Extra Space Storage Inc.
For the period ended Mar 31, 2026. Filed May 1, 2026.
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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.
Mar 31, 2026 · Filed May 1, 2026
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)
| March 31, 2026 | December 31, 2025 | |
|---|---|---|
| (unaudited) | ||
| Assets: | ||
| Real estate assets, net | $24,926,765 | $25,004,350 |
| Real estate assets - operating lease right-of-use assets | 737,606 | 732,176 |
| Investments in unconsolidated real estate entities | 1,069,602 | 1,066,783 |
| Investments in debt securities and notes receivable | 1,758,534 | 1,806,526 |
| Cash and cash equivalents | 138,986 | 138,920 |
| Other assets, net | 467,877 | 515,291 |
| Total assets | $29,099,370 | $29,264,046 |
| Liabilities, Noncontrolling Interests and Equity: | ||
| Secured notes payable, net | $1,076,443 | $1,079,565 |
| Unsecured term loans, net | 1,495,012 | 1,494,659 |
| Unsecured senior notes, net | 9,446,570 | 9,432,427 |
| Revolving lines of credit and commercial paper | 1,152,500 | 1,224,000 |
| Operating lease liabilities | 769,688 | 761,106 |
| Cash distributions in unconsolidated real estate ventures | 74,288 | 73,701 |
| Accounts payable and accrued expenses | 374,814 | 357,583 |
| Other liabilities | 497,553 | 516,969 |
| Total liabilities | 14,886,868 | 14,940,010 |
| 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, 211,197,111 and 211,155,322 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively | 2,112 | 2,112 |
| Additional paid-in capital | 14,882,445 | 14,880,646 |
| Accumulated other comprehensive income (loss) | 314 | (420) |
| Accumulated deficit | (1,552,391) | (1,449,172) |
| Total Extra Space Storage Inc. stockholders’ equity | 13,332,480 | 13,433,166 |
| Noncontrolling interest represented by Preferred Operating Partnership units | 47,827 | 53,827 |
| Noncontrolling interests in Operating Partnership, net and other noncontrolling interests | 832,195 | 837,043 |
| Total noncontrolling interests and equity | 14,212,502 | 14,324,036 |
| Total liabilities, noncontrolling interests and equity | $29,099,370 | $29,264,046 |
Condensed Consolidated Statements of Operations
(amounts in thousands, except share data)
| For the Three Months Ended March 31, | ||
|---|---|---|
| 2026 | 2025 | |
| Revenues: | ||
| Property rental | $733,213 | $704,380 |
| Tenant reinsurance | 89,119 | 84,712 |
| Management fees and other income | 33,695 | 30,905 |
| Total revenues | 856,027 | 819,997 |
| Expenses: | ||
| Property operations | 238,303 | 223,582 |
| Tenant reinsurance | 17,867 | 17,116 |
| General and administrative | 46,509 | 45,974 |
| Depreciation and amortization | 185,795 | 180,356 |
| Total expenses | 488,474 | 467,028 |
| Gain on real estate assets held for sale and sold, net | — | 35,761 |
| Income from operations | 367,553 | 388,730 |
| Interest expense | (147,299) | (142,399) |
| Non-cash interest expense related to amortization of discount on unsecured senior notes, net | (12,555) | (11,313) |
| Interest income | 39,543 | 38,967 |
| Income before equity in earnings and dividend income from unconsolidated real estate entities and income tax expense | 247,242 | 273,985 |
| Equity in earnings and dividend income from unconsolidated real estate entities | 15,760 | 19,931 |
| Equity in earnings of unconsolidated real estate ventures - gain on sale of a joint venture interest | 207 | — |
| Income tax expense | (10,789) | (8,991) |
| Net income | 252,420 | 284,925 |
| Net income allocated to Preferred Operating Partnership noncontrolling interests | (673) | (724) |
| Net income allocated to Operating Partnership and other noncontrolling interests | (10,770) | (13,326) |
| Net income attributable to common stockholders | $240,977 | $270,875 |
| Earnings per common share | ||
| Basic | $1.14 | $1.28 |
| Diluted | $1.14 | $1.28 |
| Weighted average number of shares | ||
| Basic | 210,896,947 | 211,850,618 |
| Diluted | 220,322,872 | 212,052,742 |
| Cash dividends paid per common share | $1.62 | $1.62 |
Condensed Consolidated Statements of Comprehensive Income
| For the Three Months Ended March 31, | ||
|---|---|---|
| 2026 | 2025 | |
| Net income | $252,420 | $284,925 |
| Other comprehensive income: | ||
| Change in fair value of interest rate swaps | 764 | (6,937) |
| Total comprehensive income | 253,184 | 277,988 |
| Less: comprehensive income attributable to noncontrolling interests | 11,473 | 13,715 |
| Comprehensive income attributable to common stockholders | $241,711 | $264,273 |
Condensed Consolidated Statements of Noncontrolling Interests and Equity
(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 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 | — | — | — | 74,513 | — | 400 | — | — | 400 |
| Redemption of Operating Partnership units for stock | (22,265) | (1,085) | — | 155,330 | 2 | 23,348 | — | — | — |
| Issuance of Operating Partnership units in conjunction with acquisitions | — | 5,878 | — | — | — | — | — | — | 5,878 |
| Purchase of remaining equity interest in existing consolidated joint venture | — | — | — | — | — | (4,568) | — | — | (4,568) |
| Noncontrolling interest in consolidated joint ventures | — | — | (275) | — | — | — | — | — | (275) |
| Net income (loss) | 723 | 13,335 | (8) | — | — | — | — | 270,875 | 284,925 |
| Other comprehensive loss | — | (335) | — | — | — | — | (6,602) | — | (6,937) |
| Distributions to Operating Partnership units and other noncontrolling interests | (723) | (15,339) | (17) | — | — | — | — | — | (16,079) |
| Dividends paid on common stock at $1.62 per share | — | — | — | — | — | — | — | (344,203) | (344,203) |
| Balances at March 31, 2025 | $53,827 | $826,352 | $11,537 | 212,225,353 | $2,122 | $14,851,126 | $6,204 | $(972,665) | $14,778,503 |
| Balances at December 31, 2025 | $53,827 | $822,869 | $14,174 | 211,155,322 | $2,112 | $14,880,646 | $(420) | $(1,449,172) | $14,324,036 |
| Issuance of common stock for share based compensation and taxes paid upon net settlement | — | — | — | 52,898 | — | 2,375 | — | — | 2,375 |
| Redemption of Operating Partnership units for cash | (6,000) | (1,080) | — | — | — | (576) | — | — | (7,656) |
| Repurchase of common stock | — | — | — | (11,109) | — | — | — | (1,443) | (1,443) |
| Noncontrolling interest in consolidated joint ventures | — | — | 763 | — | — | — | — | — | 763 |
| Net income | 673 | 10,740 | 30 | — | — | — | — | 240,977 | 252,420 |
| Other comprehensive income | — | 30 | — | — | — | — | 734 | — | 764 |
| Distributions to Operating Partnership units and other noncontrolling interests | (673) | (15,263) | (68) | — | — | — | — | — | (16,004) |
| Dividends paid on common stock at $1.62 per share | — | — | — | — | — | — | — | (342,753) | (342,753) |
| Balances at March 31, 2026 | $47,827 | $817,296 | $14,899 | 211,197,111 | $2,112 | $14,882,445 | $314 | $(1,552,391) | $14,212,502 |
Condensed Consolidated Statements of Cash Flows
| For the Three Months Ended March 31, | ||
|---|---|---|
| 2026 | 2025 | |
| Cash flows from operating activities: | ||
| Net income | $252,420 | $284,925 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 185,795 | 180,356 |
| Amortization of deferred financing costs | 3,228 | 2,790 |
| Non-cash lease expense | 3,152 | 3,295 |
| Non-cash interest expense related to amortization of discount on unsecured senior notes, net | 12,555 | 11,313 |
| Compensation expense related to share-based awards | 7,606 | 7,167 |
| Accrual of interest income added to principal of debt securities and notes receivable | (7,710) | (8,273) |
| Equity in earnings of unconsolidated real estate ventures - gain on sale of a joint venture interest | (207) | — |
| Gain on real estate assets held for sale and sold, net | — | (35,761) |
| Distributions in excess of earnings from unconsolidated real estate ventures | 3,332 | 9,192 |
| Changes in operating assets and liabilities: | ||
| Other assets | 38,187 | 6,923 |
| Accounts payable and accrued expenses | 9,989 | 4,998 |
| Other liabilities | (18,492) | 14,479 |
| Net cash provided by operating activities | 489,855 | 481,404 |
| Cash flows from investing activities: | ||
| Acquisition of real estate assets and improvements | (74,469) | (208,624) |
| Development and redevelopment of real estate assets | (26,419) | (35,237) |
| Proceeds from sale of real estate assets | 6,103 | 124,730 |
| Investment in unconsolidated real estate entities | (5,563) | (102,397) |
| Issuance of notes receivable | (14,590) | (182,079) |
| Payments received on notes receivable | 40,957 | 39,963 |
| Proceeds from sale of notes receivable | 29,335 | 25,875 |
| Purchase of equipment and fixtures | (2,855) | (4,269) |
| Net cash used in investing activities | (47,501) | (342,038) |
| Cash flows from financing activities: | ||
| Proceeds from secured and unsecured term loans, senior notes, revolving lines of credit and commercial paper | 4,173,770 | 3,979,431 |
| Principal payments on secured and unsecured term loans, senior notes, revolving lines of credit and commercial paper | (4,248,783) | (4,615,810) |
| Proceeds from issuance of public bonds, net | — | 850,000 |
| Deferred financing costs | (48) | (13,528) |
| Repurchase of common stock | (1,443) | — |
| Redemption of Operating Partnership units for cash | (1,656) | — |
| Redemption of Preferred OP units for cash | (6,000) | — |
| Dividends paid on common stock | (342,753) | (344,203) |
| Distributions to noncontrolling interests, net of contributions | (15,216) | (15,511) |
| Net cash used in financing activities | $(442,129) | (159,621) |
| Net change in cash, cash equivalents, and restricted cash | 225 | (20,255) |
| Cash, cash equivalents, and restricted cash, beginning of the period | $143,180 | $143,303 |
| Cash, cash equivalents, and restricted cash, end of the period | $143,405 | $123,048 |
Condensed Consolidated Statements of Cash Flows
| For the Three Months Ended March 31, | ||
|---|---|---|
| 2026 | 2025 | |
| Cash and equivalents, including restricted cash at the beginning of the period: | ||
| Cash and equivalents | $138,920 | $138,222 |
| Restricted cash included in other assets | 4,260 | 5,081 |
| $143,180 | $143,303 | |
| Cash and equivalents, including restricted cash at the end of the period: | ||
| Cash and equivalents | $138,986 | $119,559 |
| Restricted cash included in other assets | 4,419 | 3,489 |
| $143,405 | $123,048 | |
| Supplemental schedule of cash flow information | ||
| Interest paid | $161,182 | $116,751 |
| 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 | $— | (22,265) |
| Common stock and paid-in capital | — | $22,265 |
| Remeasurement of lease right of use assets and lease liabilities | ||
| Real estate assets - operating lease right-of-use assets | $10,525 | $— |
| Operating lease liabilities | (10,525) | — |
| Real estate assets, net | $(4,586) | $— |
| Other liabilities | $4,586 | $— |
| 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 debt assumed | — | (635) |
| Accrued construction costs and capital expenditures | ||
| Acquisition of real estate assets | $7,242 | $7,978 |
| Accounts payable and accrued expenses | (7,242) | (7,978) |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.