Extra Space Storage Inc. has recently released its 10-Q report, detailing its operations for the three months ended March 31, 2025. Headquartered in Salt Lake City, Utah, the company 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 operating under the Extra Space brand. 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 the 10-Q report, the company's management discusses the financial condition and results of operations, highlighting critical accounting policies and providing an overview of its business. The report details the company's properties, including the number of owned, joint venture-owned, and managed stores, as well as the net rentable square feet and property count by state as of March 31, 2025. The report also discusses the average length of stay for tenants who have vacated, which was approximately 17.7 months for same-stores as of March 31, 2025.
In terms of financial performance, the report presents a comparison of the three months ended March 31, 2025, and 2024. Total revenues for the three months ended March 31, 2025, amounted to $819,997, representing a 2.6% increase from the same period in 2024. Property rental revenues increased by $16,336, primarily due to acquisitions completed in 2024 and the first three months of 2025. Tenant reinsurance revenues also increased by 4.1% during the same period.
Expenses for the three months ended March 31, 2025, totaled $467,028, reflecting a 0.7% increase from the same period in 2024. Property operations expenses increased by 9.3%, primarily due to acquisitions completed in 2024 and the first three months of 2025. General and administrative expenses increased by 5.2%, mainly as a result of the company's increased size through acquisitions and business combinations.
The report also details other revenues and expenses for the period, including a gain on real estate assets held for sale and sold, net, interest expense, interest income, equity in earnings and dividend income from unconsolidated real estate entities, and income tax expense.
Following these announcements, the company's shares moved 0.9%, and are now trading at a price of $149.56. Check out the company's full 10-Q submission here.
