Extra Space Storage Inc.

EXR · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001
Valuation
Market cap	$27,639	$31,713	$33,874	$19,711	$30,357	$15,513	$14,142	$12,115	$11,709	$10,342	$11,811	$6,785	$4,691	$3,722	$2,232	$1,519	$997	$790	$924	$1,004	$546	$204	–	$46	$75
Enterprise value	$43,309	$45,438	$45,829	$27,735	$36,888	$21,630	$19,603	$17,087	$16,421	$14,808	$15,473	$9,200	$6,603	$5,323	$3,588	$2,746	$2,330	$1,884	$2,270	$1,917	$1,421	$713	–	–	–
P/E (TTM) at period end	28.43×	37.17×	42.24×	22.93×	36.73×	32.25×	33.73×	29.22×	24.49×	28.31×	62.53×	38.15×	27.35×	31.81×	44.56×	57.71×	31.19×	22.08×	25.61×	67.51×	–	–	–	–	–
P/S (TTM) at period end	8.18×	9.74×	13.23×	10.24×	19.25×	11.44×	10.81×	10.12×	10.60×	10.43×	15.10×	10.49×	9.01×	9.09×	6.77×	5.40×	3.56×	2.90×	3.87×	5.09×	4.06×	3.09×	–	1.45×	3.31×
P/B at period end	2.06×	2.27×	2.35×	6.05×	9.74×	6.09×	5.57×	5.02×	4.98×	4.61×	5.65×	3.91×	2.67×	2.50×	2.19×	1.72×	1.13×	0.91×	1.49×	1.56×	1.14×	0.84×	–	1.67×	–
EV / EBITDA (TTM)	20.35×	21.57×	27.34×	20.72×	30.29×	24.29×	22.93×	20.62×	19.37×	23.11×	36.14×	23.38×	21.39×	22.97×	20.68×	19.46×	18.75×	13.27×	18.37×	19.80×	22.42×	26.70×	–	–	–
EV / Sales (TTM)	12.82×	13.95×	17.90×	14.41×	23.39×	15.95×	14.98×	14.28×	14.86×	14.93×	19.78×	14.22×	12.68×	13.00×	10.88×	9.76×	8.32×	6.91×	9.50×	9.72×	10.55×	10.81×	–	–	–
Returns
Return on equity	7.2%	6.1%	5.6%	26.4%	26.5%	18.9%	16.5%	17.2%	20.3%	16.3%	9.0%	10.2%	9.8%	7.8%	4.9%	3.0%	3.6%	4.1%	5.8%	2.3%	(1.0%)	(7.6%)	–	(34.7%)	–
Return on invested capital	4.6%	4.6%	4.3%	8.9%	9.6%	7.3%	7.6%	8.0%	9.0%	6.4%	4.8%	6.3%	5.3%	4.8%	4.7%	3.7%	2.9%	4.6%	4.2%	3.8%	–	1.5%	0.2%	12.9%	9.0%
Dividend yield	5.0%	4.3%	3.1%	4.1%	2.0%	3.0%	3.2%	3.5%	3.4%	3.6%	2.3%	3.1%	3.5%	2.4%	2.3%	2.3%	3.3%	10.0%	6.6%	5.0%	6.3%	5.2%	–	–	–
Financial health
Current ratio	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	5.28×	2.73×	1.94×	–	–	–	–	–	–
Debt / equity	–	–	–	–	–	–	–	–	–	–	–	–	1.12×	–	–	–	1.59×	1.47×	2.13×	1.47×	1.81×	2.10×	(107.29×)	–	–
Effective tax rate	4.4%	3.9%	2.6%	2.3%	2.4%	2.7%	2.5%	2.1%	0.7%	4.8%	5.4%	4.0%	7.2%	5.9%	2.2%	13.5%	11.8%	1.4%	(4.4%)	(253.2%)	961.2%	(179.5%)	–	–	–
Share count
Diluted shares outstanding	212	212	169	142	140	130	136	133	134	126	127	121	113	104	94	92	91	82	71	59	35	15	4	4	6

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001
Revenue and gross profit
Revenue	$3,446	$3,378	$3,257	$2,560	$1,924	$1,577	$1,356	$1,308	$1,197	$1,105	$992	$782	$647	$521	$409	$330	$281	$280	$273	$239	$197	$135	$66	$36	$32	$23
Cost of revenue	($937)	($918)	($832)	($612)	($435)	($369)	($361)	($336)	($292)	($272)	($250)	($204)	($172)	($140)	($114)	($95)	($86)	($89)	($85)	–	($64)	($31)	($17)	–	–	–
Gross profit	$2,509	$2,459	$2,425	$1,948	$1,489	$1,209	$996	$972	$905	$833	$742	$578	$475	$381	$295	$234	$195	$191	$188	–	$133	$104	$49	–	–	–
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	($3)	($1)	($19)	($2)	–	–	–	–	–	–	–
Selling, general and administrative	($189)	($186)	($167)	($146)	($129)	($102)	($97)	($89)	($81)	($79)	($82)	($68)	($61)	($54)	($50)	($50)	($44)	($40)	($39)	($37)	($36)	($24)	($12)	($8)	($6)	($7)
Total operating expenses	($1,099)	($1,047)	($1,102)	($778)	($438)	($233)	($329)	($337)	($285)	($179)	($284)	($284)	($196)	($167)	($138)	($119)	($105)	($119)	($96)	–	($73)	($72)	($38)	–	–	–
Total costs and expenses	($2,036)	($1,965)	($1,934)	($1,390)	($874)	($601)	($690)	($673)	($577)	($451)	($534)	($488)	($369)	($307)	($252)	($214)	($191)	($208)	($180)	($155)	($138)	($102)	($55)	($35)	($25)	($20)
Operating income	$1,410	$1,413	$1,323	$1,170	$1,050	$976	$666	$635	$620	$654	$458	$295	$278	$213	$157	$115	$91	$72	$92	$84	$60	$32	$11	$1	$6	$3
Earnings
EBITDA	$2,139	$2,128	$2,106	$1,676	$1,339	$1,218	$891	$855	$829	$848	$641	$428	$394	$309	$232	$173	$141	$124	$142	$124	$97	$63	$27	$8	$12	$6
Interest income	$161	$163	$124	$85	$69	$50	$15	$7	$5	$7	$11	$3	$2	$1	$2	$1	$1	$2	$3	$10	–	–	–	–	–	–
Interest expense	($593)	($588)	($551)	($419)	($219)	($166)	($17)	($23)	($178)	($154)	($133)	($96)	($81)	($72)	($72)	($67)	($64)	($68)	($65)	($61)	–	–	($11)	–	–	–
Pre-tax income	$927	$941	$853	$817	$901	$859	$509	$451	$442	$503	$331	$205	$189	$138	$92	$52	$31	$36	$37	$35	$15	($5)	($18)	–	–	–
Income tax expense	($44)	($42)	($33)	($22)	($21)	($20)	($14)	($11)	($9)	($4)	($16)	($11)	($8)	($10)	($5)	($1)	($4)	($4)	($1)	$2	$38	$48	($33)	($20)	($16)	($8)
Net income	$958	$974	$855	$803	$861	$828	$482	$420	$415	$479	$366	$189	$178	$172	$128	$58	$26	$32	$36	$36	$15	($5)	($18)	($18)	($10)	($5)
Per share
Diluted EPS (GAAP)	$4.47	$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	$0.53	$0.27	($0.14)	($1.21)	($4.43)	($2.60)	($0.82)
Basic EPS (GAAP)	$4.53	$4.59	$4.03	$4.74	$6.41	$6.20	$3.71	$3.27	$3.29	$3.79	$2.92	$1.58	$1.54	$1.54	$1.15	$0.55	$0.30	$0.37	$0.46	$0.53	$0.27	($0.14)	($1.21)	($4.43)	($2.60)	($0.82)
Basic shares outstanding	211	212	212	169	134	133	130	128	126	126	125	120	116	111	102	91	87	86	77	65	55	35	15	4	4	6
Margins
Gross margin	72.8%	72.8%	74.5%	76.1%	77.4%	76.6%	73.4%	74.3%	75.6%	75.4%	74.8%	73.9%	73.4%	73.1%	72.1%	71.1%	69.4%	68.3%	69.0%	–	67.4%	77.3%	74.3%	–	–	–
Operating margin	40.9%	41.8%	40.6%	45.7%	54.6%	61.9%	49.1%	48.5%	51.8%	59.2%	46.2%	37.7%	43.0%	41.0%	38.4%	35.0%	32.3%	25.7%	33.9%	35.1%	30.2%	24.0%	16.9%	3.8%	20.3%	11.3%
Net margin	27.8%	28.8%	26.2%	31.4%	44.7%	52.5%	35.5%	32.1%	34.7%	43.3%	36.9%	24.2%	27.6%	33.1%	31.2%	17.7%	9.4%	11.4%	13.1%	15.1%	7.5%	(3.7%)	(28.0%)	(50.6%)	(30.2%)	(21.6%)

Analyst consensus

Buy28 analysts

Bearish · 0 · Hold · 14 · Bullish · 14

Earnings history

	EPS	Estimate
Q3 2024	$0.91	$1.11	Miss
Q4 2024	$1.24	$1.10	Beat
Q1 2025	$1.28	$1.02	Beat
Q2 2025	$1.18	$1.16	Beat
Q3 2025	$0.78	$1.19	Miss
Q4 2025	$1.36	$1.17	Beat
Q1 2026	$1.14	$1.12	Beat
Q2 2026	$1.25	$1.16	Beat

Peers

Company overview

IPO dateAug 16, 2004

CEOJoseph D. Margolis

Employees8,393

SectorReal Estate

IndustryREIT - Industrial

CountryUS

ExchangeNew York Stock Exchange

Websitewww.extraspace.com

Extra Space Storage Inc., a prominent, self-administered and self-managed real estate investment trust (REIT), is headquartered in Salt Lake City, Utah, and holds a distinguished place as a member of the S&P 500 index. As of September 30, 2020, its expansive portfolio encompassed 1,906 self-storage facilities, with operations spanning 40 U.S. states, Washington, D.C., and Puerto Rico. Collectively, these facilities offer roughly 1.4 million individual storage units, totaling approximately 147.5 million square feet of rentable area. Extra Space Storage caters to diverse customer needs by providing a wide array of secure and conveniently located storage solutions nationwide. This includes specialized options for vehicles like boats and RVs, as well as dedicated business storage. Notably, it holds the position of the second-largest owner and operator of self-storage facilities throughout the U.S., and stands as the nation's largest self-storage management company.

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