Extra Space Storage Inc. (EXR)

Extra Space Storage Inc. is a fully integrated, self-administered and self-managed real estate investment trust formed as a Maryland corporation in April 2004 and listed on the New York Stock Exchange under the symbol "EXR." Its predecessor businesses have been in self-storage since 1977. The company owns, operates, manages, provides lending for, acquires, develops and redevelops self-storage properties. It conducts substantially all of its business through Extra Space Storage LP, its operating partnership, in an umbrella partnership REIT structure, and it has elected to be taxed as a REIT.

The company reports two segments: self-storage operations, which covers rental operations of wholly-owned stores, and tenant reinsurance. Stores offer month-to-month rental of enclosed storage space, typically ranging from 5x5 feet to 20x20 feet. As of December 31, 2025, it owned and/or operated 4,281 stores in 43 states and Washington, D.C., with about 330.4 million net rentable square feet in roughly 2.9 million units. It managed 1,856 stores for third-party owners, earning management fees, and owned 407 stores through unconsolidated joint ventures. Its tenant reinsurance subsidiary fully reinsures policies sold to tenants by a non-affiliated insurer, covering loss of stored goods. It also runs a bridge lending program that finances third-party owners of stores it manages (a $1.5 billion loan balance at year-end 2025), and it holds preferred stock investments in other self-storage companies. In 2025 it sold 37 stores for $305.8 million.

Customers are individuals and businesses. Residential tenants often are going through life changes such as downsizing or moving, and store their furniture, household items and appliances. Commercial tenants are typically small business owners needing access to goods, records, inventory or seasonal items. Tenants generally choose a store based on price and convenience, so the company favors dense, high-traffic population centers. Revenues and profits are seasonally higher from May through September. Same-store average occupancy was 93.7% in 2025. Third-party owners are also customers of its management and lending businesses.

Extra Space describes itself as the largest self-storage operator in the United States. Its main public REIT competitors are CubeSmart, National Storage Affiliates and Public Storage. The industry is fragmented, with many small local operators, and the company also competes for acquisitions. It grows through acquisitions, including certificate of occupancy stores purchased from developers, development often via joint ventures, redevelopment, and technology-driven pricing and online marketing. It funds growth through credit lines, a commercial paper program, secured and unsecured debt, an at-the-market equity program, operating partnership units, joint ventures and store sales. Stores generally have on-site managers, and the company had 8,393 employees at December 31, 2025. Its stores are subject to regulations including the ADA, lien sale rules and temporary rent limits, and its insurance activities are subject to state insurance laws. Headquarters are at 2795 East Cottonwood Parkway, Salt Lake City, Utah.