Extra Space Storage (EXR) FY2025 results: revenue $3.4 billion, up 3.7% on the year

Extra Space Storage owns, operates, manages, acquires, develops and redevelops self-storage properties, which it calls stores, and lends to other store owners. Stores rent space month to month for personal or business use. It was formed as a Maryland corporation in 2004 and floated that August, continuing a business that had been in self-storage since 1977. Head office is in Salt Lake City.

The portfolio

At the end of 2025 the company owned or operated 4,281 stores across 43 states and Washington, D.C., comprising about 330.4 million square feet of net rentable space in roughly 2.9 million individual units. That count mixes three kinds of store, and the company manages the business across all of them: wholly owned stores, stores in which it holds a partial interest, and stores it manages for other owners.

Two reporting segments

Self-storage operations and tenant reinsurance. Self-storage revenue is rent from tenants at wholly owned stores and those in consolidated joint ventures. The company states that results depend materially on its ability to let available units, to actively manage unit rental rates, and on tenants paying.

Tenant reinsurance covers the loss of goods a tenant has stored. The mechanism is worth following: the customer has the option of buying insurance from an unaffiliated insurance company, covering goods stored at Extra Space's own stores and at those it manages for third parties. A wholly owned, consolidated subsidiary then fully reinsures those policies, taking on all the risk of loss and receiving reinsurance premiums from the unaffiliated insurer that are substantially equal to the premiums the tenants paid.

Managing other people's stores

At the end of 2025 the company managed 1,856 stores for third-party owners. It gives four reasons for doing so: management fees; a wider geographic footprint, more data and more scale for little capital outlay; lower operating costs from that scale; and a pipeline of properties it might later buy.

The lending programme

Extra Space provides financing to third-party self-storage owners for operating properties that it also manages. It says this grows the management business, creates future acquisition opportunities and strengthens partner relationships, while generating interest and fee income. It generally originates both mortgage loans and mezzanine loans, with the option to sell part of the mortgage loans to third parties while keeping its interests in the mezzanine loans. At the end of 2025 the total balance of bridge loans receivable was $1.5 billion.

Investments in other storage companies

The company holds preferred stock in other self-storage companies. It names the reasons: dividend income, potential future acquisition opportunities through the relationships those stakes create, and growth in the management business.

The structure

Substantially all the business runs through Extra Space Storage LP, so the company's primary assets are general partner and limited partner interests in that operating partnership. That is an umbrella partnership REIT. As long as it continues to qualify as a REIT, it pays no US federal tax, with certain exceptions, on REIT taxable income distributed to stockholders.

Competition

The company says it operates in competitive markets where consumers often have several stores to choose from, and that competition has affected and will continue to affect it.

From Extra Space Storage's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 20 February 2026: read the full 10-K.