Extra Space Storage (EXR) FY2025 10-K Annual Report
Extra Space Storage (EXR) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 20, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Extra Space Storage FY2025 10-K Analysis
Business Overview
- • Fully integrated self-administered REIT owning/managing 4,281 self-storage stores totaling 330.4 million square feet as of Dec 31, 2025
- • Emphasis on growth of management services: 1,856 third-party managed stores expanding footprint and low capital requirement
- • Bridge lending program balance $1.5B, enhancing management business and future acquisition pipeline
- • Tenant reinsurance segment fully reinsures tenant insurance risks, adding a recurring premium revenue stream
- • Strategic investment in preferred stock of other self-storage companies for dividends and acquisition opportunities
Management Discussion & Analysis
- • Revenue $3,378M, up 3.7% YoY; property rental revenue $2,895M (+3.3% YoY), tenant reinsurance $353M (+6.0% YoY), management fees $129M (+7.1% YoY)
- • Operating expenses $1,889M (+1.8% YoY); net income $974M vs $855M; Funds from Operations (FFO) $1,753M vs $1,677M; same-store NOI $1,885M (-1.7%)
- • Best segment: property rental revenue $2,895M (+$91.9M); worst: loss on real estate assets $76.3M vs $25.9M (loss increased by $50.4M)
- • Operating cash flow $1,850M (flat YoY); investing cash flow $(814)M improved from $(1,647)M; financing cash flow $(1,036)M vs $(202)M, includes $149.5M stock repurchase and $1,374M dividends paid
- • Management expects positive cash flow from operations; focus on maintaining REIT qualification; risks include market competition, occupancy fluctuations, and debt levels with total debt $13.48B (up from $12.6B) and weighted average interest rate 4.3%
Risk Factors
- • Tenant reinsurance business regulatory risk: potential suspension or fines from broad discretion of state/federal insurance regulators
- • Macroeconomic exposure: rising interest rates and housing market downturns reducing demand for rental space in operated markets
- • IT and cybersecurity vulnerability: risk of ransomware, AI-enabled cyberattacks, and data breaches impacting operations and incurring material remediation costs
- • Competitive threat: increased self-storage facility developments intensify local competition, pressuring occupancy and rental rates
- • REIT qualification risk: failure to qualify triggers corporate tax, $50,000+ penalties, and impairs dividends and capital raising
Extra Space Storage FY2025 Key Financial MetricsXBRL
Revenue
$129M
▲ +7.1% YoY
Net Income
$974M
▲ +14.0% YoY
Operating Margin
1091.1%
▼ -391bp YoY
Net Margin
752.3%
▲ +4507bp YoY
ROE
7.3%
▲ +112bp YoY
Total Assets
$29.3B
▲ +1.4% YoY
EPS (Diluted)
$4.59
▲ +13.9% YoY
Operating Cash Flow
$1.9B
▼ -2.0% YoY
Source: XBRL data from Extra Space Storage FY2025 10-K filing on SEC EDGAR. All figures in USD.
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