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Extra Space Storage Inc., headquartered in Salt Lake City, Utah, is a self-administered and self-managed REIT and a member of the S&P 500. As of December 31, 2025, the Company owned and/or operated 4,281 self-storage stores in 43 states and Washington, D.C. Its stores comprise approximately 2.9 million units and approximately 330.4 million square feet of rentable space operating under the Extra Space brand. The Company offers customers a wide selection of conveniently located and secure storage units across the country, including boat storage, RV storage and business storage. It is the largest operator of self-storage properties in the United States. Extra Space Storage Inc. was incorporated in 1977 in Maryland, USA.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $3.4B | $2.4B | $974M | $1.8B | 7.3% | 3.7% | 14.0% |
| 2024 | $3.3B | $2.3B | $855M | $1.9B | 6.1% | 27.2% | 6.4% |
| 2023 | $2.6B | $1.8B | $803M | $1.4B | 5.6% | 33.1% | -6.7% |
| 2022 | $1.9B | $1.4B | $861M | $1.2B | 26.4% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 1,924.17 | 2,560.24 | 3,256.90 | 3,377.54 |
| Cost Of Revenue | - | 468.90 | 670.91 | 905.45 | 987.02 |
| Gross Profit | - | 1,455.27 | 1,889.33 | 2,351.45 | 2,390.52 |
| Operating Expense | - | 417.57 | 652.46 | 950.42 | 901.52 |
| Operating Income | - | 1,037.70 | 1,236.87 | 1,401.03 | 1,489 |
| EBITDA | - | 1,449.57 | 1,815.89 | 2,311.81 | 2,414.41 |
| EBIT | - | 1,161.25 | 1,309.83 | 1,528.78 | 1,699.23 |
| Pretax Income | - | 942.08 | 872.01 | 933.71 | 1,064.10 |
| Tax Provision | - | 20.92 | 21.56 | 33.48 | 41.56 |
| Net Income | - | 860.69 | 803.20 | 854.68 | 974 |
| Net Income Common Stockholders | - | 859.49 | 801.97 | 853.19 | 972.26 |
| Total Expenses | - | 886.47 | 1,323.37 | 1,855.87 | 1,888.54 |
| Interest Expense | - | 219.17 | 437.82 | 595.07 | 635.13 |
| Interest Income | - | 69.42 | 84.86 | 124.42 | 163.20 |
| Selling General And Administration | - | 129.25 | 146.41 | 167.40 | 186.34 |
| Normalized EBITDA | - | 1,436.87 | 1,882.62 | 2,375.75 | 2,436.20 |
| Normalized Income | - | 848.27 | 868.26 | 916.32 | 994.94 |
| Market Cap | 30,009.02 | 30,009.02 | 30,009.02 | 30,009.02 | 30,009.02 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Extra Space Storage Inc.this co. | EXR | $30.2B | 30.81↓ discount | 2.23 | 7.3% | 18.17 |
| Ventas, Inc. | VTR | $38.2B | 158.16 | 3.17 | 2.0% | 23.00 |
| Crown Castle Inc. | CCI | $37.6B | 84.86 | -23.04 | -27.2% | 24.42 |
| Iron Mountain Incorporated | IRM | $34.2B | 238.72 | -35.18 | -14.7% | 25.25 |
| VICI Properties Inc. | VICI | $30.2B |
| - |
| - |
| - |
| - |
| - |
| - |
| 10.95 |
| 1.09 |
| 10.0% |
| 12.95 |
| Equity Residential | EQR | $23.6B | 20.83 | 2.12 | 10.2% | 12.69 |
| SBA Communications Corporation | SBAC | $23.6B | 22.09 | -4.80 | -21.7% | 19.06 |
| Weyerhaeuser Company | WY | $18.0B | 55.70 | 1.91 | 3.4% | 22.25 |
| Kimco Realty Corporation | KIM | $16.9B | 27.32 | 1.54 | 5.6% | 16.59 |
| Peer Median | - | 41.51 | 1.32 | 2.7% | 20.65 | |