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Real Estate Self-Storage REITs Salt Lake City, Utah Last filing Feb 20, 2026 · FY2025

                    Revenue
                    FY2025
                
$3.4B
                    3y CAGR +20.6%
                    
                    P93
                    
                    +3.7%
                    
                    Net income
                    FY2025
                
$974.0M
                    Net margin +28.8%
                    
                    P66
                    
                    +14.0%
                    
                    Total assets
                    FY2025
                
$29.3B
                    ROA +3.3%
                    
                    P45
                    
                    +1.4%
                    
                    Operating cash flow
                    FY2025
                
$1.9B
                    FCF margin +23.1%
                    
                    P76
                    
                    -2.0%

18 yrs · FY2008–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

15 accounts · 10 years

Total assets $29.3B

Total liabilities $14.9B

Shareholders equity $13.4B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	0.5%	0.5%	0.4%	0.8%	0.7%	1.2%	0.8%	0.7%	0.7%	0.6%
Real Estate	87.9%	87.6%	90.3%	84.0%	86.5%	86.7%	93.3%	95.5%	95.6%	95.5%
Other Noncurrent Assets	11.6%	11.9%	9.4%	15.2%	12.8%	12.1%	5.9%	3.8%	3.7%	3.9%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Long Term Debt	37.3%	34.5%	33.0%	41.9%	39.2%	26.8%	57.3%	59.9%	58.2%	53.9%
Other Noncurrent Liabilities	13.7%	14.0%	10.9%	24.6%	24.7%	42.0%	8.5%	4.6%	5.3%	9.5%
Total Liabilities	51.1%	48.5%	43.9%	66.5%	63.9%	68.8%	65.8%	64.5%	63.5%	63.4%
Equity
Total Stockholders Equity	45.9%	48.3%	52.4%	26.8%	29.8%	27.1%	29.8%	30.8%	31.5%	31.7%
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	50.8%	51.4%	53.7%	27.5%	31.4%	31.9%	33.6%	33.6%	34.4%	36.2%
Retained Earnings	-5.0%	-3.1%	-1.4%	-1.1%	-1.2%	-3.8%	-3.5%	-3.3%	-3.4%	-4.8%
Accumulated Other Comprehensive Income	-0.0%	0.0%	0.1%	0.4%	-0.4%	-1.1%	-0.3%	0.4%	0.4%	0.2%
Other Equity	3.0%	3.2%	3.7%	6.7%	6.4%	4.1%	4.5%	4.7%	5.0%	5.0%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

15 accounts · 10 years

Revenue $3.4B

Operating income $1.4B

Net income $974.0M

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	11.5%	11.3%	9.3%	15.8%	15.1%	14.4%	15.3%	15.2%	14.8%	14.5%
Expenses Property Operating Expenses	3.1%	2.9%	2.2%	3.6%	3.5%	3.8%	3.9%	3.7%	3.6%	3.5%
Expenses Depreciation and Amortization	2.4%	2.7%	1.8%	2.4%	2.3%	—	—	—	2.6%	2.6%
Expenses Selling,General and Administrative	0.6%	0.6%	0.5%	1.1%	1.0%	1.0%	1.0%	1.0%	1.1%	1.2%
Expenses Other Operating Expenses	0.5%	0.5%	0.5%	0.2%	-1.1%	2.5%	2.9%	2.6%	-1.3%	0.4%
Other Income Expense Operating Income	4.8%	4.6%	4.3%	8.6%	9.3%	7.1%	7.4%	7.9%	8.8%	6.5%
Other Income Expense Interest Expense	2.2%	2.1%	1.6%	1.8%	1.6%	1.8%	2.2%	2.3%	2.1%	1.9%
Other Income Expense Other Income/expense	0.6%	0.4%	0.3%	0.6%	0.5%	0.2%	0.1%	0.1%	0.1%	—
Other Income Expense Income Before Tax	3.2%	3.0%	3.0%	7.4%	8.2%	5.4%	5.3%	5.6%	6.7%	4.7%
Income Tax Income Tax Expense	0.1%	0.1%	0.1%	0.2%	0.2%	0.1%	0.1%	0.1%	0.0%	0.2%
net Income Other Items Below Tax	0.3%	0.1%	0.0%	-0.2%	-0.1%	-0.1%	-0.2%	-0.2%	-0.3%	0.9%
net Income net Income	3.3%	3.0%	2.9%	7.1%	7.9%	5.1%	4.9%	5.3%	6.4%	5.2%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Diluted	0.7%	0.7%	0.6%	1.2%	1.3%	1.4%	1.6%	1.7%	1.8%	1.8%

Cash Flow Statement

Operating, investing, and financing flows

15 accounts · 10 years

Operating cash flow $1.9B

Investing cash flow $-814.2M

Financing cash flow $-1.0B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Cash From Operating Activities	6.3%	6.5%	5.1%	10.2%	9.1%	8.2%	8.3%	8.6%	8.0%	7.6%
Operating Activities net Income	3.5%	3.1%	3.1%	7.6%	8.4%	5.5%	5.3%	5.7%	6.9%	5.6%
Operating Activities Depreciation and Amortization	2.4%	2.7%	1.8%	2.4%	2.3%	2.4%	2.6%	2.7%	2.6%	2.6%
Operating Activities Stock Based Compensation	0.1%	0.1%	0.1%	0.2%	0.2%	0.2%	0.2%	0.1%	0.1%	0.1%
Operating Activities Other Non Cash Items	0.4%	0.7%	0.1%	0.1%	-1.8%	0.1%	0.3%	0.1%	-1.6%	-0.7%
Investing Activities Capital Expenditures	-3.7%	-2.7%	-5.8%	-11.1%	-12.3%	-4.1%	-4.7%	-6.2%	-9.2%	-15.6%
Investing Activities Other Investing Activities	0.9%	-3.0%	-0.8%	-2.4%	4.3%	-6.0%	-2.6%	0.6%	4.4%	0.9%
Investing Activities net Cash From Investing Activities	-2.8%	-5.7%	-6.6%	-13.5%	-8.0%	-10.2%	-7.3%	-5.7%	-4.7%	-14.8%
Financing Activities Proceeds From Debt	60.9%	34.6%	31.6%	45.9%	54.5%	34.9%	25.9%	18.0%	17.8%	26.8%
Financing Activities Repayment of Debt	-58.9%	-30.2%	-25.8%	-34.6%	-52.5%	-27.6%	-23.5%	-16.3%	-14.9%	-16.1%
Financing Activities Dividends Paid	-4.9%	-5.0%	-4.0%	-7.1%	-6.1%	-5.3%	-5.8%	-5.8%	-5.7%	-5.6%
Financing Activities Repurchase of Common Stock	-0.5%	0.0%	0.0%	-0.5%	0.0%	-0.7%	0.0%	0.0%	—	—
Financing Activities Other Financing Activities	-0.1%	-0.1%	-0.2%	-0.2%	2.5%	1.3%	2.3%	1.0%	-0.1%	1.5%
Financing Activities net Cash From Financing Activities	-3.5%	-0.7%	1.5%	3.5%	-1.6%	2.6%	-1.0%	-3.2%	-2.9%	6.5%
Cash Reconciliation net Change In Cash	-0.0%	0.1%	0.0%	0.2%	-0.5%	0.6%	-0.0%	-0.2%	0.4%	-0.7%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	+41.8%	+40.6%	+45.7%	+54.6%	+61.9%	+49.1%	+48.5%	+51.8%	+59.2%	+44.4%
Net margin	+28.8%	+26.2%	+31.4%	+44.7%	+52.5%	+35.5%	+32.1%	+34.7%	+43.3%	+35.5%
FCF margin	+23.1%	+34.0%	-7.8%	-6.0%	-21.4%	+28.3%	+23.3%	+15.9%	-7.9%	-55.3%
Growth
Revenue CAGR (3y)	+20.6%	+27.3%	+23.6%	+13.7%	+9.6%	+7.1%	+8.2%	+15.2%	+19.5%	+25.6%
Returns
ROE	+7.3%	+6.1%	+5.6%	+26.4%	+26.6%	+18.9%	+16.5%	+17.2%	+20.4%	+16.3%
ROA	+3.3%	+3.0%	+2.9%	+7.1%	+7.9%	+5.1%	+4.9%	+5.3%	+6.4%	+5.2%
ROIC	+5.6%	+5.4%	+4.9%	+12.4%	+13.3%	+13.1%	+8.4%	+8.6%	+9.8%	+7.2%
Liquidity
Current ratio	—	—	—	—	—	—	—	—	—	—
Quick ratio	—	—	—	—	—	—	—	—	—	—
Leverage
D/E	1.11x	1.00x	0.84x	2.48x	2.15x	2.54x	2.21x	2.10x	2.02x	2.00x
Interest coverage	2.22x	2.22x	2.67x	4.79x	5.87x	3.87x	3.32x	3.38x	4.13x	3.43x
Efficiency
Asset turnover	0.12x	0.11x	0.09x	0.16x	0.15x	0.14x	0.15x	0.15x	0.15x	0.15x
Cash conversion cycle	—	—	—	—	—	—	—	—	—	—

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FY2025 fundamentals · no price

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