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EXR · Extra Space Storage Inc. · Financials

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$152.15 +2.25 (+1.50%) Q3 2026 earnings call transcript
Market Cap
$31.67B
Shares
211.27M
Volume · Oct 30 489.68K Avg daily vol (3M) 1.26M

Income-statement, balance-sheet and cash-flow figures from SEC filings, plus a debt profile anchored in the latest 10-K and updated by each 10-Q and debt exhibit.

Revenue
$3.38B +3.7%
FY2025 Revenue FY2008–FY2025
Net Income
$974M +14%
FY2025 Net Income FY2008–FY2025
Gross Margin
72.82% -1.6pp
FY2025 Gross Margin FY2008–FY2025
Operating Margin
41.83% +1.2pp
FY2025 Operating Margin FY2008–FY2025
Diluted EPS
$4.59 +13.9%
FY2025 Diluted EPS FY2008–FY2025
Operating Cash Flow
$1.85B -2%
FY2025 Operating Cash Flow FY2008–FY2025

Chart any reported metric, KPI or segment over time — the full statement history lives here

Line Item FY2026 (G) TTM FY2025 FY2024 FY2023 FY2022 FY2021 FY2020 FY2019 FY2018 FY2017 FY2016 FY2015 FY2014 FY2013 FY2012 FY2011 FY2010 FY2009 FY2008
— $3.45B $3.38B $3.26B $2.56B $1.92B $1.58B $1.36B $1.31B $1.2B $1.11B $991.88M $782.27M $647.16M $520.61M $409.4M $329.83M $281.5M $280.15M $272.73M
— $2.95B $2.9B $2.8B $2.22B $1.65B $1.34B $1.16B $1.13B $1.04B — — — — — — — — — —
— $936.97M $918.15M $831.57M $612.04M $435.34M $368.61M $360.62M $336.05M $291.7M $271.97M $250.01M $203.97M $172.42M $140.01M $114.03M $95.48M $86.17M $88.94M $84.52M
— $2.51B $2.46B $2.43B $1.95B $1.49B $1.21B $995.6M $972.4M $904.91M $833.04M $741.87M $578.31M $474.74M $380.6M $295.37M $234.35M $195.33M $191.21M $188.21M
— — 72.82% 74.47% 76.09% 77.38% 76.63% 73.41% 74.32% 75.62% 75.39% 74.79% 73.93% 73.36% 73.11% 72.15% 71.05% 69.39% 68.25% 69.01%
— $189.24M $186.34M $167.4M $146.41M $129.25M $102.19M $96.59M $89.42M $81.26M $78.96M $81.81M $67.76M $60.94M $54.25M $50.45M $49.68M $44.43M $40.22M $39.39M
— — $21.18M $114.61M $59.81M $13.98M $4.78M $2.26M $6.61M $9.05M $14.35M $21.13M $11.7M $13M $12.07M $7.18M $2.63M — — —
— $728.96M $715.18M $783.02M $506.05M $288.32M $241.88M — $219.86M $209.05M $193.3M $182.56M $133.46M $115.08M $95.23M $74.45M $58.01M $50.35M $52.4M $49.57M
— — — — — — — — — — $6.1M — — — — — — — — —
— $1.93B $1.89B $1.86B $1.39B $888.02M $742.17M $708.15M $674.7M $607.71M $563.4M $542.04M $487.61M $368.69M $307.13M $252.16M $214.35M $190.68M $208.26M $180.27M
— $1.41B $1.41B $1.32B $1.17B $1.05B $975.95M $666.14M $634.96M $619.7M $654.39M $458.3M $294.66M $278.47M $213.48M $157.24M $115.48M $90.82M $71.89M $92.46M
— — 41.83% 40.63% 45.7% 54.59% 61.87% 49.12% 48.53% 51.79% 59.22% 46.21% 37.67% 43.03% 41.01% 38.41% 35.01% 32.26% 25.66% 33.9%
— $2.14B $2.13B $2.11B $1.68B $1.34B $1.22B — $854.82M $828.75M $847.69M $640.86M $428.11M $393.54M $308.72M $231.69M $173.49M $141.16M $124.29M $142.03M
— — — — $419.04M $219.17M $166.18M — — $178.44M $153.51M $133.48M $95.68M $81.33M $71.63M $71.85M $67.3M $64.12M $67.58M $64.61M
— $160.56M $163.2M $124.42M $84.86M $69.42M $49.7M $15.19M $7.47M $5.29M $6.74M $11M $3.46M $1.61M $749K $1.82M $1.03M $898K $1.58M $3.4M
— $64.16M $68.82M $67.27M $54.84M $41.43M $32.36M — $11.27M $14.45M $15.33M $12.9M $12.35M $10.54M $11.65M $10.86M $7.29M $6.75M $6.96M $6.93M
— $927.45M $940.76M $852.71M $817.18M $900.65M $859.47M $509.03M $451.16M $441.87M $502.52M $330.84M $205.48M $188.9M $137.86M $91.61M $52.29M $30.78M $36.43M $36.94M
— $43.79M $41.56M $33.48M $21.56M $20.93M $20.32M $13.81M $11.31M $9.24M $3.63M $15.85M $11.15M $7.57M $9.98M $5.41M $1.16M $4.16M $4.3M $519K
— $957.84M $974M $854.68M $803.2M $860.69M $827.65M $481.78M $419.97M $415.29M $479.01M $366.13M $189.47M $178.36M $172.08M $117.31M $50.45M $26.33M $31.98M $35.78M
— — 28.84% 26.24% 31.37% 44.73% 52.47% 35.52% 32.1% 34.71% 43.35% 36.91% 24.22% 27.56% 33.05% 28.65% 15.3% 9.35% 11.41% 13.12%
— — — — — — — — — — — — — -$13.58M -$7.26M -$6.88M -$6.29M -$7.1M -$8.01M —
— $956.07M $972.26M $853.19M $801.97M $859.49M $826.47M $481.07M $419.29M $414.57M $478.04M $365.34M $188.87M $177.87M $171.51M $117.03M $50.08M $26.33M $31.98M —
— $954.46M $960.77M $850.05M $771.84M $952.03M $884.2M $411.65M $356.35M $416.65M $495.53M $389.25M $184.61M $166.72M $196.51M $110.97M $48.3M $21.6M $37.98M $44.76M
USD/shares — $4.52 $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
USD/shares $8.05 – $8.35* $4.52 $4.59G $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
shares — — 211.85M 211.58M 169.22M 134.05M 133.37M 129.54M 128.2M 126.09M 125.97M 125.09M 119.82M 115.71M 111.35M 101.77M 91.3M 87.32M 86.34M 77M
shares — — 211.85M 211.58M 169.22M 141.68M 140.02M 129.58M 136.43M 133.16M 134.16M 125.95M 126.92M 121.44M 113.11M 103.77M 93.63M 92.05M 91.08M 82.35M
Italic rows are computed from reported lines — open a row's info icon for its formula. Values reflect the latest filing (restatements included); per-share figures on today's split basis. Click a value for its source filing. TTM: trailing twelve months through the latest reported quarter — flows sum the last four quarters, balances take the latest. 3Y/5Y/10Y columns are trailing CAGR from the newest fiscal year; blank where an endpoint is missing or negative. (G): the company's own guidance — a (G) column is a guided period not yet reported; a G marker shows how the reported figure landed against the guided range. Non-GAAP-basis guidance (*) is shown as stated and never judged against GAAP actuals.

Capital Returned to Shareholders

Cash spent on share repurchases and dividends per fiscal year, as reported on the cash-flow statement. Across FY2008–FY2025: $280.43M in buybacks, $8.24B in dividends.

Debt Profile

Reported borrowing balances, repayment dates and agreement terms, with links to the underlying filings.

Latest reported total
USD 13,900,000,000
As of Jun 30, 2026
Tracked instruments
1
Loans, facilities and note series
Annual baseline
—
Latest approved annual total
Reported total debt history
As of Reported label Amount Source
2026-06-30 total face value of debt USD 13,900,000,000 10-Q filed 2026-07-31
As of June 30, 2026, we had approximately $13.9 billion in total face value of debt, of which approximately $3.0 billion was subject to variable interest rates (excluding debt with interest rate swaps). If SOFR was to increase or decrease by 100 basis points, the increase or decrease in interest expense on the variable-rate debt would increase or decrease future earnings and cash flows by approximately $29.8 million annually.

Reported debt balances

Each amount keeps its reported scope. Related balance-sheet measures appear under the borrowing they describe.

Reported balanceAs ofAmountSource
Line of credit borrowings, including current maturities 2026-06-30 USD 1,617,000,000 10-Q filed 2026-07-31
Operating lease liabilities 2026-06-30 USD 767,584,000 10-Q filed 2026-07-31
Other notes payable 2026-06-30 USD 1,073,327,000 10-Q filed 2026-07-31
Unsecured debt, including current maturities 2026-06-30 USD 1,495,365,000 10-Q filed 2026-07-31
Instrument and agreement coverage is incomplete. Additional filings are awaiting review.
1 filing has incomplete source or extraction coverage. Verified observations are shown; missing observations do not establish that debt was unchanged.

Covenants

Covenant terms have not yet been verified for this profile.

The balance figures do not establish whether covenants apply or whether the company complies with them.

Loans, facilities and notes

4.900% senior notes due 2032

Note · Extra Space Storage LP

Reference: 4.900% senior notes due 2032

Active
Original principal
USD 550,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
—

Last reported interest terms: 4.9% Reported 2026-06-25 Later filings may not restate these terms; this does not confirm they still apply.

Covenant terms for this agreement are not yet verified.

Documents and filing history
  1. Issuance · 2026-06-24 Original principal USD 550,000,000 Exact source document Parent 8-K filing · 2026-06-25
    On June 24, 2026, Extra Space Storage LP (the “Issuer”), Extra Space Storage Inc. (the “Company”), ESS Holdings Business Trust I (“EHBT I”) and ESS Holdings Business Trust II (“EHBT II” and, together with the EHBT I and the Company, the “Guarantors”) entered into an underwriting agreement (the “Underwriting Agreement”) with Wells Fargo Securities, LLC, J.P. Morgan Securities LLC and Truist Securities, Inc., as representatives of the several underwriters named therein (the “Underwriters”), with respect to an underwritten public offering of $550 million aggregate principal amount of the Issuer’s 4.900% senior notes due 2032 (the “Notes”).
    Issuer evidence: On June 24, 2026, Extra Space Storage LP (the “Issuer”), Extra Space Storage Inc. (the “Company”), ESS Holdings Business Trust I (“EHBT I”) and ESS Holdings Business Trust II (“EHBT II” and, together with the EHBT I and the Company, the “Guarantors”) entered into an underwriting agreement (the “Underwriting Agreement”) with Wells Fargo Securities, LLC, J.P. Morgan Securities LLC and Truist Securities, Inc., as representatives of the several underwriters named therein (the “Underwriters”), with respect to an underwritten public offering of $550 million aggregate principal amount of the Issuer’s 4.900% senior notes due 2032 (the “Notes”). The Notes will be fully and unconditionally guaranteed by the Guarantors.
    Supporting evidence: On June 24, 2026, Extra Space Storage LP (the “Issuer”), Extra Space Storage Inc. (the “Company”), ESS Holdings Business Trust I (“EHBT I”) and ESS Holdings Business Trust II (“EHBT II” and, together with the EHBT I and the Company, the “Guarantors”) entered into an underwriting agreement (the “Underwriting Agreement”) with Wells Fargo Securities, LLC, J.P. Morgan Securities LLC and Truist Securities, Inc., as representatives of the several underwriters named therein (the “Underwriters”), with respect to an underwritten public offering of $550 million aggregate principal amount of the Issuer’s 4.900% senior notes due 2032 (the “Notes”).
    Supporting evidence: On June 24, 2026, Extra Space Storage LP (the “Issuer”), Extra Space Storage Inc. (the “Company”), ESS Holdings Business Trust I (“EHBT I”) and ESS Holdings Business Trust II (“EHBT II” and, together with the EHBT I and the Company, the “Guarantors”) entered into an underwriting agreement (the “Underwriting Agreement”) with Wells Fargo Securities, LLC, J.P. Morgan Securities LLC and Truist Securities, Inc., as representatives of the several underwriters named therein (the “Underwriters”), with respect to an underwritten public offering of $550 million aggregate principal amount of the Issuer’s 4.900% senior notes due 2032 (the “Notes”).

Price & Valuation

Multiples computed on the strict TTM/EV methodology — today's snapshot against peers, and each ratio recomputed as of past filing dates.

Valuation

EV/Revenue
—
Peer median 13.78×
EV/EBIT
—
P/E (TTM)
33.16×
Peer median 28.14×
P/FFO (FY2025)
18.07×
Peer median 18.01×

Peer medians compare against the 11 similar-size REIT - Industrial companies (of 15 listed).

P/FFO uses the company-stated “FFO”, extracted from the reconciliation in its SEC filings — the company's own non-GAAP definition, not an XBRL-tagged figure.

Valuation over time computed as of each quarter's filing date

P/FFO uses the company-stated “FFO”, extracted from the reconciliation in its SEC filings as it existed at each sample date — the company's own non-GAAP definition, not an XBRL-tagged figure. Each point's tooltip names its TTM or fiscal-year basis.

Revenue Breakdown

Annual revenue as the company disaggregates it in its own XBRL filings. Years a component wasn't reported show a dash.

Share mode is each component's slice of the reported components that year — issuers rarely tag every revenue dollar, so slices need not sum to total revenue.

By Segment (USD)

Component FY2025 FY2024 FY2023 FY2022 FY2021 FY2020 FY2019 FY2018
Self Storage Operations $2,895,190,000 $2,803,252,000 $2,222,578,000 $1,654,735,000 $1,340,990,000 $1,157,522,000 $1,130,177,000 $1,039,340,000
Tenant Reinsurance $352,876,000 $332,795,000 $235,680,000 $185,531,000 $170,108,000 $146,561,000 $128,387,000 $115,507,000

Segment Operating Income

Annual operating income by business segment, as tagged in the company's own XBRL filings. Segments need not sum to the consolidated figure — corporate costs and eliminations are typically unallocated.

By Segment (USD)

Component FY2025 FY2024 FY2023 FY2022 FY2021 FY2020 FY2019 FY2018
Self Storage Operations $1,977,042,000 $1,971,686,000 $1,610,542,000 $1,219,393,000 $972,382,000 $796,907,000 $794,127,000 $747,645,000
Tenant Reinsurance $284,003,000 $258,909,000 $176,806,000 $151,971,000 $140,620,000 $120,067,000 $99,011,000 $89,800,000

Operating Margin by Segment (%)

Component FY2025 FY2024 FY2023 FY2022 FY2021 FY2020 FY2019 FY2018
Self Storage Operations 68.3% 70.3% 72.5% 73.7% 72.5% 68.8% 70.3% 71.9%
Tenant Reinsurance 80.5% 77.8% 75% 81.9% 82.7% 81.9% 77.1% 77.7%
Key facts CIK 1289490 CUSIP 30225T102 13F (30d) 262 filings 242 filers Visit website Investor relations