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Extra Space Storage Cash Flow Statement

Operating, investing, and financing cash movements

Extra Space Storage generated $1.9B in operating cash flow over the trailing twelve months. After $23.2M in capital expenditures, free cash flow was $1.9B. Free cash flow decreased 0.0% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$1.9BNet Cash From Investing (TTM)-$519.7MNet Cash From Financing (TTM)-$1.3BDepreciation And Amortization Cf (TTM)$720.6MNet Change In Cash (TTM)-$22.2M
Latest FilingQ1 2026
Report Date2026-05-01
Market Cap$31.7B
P/E Ratio33.62
ROE6.94%

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital expenditures incurred but not yet paid$1.9M$8M$6M——$7.2M
ROU assets obtained - operating leases$486.3M$0$419K$0$5.4M$10.5M
Interest paid$118M$116.8M$166.7M$150M$131.3M$161.2M
Capital expenditures incurred but not yet paid$1.9M$8M$6M——$7.2M
Capital Expenditures Incurred but Not Yet Paid$1.9M$8M$6M——$7.2M
ROU Asset Obtained for Lease Liability$486.3M$0$419K$0$5.4M$10.5M

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Debt issuance costs and discount amortization$11.2M$11.3M$11.8M$12.1M$12.4M$12.6M
Amortization of debt issuance costs$3.3M$2.8M$2.9M$3.1M$3.2M$3.2M
Change in accounts payable—$5M$72.5M$43.7M—$10M
Change in other assets$58M-$6.9M-$20.1M$55.1M-$49.2M-$38.2M
Change in other liabilities$44.2M$14.5M-$16.5M-$3.4M-$36.9M-$18.5M
Depreciation and amortization$196.2M$180.4M$177.3M$177.5M$180.1M$185.8M
Distributions from equity method investments-$8.9M-$9.2M-$8.7M-$6.9M-$4.4M-$3.3M
Net cash from operating activities$408.3M$481.4M$543.9M$457.1M$367.8M$489.9M
Net income$277.8M$284.9M$262.7M$174M$300.9M$252.4M
Amortization Of Debt Discount Premium$11.2M$11.3M$11.8M$12.1M$12.4M$12.6M
Amortization expense related to capitalized debt issuance costs$3.3M$2.8M$2.9M$3.1M$3.2M$3.2M
Equity in earnings of unconsolidated real estate ventures - gain on sale of a joint venture interest—$0———$207K
Gains (Loss) On Real Estate Transactions, Net Of Impairment Of Real Estate—$35.8M—-$105.1M—$0
Income Loss From Equity Method Investments Net Of Dividends Or Distributions-$8.9M-$9.2M-$8.7M-$6.9M-$4.4M-$3.3M
Increase (Decrease) in Other Operating Assets$58M-$6.9M-$20.1M$55.1M-$49.2M-$38.2M
Non-cash operating lease expense—$3.3M$3.2M$3.2M$3.2M$3.2M
Noncash Interest Income$7.9M$8.3M$8.1M$7.7M$8.5M$7.7M
Operating lease right-of-use asset amortization—$3.3M$3.2M$3.2M$3.2M$3.2M
Proceeds From Sale Of Notes Receivable$8.3M$25.9M$6.5M$66M$14.2M$29.3M
Stock-based compensation$14.6M$7.2M$8.5M$7.1M$12.8M$7.6M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Proceeds from issuance of debt$3.1B$4B$2.5B$5B$4.7B$4.2B
Repayments of debt$2.7B$4.6B$2.4B$5.8B$4.5B$4.2B
Distributions to noncontrolling interests$15.1M$15.5M$15.3M$14.1M$18M$15.2M
Dividends paid$344M$344.2M$343.9M$343.8M$342.4M$342.8M
Proceeds from issuances of debt$3.1B$4B$2.5B$5B$4.7B$4.2B
Proceeds from the issuance of debt$300M$850M—$800M—$0
Repayments of Debt$2.7B$4.6B$2.4B$5.8B$4.5B$4.2B
Net cash from financing activities—-$159.6M-$266M-$386.2M-$224.3M-$442.1M
Payment of debt issuance costs$10.5M$13.5M$0$17.3M$1.7M$48K
Repurchases of common stock$0$0$8.6M$0$140.9M$1.4M
Payments of consent fees related to long-term debt$10.5M$13.5M$0$17.3M$1.7M$48K

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Proceeds from Collection of Notes Receivable$0$40M$6.4M$91.6M$108.5M$41M
Payments to notes receivables$220.6M$182.1M$178.3M$152M$102.8M$14.6M
Payments To Acquire Real Estate$289.4M$208.6M$255.9M$123M$338.7M$74.5M
Payments To Develop Real Estate Assets$28.1M$35.2M$44.3M$31.5M$32M$26.4M
Proceeds From Collection Of Notes Receivable$0$40M$6.4M$91.6M$108.5M$41M
Proceeds From Sale Of Real Estate Heldforinvestment$120.5M$124.7M$8.5M$35.5M$199.4M$6.1M
Net cash from investing activities-$769.4M-$342M-$272.2M-$83.4M-$116.6M-$47.5M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net increase (decrease) in cash$49M-$20.3M—-$12.5M—$225K
Acquisition And Remeasurement Of Lease Right of Use Assets, Net Real Estate Assets Acquired—$0———$4.6M
Asset Acquisition, Real Estate Assets, Net Liabilities Assumed$0$635K——$298.4M$0
Asset Acquisition, Unsecured Senior Notes$0$0$0$0$0—
Bridge Loan Receivable-$9.8M-$8.3M-$8.3M-$8.3M-$8.3M—
Accrued payables for capital expenditures$1.9M$8M$6M——$7.2M
Cash Portion Of Redemption Of Operating Partnership Units$2.3M$0$279K$1.2M$0$1.7M
Cash Portion Of Redemption Of Preferred Operating Partnership Units—$0———$6M
Establishment Of Operating Lease Liability$486.3M$0$419K$0$5.4M$10.5M
Value of investment in consolidated real estate ventures$0-$34M-$34M-$34M-$34M—
Value of investment in consolidated real estate ventures$1.9M-$105.5M$210.9M——$0
Investment in unconsolidated real estate ventures$463.3K$0$0$0$0—
Issuance Of Equity For Acquisition Of Real Estate Assets$25.1M$5.9M———$0
Real estate assets, net$137.8M$112M——$375.9M$0
Noncontrolling interests in Operating Partnership-$91.3M-$22.3M-$4M——$0
Other liabilities—$0———$4.6M
Payments For Investment In Unconsolidated Real Estate Entities$294.7M$102.4M$10.9M$0$19.9M$5.6M
Payments to Acquire Furniture and Fixtures$4.8M$4.3M$4.1M$7.3M$5.4M$2.9M
Proceeds from Issuance of Loan Collateralized With OP Units$12.5M$0$0$0$0—
Acquisition of real estate assets$1.9M$8M$6M——$7.2M
Common stock and paid-in capital$89.4M$22.3M$4M——$0
Leased assets obtained in exchange for operating lease liabilities$486.3M$0$419K$0$5.4M$10.5M
Stock Issued During Period, Value, Conversion of Units$0—————