Extra Space Storage Reports 2.6% Revenue Increase

By Bobby Samwell • Saturday, May 03 15:20 • Permanent Link

Extra Space Storage Inc. has recently released its 10-Q report, revealing a comprehensive overview of its financial performance for the three months ended March 31, 2025. The company, headquartered in Salt Lake City, Utah, is a self-administered and self-managed real estate investment trust (REIT) and a member of the S&P 500. As of December 31, 2024, Extra Space Storage owned and/or operated 4,011 self-storage stores in 42 states and Washington, D.C., comprising approximately 2.8 million units and 308.4 million square feet of rentable space.

The 10-Q report provides insight into the company's financial condition and results of operations. For the three months ended March 31, 2025, Extra Space Storage reported total revenues of $819,997, representing a 2.6% increase from the same period in 2024. Property rental revenues contributed $704,380, reflecting a $16,336 increase, mainly driven by acquisitions completed in 2024 and the first three months of 2025. Additionally, tenant reinsurance revenues increased by 4.1% to $84,712, attributed to the higher number of stores operated.

In terms of expenses, the company reported total expenses of $467,028 for the three months ended March 31, 2025, representing a 0.7% increase from the same period in 2024. Property operations expenses increased by 9.3% to $223,582, primarily due to acquisitions completed in 2024 and the first three months of 2025. General and administrative expenses also rose by 5.2% to $45,974, driven by the company's increased size through acquisitions and business combinations.

The report also highlighted other revenues and expenses. Notably, Extra Space Storage reported a gain on real estate assets held for sale and sold, net, amounting to $35,761, marking a significant increase from the same period in 2024. Interest income also saw a notable increase, reaching $38,967, reflecting a 65.3% rise from the same period in 2024.

The market has reacted to these announcements by moving the company's shares 0.9% to a price of $149.56. For the full picture, make sure to review Extra Space Storage's 10-Q report.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.