The company's financial leverage has increased steadily, with total debt rising to $13.9 billion in 2026Q1 and the debt-to-equity ratio climbing to 0.98.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 |
|---|
| Total Assets | 29.1B | 29.26B | 28.85B | 27.46B | 12.17B | 10.47B | 9.4B | 8.53B | 7.85B | 7.46B | 7.09B | 6.07B | 4.42B | 3.98B | 3.22B | 2.52B | 2.25B | 2.41B | 2.29B | 2.05B | 1.67B | 1.42B | 748.48M | 301.12M | 332.29M | 298.82M |
| Asset Growth % | 11.76% | 1.44% | 5.07% | 125.65% | 16.16% | 11.48% | 10.12% | 8.72% | 5.27% | 5.13% | 16.8% | 37.29% | 11.19% | 23.38% | 28.11% | 11.91% | -6.61% | 5.09% | 11.53% | 23.01% | 17.58% | 89.74% | 148.56% | -9.38% | 11.2% | - |
| Real Estate & Other Assets | 1.21B | 117.99M | 24.62B | 24.56B | 10.04B | 8.83B | 7.89B | 7.68B | 7.52B | 7.17B | 6.81B | 5.74B | 4.06B | 3.6B | 2.95B | 2.24B | 49.55M | 50.98M | 0 | -1.84B | -1.51B | -1.3B | -703.08M | -362.81M | 0 | 0 |
| PP&E (Net) | 24.93B | 797.33M | 740.17M | 275.94M | 264.53M | 257.01M | 252.17M | 264.64M | 0 | 0 | 0 | 10.94M | 9.73M | 8.97M | 4.87M | 3.3M | 1.97B | 0 | 0 | 1.84B | 1.42B | 1.21B | 696.9M | 354.37M | 0 | 0 |
| Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 |
| Total Current Assets | 138.99M | 1.79B | 1.66B | 929.72M | 792.04M | 617.82M | 421.82M | 114.32M | 72.69M | 86.04M | 74.35M | 108.74M | 135.18M | 197.94M | 90.26M | 94.02M | 87.31M | 176.27M | 156.56M | 95.77M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash & Equivalents | 138.99M | 138.92M | 138.22M | 99.06M | 92.87M | 71.13M | 109.12M | 65.75M | 57.5M | 55.68M | 43.86M | 75.8M | 47.66M | 126.72M | 30.79M | 26.48M | 46.75M | 131.95M | 63.97M | 17.38M | 70.8M | 28.65M | 24.33M | 11.75M | 0 | 0 |
| Receivables | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 |
| Other Current Assets | 0 | 0 | 5.08M | 6.02M | 4.87M | 5.07M | 18.89M | 4.99M | 15.19M | 27.51M | 13.88M | 19.27M | 25.25M | 21.45M | 16.98M | 25.77M | 30.5M | 39.21M | 81.25M | 71.01M | -86.68M | -52.34M | -26.83M | -13.81M | 0 | 0 |
| Intangible Assets | 0 | 182.4M | 22.47M | 147.58M | 21.57M | 16.46M | 137.14M | 134.93M | 132M | 126.82M | 123.97M | 104.77M | 88.12M | 80.97M | 63.45M | 46.87M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 14.89B | 14.94B | 13.99B | 12.04B | 8.09B | 6.69B | 6.46B | 5.61B | 5.06B | 4.73B | 4.5B | 3.7B | 2.49B | 2.05B | 1.68B | 1.44B | 1.31B | 1.46B | 1.36B | 1.37B | 991.11M | 903.83M | 483.42M | 267.67M | 282.51M | 0 |
| Total Debt | 13.94B | 14.97B | 13.03B | 11.25B | 7.56B | 6.19B | 6.01B | 5.32B | 4.81B | 4.55B | 4.31B | 3.54B | 2.37B | 1.95B | 1.58B | 1.36B | 1.25B | 1.4B | 1.09B | 1.32B | 948.17M | 866.78M | 511.98M | 547.62M | 0 | 0 |
| Net Debt | 13.8B | 14.83B | 12.89B | 11.15B | 7.47B | 6.12B | 5.9B | 5.26B | 4.75B | 4.5B | 4.26B | 3.46B | 2.32B | 1.82B | 1.55B | 1.33B | 1.2B | 1.27B | 1.03B | 1.3B | 877.37M | 838.13M | 487.65M | 535.87M | 0 | 0 |
| Long-Term Debt | 13.17B | 12.6B | 10.96B | 10.33B | 6.39B | 5.42B | 4.8B | 4.89B | 4.73B | 4.46B | 3.94B | 3.5B | 2.21B | 1.95B | 1.49B | 1.15B | 1.08B | 1.4B | 1.29B | 1.32B | 948.17M | 866.78M | 472.98M | 273.81M | 0 | 0 |
| Short-Term Borrowings | 0 | 1.39B | 1.36B | 682M | 945M | 535M | 949M | 158M | 81M | 94M | 365M | 36M | 138M | 0 | 85M | 215M | 170.47M | 0 | 0 | 0 | 0 | 0 | 39M | 273.81M | 0 | 0 |
| Capital Lease Obligations | 3.24B | 974.54M | 705.85M | 236.51M | 229.03M | 233.36M | 263.49M | 274.78M | 0 | 0 | 0 | 0 | 713K | 2.08M | 3.83M | 5.83M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 374.81M | 1.39B | 1.78B | 1.09B | 1.18B | 740.87M | 1.13B | 314.65M | 227.66M | 195.9M | 466.39M | 120.92M | 204.19M | 61.27M | 138.71M | 261.35M | 205.71M | 33.39M | 57.4M | 49.4M | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Payable | 374.81M | 0 | 346.52M | 334.52M | 171.68M | 142.28M | 130.01M | 111.38M | 101.46M | 96.09M | 101.39M | 82.69M | 65.52M | 60.6M | 52.3M | 46.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.32M | 0 | 0 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 43.92M | 35.9M | 28.48M | 24.04M | 20.75M | 14.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 571.84M | -77.42M | 538.87M | 383.46M | 289.65M | 291.53M | 272.8M | 132.77M | 104.38M | 81.03M | 33.91M | 31.63M | 19.48M | 7.73M | 22.26M | 13.02M | 26.38M | 24.97M | 0 | 0 | -948.17M | -866.78M | -472.98M | -273.81M | 0 | 0 |
| Total Equity | 14.21B | 14.32B | 14.86B | 15.41B | 4.08B | 3.79B | 2.94B | 2.92B | 2.79B | 2.72B | 2.6B | 2.37B | 1.93B | 1.93B | 1.55B | 1.07B | 939.07M | 946.22M | 933.76M | 684.9M | 678.71M | 516.36M | 265.06M | 33.45M | 49.78M | 28.56M |
| Equity Growth % | -13.52% | -3.6% | -3.6% | 277.95% | 7.72% | 28.94% | 0.49% | 4.89% | 2.26% | 4.92% | 9.42% | 22.79% | 0.02% | 25.01% | 43.92% | 14.34% | -0.76% | 1.33% | 36.33% | 0.91% | 31.44% | 94.81% | 692.38% | -32.8% | 74.32% | - |
| Shareholders Equity | 13.33B | 13.43B | 13.95B | 14.39B | 3.26B | 3.12B | 2.55B | 2.54B | 2.41B | 2.35B | 2.24B | 2.09B | 1.74B | 1.76B | 1.49B | 1.02B | 881.4M | 884.18M | 872.46M | 619.92M | 643.55M | 480.13M | 243.61M | -5.1M | 27.52M | 0 |
| Minority Interest | 880.02M | 890.87M | 911.83M | 1.02B | 818.68M | 669.48M | 388.35M | 381.73M | 371.7M | 373.06M | 351.27M | 283.53M | 174.56M | 173.43M | 53.52M | 54.81M | 57.67M | 62.04M | 68.02M | 64.98M | 35.16M | 36.23M | 21.45M | 22.39M | 22.27M | 28.56M |
| Common Stock | 2.11M | 2.11M | 2.12M | 2.11M | 1.34M | 1.34M | 1.31M | 1.29M | 1.27M | 1.26M | 1.26M | 1.24M | 1.16M | 1.16M | 1.11M | 948K | 876K | 867K | 858K | 658K | 642K | 518K | 312K | 5.23M | 0 | 0 |
| Additional Paid-in Capital | 14.88B | 14.88B | 14.83B | 14.75B | 3.35B | 3.29B | 3B | 2.87B | 2.64B | 2.57B | 2.57B | 2.43B | 2B | 1.97B | 1.74B | 1.29B | 1.15B | 1.14B | 1.13B | 826.03M | 822.18M | 626.12M | 347.88M | 0 | 0 | 0 |
| Retained Earnings | -1.55B | -1.45B | -899.34M | -379.01M | -135.87M | -128.25M | -354.9M | -301.05M | -262.9M | -253.28M | -339.26M | -337.57M | -257.74M | -226M | -235.06M | -264.09M | -262.51M | -253.88M | -237.58M | -205.35M | -179.27M | -144.14M | -104.59M | -54.11M | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | 3.23% | 3.35% | 3.04% | 4.05% | 7.6% | 8.33% | 5.37% | 5.13% | 5.43% | 6.59% | 5.56% | 3.61% | 4.25% | 4.78% | 4.09% | 2.12% | 1.13% | 1.36% | 2.16% | 1.94% | 0.96% | -0.46% | -3.52% | -5.79% | -3.02% | -1.65% |
| Return on Equity (ROE) | 6.54% | 6.68% | 5.65% | 8.24% | 21.89% | 24.62% | 16.45% | 14.72% | 15.08% | 18.01% | 14.74% | 8.8% | 9.23% | 9.9% | 8.96% | 5.01% | 2.79% | 3.4% | 5.79% | 5.29% | 2.49% | -1.27% | -12.37% | -44.05% | -24.36% | -17.24% |
| Debt / Assets | 47.91% | 51.16% | 45.16% | 40.99% | 62.14% | 59.11% | 63.96% | 62.37% | 61.31% | 61.09% | 60.72% | 58.23% | 53.59% | 48.95% | 48.94% | 54.02% | 55.46% | 58.27% | 47.59% | 64.25% | 56.78% | 61.03% | 68.4% | 181.86% | - | - |
| Debt / Equity | 0.98x | 1.05x | 0.88x | 0.73x | 1.85x | 1.64x | 2.05x | 1.82x | 1.73x | 1.67x | 1.66x | 1.49x | 1.23x | 1.01x | 1.02x | 1.27x | 1.33x | 1.48x | 1.17x | 1.93x | 1.40x | 1.68x | 1.93x | 16.37x | - | - |
| Net Debt / EBITDA | 6.31x | 6.73x | 6.13x | 6.68x | 5.58x | 5.03x | 6.63x | 6.15x | 5.74x | 6.12x | 6.74x | 8.08x | 5.90x | 5.90x | 6.68x | 7.68x | 8.50x | 10.23x | 7.25x | 10.54x | 9.06x | 13.23x | 18.26x | 65.60x | - | - |
| Book Value per Share | 64.51 | 67.61 | 70.23 | 91.09 | 28.78 | 27.04 | 22.66 | 21.41 | 20.92 | 20.30 | 20.61 | 18.69 | 15.91 | 17.30 | 14.51 | 11.11 | 10.20 | 10.39 | 11.40 | 9.71 | 11.45 | 14.55 | 17.34 | 8.08 | 13.58 | 4.73 |
Elevated leverage and integration
As reported in recent financial statements, EXR's total debt climbed from $11.3 billion in 2023Q4 to $13.9 billion by 2026Q1, reflecting a significant expansion in leverage that appears to be outpacing the company's ability to generate commensurate growth in net asset value.
The rapid increase in total liabilities suggests that the company is relying heavily on debt to fund its consolidation strategy. Investors should monitor whether this debt-heavy trajectory can be sustained if property-level NOI continues to exhibit the volatility observed in recent quarters.
Based on the provided quarterly data, EXR's debt-to-equity ratio has steadily risen from 0.73 in 2023Q4 to 0.98 in 2026Q1, indicating that the firm's balance sheet is becoming increasingly sensitive to interest rate fluctuations and potential property valuation adjustments in the current market.
While the current leverage profile remains within industry norms, the consistent upward trend suggests a narrowing margin of safety. This shift may indicate that the company is exhausting its capacity for further debt-funded acquisitions without a corresponding improvement in equity valuation.
According to the company's balance sheet filings, net property, plant, and equipment (PPE) figures show significant volatility, with a reported $24.9 billion in 2026Q1 compared to $797.3 million in 2025Q4, suggesting substantial accounting reclassifications or impairment adjustments following recent large-scale merger activity.
The extreme variance in reported net PPE warrants further investigation into the underlying valuation methodology of the portfolio. Such fluctuations may imply that the carrying value of the assets is subject to significant estimation risk, which could impact future depreciation charges and earnings quality.
As indicated by the latest quarterly figures, EXR maintained cash reserves of $139.0 million in 2026Q1, which appears relatively thin given the company's $13.9 billion debt load and the ongoing capital requirements necessary to integrate the recently acquired Life Storage portfolio.
The limited cash position suggests that the company may have restricted flexibility to navigate unexpected operational headwinds or market downturns. Investors should consider whether the current liquidity profile is sufficient to support both debt service obligations and the necessary maintenance capex for its expanded footprint.
Quick answers to the most common questions about buying EXR stock.
As of 2025, Extra Space Storage Inc. (EXR) had total assets of $29.26B including $1.79B in current assets.
Extra Space Storage Inc. (EXR) carries total debt of $14.97B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Extra Space Storage Inc. (EXR) has total shareholders' equity (book value) of $13.43B ($67.61 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Extra Space Storage Inc. (EXR) reported a current ratio of 1.28x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.