Extra Space Storage said that as of March 31, 2025, it owned or had ownership interests in 2,424 operating stores, of which 1,975 are wholly-owned, and managed an additional 1,675 stores for third parties, bringing the total number of stores it owns and/or manages to 4,099.

10-QQuarterly reportFiled May 2, 2025Period of report Mar 31, 2025Summary published (UTC) Oct 11, 2026

Key points

AI summary

Extra Space Storage said that as of March 31, 2025, it owned or had ownership interests in 2,424 operating stores, of which 1,975 are wholly-owned, and managed an additional 1,675 stores for third parties, bringing the total number of stores it owns and/or manages to 4,099.
The company cited acquisitions completed in 2024 and during Q1 2025 as the primary factor in the increase in property rental revenues for Q1 2025, accounting for $17,542 (in thousands) of the increase, and said property operations expense increased by $10,006 (in thousands) related to the same acquisitions.
Extra Space Storage disposed of 11 previously held for sale stores during Q1 2025, resulting in a gain of $39,520 (in thousands), and said that as of March 31, 2025, it had approximately $12,809,851 (in thousands) in total face value of debt and $1,369,089 (in thousands) in bridge loans outstanding.
The company said that as of March 31, 2025, it had $119,559 (in thousands) in cash and cash equivalents, $580,000 (in thousands) in issuances outstanding under its commercial paper program with a maximum aggregate principal amount of $1,000,000 (in thousands), and was in compliance with all financial covenants.

Key figures

Quarter ended March 31, 2025

Revenue: $820M
Operating income: $389M
Net income: $271M
EPS: $1.28
Operating cash flow: $481M

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Store Count and Operating Scale as of Q1 2025

Extra Space Storage said that as of March 31, 2025, it owned or had ownership interests in 2,424 operating stores, of which 1,975 are wholly-owned, and managed an additional 1,675 stores for third parties, bringing the total number of stores it owns and/or manages to 4,099.

Source · Based on the MD&A text of the filing

Impact of Acquired Stores on Revenues and Operating Expenses

The company cited acquisitions completed in 2024 and during Q1 2025 as the primary factor in the increase in property rental revenues for Q1 2025, accounting for $17,542 (in thousands) of the increase, and said property operations expense increased by $10,006 (in thousands) related to the same acquisitions.

Source · Based on the MD&A text of the filing

Gain on Disposals and Debt and Bridge Loan Balances

Extra Space Storage disposed of 11 previously held for sale stores during Q1 2025, resulting in a gain of $39,520 (in thousands), and said that as of March 31, 2025, it had approximately $12,809,851 (in thousands) in total face value of debt and $1,369,089 (in thousands) in bridge loans outstanding.

Source · Based on the MD&A text of the filing

Liquidity and Commercial Paper Program

The company said that as of March 31, 2025, it had $119,559 (in thousands) in cash and cash equivalents, $580,000 (in thousands) in issuances outstanding under its commercial paper program with a maximum aggregate principal amount of $1,000,000 (in thousands), and was in compliance with all financial covenants.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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