Extra Space Storage Inc

Latest Results (28.08.2026):

Extra Space Storage Inc. (EXR) reported results for the first quarter of 2026. The company posted net income attributable to common stockholders of $1.14 per diluted share (down 10.9% year‑over‑year, noting the prior-year quarter included a gain on real estate sales), FFO of $1.97 per diluted share and Core FFO of $2.04 per diluted share (Core FFO +2.0% YoY).

Earnings

Net income attributable to common stockholders: $240.98M or $1.14 per diluted share (Q1 2026), a 10.9% decline from Q1 2025 largely due to a gain on real estate assets in the prior-year period.

FFO and Core FFO

FFO: $434.44M ($1.97 per diluted share). Core FFO: $450.91M ($2.04 per diluted share), up 2.0% versus Q1 2025 after Core adjustments.

Same‑Store Operating Performance

Same‑store revenue increased 1.7% and same‑store NOI rose 1.2% versus Q1 2025 (same‑store pool: 1,870 stores). Total same‑store rental revenues were $678.6M and same‑store operating expenses were $201.9M.

Occupancy

Ending same‑store square foot occupancy was 93.0% as of March 31, 2026 (versus 93.2% as of March 31, 2025); average same‑store occupancy for the quarter was 92.7% (vs. 93.1% prior year).

Acquisitions, Development & Management Growth

Acquired one operating store for $12.5M and completed development of one store (total cost ~ $15.1M; EXR invested ~$14.4M). Added 84 third‑party managed stores (60 net), bringing total stores under management to 2,324 (1,916 third‑party + 408 JV).

Bridge Loans & Other Investment Activity

Originated $5.5M in bridge loans and sold two bridge loans for $30.8M during the quarter. Bridge loan outstanding balances were approximately $1.5B at quarter end, with an additional ~$102M closed or under agreement subsequent to quarter end.

Capital & Balance Sheet Items

Repurchased 11,109 shares for $1.4M (avg price $129.80) and had remaining repurchase authorization up to $349.1M. Commercial paper outstanding was $850M of $1.0B capacity. Fixed‑rate debt was 82.5% of total debt (92.9% effective fixed‑rate net of variable rate receivables); combined weighted average interest rate ~4.3% and weighted average maturity ~4.3 years.

Dividend

Paid a quarterly common dividend of $1.62 per share on March 31, 2026.

Outlook

Full‑year 2026 Core FFO guidance: $8.05 to $8.35 per diluted share. Management expects same‑store revenue growth of -0.5% to 1.5% and same‑store NOI change of -2.25% to 1.25% for the year (same‑store pool of 1,870 stores).