Extra Space Storage Inc
EXR · NYSE
Next quarter
Reports Nov 4, 2026.
Consensus is $2.10 EPS for Sep 2026 across 6 estimates, ranging $2.08 to $2.11.
EXR Jun 2026
- 4.37%
- +0.42%
- $2.06
- $2.15
- —
- $34.90M
Reported results
- $34.90M
- -563.87%
- $392.18M
- 1123.61%
- $263.47M
- $1.25
Highlights
- Net income attributable to common stockholders was $263,471 thousand, compared with $249,731 thousand in Q2 FY2025; diluted earnings per share increased to $1.25 from $1.18.
- Six-month net income attributable to common stockholders was $504,448 thousand, compared with $520,606 thousand in the prior-year period, while six-month diluted earnings per share was $2.39 versus $2.45.
- Recent reported quarterly revenue was $0.03B, matching the figures listed for Q1 FY2026, Q2 FY2026, Q3 FY2025 and Q2 FY2025; the supplied material does not provide an exact revenue growth rate or segment revenue.
- The company held 409 stores through unconsolidated real estate entities, with net investments and cash distributions in those entities of $989,827 thousand at June 30, 2026.
- Term debt totaled $12,250,886 thousand before discounts and issuance costs, while $850,000 thousand was outstanding under commercial paper and $767,000 thousand was drawn on the unsecured credit line.
- No forward revenue, earnings, margin, occupancy, capex or segment guidance was provided in the supplied material.
Analysis
No consensus figures are on file, so the quarter cannot be assessed against an external earnings expectation. On the reported figures, net income attributable to common stockholders rose to $263,471 thousand from $249,731 thousand in Q2 FY2025, and diluted earnings per share increased to $1.25 from $1.18. The recent-quarter summary lists revenue at $0.03B, but it does not provide an exact figure or a growth rate, and the filing excerpt contains no segment operating results, occupancy data or margin disclosure. The six-month comparison was weaker: net income attributable to common stockholders fell to $504,448 thousand from $520,606 thousand, while diluted earnings per share declined to $2.39 from $2.45. Financing remained significant, with $12,250,886 thousand of term debt and $1,617,000 thousand drawn across the unsecured credit line and commercial paper program.
Guidance
No guidance for upcoming periods was provided in the supplied material. There are no management ranges for revenue, earnings, same-store performance, occupancy, margins, capital expenditures or acquisitions, and therefore no comparison with a prior guide is possible. The filing does disclose financing developments rather than operating guidance: $600,000 thousand of unsecured senior notes matured on July 1, 2026, and the company issued $550,000 thousand of unsecured senior notes on July 6, 2026, due February 1, 2032. Management also reported that the company was in compliance with all financial covenants as of June 30, 2026.
What drove it
- Quarterly earnings — Net income attributable to common stockholders increased to $263,471 thousand from $249,731 thousand in Q2 FY2025.
- Diluted EPS — Diluted earnings per share rose to $1.25 from $1.18 year over year for the quarter.
- Bridge lending — Bridge-loan notes receivable totaled $1,445,278 thousand, with $153,908 thousand of initial loan draws during the first six months.
- Debt funding — Term debt was $12,250,886 thousand, with $850,000 thousand of commercial paper outstanding at a weighted-average maturity of 13 days.
- Unconsolidated holdings — The company had 409 stores in unconsolidated real estate entities and net investments and cash distributions of $989,827 thousand.
Watch items
- Six-month net income attributable to common stockholders declined to $504,448 thousand from $520,606 thousand, and six-month diluted earnings per share fell to $2.39 from $2.45.
- The company had $1,313,554 thousand of term-debt maturities scheduled for 2026 and $1,882,392 thousand scheduled for 2028, excluding available extensions.
- Variable-rate financing remains exposed to interest-rate movements: $850,000 thousand of commercial paper was outstanding, and the weighted average interest rates of fixed- and variable-rate debt were 4.3% and 4.6%, respectively.
- Bridge-loan notes receivable totaled $1,445,278 thousand and typically carry loan-to-value ratios between 70% and 80% at origination, creating exposure to collateral values and borrower performance.
