EXRExtra Space Storage

Real estate · REIT · NYSE

Extra Space Storage Inc. (“we,” “our,” “us” or the “Company”) is a fully integrated, self-administered and self-managed real estate investment trust (“REIT”) formed as a Maryland corporation on April 30, 2004. 10-K, Item 1

Employees: 8,393
Headquarters: Salt Lake City, UT
CEO: Joseph D. Margolis
Next results: around Feb 18, 2027

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EXR and 9 peers, year by year

The 9 Real estate companies closest to EXR in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

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Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Gross margin	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
EXR Extra Space Storage	FY2025	$3.4B	+7.1%	-	41.8%	28.8%	38.1%	7.3%	-
BXP BXP, Inc.	FY2025	$3.5B	+2.2%	59.1%	-	7.9%	-	5.4%	0.15
CSGP CoStar Group	FY2025	$3.2B	+18.7%	78.9%	−2.2%	0.2%	3.8%	0.1%	0.02
DOC Healthpeak Properties	FY2025	$2.8B	+6.2%	-	-	2.5%	12.6%	1.0%	1.31
INVH Invitation Homes	FY2025	$2.7B	+4.2%	-	-	21.5%	-	6.2%	0.88
CCI Crown Castle	FY2025	$4.3B	+12.0%	-	48.7%	10.4%	67.4%	n/m	n/m
SBAC SBA Communications	FY2025	$2.8B	+59.9%	75.5%	47.7%	37.4%	37.9%	n/m	n/m
VICI Vici Properties	FY2025	$4.0B	+4.1%	-	-	69.3%	-	10.0%	0.60
ARE Alexandria Real Estate Equities	FY2025	$3.0B	−2.9%	-	-	−47.2%	-	−9.2%	0.80
MAA Mid-America Apartment Communities	FY2025	$2.2B	+0.8%	-	-	20.2%	-	7.9%	-

Revenuepeer median $3.0B

Sales growthpeer median +4.2%

Gross marginpeer median 75.5%

CSGP 78.9%
SBAC 75.5%
BXP 59.1%
EXR -
DOC -
INVH -
CCI -
VICI -
ARE -
MAA -

Operating marginpeer median 47.7%

CCI 48.7%
SBAC 47.7%
EXR 41.8%
CSGP −2.2%
BXP -
DOC -
INVH -
VICI -
ARE -
MAA -

Net marginpeer median 10.4%

FCF marginpeer median 25.3%

CCI 67.4%
EXR 38.1%
SBAC 37.9%
DOC 12.6%
CSGP 3.8%
BXP -
INVH -
VICI -
ARE -
MAA -

Return on equitypeer median 5.4%

Debt / equitypeer median 0.70

DOC 1.31
INVH 0.88
ARE 0.80
VICI 0.60
BXP 0.15
CSGP 0.02
EXR -
CCI n/m
SBAC n/m
MAA -

RevenueSales growthGross marginOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2016 to FY2025

Revenue as reported in the 10-K.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
EXR Dec	$991.9M	$1.1B	$1.2B	$1.3B	$1.4B	$1.6B	$1.9B	$2.6B	$3.3B	$3.4B
BXP Dec	$2.6B	$2.6B	$2.7B	$3.0B	$2.8B	$2.9B	$3.1B	$3.3B	$3.4B	$3.5B
CSGP Dec	$837.6M	$965.2M	$1.2B	$1.4B	$1.7B	$1.9B	$2.2B	$2.5B	$2.7B	$3.2B
DOC Dec	$2.1B	$1.8B	$1.2B	$1.2B	$1.6B	$1.9B	$2.1B	$2.2B	$2.7B	$2.8B
INVH Dec	$922.6M	$1.1B	$1.7B	$1.8B	$1.8B	$2.0B	$2.2B	$2.4B	$2.6B	$2.7B
CCI Dec	$3.9B	$4.4B	$5.4B	$5.8B	$5.8B	$6.3B	$7.0B	$4.7B	$4.5B	$4.3B
SBAC Dec	$1.6B	$1.7B	$1.9B	$2.0B	$2.1B	$2.3B	$2.6B	$2.7B	$2.7B	$2.8B
VICI Dec	-	$187.6M	$898.0M	$894.8M	$1.2B	$1.5B	$2.6B	$3.6B	$3.8B	$4.0B
ARE Dec	$921.7M	$1.1B	$1.3B	$1.5B	$1.9B	$2.1B	$2.6B	$2.9B	$3.1B	$3.0B
MAA Dec	-	$1.5B	$1.6B	$1.6B	$1.7B	$1.8B	$2.0B	$2.1B	$2.2B	$2.2B
Peer median	$1.6B	$1.5B	$1.6B	$1.6B	$1.8B	$2.0B	$2.6B	$2.7B	$2.7B	$3.0B

Sales growth, FY2016 to FY2025

Revenue against the fiscal year before.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
EXR Dec	+26.8%	−1.2%	+6.0%	+19.5%	+4.5%	+27.1%	+26.6%	+21.6%	+18.5%	+7.1%
BXP Dec	+2.4%	+2.0%	+4.4%	+9.0%	−6.6%	+4.4%	+7.6%	+5.3%	+4.1%	+2.2%
CSGP Dec	+17.7%	+15.2%	+23.5%	+17.4%	+18.5%	+17.2%	+12.3%	+12.5%	+11.4%	+18.7%
DOC Dec	+9.7%	−13.2%	+3.9%	+0.1%	+202%	+8.0%	+5.0%	+6.6%	+7.8%	+6.2%
INVH Dec	−25.1%	+14.3%	+63.4%	+2.4%	+3.3%	+9.5%	+12.1%	+8.7%	+7.7%	+4.2%
CCI Dec	+7.0%	−0.1%	+10.2%	+16.7%	−22.4%	+19.4%	+12.2%	−35.6%	−54.4%	+12.0%
SBAC Dec	−0.3%	+5.8%	+19.9%	+22.8%	−16.3%	+59.1%	+45.0%	−34.4%	−21.5%	+59.9%
VICI Dec	-	-	+379%	−0.4%	+37.0%	+23.2%	+72.3%	+38.9%	+6.6%	+4.1%
ARE Dec	-	+22.4%	+17.7%	+15.4%	+23.1%	+12.1%	+22.5%	+11.5%	+8.0%	−2.9%
MAA Dec	-	-	+2.8%	+4.4%	+2.3%	+6.0%	+13.6%	+6.4%	+2.0%	+0.8%
Peer median	+4.7%	+5.8%	+17.7%	+9.0%	+3.3%	+12.1%	+12.3%	+6.6%	+6.6%	+4.2%

Gross margin, FY2016 to FY2025

Gross profit / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
EXR Dec	-	-	-	-	-	-	-	-	-	-
BXP Dec	-	61.7%	60.7%	61.7%	61.3%	62.8%	62.1%	61.1%	59.9%	59.1%
CSGP Dec	79.2%	77.2%	77.4%	79.3%	81.4%	81.6%	81.0%	80.0%	79.6%	78.9%
DOC Dec	-	-	-	-	-	-	-	-	-	-
INVH Dec	-	-	-	-	-	-	-	-	-	-
CCI Dec	-	-	-	-	-	-	-	-	-	-
SBAC Dec	74.2%	74.2%	74.9%	75.5%	77.1%	76.4%	74.6%	77.4%	78.3%	75.5%
VICI Dec	-	-	-	-	-	-	-	-	-	-
ARE Dec	-	-	-	-	-	-	-	-	-	-
MAA Dec	-	-	-	-	-	-	-	-	-	-
Peer median	-	74.2%	74.9%	75.5%	77.1%	76.4%	74.6%	77.4%	78.3%	75.5%

Operating margin, FY2016 to FY2025

Operating income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
EXR Dec	46.2%	59.2%	51.8%	48.5%	49.1%	61.9%	54.6%	45.7%	40.6%	41.8%
BXP Dec	32.4%	34.9%	-	-	-	-	-	-	-	-
CSGP Dec	17.3%	18.0%	23.0%	26.0%	17.4%	22.2%	20.7%	11.5%	0.2%	−2.2%
DOC Dec	-	-	-	-	-	-	-	-	-	-
INVH Dec	20.7%	11.2%	-	-	-	-	-	-	-	-
CCI Dec	24.2%	22.2%	25.8%	27.1%	31.9%	31.6%	34.7%	44.3%	47.5%	48.7%
SBAC Dec	23.7%	26.5%	29.2%	29.0%	30.4%	33.9%	35.1%	34.1%	53.6%	47.7%
VICI Dec	-	76.9%	15.6%	5.8%	26.2%	-	-	-	-	-
ARE Dec	-	-	-	-	-	-	-	-	-	-
MAA Dec	-	-	-	-	-	-	-	-	-	-
Peer median	23.7%	24.4%	24.4%	26.5%	28.3%	31.6%	34.7%	34.1%	47.5%	47.7%

Net margin, FY2016 to FY2025

Net income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
EXR Dec	36.9%	43.3%	34.7%	32.1%	35.5%	52.5%	44.7%	31.4%	26.2%	28.8%
BXP Dec	20.1%	17.8%	21.5%	17.6%	31.6%	17.5%	27.3%	5.8%	0.4%	7.9%
CSGP Dec	10.2%	12.7%	20.0%	22.5%	13.7%	15.1%	16.9%	15.3%	5.1%	0.2%
DOC Dec	29.5%	22.4%	89.1%	3.7%	25.1%	26.7%	24.3%	14.0%	9.0%	2.5%
INVH Dec	−8.5%	−10.0%	−0.3%	8.2%	10.8%	13.1%	17.1%	21.4%	17.3%	21.5%
CCI Dec	9.1%	10.2%	9.5%	13.0%	17.1%	17.3%	24.0%	31.7%	−87.5%	10.4%
SBAC Dec	4.7%	6.0%	2.5%	7.3%	1.2%	10.3%	17.5%	18.5%	28.0%	37.4%
VICI Dec	-	23.7%	58.3%	61.0%	72.8%	67.2%	43.0%	69.6%	69.6%	69.3%
ARE Dec	−7.1%	15.0%	28.6%	23.7%	40.9%	27.0%	20.1%	3.6%	10.4%	−47.2%
MAA Dec	-	21.5%	14.2%	21.6%	15.2%	30.0%	31.6%	25.7%	24.1%	20.2%
Peer median	9.1%	15.0%	20.0%	17.6%	17.1%	17.5%	24.0%	18.5%	10.4%	10.4%

Free cash flow, FY2016 to FY2025

Cash from operations minus capital spending.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
EXR Dec	-	-	-	-	-	-	$44.9M	$1.3B	$1.4B	$1.3B
BXP Dec	-	-	-	-	-	-	-	-	-	-
CSGP Dec	$181.9M	$210.2M	$305.8M	$457.8M	$486.1M	$346.0M	$443.5M	$372.0M	−$186.0M	$123.0M
DOC Dec	$755.2M	$375.3M	$287.8M	$168.8M	−$30.5M	$35.5M	−$61.7M	$181.7M	$333.7M	$357.0M
INVH Dec	$252.2M	$258.9M	$557.2M	-	-	-	-	-	-	-
CCI Dec	$913.0M	$3.2B	$761.0M	$641.0M	$1.4B	$1.6B	$1.6B	$2.9B	$2.8B	$2.9B
SBAC Dec	$602.5M	$671.4M	$700.8M	$815.8M	$997.5M	$1.1B	$1.1B	$1.3B	$1.1B	$1.1B
VICI Dec	-	-	$503.2M	$679.4M	-	-	-	-	-	-
ARE Dec	-	-	-	-	-	-	-	-	-	-
MAA Dec	-	-	-	-	-	-	-	-	-	-
Peer median	$602.5M	$375.3M	$530.2M	$641.0M	$741.8M	$701.1M	$757.4M	$839.8M	$720.2M	$711.8M

FCF margin, FY2016 to FY2025

Free cash flow / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
EXR Dec	-	-	-	-	-	-	2.3%	49.5%	43.2%	38.1%
BXP Dec	-	-	-	-	-	-	-	-	-	-
CSGP Dec	21.7%	21.8%	25.7%	32.7%	29.3%	17.8%	20.3%	15.2%	−6.8%	3.8%
DOC Dec	35.5%	20.3%	24.2%	13.6%	−1.9%	1.9%	−3.0%	8.3%	12.4%	12.6%
INVH Dec	27.3%	24.6%	32.3%	-	-	-	-	-	-	-
CCI Dec	23.3%	74.6%	14.2%	11.1%	24.5%	24.6%	22.4%	60.9%	62.0%	67.4%
SBAC Dec	36.9%	38.9%	37.6%	40.5%	47.9%	45.7%	40.7%	48.2%	41.3%	37.9%
VICI Dec	-	-	56.0%	75.9%	-	-	-	-	-	-
ARE Dec	-	-	-	-	-	-	-	-	-	-
MAA Dec	-	-	-	-	-	-	-	-	-	-
Peer median	27.3%	24.6%	29.0%	32.7%	26.9%	21.2%	21.4%	31.7%	26.8%	25.3%

Return on equity, FY2016 to FY2025

Net income / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
EXR Dec	16.3%	20.4%	17.2%	16.5%	18.9%	26.6%	26.4%	5.6%	6.1%	7.3%
BXP Dec	8.9%	8.0%	9.9%	9.2%	14.6%	8.7%	13.8%	3.2%	0.3%	5.4%
CSGP Dec	5.1%	4.6%	7.9%	9.2%	4.2%	5.1%	5.4%	5.1%	1.8%	0.1%
DOC Dec	11.3%	7.8%	17.9%	0.7%	6.1%	7.8%	7.5%	4.8%	2.9%	1.0%
INVH Dec	−4.0%	−1.2%	−0.1%	1.8%	2.3%	2.7%	3.7%	5.1%	4.7%	6.2%
CCI Dec	4.9%	3.7%	4.4%	7.1%	10.6%	13.3%	22.5%	23.5%	n/m	n/m
SBAC Dec	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m
VICI Dec	-	0.9%	7.7%	6.9%	9.5%	8.4%	5.1%	10.0%	10.1%	10.0%
ARE Dec	−1.3%	2.8%	5.2%	4.1%	6.6%	3.5%	2.7%	0.6%	1.8%	−9.2%
MAA Dec	-	5.0%	3.6%	5.8%	4.3%	8.9%	10.6%	9.1%	8.9%	7.9%
Peer median	5.0%	4.2%	6.4%	6.3%	6.4%	8.1%	6.4%	5.1%	2.9%	5.4%

Debt / equity, FY2016 to FY2025

Total debt / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
EXR Dec	-	0.26	-	-	-	-	-	-	0.04	-
BXP Dec	0.35	0.52	0.51	0.52	0.49	0.57	-	0.00	0.09	0.15
CSGP Dec	0.20	0.00	0.00	0.00	0.19	0.18	0.15	0.14	0.13	0.02
DOC Dec	1.64	1.47	0.92	1.04	0.98	0.95	0.98	1.08	1.04	1.31
INVH Dec	-	1.14	1.12	1.03	0.94	0.82	0.75	0.84	0.84	0.88
CCI Dec	1.70	1.36	1.45	1.74	2.05	2.51	3.03	3.72	n/m	n/m
SBAC Dec	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m
VICI Dec	-	0.88	0.60	0.60	0.72	0.39	0.63	0.66	0.63	0.60
ARE Dec	0.85	0.80	0.75	0.76	0.65	0.54	0.54	0.61	0.68	0.80
MAA Dec	-	-	-	-	-	-	-	-	-	-
Peer median	0.85	0.88	0.75	0.76	0.72	0.57	0.69	0.66	0.66	0.70

EPS (diluted), FY2016 to FY2025

Diluted earnings per share, on today's share count after splits.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
EXR Dec	$2.91	$3.76	$3.27	$3.24	$3.71	$6.19	$6.41	$4.74	$4.03	$4.59
BXP Dec	$3.26	$2.93	$3.70	$3.30	$5.54	$3.17	$5.40	$1.21	$0.09	$1.74
CSGP Dec	$0.26	$0.37	$0.65	$0.86	$0.59	$0.74	$0.93	$0.92	$0.34	$0.02
DOC Dec	$1.34	$0.88	$2.24	$0.09	$0.77	$0.93	$0.92	$0.56	$0.36	$0.10
INVH Dec	-	-	−$0.01	$0.27	$0.35	$0.45	$0.63	$0.85	$0.74	$0.96
CCI Dec	$0.95	$0.80	$1.23	$1.79	$2.35	$2.53	$3.86	$3.46	−$8.98	$1.01
SBAC Dec	$0.61	$0.86	$0.41	$1.28	$0.21	$2.14	$4.22	$4.61	$6.94	$9.80
VICI Dec	-	-	$1.43	$1.24	$1.75	$1.76	$1.27	$2.47	$2.56	$2.61
ARE Dec	−$1.99	$1.58	$3.52	$3.12	$6.01	$3.82	$3.18	$0.54	$1.80	−$8.44
MAA Dec	-	$2.86	$1.93	$3.07	$2.19	$4.61	$5.48	$4.71	$4.49	$3.78
Peer median	$0.78	$0.88	$1.43	$1.28	$1.75	$2.14	$3.18	$1.21	$0.74	$1.01

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out EXR and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

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