Extra Space Storage Inc. (EXR) SEC Filings & Earnings Calls

Leadership transition risk is low due to planned succession and internal promotion.

“Succession planned, board approved, internal candidate with long tenure.”

Interest Rate Sensitivity

“Interest expense increased 0.4% for the three months ended June 30, 2026 compared to the same period in 2025.”

Competition

“We operate in competitive markets, often where consumers have multiple stores from which to choose.” · word for word

Occupancy slightly declined YoY

“Ending same-store occupancy of 94.2% as of June 30, 2026, compared to 94.4% as of June 30, 2025” · word for word

Occupancy decline

“Same-store square foot occupancy as of period end 93.0% (2026) vs 93.2% (2025); Average same-store square foot occupancy 92.7% vs 93.1%” · word for word

Operating expense inflation

“Total same-store operating expenses 201,870 196,627 2.7 %; Insurance +12.3%, Repairs and maintenance +7.9%” · word for word

Operating expense growth outpacing revenue growth may pressure margins.

“Same-store operating expenses increased 2.7% vs revenue growth of 1.7%.”

Occupancy slightly declined from 93.2% to 93.0% YoY.

“Ending same-store occupancy 93.0% vs 93.2% prior year.”

Supply Cycle Headwind

“In 2025, we delivered positive FFO per share growth and maintained positive same-store revenue growth despite facing the headwinds of a difficult supply cycle” · word for word

Cybersecurity Threat

“We face risks from cybersecurity threats that, if realized, are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition.” · word for word

Interest Rate Sensitivity

“We have thrived across cycles, through booms and downturns, supply waves and supply droughts, rising and falling interest rates and cap rates.” · word for word

Interest Rate Sensitivity

“As of December 31, 2025, we had approximately $13.5 billion of debt outstanding, of which approximately $2.4 billion or 17.9% was subject to variable interest rates.” · word for word

Competition from New Supply

“Development of self-storage facilities has increased in recent years, which has intensified competition.” · word for word

Cybersecurity Risk

“We and our vendors rely on information technology, and any material failure, inadequacy, interruption or security incident affecting that technology could harm our business.” · word for word

Occupancy decline YoY may indicate softening demand or increased competition.

“Same-store occupancy declined from 93.3% to 92.6% YoY.”

Same-store NOI growth minimal; margin expansion limited.

“Same-store NOI increased only 0.1% in Q4 2025.”

No material risk; routine promotion.

“No adverse events.”

Same-store revenue decline

“Same-store rental revenues: $673,982 vs $675,351, (0.2)% change.”

Operating expense inflation

“Same-store operating expenses: $196,737 vs $185,964, 5.8% change.”

Asset impairment risk

“Loss on real estate assets held for sale and sold, net: $(105,128) vs $(8,961), 1,073.2% change. Of the 29 stores, 27 had an estimated fair value, net of selling costs, less than the carrying value of the assets.” · word for word

Same-store revenue and NOI declines indicate potential structural headwinds in self-storage demand, though CEO notes gradual improvement.

“Same-store revenue decreased by (0.2)% and same-store NOI decreased by (2.5)%” · word for word