EXR

Extra Space Storage Inc.

NYSE · REAL ESTATE · REAL ESTATE INVESTMENT TRUSTS

139.87

−1.18 −0.84%

USD · close Oct 21

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MKT CAP $29.6BP/E 30.9DIV YIELD 4.63%FCF YIELD 5.20%REV TTM $3.4B +4.2%NET INCOME $957.8M −1.9%NET CASH $134.6M52W 126.69 – 152.85SEC XBRL · TTM TO Invalid Date

How EXR rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

Text kept

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Such factors include, but are not limited to: • adverse changes in general economic conditions, the real estate industry and the markets in which we operate; • potential liability for uninsured losses and environmental contamination; • our ability to recover losses under our insurance policies; • the impact of the regulatory environment as well as national, state, and local laws and regulations including, without limitation, those governing real estate investment trusts (“REITs”), tenant reinsurance and other aspects of our business, which could adversely affect our results; • the effect of competition from new and existing stores or other storage alternatives, including increased or unanticipated competition for our properties, which could cause rents and occupancy rates to decline; • failure to close pending acquisitions and developments on expected terms, or at all; • risks associated with acquisitions, dispositions and development of properties, including increased development costs due to additional regulatory requirements related to climate change and other factors; • reductions in asset valuations and related impairment charges; • our reliance on information technologies, which are vulnerable to, among other things, attack from computer viruses and malware, hacking, cyberattacks and other unauthorized access or misuse, any of which could adversely affect our business and results; • impacts from any outbreak of highly infectious or contagious diseases, including reduced demand for self-storage space and ancillary products and services such as tenant reinsurance, and potential decreases in occupancy and rental rates and staffing levels, which could adversely affect our results; • economic uncertainty due to the impact of natural disasters, war or terrorism, which could adversely affect our business plan; • our lack of sole decision-making authority with respect to our joint venture investments; • disruptions in credit and financial markets and resulting difficulties in raising capital or obtaining credit at reasonable rates or at all, which could impede our ability to grow; • availability of financing and capital, the levels of debt that we maintain and our credit ratings; • changes in global financial markets, increases in interest rates and the impact of enacted and proposed U.S. tariffs on global economic conditions; • the effect of recent or future changes to U.S. tax laws; and • the failure to maintain our REIT status for U.S. federal income tax purposes.
All forward-looking statements are based upon our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us.
We undertake no obligation to publicly update or revise forward-looking statements which may be made to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events.
Self-Storage Operations We own, operate, manage, provide lending for, acquire, develop and redevelop self-storage properties (“stores”).
As of December 31, 2025, we owned and/or operated 4,281 stores in 43 states, and Washington, D.C., comprising approximately 330.4 million square feet of net rentable space in approximately 2.9 million units.
As of December 31, 2025, we managed 1,856 stores for third party owners.
As of December 31, 2025, the total balance of bridge loans receivable was $1.5 billion.
These investments benefit us by providing dividend income, creating additional potential future acquisition opportunities through relationships with the companies in which we invest, and/or increasing our management business.
We have implemented one of the most dynamic online marketing programs in the industry, which we believe will attract more customers to our stores and deliver strong returns on investment.
We proactively redevelop properties to add units or modify the existing unit mix to better meet the demand in a given market and to maximize revenue.
We periodically review our portfolio to identify stores for disposal that no longer align with our strategic, geographic, or performance criteria.
This disciplined approach to dispositions allows us to optimize portfolio quality and redeploy capital into markets and assets that better support our long‑term growth objectives.
Financing of Our Long-Term Growth Strategies As a REIT, we are required to distribute annually at least 90% of our REIT taxable income to our stockholders.
As of December 31, 2025, our Credit Lines had available capacity of $3.1 billion, of which $2.6 billion was undrawn.
As of December 31, 2025, our commercial paper program had available capacity of $1.0 billion, of which $320 million was undrawn.
As of December 31, 2025, we had $1.1 billion of secured notes payable and $11.2 billion of unsecured notes payable outstanding.
During the year ended December 31, 2025, we did not issue or sell any shares of common stock.
During the year ended December 31, 2025, we issued 131,027 Operating Partnership units.
Joint Ventures - As of December 31, 2025, we owned 407 of our stores through unconsolidated joint ventures with third parties.
However, we may sell more stores or interests in stores in the future in response to changing economic, financial, market or investment conditions.
For the year ended December 31, 2025, we sold 37 stores for $305.8 million.
The self-storage industry is a mature industry with average occupancies that are typically around 90%.
Our average occupancy for our same-store pool for 2025 was 93.7%.
The self-storage industry is characterized by fragmented ownership, where the largest companies in the industry own a minority of the operating stores.
The relative scarcity of capital available to small operators for acquisitions and expansions, internet marketing, call centers, and the potential for savings through economies of scale are factors that are leading to consolidation in the industry.
Regulation Generally, stores are subject to various laws, ordinances and regulations, including regulations relating to lien sale rights and procedures and the Americans with Disabilities Act of 1990 (the “ADA”).
Changes in any of these laws or regulations, as well as changes in laws affecting construction, development, operation, limitations on rent increases due to state of emergency or similar orders, disclosures regarding fees and rental increases, safety and taxation may result in significant impairments to operations, unanticipated expenditures, or loss of stores, which would adversely affect our financial position, results of operations or cash flows.
For example, in response to wildfires in 2018, 2019, and early 2025 and floods in 2023, the State of California and some localities in California adopted temporary regulations that imposed certain limits on the rents we could charge at certain of our facilities and the extent to which we could increase rents to existing tenants.
Similar restrictions could be imposed in the future in response to significant events, and these restrictions could adversely impact our operations.
We believe that if we focus on attracting, developing, and retaining top talent with varied backgrounds and skill sets at all levels of the organization, our employees will take care of our customers and drive growth for our shareholders.
As of December 31, 2025, we had 8,393 employees and believe our relationship with our employees is good.
In 2025, we invited our employees to participate in an employee satisfaction survey and achieved an overall satisfaction score of 76% with 93% of our employees participating in our survey.
Training and Development We believe strongly that development is a continuous journey throughout an employee ’ s career.
We provide formal development programs, which are available to employees who are ready for an intense structured experience, that help us to attract and retain top talent with varied backgrounds and skill sets .
In 2025, we invested in training and development for our employees, which included leadership training, communication training, individual development plans, site manager training and mentorship programs.
Our field employees received an aver age of 48 ho urs of training and each new hire received an average of 82 hours of training in 2025.
In 2025 , we continued to expand participation in our employee resource groups, which provide employees with opportunities to build connections, celebrate culture, access mentoring, and engage in educational initiatives that strengthen our workplace community. • Inclusion is central to our values and culture at Extra Space.
We believe that excellence and innovation stem from varied perspectives, integrity is upheld through equitable practices, and optimal teamwork thrives in an inclusive environment.
We believe that our emphasis on training and development, employee safety, employee health and well-being, and a commitment to our values lead to an increase in employee engagement and positions us to attract and retain top talent with varied backgrounds and skill sets.
The risks described below are not the only risks facing us.

and 36 more.

Gone since FY2024

Such factors include, but are not limited to, the following: • adverse changes in general economic conditions, the real estate industry and the markets in which we operate; • potential liability for uninsured losses and environmental contamination; • our ability to recover losses under our insurance policies; • the impact of the regulatory environment as well as national, state, and local laws and regulations including, without limitation, those governing real estate investment trusts (“REITs”), tenant reinsurance and other aspects of our business, which could adversely affect our results; • the effect of competition from new and existing stores or other storage alternatives, including increased or unanticipated competition for our properties, which could cause rents and occupancy rates to decline; • failure to close pending acquisitions and developments on expected terms, or at all; • risks associated with acquisitions, dispositions and development of properties, including increased development costs due to additional regulatory requirements related to climate change and other factors; • reductions in asset valuations and related impairment charges; • our reliance on information technologies, which are vulnerable to, among other things, attack from computer viruses and malware, hacking, cyberattacks and other unauthorized access or misuse, any of which could adversely affect our business and results; • impacts from any outbreak of highly infectious or contagious diseases, including reduced demand for self-storage space and ancillary products and services such as tenant reinsurance, and potential decreases in occupancy and rental rates and staffing levels, which could adversely affect our results; • economic uncertainty due to the impact of natural disasters, war or terrorism, which could adversely affect our business plan; • our lack of sole decision-making authority with respect to our joint venture investments; • disruptions in credit and financial markets and resulting difficulties in raising capital or obtaining credit at reasonable rates or at all, which could impede our ability to grow; • availability of financing and capital, the levels of debt that we maintain and our credit ratings; • changes in global financial markets and increases in interest rates; • the effect of recent or future changes to U.S. tax laws; and • the failure to maintain our REIT status for U.S. federal income tax purposes.
The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us.
We disclaim any duty or obligation to update or revise any forward-looking statements set forth in this Annual Report on Form 10-K to reflect new information, future events or otherwise.
Self-Storage Operations We own, operate, manage, provide lending to, acquire, develop and redevelop self-storage properties (“stores”).
As of December 31, 2024, we owned and/or operated 4,011 stores in 42 states, and Washington, D.C., comprising approximately 308.4 million square feet of net rentable space in approximately 2.8 million units.
As of December 31, 2024, we managed 1,575 stores for third party owners.
As of December 31, 2024, the total balance of bridge loans receivable was $1.2 billion.
These investments benefit us by providing dividend income, creating additional potential future acquisition opportunities through relationships with the companies in which we invest, or increasing our management business.
We have implemented one of the most dynamic online marketing programs in the industry, which we believe will attract more customers to our stores at a lower net cost compared with our competitors.
We proactively redevelop properties to add units or modify existing unit mix to better meet the demand in a given market and to maximize revenue.
Financing of Our Long-Term Growth Strategies As a REIT, we are required to distribute at least 90% of our REIT taxable income to our stockholders.
As of December 31, 2024, our Credit Lines had available capacity of $2.1 billion, of which $1.3 billion was undrawn.
As of December 31, 2024, our commercial paper program had available capacity of $1.0 billion, of which $500 million was undrawn.
As of December 31, 2024, we had $1.0 billion of secured notes payable and $10.2 billion of unsecured notes payable outstanding.
During the year ended December 31, 2024, we did not issue or sell any shares of common stock.
During the year ended December 31, 2024, we issued 623,621 Operating Partnership units.
Joint Ventures - As of December 31, 2024, we owned 460 of our stores through unconsolidated joint ventures with third parties.
However, we may sell more stores or interests in stores in the future in response to changing economic, financial or investment conditions.
For the year ended December 31, 2023, we did not sell any stores.
The self-storage industry is a mature industry with average occupancies that are typically at or above 90%.
Our average occupancy for our same-store pool for 2024 was 93.9%.
The self-storage industry is characterized by fragmented ownership, where the largest companies in the industry own a fraction of the operating stores.
The scarcity of capital available to small operators for acquisitions and expansions, internet marketing, call centers, and the potential for savings through economies of scale are factors that are leading to consolidation in the industry.
Regulation Generally, stores are subject to various laws, ordinances and regulations, including regulations relating to lien sale rights and procedures and the Americans with Disabilities Act of 1990.
Changes in any of these laws or regulations, as well as changes in laws, such as the Comprehensive Environmental Response and Compensation Liability Act, which increases the potential liability for environmental conditions or circumstances existing or created by tenants or others on stores, or laws affecting development, construction, operation, limitations on rent increases due to state of emergency or similar orders, upkeep, safety and taxation may result in significant unanticipated expenditures, loss of stores or other impairments to operations, which would adversely affect our financial position, results of operations or cash flows.
We believe that if we focus on attracting, developing, and retaining diverse top talent at all levels of the organization, our employees will take care of our customers and drive growth for our shareholders.
As of December 31, 2024, we had 8,012 employees and believe our relationship with our employees is good.
In 2024, we invited our employees to participate in an employee satisfaction survey and achieved an overall satisfaction score of 75% with 94% of our employees participating in our survey.
Training and Development In order to attract and retain diverse top talent, we believe strongly that development is a continuous journey throughout the employee's career.
We provide formal development programs which are available to employees who are ready for an intense structured experience.
In 2024, we invested in training and development for our employees, which included leadership training, communication training, individual development plans, site manager training and mentorship programs.
Our field employees received an aver age of 17 ho urs of training and each new hire received an average of 82 hours of training in 2024.
In 2024 , we continued to expand participation in our employee resource groups, which provide employees with opportunities to build connections, celebrate culture, access mentoring, and engage in educational initiatives that strengthen our workplace community. • Inclusion is central to our values and culture at Extra Space.
We believe that excellence and innovation stem from diverse perspectives, integrity is upheld through equitable practices, and optimal teamwork thrives in an inclusive environment.
We believe that our emphasis on training and development, employee safety, employee health and well-being, and a commitment to our values leads to an increase in employee engagement and positions us to attract and retain top diverse talent.
Costs associated with complying with the Americans with Disabilities Act of 1990 may result in unanticipated expenses.
Our information technology systems and those of our third-party service providers, strategic partners and other contractors or consultants are vulnerable to attack and damage or interruption from computer viruses and malware (e.g. ransomware), misconfigurations, bugs or other vulnerabilities, malicious code, natural disasters, terrorism, war, telecommunication and electrical failures, hacking, cyberattacks, phishing attacks and other social engineering schemes, employee theft or misuse, human error, fraud, denial or degradation of service attacks, and sophisticated nation-state and nation-state-supported actors.
Even if identified, we may be unable to adequately investigate or remediate incidents or breaches due to attackers increasingly using tools and techniques that are designed to circumvent controls, to avoid detection, and to remove or obfuscate forensic evidence.
Any failure to maintain the proper functioning, confidentiality, security and availability of our or our third-party service providers' information technology systems or our Confidential Information could interrupt our operations, damage our reputation, divert significant management attention and resources to remedy any damages that result, subject us to liability and claims or regulatory investigations and enforcement actions, which could result in, among other things, fines and penalties, and have a material adverse effect on our business, financial condition and results of operations.
If our property taxes we pay increase, our cash flow would be adversely impacted, and our ability to pay any expected dividends to our stockholders and unitholders could be adversely affected.

and 15 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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