Short answer
Extra Space Storage (EXR) filed its fiscal 2025 10-K annual report with the SEC on Feb 20, 2026. It reported revenue of $129M (+7.1% year over year) and net income of $974M.
- Top risk flagged: Tenant reinsurance business regulatory risk: potential suspension or fines from broad discretion of state/federal insurance regulators
FY2025 key financial metrics · XBRL
- Revenue
- $129M
- +7.1% YoY
- Net income
- $974M
- +14.0% YoY
- Operating margin
- 1091.1%
- −3.9 pp YoY
- EPS (diluted)
- $4.59
- +13.9% YoY
- ROE
- 7.3%
- +1.1 pp YoY
- Operating cash flow
- $1.9B
- −2.0% YoY
Source: XBRL data from the Extra Space Storage (EXR) FY2025 10-K on SEC EDGAR. USD.
Extra Space Storage FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
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