Extra Space Storage Inc. reported a net income of $284.9 million for the first quarter of 2025, a significant increase from $224.1 million in the same period last year. The company's total revenues rose to $820.0 million, up 2.6% from $799.5 million in the first quarter of 2024. This growth was primarily driven by a 2.4% increase in property rental income, which reached $704.4 million, attributed to acquisitions made in 2024 and early 2025. Tenant reinsurance revenues also saw a 4.1% increase, totaling $84.7 million, reflecting the expansion of the company's store operations.
In terms of expenses, Extra Space Storage reported a slight increase of 0.7% in total expenses, which amounted to $467.0 million compared to $463.7 million in the prior year. The rise in property operations expenses, which increased by 9.3% to $223.6 million, was largely due to costs associated with the newly acquired stores. However, depreciation and amortization expenses decreased by 8.4% to $180.4 million, primarily due to the full amortization of customer intangibles from the Life Storage merger.
Operationally, Extra Space Storage expanded its footprint, owning or managing a total of 4,099 stores across 43 states and Washington, D.C. as of March 31, 2025. This includes 2,424 stores in which the company holds ownership interests, with 1,975 being wholly owned. The company managed an additional 1,675 stores for third parties, reflecting a strategic focus on growth through acquisitions and management services. The total number of tenants leasing storage units reached approximately 2.35 million, indicating a stable demand for self-storage solutions.
Looking ahead, Extra Space Storage remains optimistic about its growth trajectory. The company anticipates generating positive cash flow from operations in 2025, supported by its diverse portfolio and strategic acquisitions. The management emphasized its commitment to maximizing cash flows and maintaining a strong balance sheet, with a total face value of debt at approximately $12.8 billion as of March 31, 2025. The company is also exploring additional financing options to support its growth initiatives while managing its existing debt obligations effectively.
About Extra Space Storage Inc.
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