Companies · EXR
Extra Space Storage
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Latest analysis
Updated Oct 30, 2026
Extra Space Storage expands third-party managed portfolio to 1,963 stores, driving management fees 6.8% higher YTD.
Extra Space Storage's third-party management business grew materially in the nine months ended September 30, 2026, with managed-store count rising 152 units to 1,963 locations year-over-year. Management fees and other income increased $7.9 million (8.2%) to $103.4 million for the nine-month period, driven by both portfolio expansion and higher per-store revenue from managed properties. This reflects sustained demand for the company's management platform among external owners while the consolidated rental operation generates core NOI.
Tone: neutralRevenue
$3.4B
EXR 10-K · FY 2025
Employees
8,393
Revenue FY2024
$3.3B
Founded
1977
Profile
EXR 10-K Item 1 · Feb 20, 2026Extra Space Storage is the largest self-storage REIT in the United States, owning, operating, and managing self-storage properties across 43 states and Washington, D.C. The company operates through two segments — self-storage operations and tenant reinsurance — and supplements its core business with a third-party management platform and a bridge lending program. Its scale across approximately 4,281 stores supports economies of scale in operations, marketing, and data.
Read filing description ↓ Collapse description ↑
We are a fully integrated, self-administered and self-managed real estate investment trust ('REIT') formed as a Maryland corporation on April 30, 2004. We were formed to continue the business of Extra Space Storage LLC and its subsidiaries, which had engaged in the self-storage business since 1977. Substantially all of our business is conducted through Extra Space Storage LP (the 'Operating Partnership'). 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. Our tenant reinsurance activities include the reinsurance of risks relating to the loss of goods stored by tenants in our stores. As of December 31, 2025, we managed 1,856 stores for third party owners. Our management business enables us to generate increased revenues through management fees as well as expand our geographic footprint, data sophistication and scale with little capital investment. We have a bridge lending program, under which we provide financing to third party self storage owners for operating properties that we manage. As of December 31, 2025, the total balance of bridge loans receivable was $1.5 billion. We have made investments in preferred stock of other self-storage companies. We operate in two distinct segments: (1) self-storage operations; and (2) tenant reinsurance.
Primary products
- self-storage unit rentals
- tenant reinsurance
- third-party store management
- bridge lending program
- preferred stock investments in self-storage companies
Business segments
End markets
Geographies
Named competitors
“We are the largest self-storage operator in the United States.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues increased from approximately $3.26 billion in 2024 to approximately $3.38 billion in 2025, driven by growth in property rental, tenant reinsurance, and management fees.
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