Extra Space Storage Inc.
extraspace.comWhat Do They Do?
Rents self-storage units to individuals and businesses and reinsures coverage for tenants' stored goods.
10-K for FY2025, filed Feb 20, 2026
How Do They Make Money?
Tenants rent storage space under month-to-month leases; a subsidiary receives reinsurance premiums from a non-affiliated insurance company, in amounts substantially equal to premiums collected from tenants.
10-K for FY2025, filed Feb 20, 2026We own, operate, manage, provide lending for, acquire, develop and redevelop self-storage properties (“stores”). We operate and manage our…View ↗
Our tenant reinsurance activities include the reinsurance of risks relating to the loss of goods stored by tenants in our stores. Our…View ↗
We are a fully integrated, self-administered and self-managed REIT that owns, operates, manages, acquires, develops and redevelops…View ↗
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10-K for FY2025, filed Feb 20, 2026
FY2025 revenue by reportable segment ↗
$3.4B
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10-K for FY2025, filed Feb 20, 2026
$3.4B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Self-Storage Operations
Recurring
10-K for FY2025, filed Feb 20, 2026 |
86%
FY2022: 86%
|
Self-Storage Operations, FY2025
$2.9B Sources
|
Recurring |
|
Tenant Reinsurance
|
10%
FY2022: 9.6%
|
Tenant Reinsurance, FY2025
$352.9M Sources
|
Who Are Their Customers?
Individuals and small businesses rent units at stores for personal belongings, inventory, records and other goods; tenants may buy coverage for stored goods through a non-affiliated insurer.
10-K for FY2025, filed Feb 20, 2026We own, operate, manage, provide lending for, acquire, develop and redevelop self-storage properties (“stores”). We operate and manage our…View ↗
Our tenant reinsurance activities include the reinsurance of risks relating to the loss of goods stored by tenants in our stores. Our…View ↗
Stores offer month-to-month rental of storage space for personal or business use. Tenants typically rent fully enclosed spaces that vary in…View ↗
Self-storage provides a convenient way for individuals and businesses to store their possessions due to life changes, or simply because of…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 29 cents of every revenue dollar as net income in FY2025 and turned 38 cents into free cash flow.
How Are They Changing?
- Net income
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Sources
10-Q for Q2 FY2026, filed Jul 31, 2026
$263.5MView ↗
- ▲ +6%
- vs $249.7M in Q2 FY2025
10-Q for Q2 FY2026, filed Jul 31, 2026
Open tableView ↗
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Aug 24, 2026
CEO Joseph Margolis plans to retire; Noah Springer will succeed him
Margolis is set to retire at year-end, and current President Springer is scheduled to become CEO.
Sources
8-K, filed Aug 24, 2026
On August 24, 2026, Extra Space Storage Inc. (the “Company”) announced that Joseph D. Margolis, the Company’s Chief Executive Officer, will…View ↗
Growing. Revenue grew 2.1x in 4 years, from $1.6B in FY2021 to $3.4B in FY2025, about 21% a year.
Who Do They Compete With?
Competes with CubeSmart, National Storage Affiliates, and Public Storage
10-K for FY2025, filed Feb 20, 2026We are the largest self-storage operator in the United States. Our three primary competitors who are public self-storage REITs are…View ↗
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