Extra Space Storage Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Rental Revenue	2,895	2,803	2,223	1,655	1,341
Property Management Fees	129.48	120.86	101.99	83.9	66.26
Other Revenue	421.69	400.07	290.52	226.96	202.47
Total Revenue	3,446	3,324	2,615	1,966	1,610
Revenue Growth (YoY	3.68%	27.12%	33.04%	22.11%	16.77%
Property Expenses	860.62	790.79	594	423.35	379.3
Selling, General & Administrative	312.75	282.06	223.32	174.89	120.99
Depreciation & Amortization	715.18	783.02	506.05	288.32	241.88
Total Operating Expenses	1,889	1,856	1,323	886.55	742.17
Operating Income	1,558	1,468	1,292	1,079	867.55
Interest Expense	-635.13	-595.07	-437.82	-219.17	-166.18
Interest & Investment Income	163.2	124.42	84.86	69.42	49.7
EBT Excluding Unusual Items	1,086	997.65	938.74	929.3	751.07
Merger & Restructuring Charges	-	-	-66.73	-1.47	-
Gain (Loss) on Sale of Investments	54.52	13.73	-	-	6.25
Gain (Loss) on Sale of Assets	-76.31	-25.91	-	14.25	140.76
Asset Writedown	-	-51.76	-	-	-
Pretax Income	1,064	933.71	872.01	942.08	898.08
Income Tax Expense	41.56	33.48	21.56	20.93	20.32
Earnings From Continuing Operations	1,023	900.23	850.45	921.16	877.76
Minority Interest in Earnings	-48.54	-45.55	-47.26	-60.47	-50.11
Net Income	974	854.68	803.2	860.69	827.65
Preferred Dividends & Other Adjustments	1.74	1.5	1.23	1.2	1.18
Net Income to Common	972.26	853.19	801.97	859.49	826.47
Net Income Growth	13.96%	6.41%	-6.68%	3.99%	71.79%
Basic Shares Outstanding	212	212	169	134	133
Diluted Shares Outstanding	212	212	169	142	140
Shares Change (YoY)	0.13%	25.03%	19.44%	1.19%	8.05%
EPS (Basic)	4.59	4.03	4.74	6.41	6.20
EPS (Diluted)	4.59	4.03	4.74	6.41	6.19
EPS Growth	13.88%	-14.97%	-26.04%	3.45%	66.96%
Dividend Per Share	6.480	6.480	6.480	6.000	4.500
Dividend Growth	-	-	8.00%	33.33%	25.00%
Operating Margin	45.20%	44.17%	49.40%	54.90%	53.90%
Profit Margin	28.21%	25.67%	30.67%	43.73%	51.34%
EBITDA	2,269	2,246	1,792	1,367	1,109
EBITDA Margin	65.83%	67.57%	68.54%	69.56%	68.92%
D&A For Ebitda	710.94	777.72	500.68	288.32	241.88
EBIT	1,558	1,468	1,292	1,079	867.55
EBIT Margin	45.20%	44.17%	49.40%	54.90%	53.90%
Funds From Operations (FFO)	1,753	1,677	1,352	1,199	973.97
FFO Per Share	7.90	7.57	-	-	-
Adjusted Funds From Operations (AFFO)	1,753	1,677	1,352	1,199	973.97
AFFO Per Share	7.90	7.57	-	-	-
FFO Payout Ratio	78.40%	81.98%	77.38%	67.18%	61.71%
Effective Tax Rate	3.91%	3.58%	2.47%	2.22%	2.26%
Revenue as Reported	3,378	3,257	2,560	1,924	1,577

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.

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