$EXR

Extra Space Storage Inc.

CIK:0001289490|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Property rental	$ 746,164	$ 721,004	$ 1,479,377	$ 1,425,384
Tenant reinsurance	93,084	88,572	182,203	173,284
Management fees and other income	34,904	32,042	68,599	62,947
Total revenues	874,152	841,618	1,730,179	1,661,615
Expenses:
Property operations	231,718	227,621	470,021	451,203
Tenant reinsurance	17,325	16,945	35,192	34,061
General and administrative	47,315	44,952	93,824	90,926
Depreciation and amortization	185,610	177,266	371,405	357,622
Total expenses	481,968	466,784	970,442	933,812
Gain (loss) on real estate assets held for sale and sold, net	0	(864)	0	34,897
Income from operations	392,184	373,970	759,737	762,700
Interest expense	(146,720)	(146,128)	(294,019)	(288,527)
Non-cash interest expense related to amortization of discount on unsecured senior notes, net	(12,735)	(11,770)	(25,290)	(23,083)
Interest income	38,777	41,998	78,320	80,965
Income before equity in earnings and dividend income from unconsolidated real estate entities and income tax expense	271,506	258,070	518,748	532,055
Equity in earnings and dividend income from unconsolidated real estate entities	15,802	16,284	31,562	36,215
Equity in earnings of unconsolidated real estate ventures - gain on sale of a joint venture interest	640	0	847	0
Income tax expense	(12,069)	(11,638)	(22,858)	(20,629)
Net income	275,879	262,716	528,299	547,641
Net income allocated to Preferred Operating Partnership noncontrolling interests	(674)	(723)	(1,347)	(1,447)
Net income allocated to Operating Partnership and other noncontrolling interests	(11,734)	(12,262)	(22,504)	(25,588)
Net income attributable to common stockholders	$ 263,471	$ 249,731	$ 504,448	$ 520,606
Earnings per common share
Basic (in dollars per share)	$ 1.25	$ 1.18	$ 2.39	$ 2.45
Diluted (in dollars per share)	$ 1.25	$ 1.18	$ 2.39	$ 2.45
Weighted average number of shares
Basic (in shares)	210,962,128	211,940,903	210,929,737	211,895,586
Diluted (in shares)	220,362,955	211,940,903	220,343,045	211,895,586
Cash dividends paid per common share (in dollars per share)	$ 1.62	$ 1.62	$ 3.24	$ 3.24

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 528,299	$ 547,641
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	371,405	357,622
Amortization of deferred financing costs	6,467	5,651
Non-cash lease expense	6,164	6,447
Non-cash interest expense related to amortization of discount on unsecured senior notes, net	25,290	23,083
Compensation expense related to share-based awards	16,443	15,679
Accrual of interest income added to principal of debt securities and notes receivable	(16,391)	(16,421)
Equity in earnings of unconsolidated real estate ventures - gain on sale of a joint venture interest	(847)	0
Gain on real estate assets held for sale and sold, net	0	(34,897)
Distributions in excess of earnings from unconsolidated real estate ventures	13,115	17,910
Changes in operating assets and liabilities:
Other assets	17,370	27,003
Accounts payable and accrued expenses	79,897	77,529
Other liabilities	29,054	(1,981)
Net cash provided by operating activities	1,076,266	1,025,265
Cash flows from investing activities:
Acquisition of real estate assets and improvements	(233,297)	(464,517)
Return of investment in unconsolidated real estate ventures	0	200,000
Development and redevelopment of real estate assets	(58,175)	(79,560)
Proceeds from sale of real estate assets	13,393	133,206
Investment in unconsolidated real estate entities	(7,523)	(113,285)
Issuance of notes receivable	(204,833)	(360,406)
Payments received on notes receivable	292,382	46,338
Proceeds from sale of notes receivable	30,488	32,371
Purchase of equipment and fixtures	(8,206)	(8,402)
Net cash used in investing activities	(175,771)	(614,255)
Cash flows from financing activities:
Proceeds from secured and unsecured term loans, senior notes, revolving lines of credit and commercial paper	10,630,770	7,290,431
Principal payments on secured and unsecured term loans, senior notes, revolving lines of credit and commercial paper	(10,244,782)	(6,974,943)
Deferred financing costs	(584)	(13,373)
Repurchase of common stock	(1,443)	(8,615)
Redemption of Operating Partnership units for cash	(7,655)	(279)
Redemption of Preferred OP units for cash	(6,000)	0
Dividends paid on common stock	(684,706)	(688,085)
Distributions to noncontrolling interests, net of contributions	(29,357)	(30,761)
Net cash used in financing activities	(343,757)	(425,625)
Net change in cash, cash equivalents, and restricted cash	556,738	(14,615)
Cash, cash equivalents, and restricted cash, beginning of the period	143,180	143,303
Cash, cash equivalents, and restricted cash, end of the period	699,918	128,688
Cash and equivalents	695,171	125,045
Restricted cash included in other assets	4,747	3,643
Cash, cash equivalents, and restricted cash	699,918	128,688
Supplemental schedule of cash flow information
Interest paid	286,878	283,419
Redemption of Operating Partnership units held by noncontrolling interests for common stock
Noncontrolling interests in Operating Partnership	0	(26,218)
Common stock and paid-in capital	0	26,218
Remeasurement of lease right of use assets and lease liabilities
Real estate assets - operating lease right-of-use assets	10,525	419
Operating lease liabilities	(10,525)	(419)
Real estate assets, net	(4,586)	0
Other liabilities	4,586	0
Acquisitions of real estate assets
Real estate assets, net	0	111,984
Value of OP units issued	0	(5,878)
Value of investment in consolidated real estate ventures	0	(105,471)
Net debt assumed	0	(635)
Accrued construction costs and capital expenditures
Acquisition of real estate assets	7,664	14,014
Accounts payable and accrued expenses	$ (7,664)	$ (14,014)

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets:
Real estate assets, net	$ 24,938,444	$ 25,004,350
Real estate assets - operating lease right-of-use assets	732,490	732,176
Investments in unconsolidated real estate entities	1,065,012	1,066,783
Investments in debt securities and notes receivable	1,751,653	1,806,526
Cash and cash equivalents	695,171	138,920
Other assets, net	477,723	515,291
Total assets	29,660,493	29,264,046
Liabilities, Noncontrolling Interests and Equity:
Secured notes payable, net	1,073,327	1,079,565
Unsecured term loans, net	1,495,365	1,494,659
Unsecured senior notes, net	9,460,928	9,432,427
Revolving lines of credit and commercial paper	1,617,000	1,224,000
Operating lease liabilities	767,584	761,106
Cash distributions in unconsolidated real estate ventures	75,185	73,701
Accounts payable and accrued expenses	445,144	357,583
Other liabilities	548,626	516,969
Total liabilities	15,483,159	14,940,010
Commitments and contingencies
Extra Space Storage Inc. stockholders’ equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued or outstanding	0	0
Common stock, $0.01 par value, 500,000,000 shares authorized, 211,273,076 and 211,155,322 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	2,113	2,112
Additional paid-in capital	14,886,836	14,880,646
Accumulated other comprehensive loss	(181)	(420)
Accumulated deficit	(1,630,873)	(1,449,172)
Total Extra Space Storage Inc. stockholders’ equity	13,257,895	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	871,612	837,043
Total noncontrolling interests and equity	14,177,334	14,324,036
Total liabilities, noncontrolling interests and equity	$ 29,660,493	$ 29,264,046