Extra Space Storage Inc. has recently released its 10-Q report, providing an insight into the company's financial performance and operations. 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 March 31, 2025, Extra Space Storage owned and/or operated 4,099 self-storage stores in 43 states and Washington, D.C., comprising approximately 2.8 million units and 315.0 million square feet of rentable space operating under the Extra Space brand. The company offers customers a wide selection of conveniently located and secure storage units across the country, including boat storage, RV storage, and business storage. It is the largest operator of self-storage properties in the United States.
The 10-Q report provides a detailed analysis of the company's financial condition and results of operations. Extra Space Storage operates in two segments: self-storage operations and tenant reinsurance. The primary sources of revenue for its self-storage operations segment include rents received from tenants under leases at stores that are wholly-owned and in consolidated joint ventures. The company's operating results depend on its ability to lease available self-storage units, actively manage unit rental rates, and the ability of its tenants to make required rental payments. Revenue from its tenant reinsurance segment consists of insurance revenues from the reinsurance of risks relating to the loss of goods stored by tenants in its stores.
As of June 30, 2025, Extra Space Storage owned or had ownership interests in 2,430 operating stores, with the majority of its stores clustered around large population centers. The company also managed an additional 1,749 stores for third parties, bringing the total number of stores it owns and/or manages to 4,179. The report also provides insights into the company's store portfolio, including details on net rentable square feet and the number of stores by state.
The report also includes a comprehensive overview of the company's results of operations for the three and six months ended June 30, 2025, compared to the same periods in 2024. It covers key financial metrics such as revenues, expenses, and other revenues and expenses. For the three months ended June 30, 2025, Extra Space Storage reported total revenues of $841.6 million, representing a 3.8% increase compared to the same period in 2024. The report provides a breakdown of revenues from property rental, tenant reinsurance, and management fees and other income, along with the factors contributing to the changes in revenue.
Additionally, the report delves into the company's expenses, including property operations, tenant reinsurance, general and administrative expenses, and depreciation and amortization. It also provides insights into other revenues and expenses, such as gains or losses on real estate assets held for sale and sold, interest expense, 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 3.68% on the market, and are now trading at a price of $139.30. If you want to know more, read the company's complete 10-Q report here.
