Extra Space Storage Inc. has recently released its 10-Q report, revealing key insights into its financial performance and operational activities. 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, the company 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 company offers a wide selection of conveniently located and secure storage units across the country, including boat storage, RV storage, and business storage, making it the largest operator of self-storage properties in the United States.
In its 10-Q report, Extra Space Storage provided a comprehensive overview of its financial condition and results of operations. The company's revenues for the three months ended March 31, 2025, totaled $819.997 million, representing a 2.6% increase compared to the same period in 2024. The primary sources of revenue included property rental, tenant reinsurance, and management fees, with property rental revenues experiencing a significant increase due to acquisitions completed in 2024 and the first three months of 2025. The company also reported an increase in tenant reinsurance revenues, driven by the expansion of the number of stores operated.
On the expense side, the company reported total expenses of $467.028 million for the three months ended March 31, 2025, representing a 0.7% increase compared to the same period in 2024. The increase in property operations expense was primarily attributed to acquisitions completed in 2024 and the first three months of 2025, as well as an increase in same-store properties' expenses. General and administrative expenses also increased due to the company's expanded size through acquisitions, business combinations, and growth through joint venture partners and managed portfolio.
Furthermore, Extra Space Storage reported other revenues and expenses, including a gain on real estate assets held for sale and sold, net, totaling $35.761 million for the three months ended March 31, 2025. The company also reported interest expense, non-cash interest expense related to the amortization of discount on Life Storage unsecured senior notes, interest income, equity in earnings and dividend income from unconsolidated real estate entities, and income tax expense.
As a result of these announcements, the company's shares have moved 0.9% on the market, and are now trading at a price of $149.56. For the full picture, make sure to review Extra Space Storage's 10-Q report.
