Extra Space Storage Inc EXR Stock Analysis

About Extra Space Storage Inc

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 September 30, 2026, the Company owned and/or operated 4,411 self-storage stores in 43 states and Washington, D.C. The Company's stores comprise approximately 3.0 million units and approximately 342.2 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. Condensed Consolidated Balance Sheets ( In thousands, except share data ) September 30, 2026 December 31, 2025 (Unaudited) Assets: Real estate assets, net $ 24,900,147 $ 25,004,350 Real estate assets - operating lease right-of-use assets 727,627 732,176 Investments in unconsolidated real estate entities 1,045,395 1,066,783 Investments in debt securities and notes receivable 1,707,526 1,806,526 Cash and cash equivalents 114,824 138,920 Other assets, net 467,600 515,291 Total assets $ 28,963,119 $ 29,264,046 Liabilities, Noncontrolling Interests and Equity: Secured notes payable, net $ 1,070,062 $ 1,079,565 Unsecured term loans, net 1,495,717 1,494,659 Unsecured senior notes, net 9,416,025 9,432,427 Revolving lines of credit and commercial paper 1,424,000 1,224,000 Operating lease liabilities 765,718 761,106 Cash distributions in unconsolidated real estate ventures 75,901 73,701 Accounts payable and accrued expenses 458,777 357,583 Other liabilities 494,835 516,969 Total liabilities 15,201,035 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, 208,884,163 and 211,155,322 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively 2,089 2,112 Additional paid-in capital 14,895,156 14,880,646 Accumulated other comprehensive loss (89) (420) Accumulated deficit (2,050,907) (1,449,172) Total Extra Space Storage Inc. stockholders' equity 12,846,249 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 868,008 837,043 Total noncontrolling interests and equity 13,762,084 14,324,036 Total liabilities, noncontrolling interests and equity $ 28,963,119 $ 29,264,046 Consolidated Statement of Operations for the Three and Nine Months Ended September 30, 2026 and 2025 ( In thousands, except share and per share data) - Unaudited For the Three Months Ended September 30, For the Nine Months Ended September 30, 2026 2025 2026 2025 Revenues: Property rental $ 760,837 $ 735,581 $ 2,240,214 $ 2,160,965 Tenant reinsurance 94,197 90,341 276,400 263,625 Management fees and other income 34,758 32,538 103,357 95,485 Total revenues 889,792 858,460 2,619,971 2,520,075 Expenses: Property operations 238,837 235,486 708,858 686,689 Tenant reinsurance 17,927 17,781 53,119 51,842 General and administrative 45,740 43,479 139,564 134,405 Depreciation and amortization 189,598 177,466 561,003 535,088 Total expenses 492,102 474,212 1,462,544 1,408,024 Loss on real estate assets held for sale and sold, net (5,821) (105,128) (5,821) (70,231) Income from operations 391,869 279,120 1,151,606 1,041,820 Interest expense (151,170) (149,650) (445,189) (438,177) Non-cash interest expense related to amortization of discount on unsecured senior notes, net (9,711) (12,086) (35,001) (35,169) Interest income 37,400 43,588 115,720 124,553 Income before equity in earnings and dividend income from unconsolidated real estate entities and income tax expense 268,388 160,972 787,136 693,027 Equity in earnings and…