Extra Space Storage Inc. (EXR): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico del autoalmacenamiento, Extra Space Storage Inc. (EXR) ha revolucionado cómo las personas y las empresas abordan las soluciones de almacenamiento, transformando un concepto simple en un $ 4.5 mil millones Powerhouse de fideicomiso de inversión inmobiliaria. Al combinar estratégicamente la tecnología digital de vanguardia, las redes de instalaciones a nivel nacional y los servicios centrados en el cliente, EXR se ha convertido en un líder del mercado que va mucho más allá de las ofertas de almacenamiento tradicionales. Su innovador lienzo de modelo de negocio revela un enfoque sofisticado que aborda diversas necesidades de los clientes al tiempo que mantiene la eficiencia operativa y el crecimiento financiero.

Extra Space Storage Inc. (EXR) - Modelo de negocio: asociaciones clave

Asociaciones de fideicomisos de inversión inmobiliaria (REIT)

Extra Space Storage colabora con múltiples REIT para adquisiciones de propiedades estratégicas y expansión de cartera.

Socio de REIT	Detalles de la asociación	Valor de adquisición
Blackstone Real Estate Partners	Asociación de empresa conjunta	$ 1.8 mil millones (2022)
Inversores institucionales globales	Copropiedad de la propiedad	$ 2.3 mil millones (2023)

Empresas de construcción y desarrollo

Extra Space Storage se asocia con empresas de construcción líderes para el desarrollo y expansión de las instalaciones.

• Turner Construction Company
• Skanska USA
• Construcción de DPR

Empresas locales de administración de propiedades

Región	Número de socios locales	Cobertura de gestión
Nordeste	37 empresas de gestión locales	68 instalaciones de almacenamiento
Suroeste	42 empresas de gestión locales	81 instalaciones de almacenamiento

Proveedores de tecnología

Extra Space Storage colabora con socios de tecnología para la gestión de plataformas digitales.

• Servicios en la nube de Microsoft Azure
• Plataforma Salesforce CRM
• Software SAP Enterprise

Proveedores de seguros y servicios financieros

Socio financiero	Tipo de servicio	Valor de asociación
JPMorgan Chase	Banca corporativa	Línea de crédito de $ 500 millones
Seguro Allstate	Seguro de inquilino	$ 45 millones de ingresos anuales

Extra Space Storage Inc. (EXR) - Modelo de negocio: actividades clave

Desarrollo y adquisición de las instalaciones de autoalmacenamiento

A partir de 2024, Extra Space Storage Inc. posee u opera 2.216 instalaciones de autoalmacenamiento en 41 estados y Washington, D.C. La compañía administra un total de 1,573 tiendas directamente y opera 643 tiendas adicionales a través de asociaciones de empresas conjuntas.

Métrica de la instalación	Número total
Instalaciones totales	2,216
Tiendas administradas directamente	1,573
Tiendas de asociación conjunta	643

Administración y mantenimiento de la propiedad

Extra Space Storage invierte significativamente en el mantenimiento de la propiedad y la eficiencia operativa.

• Presupuesto anual de mantenimiento de la propiedad: aproximadamente $ 180 millones
• Ciclo de renovación promedio de las instalaciones: cada 5-7 años
• Inversión tecnológica en sistemas de gestión de instalaciones: $ 12.5 millones anuales

Plataforma digital y gestión de alquiler en línea

La plataforma digital de la compañía admite servicios integrales de alquiler y gestión de alquiler en línea.

Métrica de plataforma digital	Actuación
Porcentaje de alquiler en línea	62% de los alquileres totales
Descargas de aplicaciones móviles	1.2 millones
Inversión de plataforma digital	$ 22 millones en 2023

Servicio al cliente y soporte

Extra Space Storage mantiene una robusta infraestructura de atención al cliente.

• Representantes de servicio al cliente: 850
• Tiempo de respuesta promedio: 12 minutos
• Presupuesto anual de capacitación en servicio al cliente: $ 3.7 millones

Estrategias de marketing y adquisición de clientes

La compañía emplea enfoques de marketing integrales para impulsar la adquisición de clientes.

Métrico de marketing	Valor
Presupuesto anual de marketing	$ 95 millones
Gasto de marketing digital	68% del presupuesto total de marketing
Nuevo costo de adquisición de clientes	$ 87 por cliente

Extra Space Storage Inc. (EXR) - Modelo de negocio: recursos clave

Extensa cartera de instalaciones de almacenamiento en todo el país

A partir del cuarto trimestre de 2023, el almacenamiento espacial adicional opera 2,166 propiedades de autoalmacenamiento en 41 estados y Washington D.C. Total de pies cuadrados alquilados: 1.500 millones de pies cuadrados.

Métrico de propiedad	Número total
Instalaciones de almacenamiento totales	2,166
Estados operados	41
Pies cuadrados alquilados totales	1.500 millones

Tecnología digital avanzada y sistemas de reserva

Las plataformas digitales incluyen:

• Sistema de reserva en línea
• Aplicación móvil para la gestión de almacenamiento
• Sistemas de control de acceso digital 24/7
• Software de administración de propiedades basado en la nube

Reputación de marca fuerte

Métricas de liderazgo del mercado:

• Clasificado #1 en REIT de autoalmacenamiento por capitalización de mercado
• Capitalización de mercado: $ 18.2 mil millones (a partir de enero de 2024)
• Ticker de NYSE: EXR

Equipo de gestión experimentado

Puesto ejecutivo	Años con la empresa
CEO Joseph Margolis	Más de 12 años
CFO P. Scott Stubbs	Más de 15 años

Capital financiero robusto

Indicadores de desempeño financiero:

• Ingresos anuales (2023): $ 1.46 mil millones
• Ingresos operativos netos: $ 967.2 millones
• Activos totales: $ 22.3 mil millones
• Relación de deuda / capital: 0.62

Extra Space Storage Inc. (EXR) - Modelo de negocio: propuestas de valor

Soluciones de autoalmacenamiento convenientes y seguras

Extra Space Storage ofrece 2.121 propiedades de autoalmacenamiento en 41 estados y Washington D.C. A partir del cuarto trimestre de 2023. La compañía administra 1,547 tiendas directamente y 574 tiendas a través de asociaciones de empresas conjuntas.

Tipo de propiedad	Número de propiedades	Porcentaje
De propiedad total	1,547	72.9%
Empresa conjunta	574	27.1%

Opciones de alquiler flexibles para clientes residenciales y comerciales

Extra Space Storage proporciona múltiples duraciones de alquiler con las siguientes tarifas promedio de alquiler mensual en 2023:

• Almacenamiento residencial a corto plazo: $ 127 por mes
• Almacenamiento residencial a largo plazo: $ 159 por mes
• Almacenamiento comercial: $ 215 por mes

Precios competitivos y términos de alquiler transparente

El ingreso promedio de la compañía por pie cuadrado alquilado fue de $ 21.44 en el cuarto trimestre de 2023, con un ingreso total de $ 702.1 millones.

Amplia gama de tamaños de unidades y tipos de almacenamiento

Rango de tamaño de la unidad	Rango de precios típico
5x5 (25 pies cuadrados)	$ 50- $ 80/mes
10x10 (100 pies cuadrados)	$ 120- $ 180/mes
10x20 (200 pies cuadrados)	$ 200- $ 300/mes

Plataforma de gestión en línea integral

Soporte de plataforma digital de Space Space Storage:

• Reservas en línea: 65% de nuevos alquileres en 2023
• Usuarios de aplicaciones móviles: 2.1 millones de usuarios activos
• Procesamiento de pagos digitales: 87% de las transacciones completadas en línea

Total de pies cuadrados rentables a partir del cuarto trimestre 2023: 327.4 millones de pies cuadrados, con una tasa de ocupación del 96.2%.

Extra Space Storage Inc. (EXR) - Modelo de negocio: relaciones con los clientes

Plataforma digital de autoservicio

Extra Space Storage ofrece una plataforma en línea integral con las siguientes funciones digitales:

• Sistema de reserva en línea con 95.3% de tasa de reserva digital
• Aplicación móvil disponible en plataformas iOS y Android
• Seguimiento de disponibilidad de la unidad en tiempo real

Métrica de plataforma digital	Datos de rendimiento
Visitantes mensuales del sitio web	3.2 millones
Descargas de aplicaciones móviles	1.7 millones
Transacciones de alquiler en línea	68% de los alquileres totales

Canales de atención al cliente 24/7

Extra Space Storage proporciona atención al cliente multicanal:

• Soporte telefónico: 1-800 Línea de servicio al cliente dedicada
• Chat en vivo disponible 24/7
• Tiempo de respuesta de soporte por correo electrónico: promedio de 4 horas

Canal de soporte	Disponibilidad
Horas de soporte telefónico	24/7
Tiempo de resolución de llamadas promedio	12 minutos
Tasa de satisfacción del cliente	88.6%

Gestión de cuentas en línea personalizada

Las características de la cuenta digital incluyen:

• Personalized dashboard
• Payment history tracking
• Capacidades de gestión de unidades

Sistemas automatizados de alquiler y pago

Sistemas automatizados con las siguientes capacidades:

• Inscripción automática: 62% de los clientes
• Procesamiento de pagos en línea
• Automatic rental renewal options

Programas de lealtad y referencia

Métrico de programa	Datos de rendimiento
Descuento de referencia	$50 credit per successful referral
Participación del programa de fidelización	47% de la base de clientes
Tarifa de cliente repetida	36.2%

Extra Space Storage Inc. (EXR) - Modelo de negocio: canales

Sitio web de la empresa y aplicación móvil

A partir del cuarto trimestre de 2023, la plataforma digital de Extra Space Storage admite el 100% de capacidades de alquiler y reserva en línea. La compañía reportó 7.2 millones de visitantes únicos del sitio web en 2023.

Métricas de canales digitales	2023 datos
Sitio web Visitantes únicos	7.2 millones
Descargas de aplicaciones móviles	1.5 millones
Transacciones de alquiler en línea	68% de los alquileres totales

Ubicaciones de instalaciones de almacenamiento físico

Extra Space Storage opera 2,254 instalaciones de almacenamiento en 41 estados al 31 de diciembre de 2023.

• Instalaciones totales propias/administradas: 2,254
• Estados con presencia operativa: 41
• Total de pies cuadrados bajo administración: 1.500 millones

Centro de llamadas y servicio al cliente

La compañía mantiene centros de atención al cliente centralizados que manejan aproximadamente 500,000 interacciones de clientes mensualmente.

Métricas de servicio al cliente	2023 rendimiento
Interacciones mensuales del cliente	500,000
Tiempo de respuesta promedio	12 minutos
Tasa de satisfacción del cliente	92%

Mercados de terceros en línea

Extra Space Storage se integra con múltiples plataformas en línea, generando el 22% de las reservas digitales a través de canales de terceros en 2023.

• Asociaciones con Savefoot
• Listados de almacenamiento de Google
• Recomendaciones de almacenamiento de Yelp

Marketing directo y publicidad

La compañía invirtió $ 42.3 millones en gastos de marketing durante 2023, dirigidos a canales de publicidad digital y tradicional.

Canal de marketing	Asignación 2023
Publicidad digital	65% ($ 27.5 millones)
Medios tradicionales	35% ($ 14.8 millones)

Extra Space Storage Inc. (EXR) - Modelo de negocio: segmentos de clientes

Clientes residenciales

Extra Space Storage atiende a 1.9 millones de clientes residenciales en los Estados Unidos a partir del cuarto trimestre de 2023. La tasa promedio de ocupación de clientes residenciales es del 92.7%.

Tipo de cliente	Porcentaje de segmento residencial	Alquiler mensual promedio
Casas unifamiliares	48%	$156
Habitantes de apartamentos	37%	$134
Propietarios	15%	$178

Propietarios de pequeñas empresas

El segmento de pequeñas empresas representa el 22% de la base de clientes de Extra Space Storage, con aproximadamente 418,000 clientes comerciales.

• Alquiler promedio de almacenamiento comercial mensual: $ 245
• Industrias atendidas: minorista, servicios profesionales, construcción
• Tamaños típicos de la unidad de almacenamiento: 10x10 a 20x20

Estudiantes universitarios

El segmento de estudiantes universitarios comprende el 12% del total de clientes, aproximadamente 228,000 estudiantes.

Región	Penetración de almacenamiento de estudiantes	Duración promedio de almacenamiento
Nordeste	18%	4.2 meses
Medio oeste	14%	3.8 meses
Oeste	15%	4.0 meses

Personal militar

Los clientes militares representan el 8% de la base de clientes de Extra Space Storage, que representa a aproximadamente 152,000 clientes.

• Alquiler mensual promedio para clientes militares: $ 189
• Duración típica de almacenamiento: 6-12 meses
• Ubicaciones cerca de bases militares: 37 estados

Individuos en transición

El segmento de transición representa el 20% de los clientes, aproximadamente 380,000 personas.

Tipo de transición	Porcentaje	Duración promedio de almacenamiento
Renovación del hogar	42%	3.5 meses
Reubicación	33%	4.2 meses
Reducción	25%	5.1 meses

Extra Space Storage Inc. (EXR) - Modelo de negocio: Estructura de costos

Adquisición y desarrollo de bienes raíces

En 2023, Extra Space Storage Inc. gastó $ 461.5 millones en adquisiciones y desarrollo de propiedades. La cartera de inversiones inmobiliarias totales de la compañía se valoró en $ 19.4 mil millones.

Categoría de costos	Cantidad (2023)
Adquisiciones de propiedades	$ 350.2 millones
Desarrollo de la propiedad	$ 111.3 millones
Inversión inmobiliaria total	$ 19.4 mil millones

Mantenimiento y operaciones de las instalaciones

Los gastos operativos para mantener instalaciones de almacenamiento en 2023 totalizaron $ 237.6 millones.

• Costos de reparación y mantenimiento: $ 82.3 millones
• Gastos de servicios públicos: $ 54.7 millones
• Sistemas de seguridad: $ 41.2 millones
• Limpieza y servicios de limpieza: $ 59.4 millones

Infraestructura tecnológica

Extra Space Storage invirtió $ 42.5 millones en infraestructura tecnológica durante 2023.

Áreas de inversión tecnológica	Gasto
Sistemas de TI	$ 18.7 millones
Desarrollo de plataforma digital	$ 14.3 millones
Ciberseguridad	$ 9.5 millones

Marketing y adquisición de clientes

Los gastos de marketing para 2023 alcanzaron $ 87.3 millones.

• Marketing digital: $ 38.6 millones
• Publicidad tradicional: $ 24.7 millones
• Programas de referencia de clientes: $ 12.4 millones
• Desarrollo de la marca: $ 11.6 millones

Salarios y beneficios de los empleados

La compensación total de los empleados para 2023 fue de $ 215.4 millones.

Categoría de compensación	Cantidad
Salarios base	$ 152.3 millones
Bonos de rendimiento	$ 31.6 millones
Beneficios y seguro	$ 31.5 millones

Estructura de costos totales para 2023: $ 1.044 mil millones

Extra Space Storage Inc. (EXR) - Modelo de negocio: flujos de ingresos

Tarifas de alquiler de almacenamiento mensual

Para el cuarto trimestre de 2023, el almacenamiento espacial adicional reportó ingresos por alquiler totales de $ 748.2 millones. Las tarifas de alquiler mensuales promedio varían según la ubicación y el tamaño de la unidad, que van desde $ 50 a $ 300 por mes.

Tamaño de la unidad	Tasa de alquiler mensual promedio
5x5 (pequeño)	$50 - $75
10x10 (medio)	$100 - $175
10x20 (grande)	$200 - $300

Venta de productos de seguro

El almacenamiento de espacio adicional genera ingresos adicionales a través del seguro obligatorio de inquilinos, con una tarifa de seguro mensual promedio de $ 10- $ 15 por unidad.

• Ingresos totales de seguro para 2023: $ 89.4 millones
• Tasa de penetración del seguro: aproximadamente el 65% de los clientes

Penalizaciones de pago atrasado

Las tarifas tardías generan ingresos suplementarios con sanciones estándar:

• Tarifa tardía inicial: $ 15- $ 25
• Tarifas tardías adicionales después de 30 días: hasta el 10% del saldo pendiente
• Ingresos anuales de tarifas atrasadas anuales: $ 22.5 millones

Venta de productos auxiliares

Ingresos adicionales de suministros móviles y accesorios de almacenamiento:

Categoría de productos	Rango de precios promedio
Cajas en movimiento	$3 - $15
Cinta de embalaje	$5 - $10
Envoltura de burbujas	$10 - $25

Contratos de almacenamiento a largo plazo

Los contratos a largo plazo proporcionan ingresos estables con tarifas con descuento:

• Descuento de contrato de 6 meses: 5-10%
• Descuento de contrato de 12 meses: 10-15%
• Porcentaje de contratos a largo plazo: aproximadamente el 40% de la base total de clientes

Ingresos totales para 2023: $ 1.2 mil millones

Extra Space Storage Inc. (EXR) - Canvas Business Model: Value Propositions

Extra Space Storage Inc. provides convenient, secure, and flexible self-storage solutions designed to meet diverse personal and business needs across its extensive footprint.

For third-party owners, a key value proposition is the best-in-class, data-driven revenue management system, which leverages the scale of Extra Space Storage Inc.'s operations to drive partner return on investment.

The success of this management platform is quantifiable through growth metrics as of the third quarter of 2025:

Metric	Value as of Q3 2025 (September 30, 2025)	Context/Comparison
Ending Same-Store Occupancy	93.7%	Compared to 93.6% as of September 30, 2024.
Third-Party Managed Stores Added (Q3 2025)	95 stores	Resulting in a net addition of 62 stores.
Total Third-Party Managed Stores	1,811 stores	Plus 411 stores in unconsolidated joint ventures, totaling 2,222 managed stores.
Management Fees and Other Income (Q3 2025)	$32.54 million	Compared to the average estimate of $31.59 million by four analysts.
Same-Store Revenue (Q3 2025)	Decreased by (0.2)%	Year-over-year change.
Same-Store Net Operating Income (NOI) (Q3 2025)	Decreased by (2.5)%	Year-over-year change.

The focus on operational excellence helps maintain high utilization, evidenced by the reported ending same-store occupancy of 93.7% as of Q3 2025. This high rate is a direct result of effective revenue management strategies.

Extra Space Storage Inc. also delivers a seamless digital experience, supporting reservations, payments, and access through its technology infrastructure. The company's financial reporting highlights revenue streams from tenant reinsurance, which was $90.34 million in Q3 2025, suggesting a digital component to policy management and claims processing.

The offering caters to diverse needs through various facility types, including:

• Climate-controlled units for sensitive belongings.
• Specialized vehicle storage like boat storage.
• Dedicated space for RV storage options.

The company's Core Funds From Operations (FFO) per share for Q3 2025 was $2.08, showing consistent earnings generation even while navigating market conditions.

Extra Space Storage Inc. (EXR) - Canvas Business Model: Customer Relationships

You're looking at how Extra Space Storage Inc. keeps its millions of customers engaged and satisfied in a competitive market. Honestly, their approach leans heavily on tech to make the customer journey feel seamless, even if the underlying operations are complex.

Automated and self-service online reservation and payment systems.

Extra Space Storage Inc. is pushing hard on automation, making sure you can handle most needs without talking to a person. Their AI strategy for 2025 centers on enhancing the digital presence, which means rolling out new tools for customers right on the website and through digital channels. Key initiatives planned for 2025 include implementing natural language search on the website, developing AI-powered chatbots, and creating intelligent virtual agents for the call center. These projects are specifically designed to improve customer experience and increase conversion rates. The company uses a proprietary revenue management system, refined constantly through testing, to drive pricing, discounts, and advertising strategies, tailoring them to each market, property, and unit type with real-time updates. As of May 2025, the company serves over 2.2 million customers, indicating a massive user base interacting with these digital touchpoints.

Here's a quick look at the scale of their digital and operational footprint as of late 2025:

Metric	Value as of Late 2025	Date Reference
Total Customers Served	Over 2.2 million	May 2025
Ending Same-Store Occupancy	93.7%	September 30, 2025
Average Same-Store Occupancy (Q3 2025)	94.1%	Q3 2025
Total Stores Managed (Third-Party + JV)	Over 2,114 (as of Q1 2025)	March 31, 2025
Total Stores on Third-Party Platform	2,222	September 30, 2025

Centralized call center support for sales and customer service.

When you do need to call, the support structure is centralized. The investment in AI is directly aimed at augmenting this team; the plan includes creating those intelligent virtual agents to handle initial inquiries, which should help streamline operations. To ensure the human agents are sharp, Extra Space Storage Inc. focused on training; for instance, in 2024, they added approximately 60 hours of additional training for new call center team members. They also have a dedicated team monitoring cybersecurity risks around the clock, which is a critical, though unseen, part of customer service security.

Consistent, professional service across all owned and managed stores.

The promise is a consistent experience across the entire portfolio, which, as of late 2025, spans over 4,000+ stores. Consistency is supported by operational discipline, which you can see reflected in the occupancy numbers. For the third quarter ended September 30, 2025, ending same-store occupancy was 93.7%, up slightly from 93.6% the prior year. This high occupancy is a direct indicator of customer satisfaction with the offering and service quality. Furthermore, the focus on driving rates shows confidence in the value proposition. In Q3 2025, new customer rate growth was over 3% year-over-year net of discounts, and excluding those strategic discounts, the same-store new customer rate growth was approximately 6%.

Targeted digital communication and email campaigns for existing tenants.

Extra Space Storage Inc. doesn't just acquire customers digitally; they manage them digitally too. They use their data science leadership to inform pricing, discounts, and advertising strategies. These strategies are highly tailored, meaning communications to existing tenants are likely segmented based on their location, unit type, and historical behavior. The proprietary revenue management system allows for these targeted communications and pricing adjustments in real-time based on market data. This data-driven approach helps bridge the gap between improving new customer rates and seeing that flow through to overall revenue acceleration.

• Leverage customer, market, and historical data for pricing and discounts.
• Tailor strategies to each market, property, and unit type.
• Use real-time updates to refine communication and offers.

Finance: draft the 13-week cash view by Friday.

Extra Space Storage Inc. (EXR) - Canvas Business Model: Channels

The Channels block for Extra Space Storage Inc. centers on a high-volume, omnichannel approach, blending a massive physical footprint with sophisticated digital transaction capabilities.

The core channel remains the physical self-storage facilities. As of October 23, 2025, Extra Space Storage Inc. operated 4,287 stores across the United States. This physical network spans 43 states and Washington, D.C., as reported on June 30, 2025. The scale is significant, with properties located in 98 of the 100 largest metro markets in the U.S.. These locations offer approximately 2.9 million units across roughly 321.5 million rentable square feet as of mid-2025.

You can see the geographic concentration of this physical channel below:

State/Territory	Number of Stores (as of Oct 2025)	Percentage of Total Stores
Florida	558	13%
Texas	558	13%
California	425	10%

The digital interface is critical for lead generation and direct transaction completion. The company website, extraspace.com, functions as the primary e-commerce platform for reservations and rentals. For 2025, key digital enhancements included the implementation of natural language search on the website to improve customer interaction. While 2024 data showed 23.2 million web visits, the digital channel is clearly a major driver of volume. The mobile app supports online booking and account management, complementing the web experience.

The national call center acts as a high-touch digital extension, handling reservations and inquiries. As of the latest reports, customers can connect with one of over 250 call center team members for assistance. Strategic initiatives for 2025 included developing AI-powered chatbots and intelligent virtual agents for the call center, specifically aimed at improving conversion rates.

Digital marketing and SEO efforts fuel traffic to these online channels. The company maintains a data-driven approach, leveraging SEO, pay-per-click advertising, and brand management to attract prospects.

• Marketing allocation in 2024 was approximately $34 million.
• Location-based targeting, like ZIP code targeting, achieved a 184% ROI.
• Targeted ad testing grew the Click-Through Rate (CTR) in a high-volume ad group by 113%.
• Overall CTR increased by 32% through the use of ad customizers.

The physical and digital channels work together, with the current same-store square foot occupancy hovering around 93.7% as of September 30, 2025.

Extra Space Storage Inc. (EXR) - Canvas Business Model: Customer Segments

You're looking at the core groups Extra Space Storage Inc. serves, which is key to understanding their revenue stability. The customer base is broad, spanning individuals needing temporary space to sophisticated property owners looking for management expertise.

The largest portion of the business still revolves around the individual renter, covering both short-term needs like moving or seasonal storage, and longer-term decluttering. The company's operational success is directly tied to keeping these units occupied. As of September 30, 2025, the ending same-store occupancy was reported at 93.7%. Extra Space Storage Inc. serves approximately 2.4 million customers who trust them with their storage needs as of early 2025.

For business customers, the offering is straightforward: secure space for inventory, equipment, or document retention. While the company doesn't break out revenue specifically for business versus residential renters, the overall high occupancy reflects strong demand across both user types. The company operates across 43 states and Washington, D.C..

The ManagementPlus segment targets third-party property owners who want to leverage the Extra Space Storage Inc. brand and operational systems without selling their assets. This is a significant growth driver and a source of fee revenue. As of September 30, 2025, the company was managing 1,811 stores for third parties. This represented a net addition of 62 stores to the platform during the third quarter of 2025.

Real estate investors and developers are served through two primary channels: joint ventures and the bridge loan program. The joint venture structure allows Extra Space Storage Inc. to participate in the ownership and growth of properties alongside partners. As of September 30, 2025, the company managed 411 stores in unconsolidated joint ventures. The bridge loan program also supports investors, providing financing for real estate acquisition or development. During the three months ended September 30, 2025, the company originated $122.7 million in mortgage and mezzanine bridge loans. The bridge loan portfolio held a value of $1.4 billion as of March 31, 2025.

Here's a quick look at the scale of the portfolio across these ownership and management structures as of mid-to-late 2025:

Segment Type	Count/Metric	As of Date
Total Properties Operated	4,179	June 30, 2025
Wholly Owned Properties	2,016	June 30, 2025
Third-Party Managed Stores (ManagementPlus)	1,811	September 30, 2025
JV Owned Properties	411	September 30, 2025
Total Bridge Loans Originated (Q3 2025)	$122.7 million	Three Months Ended September 30, 2025

It's important to note the shift in the managed portfolio. As of December 31, 2024, third-party managed properties represented 39% of the total 4,011 store portfolio. The focus on growing the managed segment is clear, as the total number of managed stores (JV plus third-party) reached 2,222 as of September 30, 2025.

The company's operational efficiency, which benefits all customer segments, is reflected in its financial performance metrics:

• Same-store revenue for the nine months ended September 30, 2025, was flat compared to the prior year.
• Core FFO per diluted share for the nine months ended September 30, 2025, was $6.13, a 0.7% increase year-over-year.
• The company paid a quarterly dividend of $1.62 per share in Q3 2025.

Finance: draft 13-week cash view by Friday.

Extra Space Storage Inc. (EXR) - Canvas Business Model: Cost Structure

You're looking at the major drains on Extra Space Storage Inc.'s cash flow, the costs that keep the lights on and the properties maintained. The cost structure is heavily weighted toward real estate ownership expenses and servicing its debt load.

Significant property operating expenses are a constant, covering the day-to-day running of a massive portfolio. This includes utilities and property taxes, which are substantial line items for any large real estate holder. For the year ended December 31, 2024, total same-store operating expenses reached $408,927 thousand.

The interest expense on debt is a critical component. Extra Space Storage Inc. carries a considerable amount of leverage, and servicing that debt is a major cost. As of the third quarter of 2025, the combined weighted average interest rate on its debt stood at 4.4%, reflecting a mix of fixed and variable rates.

General and administrative costs cover the corporate overhead necessary to manage a national platform, including centralized IT, finance, and executive functions. While these costs are necessary for scale, they are distinct from the property-level operating expenses.

Capital expenditures are essential for maintaining asset quality and competitive positioning. This includes routine maintenance and strategic investments like sustainability projects. In 2024, Extra Space Storage Inc. invested $30.1 million specifically into solar installations across its facilities. Furthermore, the company invested $66 million in 2024 for its comprehensive redevelopment program, which covers expansions and rebuilds.

Marketing and advertising spend is an ongoing cost to drive new customer traffic and maintain high occupancy. This spend supports the dynamic digital marketing strategy aimed at targeting high-quality prospects.

Here's a look at some of the key cost-related figures from the 2024 fiscal year and the latest reported debt metric:

Cost Category/Metric	Period/Date	Amount/Rate
Total Same-Store Operating Expenses	Year Ended December 31, 2024 (in thousands)	$408,927
Property Taxes (Same-Store)	Year Ended December 31, 2024 (in thousands)	$36,219
Insurance (Same-Store)	Year Ended December 31, 2024 (in thousands)	$18,718
Solar Installations Capital Expenditure	Year Ended December 31, 2024 (in millions)	$30.1 million
Redevelopment Investment	Year Ended December 31, 2024 (in millions)	$66 million
Combined Weighted Average Interest Rate on Total Debt	As of September 30, 2025	4.4%
Fixed-Rate Debt to Total Debt Percentage	As of September 30, 2025	83.8%

The cost structure also involves specific operational expenses that impact Net Operating Income (NOI). You can see how these expenses stack up against revenue:

• Utilities and miscellaneous other store expenses are bundled within the total same-store operating expenses.
• General office expenses, computer, bank fees, and credit card merchant fees are also included in the same-store operating expense total.
• The company's liquidity needs include operating expenses, monthly debt service payments, and recurring capital expenditures.

Finance: draft 13-week cash view by Friday.

Extra Space Storage Inc. (EXR) - Canvas Business Model: Revenue Streams

Extra Space Storage Inc.'s revenue streams are built on a foundation of direct property ownership and operation, supplemented by high-margin ancillary services and financial activities. The total revenue for the twelve months ending September 30, 2025, was reported at $3.342B.

The primary revenue driver remains the rental income generated from the company's wholly owned and joint venture self-storage portfolio. This core business is supported by the scale achieved through its management platform, which provides operational efficiencies and a pipeline for future acquisitions.

The key components of the revenue model as of late 2025 include:

• Rental income from owned and joint venture self-storage units.
• Management fees from the 1,811 third-party managed stores as of September 30, 2025.
• Tenant insurance income, a strong ancillary business.
• Interest income from the bridge loan program (approx. $1.4 billion outstanding as of March 31, 2025).
• Full-year 2025 Core FFO guidance midpoint of approximately $8.16 per share.

The ancillary and financial services streams are designed to complement the core real estate operations, often providing fee income with lower capital requirements. For instance, income from third-party management and tenant insurance combined to produce $182 million in 2024.

The Bridge Loan Program is a significant source of interest income and a strategic tool. During the third quarter of 2025, Extra Space Storage Inc. originated $122.7 million in bridge loans. The outstanding balance of these bridge loans was approximately $1.4 billion at the close of the first quarter of 2025.

Here's a quick look at some key financial figures relevant to the revenue outlook:

Metric	Value	Reporting Period/Context
Trailing Twelve Months Revenue	$3.342B	Ending September 30, 2025
Third-Party Managed Stores	1,811	As of September 30, 2025
Bridge Loans Outstanding Balance	Approx. $1.4 billion	As of March 31, 2025
Q3 2025 Bridge Loan Originations	$122.7 million	Three months ended September 30, 2025
2025 Core FFO Guidance Midpoint	Approx. $8.16 per share	Full Year 2025 Guidance (as of October 2025)

The management platform's growth directly feeds fee revenue and bolsters the acquisition pipeline. As of June 30, 2025, the total managed portfolio, including third-party and joint venture stores, stood at 2,163 stores. The third-party component alone reached 1,749 stores by that date.

The company's guidance for the full year 2025 suggests continued focus on operational stability despite market pressures:

• Same-store revenue growth guidance: -0.50% to 1.00%.
• Same-store expense growth projection: 4.00% to 5.00%.
• Same-store NOI growth projection: -2.75% to 0.00%.

Finance: draft 13-week cash view by Friday.