Extra Space Storage Inc. EXR
Extra Space Storage Inc. ("we," "our," "us" or the "Company") is a fully integrated, self-administered and self-managed real estate investment trust ("REIT") formed as a Maryland corporation on April 30, 2004. We closed our initial public offering ("IPO") on August 17, 2004. Our common stock is traded on the New York Stock Exchange under the symbol "EXR."
We were formed to continue the business of Extra Space Storage LLC and its subsidiaries, which had engaged in the self-storage business since 1977. These companies were reorganized after the consummation of our IPO and various formation transactions. Our executive management team and board of directors have extensive experience and ownership positions in the Company.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $129.5M | $120.9M | $102.0M | $83.9M | $66.3M | $52.1M | $49.9M | $41.8M | $39.4M | $39.8M |
| Cost of revenue | $918.1M | $831.6M | $612.0M | $435.3M | $368.6M | $360.6M | $336.1M | $291.7M | $272.0M | $250.0M |
| Gross profit | -$788.7M | -$710.7M | -$510.1M | -$351.4M | -$302.3M | -$308.5M | -$286.2M | -$249.9M | -$232.6M | -$210.2M |
| SG&A | $186.3M | $167.4M | $146.4M | $129.3M | $102.2M | $96.6M | $89.4M | $81.3M | $79.0M | $81.8M |
| Total operating expenses | $1.89B | $1.86B | $1.39B | $888.0M | $742.2M | $708.1M | $674.7M | $607.7M | $563.4M | $542.0M |
| Operating income | $1.41B | $1.32B | $1.17B | $1.05B | $976.0M | $666.1M | $635.0M | $619.7M | $654.4M | $458.3M |
| Interest expense | — | — | $419.0M | $219.2M | $166.2M | — | — | $178.4M | $153.5M | $133.5M |
| Pre-tax income | $940.8M | $852.7M | $817.2M | $900.7M | $859.5M | $509.0M | $451.2M | $441.9M | $502.5M | $330.8M |
| Income tax | $41.6M | $33.5M | $21.6M | $20.9M | $20.3M | $13.8M | $11.3M | $9.2M | $3.6M | $15.8M |
| Net income | $974.0M | $854.7M | $803.2M | $860.7M | $827.6M | $481.8M | $420.0M | $415.3M | $479.0M | $366.1M |
| EPS, basic | 4.59 | 4.03 | 4.74 | 6.41 | 6.20 | 3.71 | 3.27 | 3.29 | 3.79 | 2.92 |
| EPS, diluted | 4.59 | 4.03 | 4.74 | 6.41 | 6.19 | 3.71 | 3.24 | 3.27 | 3.76 | 2.91 |
| Shares, diluted (wtd. avg.) | $211.9M | $211.6M | $169.2M | $141.7M | $140.0M | $129.6M | $136.4M | $133.2M | $134.2M | $125.9M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $138.9M | $138.2M | $99.1M | $92.9M | $71.1M | $109.1M | $65.7M | $72.7M | $86.0M | $57.7M |
| Property, plant and equipment | $65.2M | $50.4M | $48.7M | $42.8M | $29.1M | — | — | — | — | — |
| Goodwill | $170.8M | $170.8M | $170.8M | $170.8M | $0 | — | — | — | — | — |
| Other intangibles | $11.6M | $32.2M | $66.3M | $0 | — | — | — | — | — | — |
| Total assets | $29.26B | $28.85B | $27.46B | $12.17B | $10.47B | $9.40B | $8.53B | $7.85B | $7.46B | $7.09B |
| Total liabilities | $14.94B | $13.99B | $12.04B | $8.09B | $6.69B | $6.46B | $5.61B | $5.06B | $4.74B | $4.50B |
| Retained earnings | -$1.45B | -$899.3M | -$379.0M | -$135.9M | -$128.2M | -$354.9M | -$301.0M | -$262.9M | -$253.3M | -$339.3M |
| Total equity | $13.43B | $13.95B | $15.41B | $4.08B | $3.79B | $2.94B | $2.92B | $2.79B | $2.72B | $2.60B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.85B | $1.89B | $1.40B | $1.24B | $952.4M | $771.2M | $707.7M | $677.8M | $597.4M | $539.3M |
| Depreciation and amortisation | $715.2M | $783.0M | $506.1M | $288.3M | $241.9M | — | $219.9M | $209.1M | $193.3M | $182.6M |
| Stock-based compensation | $35.5M | $29.0M | $26.5M | $21.4M | $17.3M | $16.3M | $13.1M | $11.2M | $9.6M | $8.0M |
| Capital expenditure | $561.7M | $479.1M | $135.6M | $1.19B | — | — | — | — | — | — |
| Investing cash flow | -$814.2M | -$1.65B | -$1.82B | -$1.65B | -$837.5M | -$955.4M | -$621.6M | -$443.9M | -$353.1M | -$1.05B |
| Financing cash flow | -$1.04B | -$202.3M | $423.1M | $431.9M | -$166.7M | $241.5M | -$88.0M | -$247.3M | -$216.0M | $460.8M |
| Dividends paid | $1.37B | $1.38B | $1.05B | $805.3M | $601.0M | $467.8M | $458.1M | $424.9M | $393.0M | $367.8M |
| Buybacks | $149.5M | $0 | $0 | $63.0M | $0 | $67.9M | $0 | $0 | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001289490-26-000011.
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