Extra Space Storage (EXR) Q2 2025 earnings summary

Executive summary

• Net income per diluted share rose 34.1% year-over-year to $1.18 for Q2 2025, with six-month net income per share up 30.3% to $2.45.

• Core FFO per diluted share was $2.05 for Q2 2025, down 0.5% year-over-year; six-month Core FFO per share up 0.7% to $4.05.

• Same-store revenue was flat and same-store NOI declined 3.1% year-over-year for Q2; six-month same-store NOI down 2.2%.

• Revenue for Q2 2025 increased 3.8% year-over-year to $841.6 million, driven by acquisitions and managed store growth.

• Added 93 stores (74 net) to third-party management in Q2; managed 2,163 stores as of June 30, 2025.

Financial highlights

• Q2 2025 net income attributable to common stockholders: $249.7M ($1.18 per diluted share), up from $185.9M ($0.88) in Q2 2024.

• Q2 2025 Core FFO per diluted share: $2.05; FFO per diluted share: $1.98.

• Q2 2025 total revenues: $841.6M, up from $810.7M year-over-year.

• Same-store net operating income declined 3.1% year-over-year for Q2 2025.

• Paid quarterly dividend of $1.62 per share.

Outlook and guidance

• 2025 Core FFO guidance maintained at $8.05–$8.25 per share.

• Same-store revenue growth expected between -0.5% and 1.0%; same-store NOI growth between -2.75% and 0.0%.

• Same-store expense growth projected at 4.0%–5.0%.

• Management expects positive cash flow from operations in 2025 and sufficient liquidity to meet all anticipated needs.

• Weighted average share count for 2025 estimated at 222.2M.