Extra Space Storage Inc.
For the period ended Sep 30, 2025. Filed Oct 31, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 31, 2025
EXR$158.95-0.8%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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ITEM 1. FINANCIAL STATEMENTS (unaudited)
ITEM 1. FINANCIAL STATEMENTS
Condensed Consolidated Balance Sheets
(amounts in thousands, except share data)
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| (unaudited) | ||
| Assets: | ||
| Real estate assets, net | $24,926,700 | $24,587,627 |
| Real estate assets - operating lease right-of-use assets | 732,103 | 689,803 |
| Investments in unconsolidated real estate entities | 1,063,969 | 1,332,338 |
| Investments in debt securities and notes receivable | 1,851,094 | 1,550,950 |
| Cash and cash equivalents | 111,931 | 138,222 |
| Other assets, net | 547,172 | 548,986 |
| Total assets | $29,232,969 | $28,847,926 |
| Liabilities, Noncontrolling Interests and Equity: | ||
| Secured notes payable, net | $1,042,178 | $1,010,541 |
| Unsecured term loans, net | 1,494,914 | 2,192,507 |
| Unsecured senior notes, net | 9,423,613 | 7,756,968 |
| Revolving lines of credit and commercial paper | 942,000 | 1,362,000 |
| Operating lease liabilities | 757,807 | 705,845 |
| Cash distributions in unconsolidated real estate ventures | 77,705 | 75,319 |
| Accounts payable and accrued expenses | 472,831 | 346,519 |
| Other liabilities | 525,509 | 538,865 |
| Total liabilities | 14,736,557 | 13,988,564 |
| Commitments and contingencies | ||
| Noncontrolling Interests and Equity: | ||
| Extra Space Storage Inc. stockholders’ equity: | ||
| Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued or outstanding | — | — |
| Common stock, $0.01 par value, 500,000,000 shares authorized, 212,247,389 and 211,995,510 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively | 2,123 | 2,120 |
| Additional paid-in capital | 14,867,437 | 14,831,946 |
| Accumulated other comprehensive income | 1,338 | 12,806 |
| Accumulated deficit | (1,253,277) | (899,337) |
| Total Extra Space Storage Inc. stockholders’ equity | 13,617,621 | 13,947,535 |
| Noncontrolling interest represented by Preferred Operating Partnership units | 53,827 | 76,092 |
| Noncontrolling interests in Operating Partnership, net and other noncontrolling interests | 824,964 | 835,735 |
| Total noncontrolling interests and equity | 14,496,412 | 14,859,362 |
| Total liabilities, noncontrolling interests and equity | $29,232,969 | $28,847,926 |
Condensed Consolidated Statements of Operations
(amounts in thousands, except share data)
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Revenues: | ||||
| Property rental | $735,581 | $710,874 | $2,160,965 | $2,096,018 |
| Tenant reinsurance | 90,341 | 84,048 | 263,625 | 249,100 |
| Management fees and other income | 32,538 | 29,882 | 95,485 | 89,888 |
| Total revenues | 858,460 | 824,804 | 2,520,075 | 2,435,006 |
| Expenses: | ||||
| Property operations | 235,486 | 209,035 | 686,689 | 610,455 |
| Tenant reinsurance | 17,781 | 17,510 | 51,842 | 55,646 |
| General and administrative | 43,479 | 39,750 | 134,405 | 123,373 |
| Depreciation and amortization | 177,466 | 195,046 | 535,088 | 586,821 |
| Total expenses | 474,212 | 461,341 | 1,408,024 | 1,376,295 |
| Loss on real estate assets held for sale and sold, net | (105,128) | (8,961) | (70,231) | (63,620) |
| Impairment of Life Storage trade name | — | (51,763) | — | (51,763) |
| Income from operations | 279,120 | 302,739 | 1,041,820 | 943,328 |
| Interest expense | (149,650) | (142,855) | (438,177) | (412,875) |
| Non-cash interest expense related to amortization of discount on unsecured senior notes, net | (12,086) | (11,005) | (35,169) | (32,563) |
| Interest income | 43,588 | 34,947 | 124,553 | 89,746 |
| Income before equity in earnings and dividend income from unconsolidated real estate entities and income tax expense | 160,972 | 183,826 | 693,027 | 587,636 |
| Equity in earnings and dividend income from unconsolidated real estate entities | 15,669 | 16,246 | 51,884 | 48,508 |
| Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets and sale of a joint venture interest | 9,354 | 13,730 | 9,354 | 13,730 |
| Income tax expense | (11,962) | (10,857) | (32,591) | (27,443) |
| Net income | 174,033 | 202,945 | 721,674 | 622,431 |
| Net income allocated to Preferred Operating Partnership noncontrolling interests | (724) | (1,932) | (2,171) | (6,073) |
| Net income allocated to Operating Partnership and other noncontrolling interests | (7,311) | (7,803) | (32,899) | (24,164) |
| Net income attributable to common stockholders | $165,998 | $193,210 | $686,604 | $592,194 |
| Earnings per common share | ||||
| Basic | $0.78 | $0.91 | $3.23 | $2.79 |
| Diluted | $0.78 | $0.91 | $3.23 | $2.79 |
| Weighted average number of shares | ||||
| Basic | 211,963,870 | 211,698,436 | 211,918,589 | 211,522,578 |
| Diluted | 221,304,958 | 220,298,870 | 211,918,589 | 220,177,692 |
| Cash dividends paid per common share | $1.62 | $1.62 | $4.86 | $4.86 |
Condensed Consolidated Statements of Comprehensive Income
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Net income | $174,033 | $202,945 | $721,674 | $622,431 |
| Other comprehensive income: | ||||
| Change in fair value of interest rate swaps | (1,949) | (24,887) | (12,035) | (14,691) |
| Total comprehensive income | 172,084 | 178,058 | 709,639 | 607,740 |
| Less: comprehensive income attributable to noncontrolling interests | 7,951 | 8,749 | 34,503 | 29,641 |
| Comprehensive income attributable to common stockholders | $164,133 | $169,309 | $675,136 | $578,099 |
Condensed Consolidated Statements of Noncontrolling Interests and Equity
For the three and nine months ended September 30, 2025
(unaudited, amounts in thousands, except share data)
| Noncontrolling Interest · Extra Space Storage Inc. Stockholders’ Equity | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Preferred Operating Partnership | Operating Partnership | Other | Shares | Par Value | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Total Noncontrolling Interests and Equity | |
| Balances at June 30, 2025 | $53,827 | $820,254 | $12,166 | 212,252,547 | $2,123 | $14,860,946 | $3,203 | $(1,075,430) | $14,677,089 |
| Issuance of common stock for share based compensation and taxes paid upon net settlement | — | — | — | (5,158) | — | 6,929 | — | — | 6,929 |
| Redemption of Operating Partnership units for cash | — | (736) | — | — | — | (438) | — | — | (1,174) |
| Noncontrolling interest in consolidated joint ventures | — | — | 1,241 | — | — | — | — | — | 1,241 |
| Net income | 724 | 7,293 | 18 | — | — | — | — | 165,998 | 174,033 |
| Other comprehensive loss | — | (84) | — | — | — | — | (1,865) | — | (1,949) |
| Distributions to Operating Partnership units and other noncontrolling interests | (724) | (15,131) | (57) | — | — | — | — | — | (15,912) |
| Dividends paid on common stock at $1.62 per share | — | — | — | — | — | — | — | (343,845) | (343,845) |
| Balances at September 30, 2025 | $53,827 | $811,596 | $13,368 | 212,247,389 | $2,123 | $14,867,437 | $1,338 | $(1,253,277) | $14,496,412 |
| Balances at December 31, 2024 | $76,092 | $823,898 | $11,837 | 211,995,510 | $2,120 | $14,831,946 | $12,806 | $(899,337) | $14,859,362 |
| Issuance of common stock for share based compensation and taxes paid upon net settlement | — | — | — | 134,656 | 1 | 14,373 | — | — | 14,374 |
| Redemption of Operating Partnership units for stock | (22,265) | (3,953) | — | 185,808 | 3 | 26,215 | — | — | — |
| Redemption of Operating Partnership units for cash | — | (924) | — | — | — | (529) | — | — | (1,453) |
| Issuance of Operating Partnership units in conjunction with acquisitions | — | 5,878 | — | — | — | — | — | — | 5,878 |
| Repurchase of common stock, net of offering costs | — | — | — | (68,585) | (1) | — | — | (8,614) | (8,615) |
| Purchase of remaining equity interest in existing unconsolidated joint venture | — | — | (1,426) | — | — | (4,568) | — | — | (5,994) |
| Noncontrolling interest in consolidated joint ventures | — | — | 3,099 | — | — | — | — | — | 3,099 |
| Net income | 2,171 | 32,895 | 4 | — | — | — | — | 686,604 | 721,674 |
| Other comprehensive loss | — | (567) | — | — | — | — | (11,468) | — | (12,035) |
| Distributions to Operating Partnership units and other noncontrolling interests | (2,171) | (45,631) | (146) | — | — | — | — | — | (47,948) |
| Dividends paid on common stock at $4.86 per share | — | — | — | — | — | — | — | (1,031,930) | (1,031,930) |
| Balances at September 30, 2025 | $53,827 | $811,596 | $13,368 | 212,247,389 | $2,123 | $14,867,437 | $1,338 | $(1,253,277) | $14,496,412 |
Condensed Consolidated Statement of Noncontrolling Interests and Equity
For the three and nine months ended September 30, 2024
(unaudited, amounts in thousands, except share data)
| Noncontrolling Interest · Extra Space Storage Inc. Stockholders’ Equity | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Preferred Operating Partnership | Operating Partnership | Other | Shares | Par Value | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Total Noncontrolling Interests and Equity | |
| Balances at June 30, 2024 | $191,306 | $757,102 | $9,800 | 211,927,348 | $2,120 | $14,810,938 | $27,241 | $(667,667) | $15,130,840 |
| Issuance of common stock for share based compensation, exercise of options and taxes paid upon net settlement | — | — | — | 10,515 | — | 8,224 | — | — | 8,224 |
| Offering costs associated with shelf registration | — | — | — | — | — | (28) | — | — | (28) |
| Redemption of Operating Partnership units for stock | — | (3,884) | — | 43,879 | — | 3,884 | — | — | — |
| Noncontrolling interest in consolidated joint ventures | — | — | 825 | — | — | — | — | — | 825 |
| Net income | 1,932 | 7,800 | 3 | — | — | — | — | 193,210 | 202,945 |
| Other comprehensive loss | — | (986) | — | — | — | — | (23,901) | — | (24,887) |
| Distributions to Operating Partnership units and other noncontrolling interests | (1,932) | (13,896) | — | — | — | — | — | — | (15,828) |
| Dividends paid on common stock at $1.62 per share | — | — | — | — | — | — | — | (343,408) | (343,408) |
| Balances at September 30, 2024 | $191,306 | $746,136 | $10,628 | 211,981,742 | $2,120 | $14,823,018 | $3,340 | $(817,865) | $14,958,683 |
| Balances at December 31, 2023 | $222,360 | $791,754 | $8,914 | 211,278,803 | $2,113 | $14,750,388 | $17,435 | $(379,015) | $15,413,949 |
| Issuance of common stock for share based compensation, exercise of options and taxes paid upon net settlement | — | — | — | 178,944 | 2 | 14,417 | — | — | 14,419 |
| Issuance of common stock, net of offering costs | — | — | — | 2,310 | — | 365 | — | — | 365 |
| Offering costs associated with shelf registration | — | — | — | — | — | (522) | — | — | (522) |
| Redemption of Operating Partnership units for stock | (31,054) | (27,321) | — | 521,685 | 5 | 58,370 | — | — | — |
| Noncontrolling interest in consolidated joint ventures | — | — | 1,687 | — | — | — | — | — | 1,687 |
| Net income | 6,073 | 24,137 | 27 | — | — | — | — | 592,194 | 622,431 |
| Other comprehensive loss | — | (596) | — | — | — | — | (14,095) | — | (14,691) |
| Distributions to Operating Partnership units and other noncontrolling interests | (6,073) | (41,838) | — | — | — | — | — | — | (47,911) |
| Dividends paid on common stock at $4.86 per share | — | — | — | — | — | — | — | (1,031,044) | (1,031,044) |
| Balances at September 30, 2024 | $191,306 | $746,136 | $10,628 | 211,981,742 | $2,120 | $14,823,018 | $3,340 | $(817,865) | $14,958,683 |
Condensed Consolidated Statements of Cash Flows
| For the Nine Months Ended September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows from operating activities: | ||
| Net income | $721,674 | $622,431 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 535,088 | 586,821 |
| Amortization of deferred financing costs | 8,757 | 13,419 |
| Non-cash lease expense | 9,661 | 3,224 |
| Non-cash interest expense related to amortization of discount on unsecured senior notes, net | 35,169 | 32,563 |
| Compensation expense related to share-based awards | 22,740 | 14,417 |
| Accrual of interest income added to principal of debt securities and notes receivable | (24,101) | (23,455) |
| Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets and sale of a joint venture interest | (9,354) | (13,730) |
| Impairment of Life Storage trade name | — | 51,763 |
| Loss on real estate assets held for sale and sold, net | 70,231 | 63,620 |
| Distributions from unconsolidated real estate ventures | 24,795 | 21,839 |
| Changes in operating assets and liabilities: | ||
| Other assets | (28,098) | 42,513 |
| Accounts payable and accrued expenses | 121,191 | 45,145 |
| Other liabilities | (5,357) | 18,581 |
| Net cash provided by operating activities | 1,482,396 | 1,479,151 |
| Cash flows from investing activities: | ||
| Acquisition of real estate assets and improvements | (587,547) | (361,126) |
| Development and redevelopment of real estate assets | (111,067) | (100,507) |
| Proceeds from sale of real estate assets | 168,747 | 4,415 |
| Investment in unconsolidated real estate entities | (107,178) | (7,175) |
| Return of investment in unconsolidated real estate ventures | 231,130 | 12,999 |
| Issuance of notes receivable | (512,377) | (739,702) |
| Payments received on notes receivable | 137,962 | 153,971 |
| Proceeds from sale of notes receivable | 98,372 | 175,335 |
| Purchase of equipment and fixtures | (15,704) | (15,713) |
| Net cash used in investing activities | (697,662) | (877,503) |
| Cash flows from financing activities: | ||
| Proceeds from unsecured term loans, senior notes, revolving lines of credit and commercial paper | 11,436,343 | 5,542,362 |
| Principal payments on unsecured term loans, senior notes, revolving lines of credit and commercial paper | (12,780,602) | (6,062,896) |
| Proceeds from issuance of public bonds, net | 1,650,000 | 1,000,000 |
| Deferred financing costs | (30,698) | (12,633) |
| Repurchase of common stock, net of offering costs | (8,615) | — |
| Proceeds from share issuances | — | 365 |
| Redemption of Operating Partnership units for cash | (1,453) | — |
| Offering costs associated with shelf registration | — | (522) |
| Dividends paid on common stock | (1,031,930) | (1,031,044) |
| Distributions to noncontrolling interests, net of contributions | (44,848) | (48,038) |
| Net cash used in financing activities | $(811,803) | (612,406) |
| Net decrease in cash, cash equivalents, and restricted cash | (27,069) | (10,758) |
Condensed Consolidated Statements of Cash Flows
| For the Nine Months Ended September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash, cash equivalents, and restricted cash, beginning of the period | $143,303 | $105,083 |
| Cash, cash equivalents, and restricted cash, end of the period | $116,234 | $94,325 |
| Cash and equivalents, including restricted cash at the beginning of the period: | ||
| Cash and equivalents | $138,222 | $99,062 |
| Restricted cash included in other assets | 5,081 | 6,021 |
| $143,303 | $105,083 | |
| Cash and equivalents, including restricted cash at the end of the period: | ||
| Cash and equivalents | $111,931 | $88,931 |
| Restricted cash included in other assets | 4,303 | 5,394 |
| $116,234 | $94,325 | |
| Supplemental schedule of cash flow information | ||
| Interest paid | $433,412 | $381,434 |
| Income taxes paid | 33,275 | 30,635 |
| Supplemental schedule of noncash investing and financing activities: | ||
| Redemption of Operating Partnership units held by noncontrolling interests for common stock | ||
| Noncontrolling interests in Operating Partnership | $(26,218) | 58,375 |
| Common stock and paid-in capital | 26,218 | $(58,375) |
| Acquisition and establishment of operating lease right of use assets and lease liabilities | ||
| Real estate assets - operating lease right-of-use assets | $419 | $— |
| Operating lease liabilities | (419) | — |
| Acquisitions of real estate assets | ||
| Real estate assets, net | $111,984 | $— |
| Value of OP units issued | (5,878) | — |
| Value of investment in consolidated real estate ventures | (105,471) | — |
| Net liabilities assumed | (635) | — |
| Accrued construction costs and capital expenditures | ||
| Acquisition of real estate assets | $5,121 | $9,094 |
| Accounts payable and accrued expenses | (5,121) | (9,094) |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.