Extra Space Storage Inc.

The business model is clear from the filings. Extra Space owns, operates and manages self-storage stores and earns revenue from three sources: property rental, tenant reinsurance through a wholly-owned subsidiary, and management fees on stores it runs for others. The 10-Q shows 2,428 operating stores, of which 2,008 are wholly-owned, plus 1,916 third-party managed stores, for 4,344 stores owned and/or managed. Growth is partly acquisition-led, and the 10-K says the company buys Certificate of Occupancy stores even though these dilute earnings during a two-to-four year lease-up period. The bridge lending program, with bridge loans receivable of $1.5 billion at December 31, 2025, is a second balance-sheet exposure that the filing ties to future acquisitions and management growth. Readers may want to examine how that loan book performs in the full financial statements, which are not in this dataset. The risk factors name interest rates, credit availability, tariffs, cyberattacks, natural disasters and changes to tax law, and REIT status depends on distributing at least 90% of REIT taxable income. The filings also differ on footprint, listing 43 states and Washington, D.C. in the 10-K and 42 states and Washington, D.C. in the 10-Q. No Beneish M-Score, Piotroski F-Score, Altman Z-Score or Fog Index is on file for this filing, so this synthesis assigns no value or zone to any of them, and no manipulation screen can be read here. The annual revenue and operating income series also need reconciliation before any multi-year trend is drawn from them.

Catalyst.According to the first-quarter 2026 10-Q MD&A, total revenues rose 4.4% to $856.0 million from $820.0 million a year earlier. Property rental revenue grew 4.1% to $733.2 million, which management attributes to acquisitions completed in 2025 and early 2026 (an increase of $22.7 million) and to an $11.4 million improvement at same-store properties. Tenant reinsurance revenue rose 5.2% to $89.1 million, and management fees and other income rose 9.0% to $33.7 million, helped by 1,916 third-party managed stores versus 1,675 a year earlier. During 2025 the company acquired 76 wholly-owned stores and disposed of 37.

Hidden risk.The most important tension is that the annual XBRL figures in this dataset do not reconcile with the filings. The dataset lists 2025 revenues of $129.48 million and 2025 operating income of $1.41 billion, so operating income exceeds revenue by more than ten times, which is internally inconsistent. The 10-Q alone reports $856.0 million of total revenues for the first quarter of 2026. Readers may want to check the source tags before relying on the annual series. Separately, the 10-K flags joint-venture risk: the company lacks sole decision-making authority over its joint-venture investments, and joint-venture store count fell from 439 to 408 over the year.