Extra Space Storage (EXR) Q4 2025 earnings summary

Executive summary

• Net income attributable to common stockholders rose 13.9% year-over-year to $4.59 per diluted share for 2025, with Q4 net income up 9.7% to $1.36 per diluted share compared to Q4 2024.

• Core FFO per diluted share increased 1.1% year-over-year to $8.21 for 2025, and 2.5% in Q4 to $2.08 per share.

• Same-store revenue grew 0.4% in Q4 and 0.1% for the year; same-store NOI was up 0.1% in Q4 but down 1.7% for the year.

• Managed portfolio expanded by 281 net new stores, totaling 1,856 stores at year-end, with 2,263 managed stores including joint ventures.

• Strategic capital deployment included share repurchases, acquisitions, JV transactions, and bridge loan originations.

Financial highlights

• Total revenues for 2025 were $3.38 billion, up from $3.26 billion in 2024.

• Net income for 2025 was $974 million, up from $855 million in 2024.

• Core FFO for 2025 was $8.21 per diluted share, up from $8.12 in 2024.

• Same-store occupancy at year-end was 92.6%, down from 93.3% at the end of 2024.

• Same-store operating expenses increased 4.9% year-over-year.

Outlook and guidance

• 2026 Core FFO guidance: $8.05–$8.35 per diluted share, flat year-over-year at midpoint.

• 2026 same-store revenue growth expected between -0.5% and +1.5%; same-store NOI growth between -2.25% and +1.25%.

• Expense growth expected at 2%-3.5% for 2026.

• Guidance assumes average share count of 221.1M, flat bridge loan balances, and most acquisitions via joint ventures.

• Guidance does not assume meaningful improvement in the housing market or changes to pricing restrictions in Los Angeles County.