Extra Space Storage (EXR) Q2 2026 earnings summary

Executive summary

• Core FFO per share for Q2 2026 was $2.15, up 4.9% year-over-year, with same-store revenue growth of 2.4% and net income attributable to common stockholders of $263.5 million, up 5.5% year-over-year.

• Revenues grew 3.9% year-over-year in Q2 2026 to $874.2 million, driven by property rental, tenant reinsurance, and management fees.

• Occupancy ended Q2 at 94.2%, with systems balancing rate and occupancy to optimize revenue.

• Portfolio expanded to 2,446 owned stores and 4,410 total stores managed or owned as of June 30, 2026.

• External growth platform remained active, closing 18 store acquisitions for $91 million and originating $141 million in new bridge loans.

Financial highlights

• Q2 2026 Core FFO: $475.7 million ($2.15 per diluted share), up 4.9% year-over-year.

• Same-store NOI rose 3.5% year-over-year in Q2 2026, with average occupancy stable at 94.2%.

• Revenues for Q2 2026 were $874.2 million, up 3.9% year-over-year.

• Tenant reinsurance revenue rose 5.1% year-over-year in Q2 2026.

• Paid a quarterly dividend of $1.62 per share.

Outlook and guidance

• 2026 Core FFO guidance raised to $8.25–$8.40 per diluted share.

• Same-store revenue growth expected at 1.0–2.0%; same-store NOI growth at 0.5–2.5%.

• Acquisitions projected at $300 million for the year.

• Management expects positive cash flow from operations in 2026 and sufficient liquidity.