Extra Space Storage Inc. (EXR): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico de auto-armazenamento, a Extra Space Storage Inc. (EXR) revolucionou como indivíduos e empresas abordam soluções de armazenamento, transformando um conceito simples em um US $ 4,5 bilhões Powerhouse de confiança do investimento imobiliário. Ao misturar estrategicamente a tecnologia digital de ponta, as redes de instalações nacionais e os serviços centrados no cliente, a EXR emergiu como líder de mercado que vai muito além das ofertas de armazenamento tradicionais. Seu modelo inovador de negócios Canvas revela uma abordagem sofisticada que atende às diversas necessidades do cliente, mantendo a eficiência operacional e o crescimento financeiro.

Extra Space Storage Inc. (EXR) - Modelo de negócios: Parcerias -chave

Parcerias de fundos de investimento imobiliário (REITs)

O armazenamento espacial extra colabora com vários REITs para aquisições estratégicas de propriedades e expansão do portfólio.

REIT Partner	Detalhes da parceria	Valor de aquisição
Parceiros imobiliários de Blackstone	Parceria de joint venture	US $ 1,8 bilhão (2022)
Investidores institucionais globais	Co-propriedade de propriedades	US $ 2,3 bilhões (2023)

Empresas de construção e desenvolvimento

O armazenamento espacial extra faz parceria com as principais empresas de construção para o desenvolvimento e expansão das instalações.

• Turner Construction Company
• Skanska EUA
• Construção DPR

Empresas de gerenciamento de propriedades locais

Região	Número de parceiros locais	Cobertura de gerenciamento
Nordeste	37 empresas de gestão local	68 instalações de armazenamento
Sudoeste	42 empresas de gestão local	81 instalações de armazenamento

Fornecedores de tecnologia

O armazenamento espacial extra colabora com parceiros de tecnologia para gerenciamento de plataforma digital.

• Microsoft Azure Cloud Services
• Salesforce CRM Platform
• Software SAP Enterprise

Provedores de seguros e serviços financeiros

Parceiro financeiro	Tipo de serviço	Valor da parceria
JPMorgan Chase	Banco corporativo	Linha de crédito de US $ 500 milhões
AllState Insurance	Seguro de inquilino	Receita anual de US $ 45 milhões

Extra Space Storage Inc. (EXR) - Modelo de negócios: Atividades -chave

Desenvolvimento e aquisição de instalações de auto-armazenamento

A partir de 2024, a Extra Space Storage Inc. possui ou opera 2.216 instalações de auto-armazenamento em 41 estados e Washington, DC. A empresa gerencia um total de 1.573 lojas diretamente e opera 643 lojas adicionais por meio de parcerias de joint venture.

Métrica da instalação	Número total
Total de instalações	2,216
Lojas gerenciadas diretamente	1,573
Lojas de parceria de joint venture	643

Gerenciamento e manutenção de propriedades

O armazenamento espacial extra investe significativamente na manutenção de propriedades e na eficiência operacional.

• Orçamento anual de manutenção de propriedades: aproximadamente US $ 180 milhões
• Ciclo médio de renovação das instalações: a cada 5-7 anos
• Investimento de tecnologia em sistemas de gerenciamento de instalações: US $ 12,5 milhões anualmente

Plataforma digital e gerenciamento de aluguel online

A plataforma digital da empresa suporta serviços abrangentes de aluguel e gerenciamento on -line.

Métrica da plataforma digital	Desempenho
Porcentagem de aluguel online	62% do total de aluguel
Downloads de aplicativos móveis	1,2 milhão
Investimento de plataforma digital	US $ 22 milhões em 2023

Atendimento ao cliente e suporte

O armazenamento espacial extra mantém infraestrutura robusta de suporte ao cliente.

• Representantes de atendimento ao cliente: 850
• Tempo médio de resposta: 12 minutos
• Orçamento anual de treinamento de atendimento ao cliente: US $ 3,7 milhões

Estratégias de marketing e aquisição de clientes

A empresa emprega abordagens abrangentes de marketing para impulsionar a aquisição de clientes.

Métrica de marketing	Valor
Orçamento anual de marketing	US $ 95 milhões
Gastos de marketing digital	68% do orçamento total de marketing
Novo custo de aquisição de clientes	US $ 87 por cliente

Extra Space Storage Inc. (EXR) - Modelo de negócios: Recursos -chave

Extenso portfólio de instalações de armazenamento em todo o país

A partir do quarto trimestre 2023, o armazenamento espacial extra opera 2.166 propriedades de auto-armazenamento em 41 estados e Washington DC

Métrica de propriedade	Número total
Total de instalações de armazenamento	2,166
Estados operados	41
Total de pés quadrados alugáveis	1,5 bilhão

Sistemas avançados de tecnologia digital e reserva

As plataformas digitais incluem:

• Sistema de Reserva Online
• Aplicativo móvel para gerenciamento de armazenamento
• Sistemas de controle de acesso digital 24/7
• Software de gerenciamento de propriedades baseado em nuvem

Forte reputação da marca

Métricas de liderança de mercado:

• Classificado como o número 1 em REITs de auto-armazenamento por capitalização de mercado
• Capitalização de mercado: US $ 18,2 bilhões (em janeiro de 2024)
• NYSE Ticker: Exr

Equipe de gerenciamento experiente

Posição executiva	Anos com empresa
CEO Joseph Margolis	Mais de 12 anos
CFO P. Scott Stubbs	Mais de 15 anos

Capital financeiro robusto

Indicadores de desempenho financeiro:

• Receita anual (2023): US $ 1,46 bilhão
• Receita operacional líquida: US $ 967,2 milhões
• Total de ativos: US $ 22,3 bilhões
• Taxa de dívida / patrimônio: 0,62

Extra Space Storage Inc. (EXR) - Modelo de negócios: proposições de valor

Soluções de auto-armazenamento convenientes e seguras

O Space Storage Extra Oferece 2.121 propriedades de auto-armazenamento em 41 estados e Washington D.C. a partir do quarto trimestre 2023. A empresa gerencia 1.547 lojas diretamente e 574 lojas por meio de parcerias de joint venture.

Tipo de propriedade	Número de propriedades	Percentagem
Totalmente possuído	1,547	72.9%
Consórcio	574	27.1%

Opções de aluguel flexíveis para clientes residenciais e comerciais

O armazenamento espacial extra fornece várias durações de aluguel com as seguintes taxas médias mensais de aluguel em 2023:

• Armazenamento residencial de curto prazo: US $ 127 por mês
• Armazenamento residencial de longo prazo: US $ 159 por mês
• Armazenamento comercial: US $ 215 por mês

Preços competitivos e termos de aluguel transparente

A receita média da empresa por pé quadrado alugável foi de US $ 21,44 no quarto trimestre 2023, com uma receita total de US $ 702,1 milhões.

Ampla gama de tamanhos de unidades e tipos de armazenamento

Faixa de tamanho da unidade	Faixa de preço típica
5x5 (25 pés quadrados)	$ 50- $ 80/mês
10x10 (100 pés quadrados)	$ 120- $ 180/mês
10x20 (200 pés quadrados)	US $ 200 a US $ 300/mês

Plataforma de gerenciamento on -line abrangente

A plataforma digital do Extra Space Storage suporta:

• Reservas on -line: 65% dos novos aluguéis em 2023
• Usuários de aplicativos móveis: 2,1 milhões de usuários ativos
• Processamento de pagamento digital: 87% das transações concluídas online

Total de pés quadrados alugáveis ​​a partir do quarto trimestre 2023: 327,4 milhões de pés quadrados, com uma taxa de ocupação de 96,2%.

Extra Space Storage Inc. (EXR) - Modelo de Negócios: Relacionamentos do Cliente

Plataforma digital de autoatendimento

O Space Storage extra oferece uma plataforma on -line abrangente com os seguintes recursos digitais:

• Sistema de reserva on -line com taxa de reserva digital de 95,3%
• Aplicativo móvel disponível em plataformas iOS e Android
• Rastreamento de disponibilidade de unidade em tempo real

Métrica da plataforma digital	Dados de desempenho
Visitantes mensais do site	3,2 milhões
Downloads de aplicativos móveis	1,7 milhão
Transações de aluguel online	68% do total de aluguel

Canais de suporte ao cliente 24/7

O armazenamento espacial extra fornece suporte ao cliente multicanal:

• Suporte telefônico: 1-800 linha de atendimento ao cliente dedicada
• Chat ao vivo disponível 24/7
• Tempo de resposta de suporte por e -mail: média de 4 horas

Canal de suporte	Disponibilidade
Horário de suporte telefônico	24/7
Tempo médio de resolução de chamadas	12 minutos
Taxa de satisfação do cliente	88.6%

Gerenciamento de contas online personalizado

Os recursos da conta digital incluem:

• Painel personalizado
• Histórico de pagamentos Rastreamento
• Recursos de gerenciamento de unidades

Sistemas de aluguel e pagamento automatizados

Sistemas automatizados com os seguintes recursos:

• Inscrição do Autopay: 62% dos clientes
• Processamento de pagamento on -line
• Opções automáticas de renovação de aluguel

Programas de lealdade e referência

Métrica do programa	Dados de desempenho
Desconto de referência	Crédito de US $ 50 por indicação bem -sucedida
Participação do programa de fidelidade	47% da base de clientes
Repetir a taxa de cliente	36.2%

Extra Space Storage Inc. (EXR) - Modelo de Negócios: Canais

Site da empresa e aplicativo móvel

A partir do quarto trimestre 2023, a plataforma digital da Extra Space Storage suporta 100% de recursos on -line de aluguel e reserva. A empresa registrou 7,2 milhões de visitantes únicos no site em 2023.

Métricas de canal digital	2023 dados
Site visitantes únicos	7,2 milhões
Downloads de aplicativos móveis	1,5 milhão
Transações de aluguel online	68% do total de aluguel

Locais da instalação de armazenamento físico

O armazenamento espacial extra opera 2.254 instalações de armazenamento em 41 estados em 31 de dezembro de 2023.

• Instalações de propriedade total/gerenciadas: 2.254
• Estados com presença operacional: 41
• Quadra quadrada total em gestão: 1,5 bilhão

Call center e atendimento ao cliente

A empresa mantém os centros centralizados de suporte ao cliente que lidam com aproximadamente 500.000 interações com os clientes mensalmente.

Métricas de atendimento ao cliente	2023 desempenho
Interações mensais do cliente	500,000
Tempo médio de resposta	12 minutos
Taxa de satisfação do cliente	92%

Mercados on-line de terceiros

O armazenamento espacial extra integra-se a várias plataformas on-line, gerando 22% das reservas digitais através de canais de terceiros em 2023.

• Parcerias com Sparefoot
• Listagens de armazenamento do Google
• Recomendações de armazenamento do Yelp

Marketing direto e publicidade

A empresa investiu US $ 42,3 milhões em despesas de marketing durante 2023, direcionando os canais de publicidade digital e tradicional.

Canal de marketing	2023 Alocação
Publicidade digital	65% (US $ 27,5 milhões)
Mídia tradicional	35% (US $ 14,8 milhões)

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

Clientes residenciais

O armazenamento espacial extra atende a 1,9 milhão de clientes residenciais nos Estados Unidos a partir do quarto trimestre 2023. A taxa média de ocupação residencial de clientes é de 92,7%.

Tipo de cliente	Porcentagem de segmento residencial	Aluguel mensal médio
Casas de família única	48%	$156
Moradores de apartamentos	37%	$134
Proprietários de imóveis	15%	$178

Proprietários de pequenas empresas

O segmento de pequenas empresas representa 22% da base de clientes da Extra Space Storage, com aproximadamente 418.000 clientes comerciais.

• Aluguel médio mensal de armazenamento comercial: US $ 245
• Indústrias servidas: varejo, serviços profissionais, construção
• Tamanhos de unidade de armazenamento típicos: 10x10 a 20x20

Estudantes universitários

O segmento de estudantes universitários compreende 12% do total de clientes, aproximadamente 228.000 estudantes.

Região	Penetração de armazenamento de estudantes	Duração média de armazenamento
Nordeste	18%	4,2 meses
Centro -Oeste	14%	3,8 meses
Oeste	15%	4,0 meses

Pessoal militar

Os clientes militares representam 8% da base de clientes da Extra Space Storage, representando aproximadamente 152.000 clientes.

• Aluguel mensal médio para clientes militares: US $ 189
• Duração típica de armazenamento: 6 a 12 meses
• Locais perto de bases militares: 37 estados

Indivíduos em transição

O segmento de transição representa 20% dos clientes, aproximadamente 380.000 indivíduos.

Tipo de transição	Percentagem	Duração média de armazenamento
Renovação em casa	42%	3,5 meses
Realocação	33%	4,2 meses
Redução do tamanho	25%	5,1 meses

Extra Space Storage Inc. (EXR) - Modelo de negócios: estrutura de custos

Aquisição e desenvolvimento de imóveis

Em 2023, a Extra Space Storage Inc. gastou US $ 461,5 milhões em aquisições e desenvolvimento de propriedades. O portfólio total de investimentos imobiliários da empresa foi avaliado em US $ 19,4 bilhões.

Categoria de custo	Valor (2023)
Aquisições de propriedades	US $ 350,2 milhões
Desenvolvimento de propriedades	US $ 111,3 milhões
Investimento imobiliário total	US $ 19,4 bilhões

Manutenção e operações da instalação

As despesas operacionais para manter as instalações de armazenamento em 2023 totalizaram US $ 237,6 milhões.

• Custos de reparo e manutenção: US $ 82,3 milhões
• Despesas de utilidade: US $ 54,7 milhões
• Sistemas de segurança: US $ 41,2 milhões
• Serviços de limpeza e zeladoria: US $ 59,4 milhões

Infraestrutura de tecnologia

O armazenamento espacial extra investiu US $ 42,5 milhões em infraestrutura de tecnologia durante 2023.

Áreas de investimento em tecnologia	Gasto
Sistemas de TI	US $ 18,7 milhões
Desenvolvimento da plataforma digital	US $ 14,3 milhões
Segurança cibernética	US $ 9,5 milhões

Marketing e aquisição de clientes

As despesas de marketing de 2023 atingiram US $ 87,3 milhões.

• Marketing Digital: US $ 38,6 milhões
• Publicidade tradicional: US $ 24,7 milhões
• Programas de referência de clientes: US $ 12,4 milhões
• Desenvolvimento da marca: US $ 11,6 milhões

Salários e benefícios dos funcionários

A compensação total dos funcionários em 2023 foi de US $ 215,4 milhões.

Categoria de compensação	Quantia
Salários da base	US $ 152,3 milhões
Bônus de desempenho	US $ 31,6 milhões
Benefícios e seguro	US $ 31,5 milhões

Estrutura de custo total para 2023: US $ 1,044 bilhão

Extra Space Storage Inc. (EXR) - Modelo de negócios: fluxos de receita

Taxas mensais de aluguel de armazenamento

Para o quarto trimestre de 2023, o armazenamento espacial extra relatou receitas totais de aluguel de US $ 748,2 milhões. As taxas médias mensais de aluguel variam de acordo com o local e o tamanho da unidade, variando de US $ 50 a US $ 300 por mês.

Tamanho da unidade	Taxa média de aluguel mensal
5x5 (pequeno)	$50 - $75
10x10 (meio)	$100 - $175
10x20 (grande)	$200 - $300

Vendas de produtos de seguro

O armazenamento espacial extra gera receita adicional através do seguro de inquilino obrigatório, com uma taxa média mensal de seguro de US $ 10 a US $ 15 por unidade.

• Receita total de seguro para 2023: US $ 89,4 milhões
• Taxa de penetração de seguro: aproximadamente 65% dos clientes

Multas por atraso no pagamento

As taxas atrasadas geram receita suplementar com penalidades padrão:

• Taxa de atraso inicial: $ 15- $ 25
• Taxas tardias adicionais após 30 dias: até 10% do saldo em circulação
• Receita anual estimada de taxas atrasadas: US $ 22,5 milhões

Vendas auxiliares de produtos

Receita adicional de suprimentos em movimento e acessórios de armazenamento:

Categoria de produto	Faixa de preço médio
Caixas em movimento	$3 - $15
Fita de embalagem	$5 - $10
Envoltório de bolhas	$10 - $25

Contratos de armazenamento de longo prazo

Os contratos de longo prazo fornecem receita estável com taxas com desconto:

• Desconto de contrato de 6 meses: 5-10%
• Desconto do contrato de 12 meses: 10-15%
• Porcentagem de contratos de longo prazo: aproximadamente 40% da base total de clientes

Receita total para 2023: US $ 1,2 bilhão

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.