Extra Space Storage (EXR) 10-K Summary — Year Ended Dec 31, 2025

Extra Space Storage Inc. filed its annual report, detailing its business as a self-storage real estate investment trust. The report covers financial results, risk factors, and liquidity considerations.

Key takeaway

Year ended Dec 31, 2025 · FY2025 10-K

Financial snapshot

Selected annual figures reported with the filing, shown separately from the narrative summary.

Annual revenue

$129.5M

Revenue reported for the fiscal year.

Operating income

$1.4B

Income from operations reported for the year.

Net income

$974M

Net income reported for the year.

Operating cash flow

$1.9B

Cash generated by operating activities.

Annual revenue trend

Reported annual revenue and its change from the preceding fiscal year.

Period ended	Revenue	Year-over-year change
Dec 31, 2022	$83.9M	+26.6%
Dec 31, 2023	$102M	+21.6%
Dec 31, 2024	$120.9M	+18.5%
Dec 31, 2025	$129.5M	+7.1%

Business overview

The business section of the filing describes the company's operations as a self-storage real estate investment trust. The overview includes the company's strategy and key operational aspects. The filing also references risk factors and management discussion.

Financial performance

Revenue increased compared to the prior year. Operating income and net income were reported as positive. Operating cash flow remained strong.

Material risks

The filing includes a risk factors section, but the supplied context does not detail specific risks. The company identifies factors that could materially affect its business, financial condition, and results of operations.

Liquidity and capital

The company employs leverage in its capital structure, considering factors such as interest rates, debt maturities, and fixed charge coverage ratios. Financing may involve recourse, non-recourse, secured, or unsecured debt.

What to watch

Investors should monitor the company's fixed charge coverage ratio and the composition of secured versus unsecured indebtedness in future filings.