Extra Space Storage Inc. (EXR) Balance Sheet
EXR balance sheet, 2025
December 31, 2025 · U.S. dollars$29.26B assets = $14.94B liabilities + $14.32B equity
Both columns are drawn to the same scale: what EXR owns equals what it owes plus shareholders’ equity. Hover a block for its value.
EXR financial health
Current ratio1.28
Adequate · current assets cover current liabilities 1.28×
Debt / equity1.11
Moderate leverage · $1.11 of debt for each $1 of equity
Equity / assets45.9%
Equity-funded · of assets funded by shareholders
Cash / debt0.9%
Low cash cover · cash & short-term investments vs total debt
Goodwill & intangibles1.2%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
EXR balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $7.09B2016 | $29.26B2025 | +17.1%/yr | |
| Total liabilities | $4.50B2016 | $14.94B2025 | +14.3%/yr | |
| Shareholders’ equity | $2.24B2016 | $13.43B2025 | +22.0%/yr | |
| Cash & short-term investments | $43.9M2016 | $138.9M2025 | +13.7%/yr | |
| Total debt | $4.31B2016 | $14.97B2025 | +14.8%/yr | |
| Net cash (debt) | −$4.26B2016 | −$14.83B2025 | −$10.6B | |
| Working capital | −$392.0M2016 | $394.5M2025 | +$786.5M | |
| Book value per share | $17.822016 | $63.412025 | +15.1%/yr | |
| Current ratio | 0.162016 | 1.282025 | +1.12 | |
| Debt / equity | 1.922016 | 1.112025 | −0.80 | |
| Shares outstanding | 125.9M2016 | 211.9M2025 | +5.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
EXR assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
EXR liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
EXR debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
EXR balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $138.9M | $138.2M | $99.1M | $92.9M | $71.1M | $109.1M | $65.7M | $57.5M | $55.7M | $43.9M |
| Cash & equivalents | $138.9M | $138.2M | $99.1M | $92.9M | $71.1M | $109.1M | $65.7M | $57.5M | $55.7M | $43.9M |
| Short-term investments | — | — | $26.2M | −$558.0M | $270,000 | — | $6.2M | $42.3M | $38.4M | $23.8M |
| Receivables | $1.65B | $1.38B | $739.5M | $644.0M | $419.2M | $293.8M | $43.6M | $0 | $2.8M | $16.6M |
| Inventory | $0 | $0 | $26.2M | −$699.2M | $81.3M | −$146.9M | $0 | $0 | $33.8M | $21.9M |
| Other current assets | $0 | $142.6M | $65.0M | $55.2M | $0 | $165.8M | $5.0M | $15.2M | $0 | $0 |
| Total current assets | $1.79B | $1.66B | $929.7M | $92.9M | $76.2M | $421.8M | $114.3M | $72.7M | $86.0M | $74.4M |
| Property, plant & equipment (net) | $797.3M | $740.2M | $275.9M | $221.7M | $227.9M | $252.2M | $264.6M | $7.47B | $7.10B | $6.72B |
| Goodwill & intangible assets | $353.2M | $193.3M | $318.4M | $192.4M | $147.0M | $137.1M | $134.9M | $132.0M | $126.8M | $124.0M |
| Long-term investments | $1.37B | $1.63B | $1.37B | $882.4M | $1.18B | $991.3M | $338.1M | $125.3M | $70.1M | $79.6M |
| Other non-current assets | $24.96B | $24.62B | $24.56B | $10.78B | $8.85B | $7.59B | $7.68B | $44.3M | $67.5M | $92.9M |
| Total assets | $29.26B | $28.85B | $27.46B | $12.17B | $10.47B | $9.40B | $8.53B | $7.85B | $7.46B | $7.09B |
| Liabilities | ||||||||||
| Accounts payable | $357.6M | $346.5M | $334.5M | $171.7M | $142.3M | $130.0M | $111.4M | $101.5M | $96.1M | $101.4M |
| Short-term debt | $1.39B | $1.36B | $682.0M | $945.0M | $535.0M | $949.0M | $158.0M | $81.0M | $94.0M | $365.0M |
| Deferred revenue | — | — | $753.1M | — | — | — | — | — | −$4.74B | −$4.50B |
| Total current liabilities | $1.39B | $1.78B | $1.09B | $1.18B | $740.9M | $1.13B | $314.6M | $227.7M | $195.9M | $466.4M |
| Long-term debt | $13.37B | $12.46B | $11.16B | $7.48B | $6.03B | $4.80B | $4.89B | $4.70B | $4.34B | $3.82B |
| Lease obligations | $761.1M | $705.8M | $236.5M | $229.0M | $233.4M | $263.5M | $274.8M | — | — | — |
| Other long-term liabilities | $175.7M | $0 | $0 | $0 | $0 | $536.3M | $407.6M | $135.3M | $198.5M | $205.0M |
| Total liabilities | $14.94B | $13.99B | $12.04B | $8.09B | $6.69B | $6.46B | $5.61B | $5.06B | $4.73B | $4.50B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $2.1M | $2.1M | $2.1M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $2.57B | $2.57B |
| Retained earnings (deficit) | −$1.45B | −$899.3M | −$379.0M | −$135.9M | −$128.2M | −$354.9M | −$301.0M | −$262.9M | −$253.3M | −$339.3M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$420,000 | $12.8M | $17.4M | $48.8M | −$42.5M | −$99.1M | −$29.0M | $34.6M | $33.3M | $16.8M |
| Minority interest | $890.9M | $911.8M | $1.02B | $818.7M | $669.5M | $388.3M | $381.7M | $371.7M | $373.1M | $351.3M |
| Total shareholders' equity | $13.43B | $13.95B | $14.39B | $4.08B | $3.79B | $2.55B | $2.54B | $2.41B | $2.35B | $2.24B |
| Key figures | ||||||||||
| Total debt | $14.97B | $13.03B | $11.25B | $8.42B | $6.56B | $6.01B | $5.32B | $4.81B | $4.55B | $4.31B |
| Net cash (debt) | −$14.83B | −$12.89B | −$11.15B | −$8.33B | −$6.49B | −$5.90B | −$5.26B | −$4.75B | −$4.50B | −$4.26B |
| Working capital | $394.5M | −$122.3M | −$157.9M | −$1.09B | −$664.7M | −$704.3M | −$200.3M | −$155.0M | −$109.9M | −$392.0M |
| Tangible book value | $13.08B | $13.75B | $14.07B | $3.89B | $3.64B | $2.41B | $2.41B | $2.28B | $2.22B | $2.12B |
| Book value per share | $63.41 | $65.92 | $85.04 | $28.78 | $27.04 | $19.66 | $18.62 | $18.13 | $17.52 | $17.82 |
| Shares outstanding | 211.9M | 211.6M | 169.2M | 141.7M | 140.0M | 129.6M | 136.4M | 133.2M | 134.2M | 125.9M |
| Current ratio | 1.28 | 0.93 | 0.85 | 0.08 | 0.10 | 0.37 | 0.36 | 0.32 | 0.44 | 0.16 |
| Quick ratio | 1.28 | 0.85 | 0.77 | 0.62 | 0.66 | 0.36 | 0.35 | 0.25 | 0.30 | 0.13 |
| Debt / equity | 1.11 | 0.93 | 0.78 | 2.07 | 1.73 | 2.36 | 2.10 | 1.99 | 1.94 | 1.92 |
| Equity / assets | 45.9% | 48.3% | 52.4% | 33.5% | 36.1% | 27.1% | 29.8% | 30.8% | 31.5% | 31.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $695.2M | $139.0M | $138.9M | $111.9M | $125.0M | $119.6M | $138.2M | $88.9M | $77.0M | $50.8M | $99.1M | $216.1M |
| Cash & equivalents | $695.2M | $139.0M | $138.9M | $111.9M | $125.0M | $119.6M | $138.2M | $88.9M | $77.0M | $50.8M | $99.1M | $216.1M |
| Short-term investments | — | — | — | — | — | — | — | — | $31.1M | $33.6M | $26.2M | $48.6M |
| Receivables | $0 | $115.4M | $1.65B | $1.68B | $1.68B | $1.49B | $1.38B | $1.15B | $1.31B | $895.7M | $739.5M | $722.9M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$1.06B | $0 | $0 | $0 | $0 |
| Other current assets | $0 | $0 | $0 | $153.7M | $93.9M | $128.3M | $142.6M | $1.17B | $97.2M | $80.2M | $91.2M | $0 |
| Total current assets | $695.2M | $139.0M | $1.79B | $1.95B | $1.90B | $1.74B | $1.66B | $1.34B | $1.48B | $1.03B | $929.7M | $216.1M |
| Property, plant & equipment (net) | $732.5M | $24.93B | $797.3M | $783.7M | $770.2M | $735.4M | $740.2M | $744.1M | $267.1M | $272.1M | $275.9M | $248.5M |
| Goodwill & intangible assets | $0 | $496.4M | $353.2M | $502.3M | $508.9M | $172.6M | $193.3M | $520.4M | $617.1M | $626.7M | $318.4M | $629.8M |
| Long-term investments | $0 | $1.37B | $1.37B | $1.36B | $1.39B | $1.62B | $1.63B | $1.36B | $1.37B | $1.37B | $1.37B | $1.97B |
| Other non-current assets | $28.23B | $2.17B | $24.96B | $24.63B | $24.80B | $24.73B | $24.62B | $24.10B | $24.03B | $24.19B | $24.56B | $24.56B |
| Total assets | $29.66B | $29.10B | $29.26B | $29.23B | $29.37B | $28.99B | $28.85B | $28.06B | $27.76B | $27.48B | $27.46B | $27.63B |
| Liabilities | ||||||||||||
| Accounts payable | $445.1M | $374.8M | $357.6M | $472.8M | $438.1M | $359.5M | $346.5M | $388.8M | $381.9M | $338.0M | $334.5M | $430.1M |
| Short-term debt | $1.62B | — | $1.39B | $942.0M | $706.0M | $978.0M | $1.36B | $884.0M | $948.0M | $620.0M | $682.0M | $623.0M |
| Deferred revenue | — | — | — | — | — | — | — | — | −$248.2M | −$248.2M | $753.1M | — |
| Total current liabilities | $2.06B | $374.8M | $1.39B | $1.49B | $1.22B | $1.41B | $1.78B | $1.35B | $1.40B | $1.03B | $1.09B | $1.12B |
| Long-term debt | $0 | $12.02B | $13.23B | $12.90B | $12.90B | $12.54B | $12.32B | $11.53B | $10.55B | $10.54B | $10.33B | $10.95B |
| Lease obligations | — | $769.7M | $761.1M | $757.8M | $742.8M | $704.7M | $705.8M | $706.5M | $229.0M | $232.7M | $236.5M | $242.4M |
| Other long-term liabilities | $13.35B | $2.49B | $316.2M | $341.3M | $565.1M | $260.1M | $0 | $229.7M | $680.9M | $623.6M | $620.0M | $0 |
| Total liabilities | $15.48B | $14.89B | $14.94B | $14.74B | $14.69B | $14.22B | $13.99B | $13.10B | $12.63B | $12.19B | $12.04B | $12.06B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $2.1M | $2.1M | $2.1M | $2.1M | $2.1M | $2.1M | $2.1M | $2.1M | $2.1M | $2.1M | $2.1M | $2.1M |
| Retained earnings (deficit) | −$1.63B | −$1.55B | −$1.45B | −$1.25B | −$1.08B | −$972.7M | −$899.3M | −$817.9M | −$667.7M | −$510.1M | −$379.0M | −$252.9M |
| Accumulated other comprehensive income | −$181,000 | $314,000 | −$420,000 | $1.3M | $3.2M | $6.2M | $12.8M | $3.3M | $27.2M | $28.2M | $17.4M | $44.9M |
| Minority interest | — | $880.0M | $890.9M | $878.8M | $886.2M | $891.7M | — | — | — | — | — | — |
| Total shareholders' equity | $13.26B | $13.33B | $13.43B | $13.62B | $13.79B | $13.89B | $13.95B | $14.01B | $14.17B | $14.30B | $14.39B | $14.54B |
| Key figures | ||||||||||||
| Total debt | $14.41B | $13.94B | $14.97B | $13.66B | $13.65B | $13.25B | $13.03B | $12.23B | $11.72B | $11.39B | $11.25B | $11.58B |
| Net cash (debt) | −$13.72B | −$13.80B | −$14.83B | −$13.55B | −$13.52B | −$13.13B | −$12.89B | −$12.15B | −$11.65B | −$11.34B | −$11.15B | −$11.36B |
| Working capital | −$1.37B | −$235.8M | $394.5M | $457.3M | $682.0M | $325.8M | −$122.3M | −$3.7M | $77.8M | −$3.3M | −$157.9M | −$906.4M |
| Tangible book value | $13.26B | $12.84B | $13.08B | $13.12B | $13.28B | $13.71B | $13.75B | $13.49B | $13.56B | $13.67B | $14.07B | $13.91B |
| Book value per share | $60.17 | $60.51 | $60.77 | $64.26 | $65.08 | $65.49 | $65.87 | $63.60 | $66.98 | $64.98 | $65.42 | $74.42 |
| Shares outstanding | 220.3M | 220.3M | 221.1M | 211.9M | 211.9M | 212.1M | 211.7M | 220.3M | 211.6M | 220.0M | 220.0M | 195.3M |
| Current ratio | 0.34 | 0.37 | 1.28 | 1.31 | 1.56 | 1.23 | 0.93 | 1.00 | 1.06 | 1.00 | 0.85 | 0.19 |
| Quick ratio | 0.34 | 0.68 | 1.28 | 1.20 | 1.48 | 1.14 | 0.85 | 0.92 | 0.99 | 0.92 | 0.77 | 0.84 |
| Debt / equity | 1.09 | 1.05 | 1.11 | 1.00 | 0.99 | 0.95 | 0.93 | 0.87 | 0.83 | 0.80 | 0.78 | 0.80 |
| Equity / assets | 44.7% | 45.8% | 45.9% | 46.6% | 47.0% | 47.9% | 48.3% | 49.9% | 51.1% | 52.0% | 52.4% | 52.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 20, 2026); data from EODHD.
EXR financial position
At the end of fiscal 2025 (December 31, 2025), Extra Space had total assets of $29.3 billion (up 1.4% from a year earlier), total liabilities of $14.9 billion and shareholders' equity of $13.4 billion. It held $138.9 million in cash and short-term investments against $15.0 billion of debt, net debt of $14.8 billion. Its current ratio was 1.28. In the latest quarter (ended June 30, 2026) total assets were $29.7 billion and equity $13.3 billion.
Related: EXR income statement, EXR cash flow statement, EXR key metrics. See the EXR stock overview for the latest quote and news.
EXR balance sheet FAQ
What are Extra Space's total assets?
Extra Space reported total assets of $29.3 billion at the end of fiscal 2025 (December 31, 2025), compared with $28.8 billion a year earlier.
How much debt does Extra Space have?
Extra Space had $15.0 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.11.
How much cash does Extra Space have?
Extra Space held $138.9 million in cash and short-term investments at the end of fiscal 2025; with $15.0 billion of debt that is net debt of $14.8 billion.
What is Extra Space's book value?
Extra Space's shareholders' equity (book value) was $13.4 billion at the end of fiscal 2025, or $63.41 per share.
What is Extra Space's current ratio?
Extra Space had current assets of $1.8 billion and current liabilities of $1.4 billion, a current ratio of 1.28 (it can cover its short-term obligations).
How much goodwill does Extra Space have?
Extra Space carried $353.2 million of goodwill and intangible assets, 1.2% of total assets, at the end of fiscal 2025.