Extra Space Storage Inc

Extra Space Storage Inc., headquartered in Salt Lake City, Utah, is a self-administered and self-managed REIT and a member of the S&P 500. As of March 31, 2026, the Company owned and/or operated 4,344 self-storage stores in 42 states and Washington, D.C. The Company's stores comprise approximately 3.0 million units and approximately 335.6 million square feet of rentable space operating under the Extra Space brand. The Company offers customers a wide selection of conveniently located and secure storage units across the country, including boat storage, RV storage and business storage. It is the largest operator of self-storage properties in the United States. Extra Space Storage Inc. Condensed Consolidated Balance Sheets ( In thousands, except share data ) March 31, 2026 December 31, 2025 (Unaudited) Assets: Real estate assets, net $ 24,926,765 $ 25,004,350 Real estate assets - operating lease right-of-use assets 737,606 732,176 Investments in unconsolidated real estate entities 1,069,602 1,066,783 Investments in debt securities and notes receivable 1,758,534 1,806,526 Cash and cash equivalents 138,986 138,920 Other assets, net 467,877 515,291 Total assets $ 29,099,370 $ 29,264,046 Liabilities, Noncontrolling Interests and Equity: Secured notes payable, net $ 1,076,443 $ 1,079,565 Unsecured term loans, net 1,495,012 1,494,659 Unsecured senior notes, net 9,446,570 9,432,427 Revolving lines of credit and commercial paper 1,152,500 1,224,000 Operating lease liabilities 769,688 761,106 Cash distributions in unconsolidated real estate ventures 74,288 73,701 Accounts payable and accrued expenses 374,814 357,583 Other liabilities 497,553 516,969 Total liabilities 14,886,868 14,940,010 Commitments and contingencies Noncontrolling Interests and Equity: Extra Space Storage Inc. stockholders' equity: Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued or outstanding — — Common stock, $0.01 par value, 500,000,000 shares authorized, 211,197,111 and 211,155,322 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively 2,112 2,112 Additional paid-in capital 14,882,445 14,880,646 Accumulated other comprehensive income (loss) 314 (420) Accumulated deficit (1,552,391) (1,449,172) Total Extra Space Storage Inc. stockholders' equity 13,332,480 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 832,195 837,043 Total noncontrolling interests and equity 14,212,502 14,324,036 Total liabilities, noncontrolling interests and equity $ 29,099,370 $ 29,264,046 Consolidated Statement of Operations for the Three Months Ended March 31, 2026 and 2025 ( In thousands, except share and per share data) - Unaudited For the Three Months Ended March 31, 2026 2025 Revenues: Property rental $ 733,213 $ 704,380 Tenant reinsurance 89,119 84,712 Management fees and other income 33,695 30,905 Total revenues 856,027 819,997 Expenses: Property operations 238,303 223,582 Tenant reinsurance 17,867 17,116 General and administrative 46,509 45,974 Depreciation and amortization 185,795 180,356 Total expenses 488,474 467,028 Gain on real estate assets held for sale and sold, net — 35,761 Income from operations 367,553 388,730 Interest expense (147,299) (142,399) Non-cash interest expense related to amortization of discount on unsecured senior notes, net (12,555) (11,313) Interest income 39,543 38,967 Income before equity in earnings and dividend income from unconsolidated real estate entities and income tax expense 247,242 273,985 Equity in earnings and dividend income from unconsolidated real estate entities 15,760 19,931 Equity in earnings of unconsolidated real estate ventures - gain on sale of a joint venture interest 207 — Income tax expense (10,789) (8,991) Net income 252,420 284,925 Net income allocated to Preferred Operating Partnership noncontrolling interests (673) (724) Net income allocated to Operating Partnership and other noncontrolling interests (10,770) (13,326) Net income attributable to common stockholders $ 240,977 $ 270,875 Earnings per common share Basic $ 1.14 $ 1.28 Diluted $ 1.14 $ 1.28 Weighted average number of shares Basic 210,896,947 211,850,618 Diluted 220,322,872 212,052,742 Cash dividends paid per common share $ 1.62 $ 1.62 Reconciliation of GAAP Net Income to Total Same-Store Net Operating Income — for the Three Months Ended March 31, 2026 and 2025 (In thousands) - Unaudited For the Three Months Ended March 31, 2026 2025 Net Income $ 252,420 $ 284,925 Adjusted to exclude: Gain on real estate assets held for sale and sold, net — (35,761) Equity in earnings and dividend income from unconsolidated real estate entities (15,760) (19,931) Equity in earnings of unconsolidated real estate ventures - gain on sale of a joint venture interest (207) — Interest expense 147,299 142,399 Non-cash interest expense related to amortization of discount on unsecured senior notes, net 12,555 11,313 Depreciation and amortization 185,795 180,356 Income tax expense 10,789 8,991 General and administrative 46,509 45,974 Management fees, other income and interest income (73,238) (69,872) Net tenant insurance (71,252) (67,596) Non same-store rental revenue (54,604) (36,831) Non same-store operating expense 36,433 26,955 Total same-store net operating income $ 476,739 $ 470,922 Same-store rental revenues 678,609 667,549 Same-store operating expenses 201,870 196,627 Same-store net operating income $ 476,739 $ 470,922 Reconciliation of the Range of Estimated GAAP Fully Diluted Earnings Per Share to Estimated Fully Diluted FFO Per Share — for the Year Ending December 31, 2026 - Unaudited For the Year Ending December 31, 2026 Low End High End Net income attributable to common stockholders per diluted share $ 4.30 $ 4.60 Income allocated to noncontrolling interest - Preferred Operating Partnership and Operating Partnership 0.22 0.22 Net income attributable to common stockholders for diluted computations 4.52 4.82 Adjustments: Real estate depreciation 3.12 3.12 Amortization of intangibles 0.05 0.05 Unconsolidated joint venture real estate depreciation and amortization 0.13 0.13 Funds from operations attributable to common stockholders 7.82 8.12 Adjustments: Non-cash interest expense related to amortization of discount on unsecured senior notes, net 0.19 0.19 Amortization of other intangibles related to the Life Storage Merger, net of tax benefit 0.04 0.04 Core funds from operations attributable to common stockholders $ 8.05 $ 8.35 Reconciliation of Estimated GAAP Net Income to Estimated Same-Store Net Operating Income — for the Year Ending December 31, 2026 (In thousands) - Unaudited For the Year Ending December 31, 2026 Low High Net Income $ 975,500 $ 1,059,000 Adjusted to exclude: Equity in earnings of unconsolidated joint ventures (63,500) (64,500) Interest expense 597,000 592,000 Non-cash interest expense related to amortization of discount on unsecured senior notes, net 43,000 42,000 Depreciation and amortization 738,500 738,500 Income tax expense 48,000 47,000 General and administrative 192,500 190,500 Management fees and other income (140,000) (141,500) Interest income (149,500) (151,000) Net tenant reinsurance income (289,000) (292,000) Non same-store rental revenues (221,000) (222,000) Non same-store operating expenses 145,000 144,500 Total same-store net operating income 1 $ 1,876,500 $ 1,942,500 Same-store rental revenues 1 2,691,000 2,745,000 Same-store operating expenses 1 814,500 802,500 Total same-store net operating income 1 $ 1,876,500 $ 1,942,500 (1) Estimated same-store rental revenues, operating expenses and net operating income are for the Company's 2026 same-store pool of 1,870 stores. On January 1, 2026, the Company updated the property count of the same-store pool from 1,804 to 1,871 stores. In the quarter ended March 31, 2026, one property was removed due to casualty loss, reducing the same-store pool to 1,870 stores. SOURCE Extra Space Storage Inc.