EXRExtra Space Storage Inc.

Real Estate Investment Trusts

Revenue: $129M; 7.1% YoY
Operating margin: 1091.1%; 0.4% YoY
EBITDA: $2.1B; 1.0% YoY
Market cap: $31.6B
Employees: 8,393; $15K revenue each
Net debt / EBITDA: 0.2×; $446M net debt
AI in 10-K: 3.9; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
190% of net income
Cash flow under 80% of net income
Dilutive SBCYes
27% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
82% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
1% of assets
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeYes
$15K · 9th pct
Bottom quartile of its SIC industry
Quiet on AINo
3.9 per 10K words · 78th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.2× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$31.6B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$2M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$66M	$84M	$102M	$121M	$129M	7.1%
Operating income	$976M	$1.1B	$1.2B	$1.3B	$1.4B	6.8%
Net income	$828M	$861M	$803M	$855M	$974M	14%
Operating cash flow	$952M	$1.2B	$1.4B	$1.9B	$1.9B	2.0%
Capex	—	$1.2B	$136M	$479M	$562M	17%
Stock-based comp	$17M	$21M	$26M	$29M	$36M	23%
Buybacks	$0	$63M	$0	$0	$150M
Dividends	$601M	$805M	$1.0B	$1.4B	$1.4B	0.1%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $2M · 2
Net: −$2M

Pay vs performance

No pay-versus-performance disclosure yet.