Extra Space Storage Inc. reported a total revenue of $3.38 billion for the fiscal year ending December 31, 2025, marking a 3.7% increase from $3.26 billion in 2024. The company's net income attributable to common stockholders rose to $974.0 million, up from $854.7 million in the previous year, reflecting a growth of 14%. The increase in revenue was primarily driven by a rise in property rental income, which reached $2.90 billion, a 3.3% increase compared to the prior year, largely due to acquisitions made in 2024 and 2025. The company also saw a 6% increase in tenant reinsurance revenue, totaling $352.9 million, attributed to a higher number of stores operated.
In terms of operational metrics, Extra Space Storage managed a total of 4,281 stores across 43 states and Washington, D.C., as of December 31, 2025, an increase from 4,011 stores in the previous year. The company’s average occupancy rate for its same-store portfolio was 93.7%, slightly down from 94.3% in 2024. The total number of tenants leasing storage units increased to approximately 2.45 million, up from 2.4 million in 2024. The company also expanded its management business, managing 1,856 stores for third-party owners, compared to 1,575 stores in 2024.
Strategically, Extra Space Storage completed the acquisition of 76 wholly-owned stores in 2025, while disposing of 37 stores. The company’s total assets increased to $29.26 billion, up from $28.85 billion in 2024, with real estate assets netting $25.00 billion. The company also reported a total debt of approximately $13.48 billion, with a significant portion being fixed-rate debt, which accounted for 82.1% of total debt. The weighted average interest rate for total debt was 4.3%, with 4.8% for variable-rate debt.
Looking ahead, Extra Space Storage expressed optimism about its growth trajectory, emphasizing its commitment to maximizing cash flow and long-term shareholder value. The company plans to continue pursuing acquisitions and development opportunities while maintaining a flexible approach to financing. However, it acknowledged potential risks, including economic conditions, competition, and regulatory changes that could impact its operations and financial performance. The company remains focused on leveraging its scale and operational efficiencies to navigate these challenges effectively.
About Extra Space Storage Inc.
Extra Space Storage Inc. is a leading self-storage REIT that owns, operates, manages, and develops storage facilities across the U.S. It offers month-to-month rental units for personal and business use, serving residential and commercial customers. The company generates revenue through property rentals, management fees, and lending activities, leveraging scale, technology, and acquisitions to maximize cash flow and long-term growth.
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