Extra Space Storage (EXR) Financials

$136.58 -1.63 (-1.18%)

Closing price 03:59 PM Eastern

Extended Trading

$136.08 -0.50 (-0.37%)

As of 04:41 PM Eastern

Annual Income Statements for Extra Space Storage

This table shows Extra Space Storage's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	178	189	366	479	415	420	482	828	861	803	855
Consolidated Net Income / (Loss)	196	210	397	514	447	451	518	878	921	850	900
Net Income / (Loss) Continuing Operations	196	-224	397	514	447	451	518	872	921	850	887
Total Pre-Tax Income	189	-213	331	503	442	451	509	859	901	817	853
Total Operating Income	278	295	458	654	620	635	666	976	1,050	1,170	1,323
Total Gross Profit	475	-132	742	833	905	972	996	1,209	1,489	1,948	2,425
Total Revenue	647	72	992	1,105	1,197	1,308	1,356	1,577	1,924	2,560	3,257
Operating Revenue	647	72	992	1,105	1,197	1,308	1,356	1,577	1,924	2,560	3,257
Total Cost of Revenue	172	204	250	272	292	336	361	369	435	612	832
Operating Cost of Revenue	172	204	250	272	292	336	361	369	435	612	832
Total Operating Expenses	196	81	292	179	285	337	329	233	438	778	1,102
Selling, General & Admin Expense	61	68	82	79	81	89	97	102	129	146	167
Depreciation Expense	115	-	183	193	209	220	224	242	288	506	783
Other Operating Expenses / (Income)	10	13	16	-94	-5.10	28	8.42	-111	19	126	100
Impairment Charge	-	-	-	-	-	-	-	-	-	-	52
Restructuring Charge	9.83	-	12	-	-	-	0.00	0.00	1.55	0.00	0.00
Total Other Income / (Expense), net	-88	0.15	-119	-152	-178	-184	-157	-116	-150	-353	-471
Interest Expense	84	3.31	138	159	183	191	172	166	219	438	595
Interest & Investment Income	1.61	3.46	11	6.74	5.29	7.47	15	50	69	85	124
Income Tax Expense	7.57	11	16	3.63	9.24	11	14	20	21	22	33
Other Gains / (Losses), net	15	-	82	15	14	11	22	32	41	55	67
Other Adjustments to Consolidated Net Income / (Loss)	-	-	-	-	-	-	-	-	-	-	14
Net Income / (Loss) Attributable to Noncontrolling Interest	18	20	31	35	32	31	36	50	60	47	46
Basic Earnings per Share	$1.54	$1.58	$2.92	$3.79	$3.29	$3.27	$3.71	$6.20	$6.41	$4.74	$4.03
Weighted Average Basic Shares Outstanding	115.71M	119.82M	125.09M	125.97M	126.09M	128.20M	129.54M	133.37M	134.05M	169.22M	211.58M
Diluted Earnings per Share	$1.53	$1.56	$2.91	$3.76	$3.27	$3.24	$3.71	$6.19	$6.41	$4.74	$4.03
Weighted Average Diluted Shares Outstanding	121.44M	126.92M	125.95M	134.16M	133.16M	136.43M	129.58M	140.02M	141.68M	169.22M	211.58M
Weighted Average Basic & Diluted Shares Outstanding	115.71M	119.82M	125.09M	125.97M	126.09M	128.20M	129.54M	133.37M	134.99M	211.57M	212.00M
Cash Dividends to Common per Share	$1.81	$2.24	$2.93	$3.12	$3.36	$3.56	$0.90	$4.50	$6.00	$6.48	$6.48

This table shows Extra Space Storage's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	204	196	202	188	216	213	186	193	262	271	250
Consolidated Net Income / (Loss)	219	209	215	199	227	224	195	203	278	285	263
Net Income / (Loss) Continuing Operations	231	209	215	199	227	224	195	173	294	285	263
Total Pre-Tax Income	214	203	208	191	215	216	188	184	265	274	258
Total Operating Income	270	264	273	300	333	336	305	303	380	389	374
Total Gross Profit	394	386	397	563	603	595	614	616	601	596	614
Total Revenue	507	503	511	748	798	800	811	825	822	820	842
Operating Revenue	507	503	511	748	798	800	811	825	822	820	842
Total Cost of Revenue	113	117	115	185	195	205	197	209	221	224	228
Operating Cost of Revenue	113	117	115	185	195	205	197	209	221	224	228
Total Operating Expenses	124	122	123	263	269	259	309	313	221	208	240
Selling, General & Admin Expense	36	35	35	37	39	44	40	40	44	46	45
Depreciation Expense	80	78	79	152	196	197	195	195	196	180	177
Other Operating Expenses / (Income)	8.21	9.09	9.48	73	34	19	74	26	-19	17	18
Total Other Income / (Expense), net	-56	-61	-65	-109	-118	-120	-117	-119	-115	-115	-116
Interest Expense	73	80	86	131	140	144	148	154	150	154	158
Interest & Investment Income	17	19	21	22	22	24	31	35	35	39	42
Income Tax Expense	5.41	4.31	5.99	6.94	4.32	6.74	9.84	11	6.04	8.99	12
Other Gains / (Losses), net	-	10	13	15	16	15	17	-	-	20	16
Net Income / (Loss) Attributable to Noncontrolling Interest	20	13	13	11	11	11	9.54	9.74	15	14	13
Basic Earnings per Share	$1.51	$1.46	$1.50	$0.96	$0.82	$1.01	$0.88	$0.91	$1.23	$1.28	$1.18
Weighted Average Basic Shares Outstanding	134.05M	134.51M	134.83M	195.32M	169.22M	211.28M	211.58M	211.70M	211.58M	211.85M	211.94M
Diluted Earnings per Share	$1.52	$1.46	$1.50	$0.96	$0.82	$1.01	$0.88	$0.91	$1.23	$1.28	$1.18
Weighted Average Diluted Shares Outstanding	141.68M	142.94M	143.53M	195.33M	169.22M	220.02M	211.59M	220.30M	211.58M	212.05M	211.94M
Weighted Average Basic & Diluted Shares Outstanding	134.99M	135.05M	211.28M	211.28M	211.57M	211.73M	211.93M	211.98M	212.00M	212.21M	212.25M
Cash Dividends to Common per Share	-	$1.62	$1.62	$1.62	-	$1.62	$1.62	$1.62	-	$1.62	$1.62

This table details how cash moves in and out of Extra Space Storage's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-79	28	-49	28	-13	-1.96	57	-52	22	7.35	38
Net Cash From Operating Activities	338	367	539	597	678	708	771	952	1,238	1,402	1,887
Net Cash From Continuing Operating Activities	338	367	539	597	678	708	771	952	1,238	1,402	1,887
Net Income / (Loss) Continuing Operations	196	210	397	514	447	451	518	878	921	850	900
Consolidated Net Income / (Loss)	196	210	397	514	447	451	518	878	921	850	900
Depreciation Expense	115	133	183	193	209	220	224	242	288	506	783
Amortization Expense	6.20	8.68	17	17	19	17	13	11	8.77	38	60
Non-Cash Adjustments To Reconcile Net Income	10	6.23	-66	-99	-13	19	-1.79	-157	-18	8.79	86
Changes in Operating Assets and Liabilities, net	10	9.43	8.67	-29	15	0.71	18	-21	38	-0.56	58
Net Cash From Investing Activities	-565	-1,626	-1,049	-353	-444	-622	-955	-838	-1,648	-1,818	-1,647
Net Cash From Continuing Investing Activities	-565	-1,626	-1,049	-353	-444	-622	-955	-838	-1,648	-1,818	-1,647
Purchase of Property, Plant & Equipment	-508	-357	-1,091	-661	-431	-357	-327	-1,237	-1,314	-337	-671
Acquisitions	0.00	-1,204	-28	-	-	-	0.00	0.00	-157	0.00	0.00
Sale of Property, Plant & Equipment	0.00	0.80	61	312	52	11	107	745	249	170	309
Sale and/or Maturity of Investments	0.00	45	60	45	74	158	10	83	284	142	141
Other Investing Activities, net	-57	-110	-23	-49	-140	-433	-445	-428	-710	-1,793	-1,425
Net Cash From Financing Activities	148	1,286	461	-216	-247	-88	241	-167	432	423	-202
Net Cash From Continuing Financing Activities	148	1,286	461	-216	-247	-88	241	-166	432	423	-202
Repayment of Debt	379	-1,551	-1,162	-1,116	-1,291	-2,012	-2,594	-5,511	-4,217	-7,128	-8,748
Repurchase of Preferred Equity	-	-	-	-	-	-	-	-	-	-	0.00
Repurchase of Common Equity	-	-	-	-	0.00	0.00	-68	0.00	-63	0.00	-0.52
Payment of Dividends	-234	-294	-399	-425	-458	-492	-501	-640	-863	-1,106	-1,438
Issuance of Debt	0.00	2,685	1,900	1,326	1,413	2,214	3,297	5,707	5,584	8,663	9,986
Issuance of Common Equity	0.00	447	123	0.20	90	199	104	273	0.00	0.07	0.39
Other Financing Activities, net	3.10	-1.34	-2.01	-1.24	-1.39	3.06	3.76	4.57	-9.12	-5.49	-2.34
Cash Interest Paid	75	90	122	136	159	174	160	152	197	339	499
Cash Income Taxes Paid	3.42	1.78	15	5.65	0.73	10	5.18	26	19	23	34

This table details how cash moves in and out of Extra Space Storage's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	3.38	-47	2.47	170	-118	-50	26	13	49	-20	5.64
Net Cash From Operating Activities	290	282	348	408	365	466	545	468	408	481	544
Net Cash From Continuing Operating Activities	290	282	353	403	365	466	545	468	408	481	544
Net Income / (Loss) Continuing Operations	219	209	215	199	227	224	195	203	278	285	263
Consolidated Net Income / (Loss)	219	209	215	199	227	224	195	203	278	285	263
Depreciation Expense	80	78	79	152	196	197	195	195	196	180	177
Amortization Expense	2.42	2.60	2.87	12	20	15	15	17	14	14	15
Non-Cash Adjustments To Reconcile Net Income	-1.60	0.71	8.12	-8.04	8.00	6.66	53	55	-28	-28	16
Changes in Operating Assets and Liabilities, net	-10	-9.04	47	48	-87	23	88	-1.49	-52	30	73
Net Cash From Investing Activities	-406	-86	-271	-1,278	-182	-282	-483	-113	-769	-342	-272
Net Cash From Continuing Investing Activities	-406	-86	-271	-1,278	-182	-282	-483	-113	-769	-342	-272
Purchase of Property, Plant & Equipment	-170	-51	-82	-74	-130	-98	-69	-210	-294	-213	-260
Sale of Property, Plant & Equipment	6.35	39	22	74	33	0.00	-	180	129	151	15
Sale and/or Maturity of Investments	19	22	25	27	69	12	40	102	-13	40	6.38
Other Investing Activities, net	-262	-96	-236	-1,306	-154	-196	-453	-185	-591	-320	-34
Net Cash From Financing Activities	119	-243	-74	1,040	-300	-233	-36	-343	410	-160	-266
Net Cash From Continuing Financing Activities	119	-243	-74	1,040	-300	-233	-36	-343	410	-160	-266
Repayment of Debt	-868	-1,885	-1,389	-1,395	-2,459	-2,153	-1,260	-2,662	-2,672	-4,629	-2,359
Payment of Dividends	-212	-234	-233	-285	-354	-360	-359	-359	-359	-360	-359
Issuance of Debt	1,204	1,882	1,548	2,715	2,518	2,279	1,584	2,679	3,444	4,829	2,461
Cash Interest Paid	59	79	72	57	131	108	122	151	118	117	167
Cash Income Taxes Paid	4.47	1.91	9.92	8.39	2.53	1.54	20	8.60	3.14	1.35	23

This table presents Extra Space Storage's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	4,382	6,071	7,091	7,461	7,848	8,532	9,396	10,474	12,167	27,456	28,848
Total Current Assets	73	107	58	86	73	71	128	71	93	99	138
Cash & Equivalents	48	76	44	56	57	66	109	71	93	99	138
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	7,492	7,697	7,894	0.00	9,998	24,556	24,588
Total Noncurrent Assets	4,309	5,965	6,954	7,375	283	765	1,374	10,403	2,077	2,801	4,122
Long-Term Investments	86	103	-	76	125	382	991	1,177	1,440	1,976	2,883
Other Noncurrent Operating Assets	4,223	5,862	6,954	7,299	158	383	383	9,227	636	825	1,239
Total Liabilities & Shareholders' Equity	4,382	6,071	7,091	7,461	7,848	8,532	9,396	10,474	12,167	27,456	28,848
Total Liabilities	2,470	3,699	4,495	4,737	5,063	5,611	6,460	6,689	8,089	12,042	13,989
Total Current Liabilities	66	83	101	96	101	111	130	142	172	335	347
Accounts Payable	66	83	101	96	101	111	130	142	172	335	347
Total Noncurrent Liabilities	428	740	453	4,641	4,930	5,499	6,330	6,546	7,918	11,708	13,642
Long-Term Debt	374	660	365	4,554	4,781	5,046	3,463	4,637	6,043	9,743	11,311
Capital Lease Obligations	-	-	-	-	0.00	275	263	-	229	237	706
Other Noncurrent Operating Liabilities	55	80	88	87	150	178	2,603	1,909	1,646	1,728	1,625
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,912	2,373	2,596	2,724	2,785	2,922	2,936	3,786	4,078	15,414	14,859
Total Preferred & Common Equity	1,737	2,089	2,245	2,351	2,414	2,540	2,548	3,116	3,260	14,391	13,948
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,737	2,089	2,245	2,351	2,414	2,540	2,548	3,116	3,260	14,391	13,948
Common Stock	1,997	2,433	2,567	2,571	2,642	2,870	3,002	3,287	3,347	14,753	14,834
Retained Earnings	-258	-338	-339	-253	-263	-301	-355	-128	-136	-379	-899
Accumulated Other Comprehensive Income / (Loss)	-1.48	-6.35	17	33	35	-29	-99	-43	49	17	13
Noncontrolling Interest	175	284	351	373	372	382	388	669	819	1,023	912

This table presents Extra Space Storage's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Total Assets	12,167	12,133	12,365	27,626	27,456	27,480	27,762	28,063	28,848	28,994	29,368
Total Current Assets	93	48	51	216	99	51	77	89	138	120	125
Cash & Equivalents	93	48	51	216	99	51	77	89	138	120	125
Plant, Property, & Equipment, net	9,998	0.00	0.00	24,557	24,556	24,495	24,341	24,385	24,588	24,684	25,100
Total Noncurrent Assets	2,077	12,085	12,315	2,853	2,801	2,935	3,344	3,589	4,122	4,190	4,143
Long-Term Investments	1,440	1,465	1,639	1,969	1,976	2,125	2,508	2,399	2,883	2,996	2,938
Other Noncurrent Operating Assets	636	10,620	10,676	636	825	810	836	1,190	1,239	1,194	1,205
Total Liabilities & Shareholders' Equity	12,167	12,133	12,365	27,626	27,456	27,480	27,762	28,063	28,848	28,994	29,368
Total Liabilities	8,089	8,100	8,330	12,059	12,042	12,191	12,631	13,104	13,989	14,215	14,691
Total Current Liabilities	172	178	212	1,053	335	338	382	389	347	359	438
Accounts Payable	172	178	212	430	335	338	382	389	347	359	438
Total Noncurrent Liabilities	7,918	7,922	8,118	11,006	11,708	11,853	12,249	12,716	13,642	13,856	14,253
Long-Term Debt	6,043	6,025	6,219	9,053	9,743	9,888	10,229	10,516	11,311	11,543	11,779
Capital Lease Obligations	229	-	-	242	237	233	229	706	706	705	743
Other Noncurrent Operating Liabilities	1,646	1,896	1,898	1,711	1,728	1,733	1,791	1,493	1,625	1,609	1,731
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	4,078	4,033	4,035	15,567	15,414	15,289	15,131	14,959	14,859	14,779	14,677
Total Preferred & Common Equity	3,260	3,253	3,256	14,537	14,391	14,297	14,173	14,011	13,948	13,887	13,791
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	3,260	3,253	3,256	14,537	14,391	14,297	14,173	14,011	13,948	13,887	13,791
Common Stock	3,347	3,378	3,385	14,745	14,753	14,779	14,813	14,825	14,834	14,853	14,863
Retained Earnings	-136	-160	-176	-253	-379	-510	-668	-818	-899	-973	-1,075
Accumulated Other Comprehensive Income / (Loss)	49	35	47	45	17	28	27	3.34	13	6.20	3.20
Noncontrolling Interest	819	779	780	1,030	1,023	992	958	948	912	892	886

This table displays calculated financial ratios and metrics derived from Extra Space Storage's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	24.31%	-88.88%	1,278.16%	11.41%	0.00%	0.00%	0.00%	16.31%	21.99%	33.06%	27.21%
EBITDA Growth	23.31%	10.78%	52.56%	29.82%	286.02%	243.42%	234.17%	35.94%	9.69%	27.19%	26.41%
EBIT Growth	25.05%	7.92%	58.41%	40.20%	235.98%	204.48%	198.91%	46.51%	7.63%	11.40%	13.09%
NOPAT Growth	34.99%	-22.84%	111.55%	48.89%	290.20%	245.52%	237.46%	47.03%	7.67%	11.04%	11.60%
Net Income Growth	5.57%	6.96%	89.51%	29.50%	0.00%	0.00%	0.00%	69.59%	4.94%	-7.68%	5.85%
EPS Growth	0.00%	1.96%	86.54%	29.21%	0.00%	0.00%	0.00%	66.85%	3.55%	-26.05%	-14.98%
Operating Cash Flow Growth	24.45%	8.81%	46.81%	10.78%	0.00%	0.00%	0.00%	23.50%	30.00%	13.27%	34.58%
Free Cash Flow Firm Growth	32.85%	-336.73%	54.65%	147.41%	1,252.66%	-90.75%	237.46%	-1,060.16%	90.11%	-2,070.72%	105.50%
Invested Capital Growth	16.64%	38.89%	18.71%	5.19%	-100.00%	0.00%	0.00%	0.00%	22.88%	164.47%	2.30%
Revenue Q/Q Growth	3.66%	-90.02%	302.68%	1.92%	245.37%	304.34%	519.10%	16.31%	-35.75%	12.83%	0.75%
EBITDA Q/Q Growth	1.50%	-2.15%	19.62%	16.39%	164.55%	363.64%	188.08%	89.34%	-41.58%	13.02%	1.93%
EBIT Q/Q Growth	1.15%	-7.31%	27.20%	22.97%	147.19%	292.08%	164.93%	50.43%	-54.46%	5.78%	3.65%
NOPAT Q/Q Growth	5.35%	-33.59%	69.87%	26.89%	166.00%	367.52%	190.24%	109.81%	-36.45%	5.93%	3.68%
Net Income Q/Q Growth	-14.30%	-15.26%	24.71%	37.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.94%	5.93%
EPS Q/Q Growth	-16.39%	-17.46%	26.52%	37.73%	0.00%	0.00%	0.00%	0.00%	0.00%	-12.87%	11.33%
Operating Cash Flow Q/Q Growth	2.53%	0.01%	15.42%	-0.89%	0.00%	0.00%	0.00%	0.00%	0.00%	5.60%	2.37%
Free Cash Flow Firm Q/Q Growth	32.95%	-383.65%	63.33%	61.43%	600.65%	-91.30%	190.24%	-1,470.13%	-138.13%	39.88%	-11.77%
Invested Capital Q/Q Growth	7.21%	28.78%	5.70%	5.78%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.08%	0.68%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	73.36%	-183.40%	74.79%	75.39%	75.62%	74.32%	73.41%	76.63%	77.38%	76.09%	74.47%
EBITDA Margin	60.93%	606.90%	67.18%	78.29%	70.84%	66.61%	66.63%	77.88%	70.03%	66.94%	66.52%
Operating Margin	43.03%	409.41%	46.21%	59.22%	51.79%	48.53%	49.12%	61.87%	54.59%	45.70%	40.63%
EBIT Margin	42.19%	409.41%	47.06%	59.22%	51.79%	48.53%	49.12%	61.87%	54.59%	45.70%	40.63%
Profit (Net Income) Margin	30.27%	291.14%	40.03%	46.54%	37.36%	34.48%	38.16%	55.65%	47.87%	33.22%	27.64%
Tax Burden Percent	103.70%	-98.54%	120.02%	102.33%	101.18%	99.99%	101.68%	102.13%	102.28%	104.07%	105.57%
Interest Burden Percent	69.19%	-72.16%	70.88%	76.79%	71.30%	71.05%	76.42%	88.07%	85.74%	69.84%	64.44%
Effective Tax Rate	4.01%	0.00%	4.79%	0.72%	2.09%	2.51%	2.71%	2.36%	2.32%	2.64%	3.93%
Return on Invested Capital (ROIC)	7.02%	4.21%	7.00%	9.36%	17.05%	0.00%	0.00%	26.56%	12.83%	7.09%	5.39%
ROIC Less NNEP Spread (ROIC-NNEP)	3.23%	4.33%	5.95%	6.20%	9.78%	0.00%	0.00%	22.13%	10.25%	2.52%	1.00%
Return on Net Nonoperating Assets (RNNOA)	3.18%	5.57%	8.98%	9.97%	15.78%	0.00%	0.00%	19.81%	10.60%	1.64%	0.56%
Return on Equity (ROE)	10.19%	9.78%	15.98%	19.33%	32.83%	0.00%	0.00%	46.37%	23.43%	8.73%	5.95%
Cash Return on Invested Capital (CROIC)	-8.35%	-28.35%	-10.11%	4.30%	217.05%	0.00%	0.00%	-173.44%	-7.70%	-83.16%	3.11%
Operating Return on Assets (OROA)	6.53%	5.64%	7.09%	8.99%	16.61%	0.00%	0.00%	18.63%	9.28%	5.91%	4.70%
Return on Assets (ROA)	4.69%	4.01%	6.03%	7.07%	11.98%	0.00%	0.00%	16.76%	8.14%	4.29%	3.20%
Return on Common Equity (ROCE)	9.27%	8.74%	13.94%	16.70%	57.42%	0.00%	0.00%	69.37%	18.99%	7.90%	5.57%
Return on Equity Simple (ROE_SIMPLE)	11.28%	10.03%	17.69%	21.87%	18.52%	17.76%	20.32%	28.16%	28.26%	5.91%	6.45%
Net Operating Profit after Tax (NOPAT)	267	206	436	650	607	619	648	953	1,026	1,139	1,271
NOPAT Margin	41.31%	286.59%	43.99%	58.79%	50.71%	47.31%	47.79%	60.41%	53.32%	44.50%	39.04%
Net Nonoperating Expense Percent (NNEP)	3.78%	-0.12%	1.05%	3.16%	7.27%	0.00%	0.00%	4.43%	2.58%	4.57%	4.39%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	9.91%	4.49%	4.73%
Cost of Revenue to Revenue	26.64%	283.40%	25.21%	24.61%	24.38%	25.68%	26.59%	23.37%	22.62%	23.91%	25.53%
SG&A Expenses to Revenue	9.42%	94.15%	8.25%	7.15%	6.79%	6.83%	7.12%	6.48%	6.72%	5.72%	5.14%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	30.33%	112.25%	29.44%	16.17%	23.83%	25.79%	24.29%	14.76%	22.79%	30.39%	33.84%
Earnings before Interest and Taxes (EBIT)	273	295	467	654	620	635	666	976	1,050	1,170	1,323
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	394	437	666	865	848	872	904	1,228	1,347	1,714	2,167
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	4.63	5.29	9.00	5.55	2.26	2.27
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	4.63	5.29	9.00	5.55	2.26	2.27
Price to Revenue (P/Rev)	0.00	0.00	0.00	0.00	0.00	8.98	9.94	17.79	9.41	12.70	9.74
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	27.99	27.97	33.91	21.04	40.49	37.10
Dividend Yield	4.24%	3.38%	4.87%	4.45%	4.47%	3.92%	3.45%	2.15%	4.44%	4.21%	4.33%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	3.57%	3.57%	2.95%	4.75%	2.47%	2.70%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.48	2.68	1.78	1.74
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.00	8.98	9.94	20.36	12.30	16.19	12.78
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	13.49	14.91	26.15	17.56	24.18	19.21
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	18.51	20.23	32.91	22.53	35.42	31.45
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	18.99	20.80	33.71	23.06	36.38	32.74
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	16.61	17.48	33.73	19.11	29.55	22.05
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	18.99	20.80	0.00	0.00	0.00	56.67
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.20	0.28	0.14	1.67	0.00	0.00	0.00	1.22	1.54	0.65	0.81
Long-Term Debt to Equity	0.20	0.28	0.14	1.67	0.00	0.00	0.00	1.22	1.54	0.65	0.81
Financial Leverage	0.98	1.29	1.51	1.61	1.61	0.00	0.00	0.90	1.03	0.65	0.56
Leverage Ratio	2.17	2.44	2.65	2.74	2.74	0.00	0.00	2.77	2.88	2.03	1.86
Compound Leverage Factor	1.50	-1.76	1.88	2.10	1.95	0.00	0.00	2.44	2.47	1.42	1.20
Debt to Total Capital	16.35%	21.76%	12.33%	62.57%	0.00%	0.00%	0.00%	55.05%	60.60%	39.30%	44.71%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	16.35%	21.76%	12.33%	62.57%	0.00%	0.00%	0.00%	55.05%	60.60%	39.30%	44.71%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	7.64%	9.35%	11.86%	5.13%	0.00%	0.00%	0.00%	7.95%	7.91%	4.03%	3.39%
Common Equity to Total Capital	76.01%	68.89%	75.81%	32.30%	0.00%	0.00%	0.00%	37.00%	31.49%	56.67%	51.89%
Debt to EBITDA	0.95	1.51	0.55	5.26	0.00	0.00	0.00	3.77	4.65	5.82	5.55
Net Debt to EBITDA	0.55	1.03	0.46	5.08	0.00	0.00	0.00	2.76	3.52	4.61	4.15
Long-Term Debt to EBITDA	0.95	1.51	0.55	5.26	0.00	0.00	0.00	3.77	4.65	5.82	5.55
Debt to NOPAT	1.40	3.20	0.84	7.01	0.00	0.00	0.00	4.87	6.11	8.76	9.45
Net Debt to NOPAT	0.80	2.18	0.70	6.76	0.00	0.00	0.00	3.56	4.62	6.94	7.08
Long-Term Debt to NOPAT	1.40	3.20	0.84	7.01	0.00	0.00	0.00	4.87	6.11	8.76	9.45
Altman Z-Score	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.95	1.76	1.82	1.57
Noncontrolling Interest Sharing Ratio	9.05%	10.69%	12.78%	13.62%	-74.92%	0.00%	0.00%	-49.61%	18.92%	9.45%	6.39%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.11	1.29	0.57	0.90	0.90	0.45	0.13	0.50	0.54	0.30	0.40
Quick Ratio	0.73	0.92	0.43	0.58	0.00	0.00	0.00	0.50	0.54	0.30	0.40
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-318	-1,389	-630	299	7,723	619	648	-6,222	-616	-13,362	734
Operating Cash Flow to CapEx	66.40%	103.04%	52.32%	171.25%	179.20%	204.53%	349.84%	193.50%	116.27%	839.41%	520.69%
Free Cash Flow to Firm to Interest Expense	-3.79	-419.73	-4.55	1.88	42.17	3.24	3.76	-37.44	-2.81	-30.52	1.23
Operating Cash Flow to Interest Expense	4.02	110.98	3.89	3.77	3.70	3.70	4.48	5.73	5.65	3.20	3.17
Operating Cash Flow Less CapEx to Interest Expense	-2.03	3.28	-3.55	1.57	1.64	1.89	3.20	2.77	0.79	2.82	2.56
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.15	0.01	0.15	0.15	0.32	0.00	0.00	0.30	0.17	0.13	0.12
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.15	0.13
Accounts Payable Turnover	2.73	2.75	2.72	2.75	0.00	0.00	0.00	0.00	2.77	2.42	2.44
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	133.50	132.62	134.38	132.51	0.00	0.00	0.00	0.00	131.62	150.94	149.46
Cash Conversion Cycle (CCC)	-133.50	-132.62	-134.38	-132.51	0.00	0.00	0.00	0.00	-131.62	-150.94	-149.46
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,103	5,699	6,765	7,116	0.00	0.00	0.00	7,175	8,817	23,318	23,855
Invested Capital Turnover	0.17	0.01	0.16	0.16	0.34	0.00	0.00	0.44	0.24	0.16	0.14
Increase / (Decrease) in Invested Capital	585	1,596	1,066	351	-7,116	0.00	0.00	7,175	1,642	14,501	537
Enterprise Value (EV)	0.00	0.00	0.00	0.00	0.00	11,755	13,477	32,122	23,662	41,449	41,620
Market Capitalization	0.00	0.00	0.00	0.00	0.00	11,755	13,477	28,063	18,105	32,522	31,713
Book Value per Share	$14.94	$16.92	$17.84	$18.66	$19.08	$19.61	$19.71	$23.28	$24.34	$68.11	$65.80
Tangible Book Value per Share	$14.94	$16.92	$17.84	$18.66	$19.08	$19.61	$19.71	$23.28	$24.34	$68.11	$65.80
Total Capital	2,286	3,032	2,961	7,278	0.00	0.00	0.00	8,423	10,350	25,394	26,877
Total Debt	374	660	365	4,554	0.00	0.00	0.00	4,637	6,272	9,980	12,017
Total Long-Term Debt	374	660	365	4,554	0.00	0.00	0.00	4,637	6,272	9,980	12,017
Net Debt	215	450	307	4,392	0.00	0.00	0.00	3,389	4,739	7,904	8,996
Capital Expenditures (CapEx)	508	356	1,031	349	378	346	220	492	1,065	167	362
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-66	-83	-101	-96	-8.31	-87	-821	-142	-172	-335	-347
Debt-free Net Working Capital (DFNWC)	7.39	24	-44	-10	-8.31	-87	-821	-71	-79	-235	-208
Net Working Capital (NWC)	7.39	24	-44	-10	-8.31	-87	-821	-71	-79	-235	-208
Net Nonoperating Expense (NNE)	71	-3.28	39	135	160	168	130	75	105	289	371
Net Nonoperating Obligations (NNO)	2,191	3,326	4,169	4,392	0.00	0.00	0.00	3,389	4,739	7,904	8,996
Total Depreciation and Amortization (D&A)	121	142	200	211	228	237	238	252	297	544	843
Debt-free, Cash-free Net Working Capital to Revenue	-10.12%	-114.90%	-10.22%	-8.70%	-0.69%	-6.67%	-60.54%	-9.02%	-8.92%	-13.07%	-10.64%
Debt-free Net Working Capital to Revenue	1.14%	33.13%	-4.40%	-0.91%	-0.69%	-6.67%	-60.54%	-4.51%	-4.10%	-9.20%	-6.40%
Net Working Capital to Revenue	1.14%	33.13%	-4.40%	-0.91%	-0.69%	-6.67%	-60.54%	-4.51%	-4.10%	-9.20%	-6.40%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.54	$1.58	$2.92	$3.79	$3.29	$0.00	$0.00	$0.00	$6.41	$4.74	$4.03
Adjusted Weighted Average Basic Shares Outstanding	115.71M	119.82M	125.09M	125.97M	126.09M	128.20M	129.54M	133.37M	134.05M	169.22M	211.58M
Adjusted Diluted Earnings per Share	$1.53	$1.56	$2.91	$3.76	$3.27	$0.00	$0.00	$0.00	$6.41	$4.74	$4.03
Adjusted Weighted Average Diluted Shares Outstanding	121.44M	126.92M	125.95M	134.16M	133.16M	128.20M	129.54M	133.37M	141.68M	169.22M	211.58M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	116.39M	125.05M	125.91M	126.04M	127.30M	128.20M	129.54M	133.37M	134.99M	211.57M	212.00M
Normalized Net Operating Profit after Tax (NOPAT)	277	206	448	650	607	619	648	953	1,028	1,139	1,321
Normalized NOPAT Margin	42.76%	286.59%	45.16%	58.79%	50.71%	47.31%	47.79%	60.41%	53.40%	44.50%	40.56%
Pre Tax Income Margin	29.19%	-295.44%	33.36%	45.48%	36.93%	34.48%	37.53%	54.49%	46.81%	31.92%	26.18%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.25	89.02	3.37	4.13	3.38	3.32	3.87	5.87	4.79	2.67	2.22
NOPAT to Interest Expense	3.18	62.31	3.15	4.10	3.31	3.24	3.76	5.73	4.68	2.60	2.14
EBIT Less CapEx to Interest Expense	-2.80	-18.68	-4.07	1.93	1.32	1.51	2.59	2.91	-0.07	2.29	1.61
NOPAT Less CapEx to Interest Expense	-2.87	-45.38	-4.29	1.90	1.25	1.43	2.48	2.77	-0.18	2.22	1.53
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	119.46%	140.22%	100.43%	82.65%	102.48%	109.14%	96.87%	72.92%	93.70%	130.06%	159.76%
Augmented Payout Ratio	119.46%	140.22%	100.43%	82.65%	102.48%	109.14%	109.98%	72.92%	100.54%	130.06%	159.81%

This table displays calculated financial ratios and metrics derived from Extra Space Storage's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-67.88%	13.41%	7.66%	49.94%	57.44%	58.94%	58.52%	10.26%	3.02%	2.56%	3.82%
EBITDA Growth	-76.93%	12.92%	2.48%	35.18%	56.12%	58.87%	44.71%	10.73%	7.47%	6.52%	10.06%
EBIT Growth	-82.33%	12.00%	-0.84%	11.09%	23.70%	27.43%	11.50%	0.98%	13.96%	15.75%	22.71%
NOPAT Growth	-75.40%	11.27%	-1.42%	10.27%	24.37%	26.13%	8.79%	-1.39%	13.65%	15.56%	23.65%
Net Income Growth	0.00%	-4.06%	-13.12%	-15.78%	3.61%	7.28%	-9.24%	2.06%	22.16%	27.16%	34.44%
EPS Growth	0.00%	-3.31%	-13.29%	-41.82%	-46.05%	-30.82%	-41.33%	-5.21%	50.00%	26.73%	34.09%
Operating Cash Flow Growth	0.00%	-2.02%	-1.43%	32.77%	25.64%	65.30%	56.73%	14.67%	12.01%	3.40%	-0.25%
Free Cash Flow Firm Growth	77.42%	-3,675.09%	-3,181.90%	-8,883.25%	-928.03%	-73.30%	-70.50%	99.53%	98.83%	97.91%	94.53%
Invested Capital Growth	22.88%	0.00%	0.00%	0.00%	164.47%	171.88%	168.58%	1.69%	2.30%	2.91%	4.92%
Revenue Q/Q Growth	1.57%	-0.72%	1.66%	46.28%	6.65%	0.22%	1.39%	1.74%	-0.35%	-0.23%	2.64%
EBITDA Q/Q Growth	2.39%	-2.07%	3.09%	30.77%	18.25%	-0.34%	-6.09%	0.06%	14.77%	-1.23%	-2.97%
EBIT Q/Q Growth	-0.11%	-2.24%	3.72%	9.68%	11.23%	0.71%	-9.25%	-0.66%	25.53%	2.29%	-3.80%
NOPAT Q/Q Growth	0.29%	-1.83%	2.92%	8.82%	13.12%	-0.44%	-11.23%	-1.37%	30.37%	1.24%	-5.02%
Net Income Q/Q Growth	-7.05%	-4.83%	3.08%	-7.64%	14.36%	-1.47%	-12.79%	3.85%	36.88%	2.56%	-7.79%
EPS Q/Q Growth	-7.88%	-3.95%	2.74%	-36.00%	-14.58%	23.17%	-12.87%	3.41%	35.16%	4.07%	-7.81%
Operating Cash Flow Q/Q Growth	-5.69%	-2.92%	23.51%	17.41%	-10.75%	27.72%	17.12%	-14.10%	-12.83%	17.91%	12.97%
Free Cash Flow Firm Q/Q Growth	-626.29%	-501.08%	-0.14%	-177.25%	38.40%	-1.33%	1.48%	99.23%	-51.92%	-81.16%	-158.06%
Invested Capital Q/Q Growth	0.00%	-3.08%	0.23%	172.03%	0.08%	-0.36%	-0.99%	3.00%	0.68%	0.23%	0.94%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	77.71%	76.71%	77.58%	75.24%	75.55%	74.42%	75.71%	74.66%	73.10%	72.73%	72.95%
EBITDA Margin	69.45%	68.51%	69.48%	62.11%	68.87%	68.48%	63.42%	62.37%	71.84%	71.12%	67.24%
Operating Margin	53.20%	52.39%	53.45%	40.08%	41.80%	42.00%	37.59%	36.70%	46.24%	47.41%	44.43%
EBIT Margin	53.20%	52.39%	53.45%	40.08%	41.80%	42.00%	37.59%	36.70%	46.24%	47.41%	44.43%
Profit (Net Income) Margin	43.31%	41.52%	42.10%	26.58%	28.51%	28.03%	24.11%	24.61%	33.80%	34.75%	31.22%
Tax Burden Percent	102.61%	102.96%	103.49%	104.25%	105.53%	103.83%	103.94%	110.40%	104.80%	103.99%	101.80%
Interest Burden Percent	79.35%	76.98%	76.11%	63.63%	64.62%	64.26%	61.69%	60.72%	69.75%	70.48%	69.01%
Effective Tax Rate	2.53%	2.12%	2.88%	3.64%	2.01%	3.12%	5.24%	5.91%	2.28%	3.28%	4.51%
Return on Invested Capital (ROIC)	12.48%	23.80%	24.49%	7.52%	6.53%	7.32%	7.12%	4.75%	6.24%	6.37%	5.96%
ROIC Less NNEP Spread (ROIC-NNEP)	11.41%	21.63%	22.27%	5.19%	4.95%	5.69%	5.62%	3.76%	5.13%	5.31%	4.87%
Return on Net Nonoperating Assets (RNNOA)	11.80%	24.21%	12.72%	2.05%	3.21%	3.67%	3.64%	2.03%	2.86%	3.01%	2.83%
Return on Equity (ROE)	24.27%	48.01%	37.21%	9.57%	9.74%	10.98%	10.76%	6.78%	9.10%	9.39%	8.79%
Cash Return on Invested Capital (CROIC)	-7.70%	-175.38%	-175.53%	-190.77%	-83.16%	-84.85%	-83.68%	3.54%	3.11%	2.74%	1.10%
Operating Return on Assets (OROA)	9.04%	17.13%	9.23%	4.61%	5.40%	6.06%	5.91%	4.26%	5.35%	5.50%	5.15%
Return on Assets (ROA)	7.36%	13.58%	7.27%	3.06%	3.68%	4.04%	3.79%	2.86%	3.91%	4.03%	3.62%
Return on Common Equity (ROCE)	19.68%	76.95%	30.31%	8.67%	8.82%	9.98%	9.78%	6.34%	8.52%	8.80%	8.24%
Return on Equity Simple (ROE_SIMPLE)	0.00%	28.04%	27.02%	5.80%	0.00%	6.05%	5.97%	6.07%	0.00%	6.92%	0.00%
Net Operating Profit after Tax (NOPAT)	263	258	265	289	327	325	289	285	371	376	357
NOPAT Margin	51.85%	51.28%	51.91%	38.62%	40.96%	40.69%	35.63%	34.54%	45.19%	45.85%	42.43%
Net Nonoperating Expense Percent (NNEP)	1.06%	2.17%	2.21%	2.33%	1.57%	1.63%	1.51%	0.99%	1.11%	1.07%	1.09%
Return On Investment Capital (ROIC_SIMPLE)	2.54%	-	-	-	1.29%	-	-	-	1.38%	1.39%	1.31%
Cost of Revenue to Revenue	22.29%	23.29%	22.42%	24.76%	24.45%	25.58%	24.29%	25.34%	26.90%	27.27%	27.05%
SG&A Expenses to Revenue	7.10%	6.91%	6.81%	5.00%	4.94%	5.47%	4.92%	4.82%	5.36%	5.61%	5.34%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	24.51%	24.32%	24.13%	35.17%	33.75%	32.42%	38.12%	37.95%	26.86%	25.33%	28.52%
Earnings before Interest and Taxes (EBIT)	270	264	273	300	333	336	305	303	380	389	374
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	352	345	355	465	549	548	514	514	590	583	566
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.55	6.46	5.91	1.70	2.26	2.18	2.32	2.73	2.27	2.27	2.27
Price to Tangible Book Value (P/TBV)	5.55	6.46	5.91	1.70	2.26	2.18	2.32	2.73	2.27	2.27	2.27
Price to Revenue (P/Rev)	9.41	10.60	9.52	10.86	12.70	10.89	10.43	11.81	9.74	9.61	9.46
Price to Earnings (P/E)	21.04	24.64	23.35	31.14	40.49	37.93	40.95	47.24	37.10	34.50	32.05
Dividend Yield	4.44%	3.93%	4.38%	5.45%	4.21%	4.41%	4.17%	3.60%	4.33%	4.36%	4.40%
Earnings Yield	4.75%	4.06%	4.28%	3.21%	2.47%	2.64%	2.44%	2.12%	2.70%	2.90%	3.12%
Enterprise Value to Invested Capital (EV/IC)	2.68	3.08	2.87	1.43	1.78	1.72	1.81	2.02	1.74	1.74	1.73
Enterprise Value to Revenue (EV/Rev)	12.30	13.27	12.15	14.72	16.19	14.02	13.22	14.81	12.78	12.66	12.58
Enterprise Value to EBITDA (EV/EBITDA)	17.56	18.98	17.59	22.03	24.18	20.89	20.11	22.52	19.21	18.85	18.47
Enterprise Value to EBIT (EV/EBIT)	22.53	24.40	22.81	30.20	35.42	32.23	32.76	37.49	31.45	30.16	28.80
Enterprise Value to NOPAT (EV/NOPAT)	23.06	25.02	23.42	31.06	36.38	33.19	33.93	39.04	32.74	31.39	29.95
Enterprise Value to Operating Cash Flow (EV/OCF)	19.11	21.36	20.00	25.15	29.55	25.24	23.40	25.96	22.05	21.81	21.89
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	57.51	56.67	64.21	160.75
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.54	1.49	1.54	0.64	0.65	0.66	0.69	0.75	0.81	0.83	0.85
Long-Term Debt to Equity	1.54	1.49	1.54	0.60	0.65	0.66	0.69	0.75	0.81	0.83	0.85
Financial Leverage	1.03	1.12	0.57	0.39	0.65	0.64	0.65	0.54	0.56	0.57	0.58
Leverage Ratio	2.88	3.01	2.95	2.01	2.03	2.05	2.09	1.82	1.86	1.88	1.92
Compound Leverage Factor	2.28	2.32	2.25	1.28	1.31	1.32	1.29	1.11	1.30	1.32	1.32
Debt to Total Capital	60.60%	59.91%	60.65%	38.92%	39.30%	39.83%	40.87%	42.87%	44.71%	45.32%	46.04%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	2.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	60.60%	59.91%	60.65%	36.47%	39.30%	39.83%	40.87%	42.87%	44.71%	45.32%	46.04%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	7.91%	7.75%	7.60%	4.04%	4.03%	3.90%	3.74%	3.62%	3.39%	3.30%	3.26%
Common Equity to Total Capital	31.49%	32.35%	31.75%	57.04%	56.67%	56.27%	55.39%	53.51%	51.89%	51.38%	50.70%
Debt to EBITDA	4.65	4.34	4.46	6.54	5.82	5.28	5.04	5.28	5.55	5.56	5.56
Net Debt to EBITDA	3.52	3.25	3.25	5.10	4.61	4.15	3.79	4.11	4.15	4.15	4.20
Long-Term Debt to EBITDA	4.65	4.34	4.46	6.13	5.82	5.28	5.04	5.28	5.55	5.56	5.56
Debt to NOPAT	6.11	5.73	5.93	9.22	8.76	8.39	8.50	9.15	9.45	9.26	9.01
Net Debt to NOPAT	4.62	4.29	4.32	7.19	6.94	6.59	6.40	7.12	7.08	6.91	6.80
Long-Term Debt to NOPAT	6.11	5.73	5.93	8.64	8.76	8.39	8.50	9.15	9.45	9.26	9.01
Altman Z-Score	1.55	1.76	1.59	1.29	1.72	1.64	1.67	1.85	1.46	1.43	1.37
Noncontrolling Interest Sharing Ratio	18.92%	-60.28%	18.55%	9.41%	9.45%	9.17%	9.07%	6.48%	6.39%	6.26%	6.19%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.54	0.27	0.24	0.21	0.30	0.15	0.20	0.23	0.40	0.33	0.29
Quick Ratio	0.54	0.27	0.24	0.21	0.30	0.15	0.20	0.23	0.40	0.33	0.29
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,379	-8,288	-8,300	-23,011	-14,175	-14,363	-14,150	-109	-166	-300	-774
Operating Cash Flow to CapEx	177.22%	2,353.94%	583.55%	0.00%	378.03%	476.75%	786.46%	1,555.57%	246.84%	772.87%	221.94%
Free Cash Flow to Firm to Interest Expense	-18.91	-103.47	-96.09	-175.48	-101.09	-100.03	-95.62	-0.71	-1.11	-1.95	-4.90
Operating Cash Flow to Interest Expense	3.98	3.52	4.03	3.11	2.60	3.24	3.68	3.04	2.73	3.13	3.44
Operating Cash Flow Less CapEx to Interest Expense	1.73	3.37	3.34	3.12	1.91	2.56	3.22	2.85	1.62	2.73	1.89
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.17	0.33	0.17	0.12	0.13	0.14	0.16	0.12	0.12	0.12	0.12
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.13	0.15	0.00	0.00	0.13	0.13	0.13	0.13
Accounts Payable Turnover	2.77	0.00	2.39	1.71	2.42	2.71	2.63	1.97	2.44	2.44	2.15
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	131.62	0.00	152.70	213.95	150.94	134.69	138.77	185.53	149.46	149.65	169.80
Cash Conversion Cycle (CCC)	-131.62	0.00	-152.70	-213.95	-150.94	-134.69	-138.77	-185.53	-149.46	-149.65	-169.80
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	8,817	8,546	8,565	23,300	23,318	23,234	23,004	23,694	23,855	23,910	24,136
Invested Capital Turnover	0.24	0.46	0.47	0.19	0.16	0.18	0.20	0.14	0.14	0.14	0.14
Increase / (Decrease) in Invested Capital	1,642	8,546	8,565	23,300	14,501	14,688	14,439	394	537	676	1,131
Enterprise Value (EV)	23,662	26,319	24,546	33,403	41,449	40,039	41,736	47,870	41,620	41,503	41,633
Market Capitalization	18,105	21,027	19,236	24,640	32,522	31,101	32,904	38,187	31,713	31,480	31,288
Book Value per Share	$24.34	$24.10	$24.11	$68.81	$68.11	$67.57	$66.98	$66.11	$65.80	$65.50	$64.99
Tangible Book Value per Share	$24.34	$24.10	$24.11	$68.81	$68.11	$67.57	$66.98	$66.11	$65.80	$65.50	$64.99
Total Capital	10,350	10,058	10,255	25,485	25,394	25,409	25,589	26,181	26,877	27,026	27,199
Total Debt	6,272	6,025	6,219	9,918	9,980	10,120	10,458	11,223	12,017	12,247	12,522
Total Long-Term Debt	6,272	6,025	6,219	9,295	9,980	10,120	10,458	11,223	12,017	12,247	12,522
Net Debt	4,739	4,513	4,530	7,733	7,904	7,945	7,874	8,735	8,996	9,132	9,458
Capital Expenditures (CapEx)	164	12	60	-0.93	96	98	69	30	165	62	245
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-172	-178	-212	-430	-335	-338	-382	-389	-347	-359	-438
Debt-free Net Working Capital (DFNWC)	-79	-130	-162	-214	-235	-287	-305	-300	-208	-240	-313
Net Working Capital (NWC)	-79	-130	-162	-837	-235	-287	-305	-300	-208	-240	-313
Net Nonoperating Expense (NNE)	43	49	50	90	99	101	93	82	94	91	94
Net Nonoperating Obligations (NNO)	4,739	4,513	4,530	7,733	7,904	7,945	7,874	8,735	8,996	9,132	9,458
Total Depreciation and Amortization (D&A)	82	81	82	165	216	212	209	212	210	194	192
Debt-free, Cash-free Net Working Capital to Revenue	-8.92%	-8.98%	-10.52%	-18.96%	-13.07%	-11.83%	-12.10%	-12.03%	-10.64%	-10.97%	-13.24%
Debt-free Net Working Capital to Revenue	-4.10%	-6.56%	-8.01%	-9.43%	-9.20%	-10.05%	-9.66%	-9.27%	-6.40%	-7.32%	-9.46%
Net Working Capital to Revenue	-4.10%	-6.56%	-8.01%	-36.89%	-9.20%	-10.05%	-9.66%	-9.27%	-6.40%	-7.32%	-9.46%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.51	$1.46	$1.50	$0.96	$0.82	$1.01	$0.88	$0.91	$1.23	$1.28	$1.18
Adjusted Weighted Average Basic Shares Outstanding	134.05M	134.51M	134.83M	195.32M	169.22M	211.28M	211.58M	211.70M	211.58M	211.85M	211.94M
Adjusted Diluted Earnings per Share	$1.52	$1.46	$1.50	$0.96	$0.82	$1.01	$0.88	$0.91	$1.23	$1.28	$1.18
Adjusted Weighted Average Diluted Shares Outstanding	141.68M	142.94M	143.53M	195.33M	169.22M	220.02M	211.59M	220.30M	211.58M	212.05M	211.94M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	134.99M	135.05M	211.28M	211.28M	211.57M	211.73M	211.93M	211.98M	212.00M	212.21M	212.25M
Normalized Net Operating Profit after Tax (NOPAT)	263	258	265	289	327	325	289	334	371	341	357
Normalized NOPAT Margin	51.85%	51.28%	51.91%	38.62%	40.96%	40.69%	35.63%	40.44%	45.19%	41.63%	42.43%
Pre Tax Income Margin	42.21%	40.33%	40.68%	25.50%	27.01%	26.99%	23.19%	22.29%	32.25%	33.41%	30.66%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.70	3.29	3.16	2.29	2.38	2.34	2.06	1.97	2.54	2.53	2.37
NOPAT to Interest Expense	3.60	3.22	3.07	2.20	2.33	2.27	1.95	1.85	2.48	2.45	2.26
EBIT Less CapEx to Interest Expense	1.45	3.14	2.47	2.29	1.69	1.66	1.59	1.77	1.43	2.12	0.82
NOPAT Less CapEx to Interest Expense	1.36	3.07	2.38	2.21	1.64	1.59	1.48	1.66	1.38	2.04	0.71
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	93.70%	96.15%	101.57%	114.37%	130.06%	142.37%	160.69%	168.63%	159.76%	149.57%	139.75%
Augmented Payout Ratio	100.54%	96.15%	101.57%	114.37%	130.06%	142.37%	160.75%	168.69%	159.81%	149.57%	140.59%

Key Financial Trends

Extra Space Storage (NYSE: EXR) has demonstrated steady financial growth and operational strength over the past four years, based on their quarterly financials through Q2 2025.

Consistent increase in operating revenue, reaching approximately $842 million in Q2 2025, up from about $511 million in Q2 2023, reflecting strong top-line growth.
Net income has grown from $215 million in Q2 2023 to $263 million in Q2 2025, indicating improved profitability over this period.
Gross profit margin remains robust, with gross profits consistently above $600 million quarterly in recent periods.
Operating expenses, including selling, general & administrative costs, remain well-controlled relative to revenue growth.
Extra Space Storage maintains significant operating cash flow generation, with $544 million in net cash from operating activities in Q2 2025, supporting reinvestment and dividend payments.
Capital expenditures in property, plant, and equipment remain focused and aligned with business expansion and maintenance, with manageable net investing outflows.
Steady dividend policy with quarterly dividends per common share consistently at $1.62, highlighting shareholder returns commitment.
The company has a sizable level of long-term debt (over $11 billion in mid-2025), consistent with REIT financing structures; debt management stability is important to monitor.
Net cash used in financing activities varies significantly quarter-to-quarter, driven by debt issuance and repayments, typical for a capital-intensive REIT.
Interest expense is relatively high (around $158 million per quarter as of Q2 2025), which affects net income; rising interest rates could impact future profitability.

Overall, Extra Space Storage continues to benefit from strong market demand in the self-storage sector, demonstrated by rising revenues and robust cash flow generation. The balance sheet shows healthy asset growth alongside controlled liabilities and equity. While interest expenses and debt levels warrant attention, the company’s capacity to generate free cash flow and maintain dividends appears solid.

Retail investors may find EXR attractive for income and growth, but should keep an eye on debt servicing costs and interest rate trends which could pressure margins.

08/14/25 03:58 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Extra Space Storage's Financials

When does Extra Space Storage's fiscal year end?

According to the most recent income statement we have on file, Extra Space Storage's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Extra Space Storage's net income changed over the last 10 years?

Extra Space Storage's net income appears to be on an upward trend, with a most recent value of $900.23 million in 2024, rising from $195.90 million in 2014. The previous period was $850.45 million in 2023. See Extra Space Storage's forecast for analyst expectations on what’s next for the company.

What is Extra Space Storage's operating income?

Extra Space Storage's total operating income in 2024 was $1.32 billion, based on the following breakdown:

Total Gross Profit: $2.43 billion
Total Operating Expenses: $1.10 billion

How has Extra Space Storage's revenue changed over the last 10 years?

Over the last 10 years, Extra Space Storage's total revenue changed from $647.16 million in 2014 to $3.26 billion in 2024, a change of 403.3%.

How much debt does Extra Space Storage have?

Extra Space Storage's total liabilities were at $13.99 billion at the end of 2024, a 16.2% increase from 2023, and a 466.3% increase since 2014.

How much cash does Extra Space Storage have?

In the past 10 years, Extra Space Storage's cash and equivalents has ranged from $43.86 million in 2016 to $138.22 million in 2024, and is currently $138.22 million as of their latest financial filing in 2024.

How has Extra Space Storage's book value per share changed over the last 10 years?

Over the last 10 years, Extra Space Storage's book value per share changed from 14.94 in 2014 to 65.80 in 2024, a change of 340.5%.

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This page (NYSE:EXR) was last updated on 8/14/2025 by MarketBeat.com Staff

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Extra Space Storage (EXR) Financials

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