Extra Space Storage Inc.EXR

NYSEReal EstateReal Estate Investment Trusts

Price (close)

$132.23

Market cap

$27.9B

P/E

29.2x

Revenue (TTM)

$3.4B

Net income

$957.8M

Dividend yield

4.90%

1-year total return

0.6%

Net margin

27.8%

Revenue growth

4.2%

Debt / equity

—

What Extra Space Storage Inc. does.

Extra Space Storage Inc. (“we,” “our,” “us” or the “Company”) is a fully integrated, self-administered and self-managed real estate investment trust (“REIT”) formed as a Maryland corporation on April 30, 2004. We closed our initial public offering (“IPO”) on August 17, 2004. Our common stock is traded on the New York Stock Exchange under the symbol “EXR.”

We were formed to continue the business of Extra Space Storage LLC and its subsidiaries, which had engaged in the self-storage business since 1977. These companies were reorganized after the consummation of our IPO and various formation transactions. Our executive management team and board of directors have extensive experience and ownership positions in the Company.

Substantially all of our business is conducted through Extra Space Storage LP (the “Operating Partnership”). Our primary assets are general partner and limited partner interests in the Operating Partnership. This structure is commonly referred to as an umbrella partnership REIT, or UPREIT. We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). To the extent we continue to qualify as a REIT, we will not be subject to U.S. federal tax, with certain exceptions, on our REIT taxable income that is distributed to our stockholders.

Revenue and profit, by fiscal year.

Fiscal year	2020	2021	2022	2023	2024	2025
Revenue	$1.4B	$1.6B	$1.9B	$2.6B	$3.3B	$3.4B
Net income	$481.8M	$827.6M	$860.7M	$803.2M	$854.7M	$974.0M
Free cash flow	—	—	$44.9M	$1.3B	$1.4B	$1.3B

More on EXR.

Figures from Extra Space Storage Inc.'s filings with the U.S. SEC, standardised automatically; prices are end-of-day closes. Not financial advice.