Extra Space Storage Inc. (EXR) 10-Year Financial Performance & Capital Metrics

EXR • • REIT / Real Estate

Real EstateIndustrial REITsSelf-Storage REITsNational Self-Storage Leaders

AboutExtra Space Storage Inc., headquartered in Salt Lake City, Utah, is a self-administered and self-managed REIT and a member of the S&P 500. As of September 30, 2020, the Company owned and/or operated 1,906 self-storage stores in 40 states, Washington, D.C. and Puerto Rico. The Company's stores comprise approximately 1.4 million units and approximately 147.5 million square feet of rentable space. 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. The Company is the second largest owner and/or operator of self-storage stores in the United States and is the largest self-storage management company in the United States.Show more

Revenue $3.34B +27.6%
FFO $1.63B +25.2%
FFO/Share 7.72 +0.1%
FFO Payout 84.23% +5.0%
FFO per Share 7.72 +0.1%
NOI Margin 76.31% -1.3%
FFO Margin 48.9% -1.9%
ROE 5.65% -31.5%
ROA 3.04% -25.1%
Debt/Assets 45.16% +10.2%
Net Debt/EBITDA 6.13 -8.1%
Book Value/Share 70.23 -22.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 15.3%
✓FFO growing 5.9% TTM
✓15 consecutive years of dividend growth
✓High NOI margin of 76.3%
✓Healthy dividend yield of 4.4%

✗Weaknesses

✗Dividend payout exceeds 100% of earnings
✗Shares diluted 25.0% in last year

Price & Volume

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Growth Metrics

Revenue CAGR

10Y17.64%

5Y20.39%

3Y27.52%

TTM-0.35%

Profit (Net Income) CAGR

10Y16.96%

5Y15.27%

3Y1.08%

TTM17.96%

EPS CAGR

10Y10.17%

5Y4.46%

3Y-13.33%

TTM18.52%

ROCE

10Y Avg7.74%

5Y Avg8.06%

3Y Avg7.12%

Latest4.95%

Peer Comparison

National Self-Storage Leaders

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
EXRExtra Space Storage Inc.	31.23B	147.13	36.51	27.64%	28.88%	6.57%	5.98%	0.88
NSANational Storage Affiliates Trust	2.58B	33.54	28.42	-10.22%	8.94%	4.27%	13.27%	1.97
PSAPublic Storage	51.42B	293.03	27.54	3.94%	39.53%	20.11%	5.27%	0.95
CUBECubeSmart	8.93B	39.14	22.76	1.51%	32.21%	12.5%	7.07%	1.03

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	794.62M	1B	1.12B	1.21B	1.32B	1.38B	1.61B	1.97B	2.62B	3.34B
Revenue Growth %	0.21%	0.26%	0.12%	0.08%	0.09%	0.04%	0.17%	0.22%	0.33%	0.28%
Property Operating Expenses	206.47M	252.69M	276.74M	301.25M	340.32M	358.77M	379.3M	423.35M	594M	790.79M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	293.5M	293.77M	189.21M	290.1M	344.45M	353.66M	254.46M	491.85M	850.94M	1.22B
G&A Expenses	78.29M	90.67M	93.37M	97.41M	114.52M	124.93M	120.99M	174.88M	223.32M	282.06M
EBITDA+	428.11M	632.4M	734.9M	828.75M	854.82M	890.58M	1.22B	1.34B	1.67B	2.1B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	133.46M	182.56M	193.3M	209.05M	219.86M	224.44M	241.88M	288.32M	500.68M	777.72M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	294.66M	449.84M	541.61M	619.7M	634.96M	666.14M	975.95M	1.05B	1.17B	1.32B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	98.99M	138.46M	158.61M	183.12M	191.27M	172.3M	166.18M	219.17M	437.82M	595.07M
Interest Coverage	2.98x	3.25x	3.41x	3.38x	3.32x	3.87x	5.87x	4.79x	2.67x	2.22x
Non-Operating Income	-81.75M	-20.54M	97.46M	16.36M	-10.07M	-4.29M	108.4M	-28.64M	-121.57M	-158.67M
Pretax Income+	220.68M	412.94M	517.85M	456.32M	462.43M	531.39M	898.08M	942.08M	872.01M	933.71M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	11.15M	15.85M	3.63M	9.24M	11.31M	13.81M	20.32M	20.93M	21.56M	33.48M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	189.47M	366.13M	479.01M	415.29M	419.97M	481.78M	827.65M	860.69M	803.2M	854.68M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.06%	0.93%	0.31%	-0.13%	0.01%	0.15%	0.72%	0.04%	-0.07%	0.06%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	0.1%	0.7%	0.23%	-0.07%	0.02%	0.1%	0.51%	0.07%	0.13%	0.25%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	1.56	2.91	3.76	3.12	3.24	3.71	6.19	6.41	4.74	4.03
EPS Growth %	0.02%	0.87%	0.29%	-0.17%	0.04%	0.15%	0.67%	0.04%	-0.26%	-0.15%
EPS (Basic)	1.58	2.92	3.79	3.28	3.27	3.71	6.20	6.41	4.74	4.03
Diluted Shares Outstanding	126.92M	125.95M	134.16M	133.16M	136.43M	129.58M	140.02M	141.68M	169.22M	211.58M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	6.07B	7.09B	7.46B	7.85B	8.53B	9.4B	10.47B	12.17B	27.46B	28.85B
Asset Growth %	0.37%	0.17%	0.05%	0.05%	0.09%	0.1%	0.11%	0.16%	1.26%	0.05%
Real Estate & Other Assets+	5.74B	6.81B	7.17B	7.52B	7.68B	7.89B	8.83B	10.04B	24.56B	24.62B
PP&E (Net)	10.94M	0	0	0	264.64M	252.17M	257.01M	264.53M	275.94M	740.17M
Investment Securities	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Current Assets+	108.74M	74.35M	86.04M	72.69M	114.32M	421.82M	617.82M	792.04M	929.72M	1.66B
Cash & Equivalents	75.8M	43.86M	55.68M	57.5M	65.75M	109.12M	71.13M	92.87M	99.06M	138.22M
Receivables	1000K	1000K	0	0	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	19.27M	13.88M	27.51M	15.19M	4.99M	18.89M	5.07M	4.87M	6.02M	5.08M
Intangible Assets	104.77M	123.97M	126.82M	132M	134.93M	137.14M	16.46M	21.57M	147.58M	22.47M
Total Liabilities	3.7B	4.5B	4.73B	5.06B	5.61B	6.46B	6.69B	8.09B	12.04B	13.99B
Total Debt+	3.54B	4.31B	4.55B	4.81B	5.32B	6.01B	6.19B	7.56B	11.25B	13.03B
Net Debt	3.46B	4.26B	4.5B	4.75B	5.26B	5.9B	6.12B	7.47B	11.15B	12.89B
Long-Term Debt	3.5B	3.94B	4.46B	4.73B	4.89B	4.8B	5.42B	6.39B	10.33B	10.96B
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	0	0	0	0	274.78M	263.49M	233.36M	229.03M	236.51M	705.85M
Total Current Liabilities+	120.92M	466.39M	195.9M	227.66M	314.65M	1.13B	740.87M	1.18B	1.09B	1.78B
Accounts Payable	82.69M	101.39M	96.09M	101.46M	111.38M	130.01M	142.28M	171.68M	334.52M	346.52M
Deferred Revenue	0	0	0	0	0	0	0	0	0	0
Other Liabilities	31.63M	33.91M	81.03M	104.38M	132.77M	272.8M	291.53M	289.65M	383.46M	538.87M
Total Equity+	2.37B	2.6B	2.72B	2.79B	2.92B	2.94B	3.79B	4.08B	15.41B	14.86B
Equity Growth %	0.23%	0.09%	0.05%	0.02%	0.05%	0%	0.29%	0.08%	2.78%	-0.04%
Shareholders Equity	2.09B	2.24B	2.35B	2.41B	2.54B	2.55B	3.12B	3.26B	14.39B	13.95B
Minority Interest	283.53M	351.27M	373.06M	371.7M	381.73M	388.35M	669.48M	818.68M	1.02B	911.83M
Common Stock	1.24M	1.26M	1.26M	1.27M	1.29M	1.31M	1.34M	1.34M	2.11M	2.12M
Additional Paid-in Capital	2.43B	2.57B	2.57B	2.64B	2.87B	3B	3.29B	3.35B	14.75B	14.83B
Retained Earnings	-337.57M	-339.26M	-253.28M	-262.9M	-301.05M	-354.9M	-128.25M	-135.87M	-379.01M	-899.34M
Preferred Stock	0	0	0	0	0	0	0	0	0	0
Return on Assets (ROA)	0.04%	0.06%	0.07%	0.05%	0.05%	0.05%	0.08%	0.08%	0.04%	0.03%
Return on Equity (ROE)	0.09%	0.15%	0.18%	0.15%	0.15%	0.16%	0.25%	0.22%	0.08%	0.06%
Debt / Assets	0.58%	0.61%	0.61%	0.61%	0.62%	0.64%	0.59%	0.62%	0.41%	0.45%
Debt / Equity	1.49x	1.66x	1.67x	1.73x	1.82x	2.05x	1.64x	1.85x	0.73x	0.88x
Net Debt / EBITDA	8.08x	6.74x	6.12x	5.74x	6.15x	6.63x	5.03x	5.58x	6.68x	6.13x
Book Value per Share	18.69	20.61	20.30	20.92	21.41	22.66	27.04	28.78	91.09	70.23

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	367.33M	539.26M	597.38M	677.79M	707.69M	771.23M	952.44M	1.24B	1.4B	1.89B
Operating CF Growth %	0.09%	0.47%	0.11%	0.13%	0.04%	0.09%	0.23%	0.3%	0.13%	0.35%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	209.54M	397.09M	514.22M	447.08M	451.12M	517.58M	877.76M	921.16M	850.45M	900.23M
Depreciation & Amortization	133.46M	182.56M	193.3M	209.05M	219.86M	224.44M	241.88M	288.32M	506.05M	783.02M
Stock-Based Compensation	6.05M	8.04M	9.56M	11.18M	13.05M	16.28M	17.3M	21.39M	26.64M	22.91M
Other Non-Cash Items	8.68M	17.03M	17.39M	18.97M	17.8M	6.17M	-22.09M	-28.82M	19.89M	123.51M
Working Capital Changes	9.43M	8.67M	-28.87M	15.46M	707K	17.93M	-22.43M	36.1M	-558K	57.76M
Cash from Investing+	-1.63B	-1.03B	-369.56M	-443.9M	-621.63M	-955.43M	-837.54M	-1.65B	-1.82B	-1.65B
Acquisitions (Net)	-1.16B	-11.29M	-17.36M	-16.37M	-193.78M	-64.42M	-23.07M	-275.92M	-1.36B	-286.5M
Purchase of Investments	0	0	0	0	0	-300M	0	0	0	0
Sale of Investments	0	0	0	0	0	0	0	0	0	0
Other Investing	-459.08M	-1.03B	-327.9M	-423.23M	-420.09M	-583.91M	-810.81M	-1.35B	-439.57M	-1.34B
Cash from Financing+	1.29B	460.83M	-215.99M	-247.25M	-88.01M	241.47M	-166.71M	431.86M	423.13M	-202.29M
Dividends Paid	-269.3M	-367.82M	-393.04M	-424.91M	-458.11M	-467.76M	-600.99M	-805.31M	-1.05B	-1.38B
Common Dividends	-269.3M	-367.82M	-393.04M	-424.91M	-458.11M	-467.76M	-600.99M	-805.31M	-1.05B	-1.38B
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Share Repurchases	0	0	0	0	0	-67.87M	0	-67.51M	0	0
Other Financing	-35.62M	-50.49M	-41.25M	43.41M	164.83M	-17.63M	-45.6M	-71.73M	-99.17M	-89.14M
Net Change in Cash+	28.14M	-31.94M	11.82M	-13.35M	-1.96M	57.28M	-51.81M	21.54M	7.35M	38.22M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	47.66M	75.8M	43.86M	86.04M	72.69M	70.73M	128.01M	76.19M	97.73M	105.08M
Cash at End	75.8M	43.86M	55.68M	72.69M	70.73M	128.01M	76.19M	97.73M	105.08M	143.3M
Free Cash Flow+	359.95M	534.29M	589.56M	673.5M	699.92M	764.14M	948.78M	1.22B	1.39B	1.87B
FCF Growth %	0.08%	0.48%	0.1%	0.14%	0.04%	0.09%	0.24%	0.28%	0.14%	0.35%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	2.54	4.36	5.01	4.69	4.69	5.45	7.64	8.11	7.71	7.72
FFO Payout Ratio	83.39%	67.04%	58.46%	68.06%	71.6%	66.23%	56.19%	70.09%	80.25%	84.23%
NOI Margin	74.02%	74.85%	75.3%	75.13%	74.21%	73.98%	76.44%	78.46%	77.29%	76.31%
Net Debt / EBITDA	8.08x	6.74x	6.12x	5.74x	6.15x	6.63x	5.03x	5.58x	6.68x	6.13x
Debt / Assets	58.23%	60.72%	61.09%	61.31%	62.37%	63.96%	59.11%	62.14%	40.99%	45.16%
Interest Coverage	2.98x	3.25x	3.41x	3.38x	3.32x	3.87x	5.87x	4.79x	2.67x	2.22x
Book Value / Share	18.69	20.61	20.3	20.92	21.41	22.66	27.04	28.78	91.09	70.23
Revenue Growth	20.82%	26.45%	11.5%	8.1%	8.97%	4.46%	16.77%	22.11%	33.04%	27.64%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Self Storage Operations	-	-	967.23M	1.04B	1.13B	1.16B	1.34B	1.65B	2.22B	2.8B
Self Storage Operations Growth	-	-	-	7.46%	8.74%	2.42%	15.85%	23.40%	34.32%	26.13%
Tenant Reinsurance	71.97M	87.29M	98.4M	115.51M	128.39M	146.56M	170.11M	185.53M	235.68M	332.8M
Tenant Reinsurance Growth	-	21.29%	12.73%	17.38%	11.15%	14.16%	16.07%	9.07%	27.03%	41.21%

Frequently Asked Questions

Valuation & Price

Extra Space Storage Inc. (EXR) has a price-to-earnings (P/E) ratio of 36.5x. This suggests investors expect higher future growth.

Growth & Financials

Extra Space Storage Inc. (EXR) reported $3.30B in revenue for fiscal year 2024. This represents a 900% increase from $329.8M in 2011.

Extra Space Storage Inc. (EXR) grew revenue by 27.6% over the past year. This is strong growth.

Yes, Extra Space Storage Inc. (EXR) is profitable, generating $953.0M in net income for fiscal year 2024 (25.6% net margin).

Dividend & Returns

Yes, Extra Space Storage Inc. (EXR) pays a dividend with a yield of 4.42%. This makes it attractive for income-focused investors.

Extra Space Storage Inc. (EXR) has a return on equity (ROE) of 5.6%. This is below average, suggesting room for improvement.

Industry Metrics

Extra Space Storage Inc. (EXR) generated Funds From Operations (FFO) of $1.68B in the trailing twelve months. FFO is the primary profitability metric for REITs.

Extra Space Storage Inc. (EXR) offers a 4.42% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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