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Sankey diagram of Extra Space Storage Inc.. A complete text table follows the diagram.
Extra Space monetizes each customer twice: first through rent on the physical unit, then through a high-margin insurance product attached to the belongings inside.
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Every Sankey amount is a reported segment revenue, expense, or net-operating-income value. Management fees are discussed in annotations because the filing does not allocate a standalone direct expense against them.
Labels and narrative explain the filing. A category marked “arithmetic bridge” or “residual” is calculated from reported totals, rather than a separately reported line.
| Category | Stage | Value | Notes |
|---|---|---|---|
| Storage rental revenue | 1 | $733M | Physical units and property income |
| Tenant reinsurance revenue | 1 | $89.1M | Protection attached to stored goods |
| Property operating expense | 2 | $238M | Labor, taxes, maintenance and utilities |
| Self-storage NOI | 2 | $495M | 67.5% segment margin |
| Tenant insurance expense | 2 | $17.9M | Claims and administration |
| Tenant insurance NOI | 2 | $71.3M | 80.0% segment margin |
| Total segment NOI | 3 | $566M | Before corporate costs and financing |
| From | To | Value |
|---|---|---|
| Storage rental revenue | Property operating expense | $238M |
| Storage rental revenue | Self-storage NOI | $495M |
| Tenant reinsurance revenue | Tenant insurance expense | $17.9M |
| Tenant reinsurance revenue | Tenant insurance NOI | $71.3M |
| Self-storage NOI | Total segment NOI | $495M |
| Tenant insurance NOI | Total segment NOI | $71.3M |