Extra Space Storage (EXR) Q1 2026 earnings summary

Executive summary

• Core FFO per share rose 2.0% year-over-year to $2.04, reflecting operational strength and portfolio resilience.

• Net income attributable to common stockholders was $1.14 per diluted share, down 10.9% year-over-year due to a prior-year gain on asset sales.

• Same-store revenue increased 1.7% and same-store NOI grew 1.2% year-over-year, with occupancy at 93.0%.

• Broad-based revenue improvement was driven by declining new supply and positive new customer rate gains.

• Third-party management platform expanded by 84 stores (net 60), totaling 2,324 managed locations.

Financial highlights

• Total revenues for Q1 2026 were $856.0 million, up from $820.0 million in Q1 2025, with property rental revenue up 4.1% and tenant reinsurance revenue up 5.2%.

• Core FFO was $450.9 million ($2.04 per share), up from $443.9 million ($2.00 per share) in Q1 2025.

• Net income attributable to common stockholders was $240.98 million, compared to $270.88 million in Q1 2025.

• Management fee and other income grew over 9% year-over-year.

• Quarterly dividend paid was $1.62 per share.

Outlook and guidance

• 2026 Core FFO guidance is $8.05–$8.35 per share.

• Same-store revenue growth expected between -0.5% and 1.5%; same-store NOI growth between -2.25% and 1.25%.

• Weighted average share count for 2026 projected at 221.1 million.

• Optimism for continued revenue outperformance, but caution due to macroeconomic uncertainties.

• Interest expense for 2026 projected at $592–$597 million.