Extra Space Storage Inc (0IJV.L) delivered a Q3 2025 performance that underscores the stability of the self-storage model even as top-line revenue softened in the quarter. Revenue of $777.6 million declined year-over-year by 9.0% and quarter-over-quarter by 7.6%, while gross profit reached $307.4 million for a gross margin of 39.5%. Operating income was $279.1 million (operating margin 35.9%), and net income was $169.9 million with EPS of $0.78. EBITDA stood at $499.0 million, yielding an EBITDARatio of 0.642, signaling strong earnings before financing and depreciation relative to revenue. The quarter featured a substantial interest burden (interest expense of $749.8 million), resulting in an EBIT coverage of 0.37x, highlighting the leverage risk facing the balance sheet even as ACHIEVING positive bottom-line results helped support free cash flow per share (FCF per share) of $2.20 and operating cash flow per share (OCF per share) of $2.16. Management commentary in the call (where available) typically centers on rate discipline, occupancy stability, and disciplined capital allocation; however, no transcript has been provided in the data, limiting direct quotes. The near-term outlook remains dependent on rent growth, occupancy retention, and refinancing conditions given a debt-heavy capital structure.