.1	0.1	0.1	0.1
EBITDA $B	2.1	2.1	1.7	1.3	1.2	·	0.9	0.8	0.8	0.6	0.4	0.4	0.3	0.2	0.2	0.1	0.1	0.1
Income tax $B	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net income $B	1.0	0.9	0.8	0.9	0.8	0.5	0.4	0.4	0.5	0.4	0.2	0.2	0.2	0.1	0.1	0.0	0.0	0.0
Free cash flow $B	1.3	1.4	1.1	−0.1	−0.3	0.5	0.4	0.3	−0.1	−0.5	0.0	−0.2	−0.1	−0.4	−0.1	·	·	·
EPS, diluted $	4.59	4.03	4.74	6.41	6.19	3.71	3.24	3.27	3.76	2.91	1.56	1.53	1.53	1.14	0.54	0.30	0.37	0.46
Dividend / sh $	6.48	6.48	6.48	6.00	4.50	3.60	3.56	3.36	3.12	2.93	2.24	1.81	1.45	0.85	0.56	0.40	0.38	1.00
Payout %	141	161	130	94	73	97	109	102	82	100	142	118	95	75	103	133	103	221
ROE %	7.1	6.0	9.1	27.0	29.2	18.9	17.0	17.4	20.8	16.9	9.9	10.2	10.6	9.3	5.3	3.0	3.6	·
Shares out B	0.21	0.21	0.21	0.13	0.13	0.13	0.13	0.13	0.13	0.13	0.12	0.12	0.12	0.11	0.09	0.09	0.09	·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance

Company facts, as filed

How we verify · 0 failures in 53 reconciliationsAUDITED

Reconciled in 18 of 19 fiscal years. 5 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures

ActivityReal Estate Investment Trusts

Listed onNYSE

Incorporated inMaryland

Fiscal year endsDecember 31

Data on record since2008