Detailed financial statements for Extra Space Storage Inc. (EXR): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Extra Space Storage Inc., a prominent, self-administered and self-managed real estate investment trust (REIT), is headquartered in Salt Lake City, Utah, and holds a distinguished place as a member of the S&P 500 index. As of September 30, 2020, its expansive portfolio encompassed 1,906 self-storage facilities, with operations spanning 40 U.S. states, Washington, D.C., and Puerto Rico.
Analysis Summary
Extra Space Storage Inc. reported revenue of $3.38B in the most recent fiscal year, growing at a 5-year CAGR of 19.6%. Net income reached $974.0M, with a 15.1% 5-year CAGR.
Trailing-twelve-month margins: gross margin 23.0%, operating margin 43.4%, net margin 28.0%. Free cash flow grew at 19.1% CAGR over 5 years.
At the current price of $133.25, EXR trades at a P/E of 29.42 and an ROE of 7.25%. Market capitalisation stands at $28.2B, placing it among large-cap names.
Balance sheet quality for EXR: current ratio of 1.3, net debt of $14.83B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $1.83B represents 188% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.00B | $1.12B | $1.21B | $1.32B | $1.38B | $1.61B | $1.97B | $2.62B | $3.34B | $3.38B |
| Cost of Revenue | $252.7M | $276.7M | $301.2M | $340.3M | $358.8M | $379.3M | $423.4M | $594.0M | $790.8M | $2.42B |
| Gross Profit | $752.1M | $843.6M | $909.8M | $979.4M | $1.02B | $1.23B | $1.54B | $2.02B | $2.55B | $960.2M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $90.7M | $93.4M | $97.4M | $114.5M | $124.9M | $121.0M | $174.9M | $223.3M | $282.1M | $186.3M |
| Operating Expenses | $293.8M | $189.2M | $290.1M | $344.4M | $353.7M | $254.5M | $491.8M | $850.9M | $1.22B | -$528.8M |
| Operating Income | $449.8M | $541.6M | $619.7M | $635.0M | $666.1M | $976.0M | $1.05B | $1.17B | $1.32B | $1.49B |
| EBITDA | $661.4M | $750.2M | $812.4M | $864.9M | $894.9M | $1.11B | $1.37B | $1.79B | $2.26B | $2.41B |
| Interest Expense | $138.5M | $158.6M | $183.1M | $191.3M | $172.3M | $166.2M | $219.2M | $437.8M | $595.1M | $635.1M |
| Pre-tax Income | $412.9M | $517.8M | $456.3M | $462.4M | $531.4M | $898.1M | $942.1M | $872.0M | $933.7M | $1.06B |
| Income Tax | $15.8M | $3.6M | $9.2M | $11.3M | $13.8M | $20.3M | $20.9M | $21.6M | $33.5M | $41.6M |
| Net Income | $366.1M | $479.0M | $415.3M | $420.0M | $481.8M | $827.6M | $860.7M | $803.2M | $854.7M | $974.0M |
| EPS | $2.92 | $3.79 | $3.28 | $3.27 | $3.71 | $6.20 | $6.41 | $4.74 | $4.03 | $4.59 |
| EPS (Diluted) | $2.91 | $3.76 | $3.12 | $3.24 | $3.71 | $6.19 | $6.41 | $4.74 | $4.03 | $4.59 |
| Shares Outstanding (Diluted) | $125.9M | $134.2M | $133.2M | $136.4M | $129.6M | $140.0M | $141.7M | $169.2M | $211.6M | $211.9M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $777.6M | $918.4M | $856.0M | $874.2M |
| Gross Profit | $307.4M | -$558.7M | $599.9M | $439.5M |
| Operating Income | $279.1M | $447.2M | $367.6M | $392.2M |
| EBITDA | $1.05B | $977.4M | $608.9M | $522.3M |
| Net Income | $169.9M | $283.5M | $241.0M | $263.5M |
| EPS | $0.78 | $1.36 | $1.14 | $1.25 |
| EPS (Diluted) | $0.78 | $1.30 | $1.14 | $1.25 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $43.9M | $55.7M | $57.5M | $65.7M | $109.1M | $71.1M | $92.9M | $99.1M | $138.2M | $138.9M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $16.6M | 0 | 0 | $43.6M | $293.8M | $502.2M | $644.0M | $739.5M | $1.38B | $1.65B |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $74.4M | $86.0M | $72.7M | $114.3M | $421.8M | $617.8M | $792.0M | $929.7M | $1.66B | $1.79B |
| Property, Plant & Equipment | 0 | 0 | 0 | $264.6M | $252.2M | $257.0M | $264.5M | $275.9M | $740.2M | $797.3M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | $170.8M | $170.8M | $170.8M | 0 |
| Intangible Assets | $124.0M | $126.8M | $132.0M | $134.9M | $137.1M | $16.5M | $21.6M | $147.6M | $22.5M | $182.4M |
| Total Assets | $7.09B | $7.46B | $7.85B | $8.53B | $9.40B | $10.47B | $12.17B | $27.46B | $28.85B | $29.26B |
| Accounts Payable | $101.4M | $96.1M | $101.5M | $111.4M | $130.0M | $142.3M | $171.7M | $334.5M | $346.5M | 0 |
| Short-term Debt | $365.0M | $94.0M | $81.0M | $158.0M | $949.0M | $535.0M | $945.0M | $682.0M | $1.36B | $1.39B |
| Total Current Liabilities | $466.4M | $195.9M | $227.7M | $314.6M | $1.13B | $740.9M | $1.18B | $1.09B | $1.78B | $1.39B |
| Long-term Debt | $3.94B | $4.46B | $4.73B | $4.89B | $4.80B | $5.42B | $6.39B | $10.33B | $10.96B | $12.60B |
| Total Liabilities | $4.50B | $4.73B | $5.06B | $5.61B | $6.46B | $6.69B | $8.09B | $12.04B | $13.99B | $14.94B |
| Retained Earnings | -$339.3M | -$253.3M | -$262.9M | -$301.0M | -$354.9M | -$128.2M | -$135.9M | -$379.0M | -$899.3M | -$1.45B |
| Total Equity | $2.24B | $2.35B | $2.41B | $2.54B | $2.55B | $3.12B | $3.26B | $14.39B | $13.95B | $13.43B |
| Total Debt | $4.31B | $4.55B | $4.81B | $5.32B | $6.01B | $6.19B | $7.56B | $11.25B | $13.03B | $14.97B |
| Net Debt | $4.26B | $4.50B | $4.75B | $5.26B | $5.90B | $6.12B | $7.47B | $11.15B | $12.89B | $14.83B |
| Working Capital | -$392.0M | -$109.9M | -$155.0M | -$200.3M | -$704.3M | -$123.1M | -$392.0M | -$157.9M | -$122.3M | $394.5M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $111.9M | $138.9M | $139.0M | $695.2M |
| Total Assets | $29.23B | $29.26B | $29.10B | $29.66B |
| Total Liabilities | $14.74B | $14.94B | $14.89B | $15.48B |
| Total Equity | $13.62B | $13.43B | $13.33B | $13.26B |
| Total Debt | $13.66B | $14.97B | $13.94B | $14.41B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $397.1M | $514.2M | $447.1M | $451.1M | $517.6M | $877.8M | $921.2M | $850.5M | $900.2M | $1.02B |
| Depreciation & Amortization | $182.6M | $193.3M | $209.1M | $219.9M | $224.4M | $241.9M | $288.3M | $506.1M | $783.0M | $715.2M |
| Stock-based Compensation | $8.0M | $9.6M | $11.2M | $13.1M | $16.3M | $17.3M | $21.4M | $26.6M | $22.9M | $35.5M |
| Change in Working Capital | $8.7M | -$28.9M | $15.5M | $707,000 | $17.9M | -$22.4M | $36.1M | -$558,000 | $57.8M | -$21.2M |
| Operating Cash Flow | $539.3M | $597.4M | $677.8M | $707.7M | $771.2M | $952.4M | $1.24B | $1.40B | $1.89B | $1.85B |
| Capital Expenditure | -$5.0M | -$7.8M | -$4.3M | -$7.8M | -$7.1M | -$3.7M | -$22.8M | -$16.0M | -$20.5M | -$21.1M |
| Acquisitions | -$11.3M | -$17.4M | -$16.4M | -$193.8M | -$64.4M | -$23.1M | -$275.9M | -$1.36B | -$286.5M | $164.2M |
| Stock Repurchased | 0 | 0 | 0 | 0 | -$67.9M | 0 | -$67.5M | 0 | 0 | -$149.5M |
| Dividends Paid | -$367.8M | -$393.0M | -$424.9M | -$458.1M | -$467.8M | -$601.0M | -$805.3M | -$1.05B | -$1.38B | -$1.37B |
| Free Cash Flow | $534.3M | $589.6M | $673.5M | $699.9M | $764.1M | $948.8M | $1.22B | $1.39B | $1.87B | $1.83B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $457.1M | $367.8M | $489.9M | $586.4M |
| Capital Expenditure | $8.4M | -$5.4M | -$103.7M | -$37.1M |
| Free Cash Flow | $465.5M | $362.4M | $386.1M | $549.3M |
| Dividends Paid | -$343.8M | -$342.4M | -$342.8M | -$342.0M |
| Stock-based Compensation | $7.1M | $12.8M | $7.6M | $8.8M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +11.5% | +8.1% | +9.0% | +4.5% | +16.8% | +22.1% | +33.0% | +27.6% | +1.2% | |
| Net Income Growth (YoY) | +30.8% | -13.3% | +1.1% | +14.7% | +71.8% | +4.0% | -6.7% | +6.4% | +14.0% | |
| EPS Growth (YoY) | +29.8% | -13.5% | -0.3% | +13.5% | +67.1% | +3.4% | -26.1% | -15.0% | +13.9% | |
| Shares Change (YoY) | +6.5% | -0.7% | +2.5% | -5.0% | +8.0% | +1.2% | +19.4% | +25.0% | +0.1% | |
| FCF Growth (YoY) | +10.3% | +14.2% | +3.9% | +9.2% | +24.2% | +28.1% | +14.1% | +34.7% | -2.0% | |
| Gross Margin | 74.9% | 75.3% | 75.1% | 74.2% | 74.0% | 76.4% | 78.5% | 77.3% | 76.3% | 28.4% |
| Operating Margin | 44.8% | 48.3% | 51.2% | 48.1% | 48.3% | 60.6% | 53.4% | 44.7% | 39.6% | 44.1% |
| EBITDA Margin | 65.8% | 67.0% | 67.1% | 65.5% | 64.9% | 68.9% | 69.6% | 68.5% | 67.7% | 71.5% |
| Net Margin | 36.4% | 42.8% | 34.3% | 31.8% | 34.9% | 51.4% | 43.8% | 30.7% | 25.6% | 28.8% |
| FCF Margin | 53.2% | 52.6% | 55.6% | 53.0% | 55.4% | 58.9% | 61.8% | 53.0% | 55.9% | 54.2% |
| Effective Tax Rate | 3.8% | 0.7% | 2.0% | 2.4% | 2.6% | 2.3% | 2.2% | 2.5% | 3.6% | 3.9% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $4.24 | $4.39 | $5.06 | $5.13 | $5.90 | $6.78 | $8.58 | $8.19 | $8.82 | $8.63 |
| Dividends Per Share | $2.92 | $2.93 | $3.19 | $3.36 | $3.61 | $4.29 | $5.68 | $6.18 | $6.50 | $6.49 |
| Shares Outstanding (Basic) | $125.1M | $126.0M | $126.7M | $128.2M | $129.5M | $133.4M | $134.1M | $169.2M | $211.6M | $211.9M |
What to look at in Reit companies
- FFO / Share (Positive growth) — REIT 'true EPS' — net income + depreciation.
- Dividend coverage (FFO/div) (>=1.1x) — FFO must cover the dividend with margin.
- Net Debt / EBITDA (<=6x) — NAREIT benchmark. Normalises leverage by cash generation.
- Debt / Assets (40-60%) — REITs use a lot of debt by design. >65% fragile when rates rise.
- FFO Payout (proxy) (<80%) — Dividends / Operating CF. Quality REITs retain >20% to grow.
- P/FFO (15-20x) — REIT P/E equivalent. Healthy typical range.
Profitability
| Return on Equity | 7.25% |
| Return on Invested Capital | 4.89% |
| Return on Assets | 3.33% |
| Gross Margin | 23.00% |
| Operating Margin | 43.37% |
| Net Margin | 27.96% |
Financial Health
| Debt / Equity | 1.09 |
| Current Ratio | 0.34 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 1.34 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 26.45 | 23.07 | 27.59 | 32.30 | 31.23 | 36.57 | 22.96 | 33.82 | 37.12 | 28.37 |
| P/B | 4.30 | 4.69 | 4.75 | 5.33 | 5.89 | 9.70 | 6.05 | 1.89 | 2.27 | 2.05 |
| P/S | 9.62 | 9.83 | 9.46 | 10.26 | 10.89 | 18.79 | 10.04 | 10.37 | 9.48 | 8.17 |
| Gross Margin | 74.9% | 75.3% | 75.1% | 74.2% | 74.0% | 76.4% | 78.5% | 77.3% | 76.3% | 28.4% |
| Operating Margin | 44.8% | 48.3% | 51.2% | 48.1% | 48.3% | 60.6% | 53.4% | 44.7% | 39.6% | 44.1% |
| Net Margin | 36.4% | 42.8% | 34.3% | 31.8% | 34.9% | 51.4% | 43.8% | 30.7% | 25.6% | 28.8% |
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