Extra Space Storage Inc
EXR · NYSE
Next quarter
Expected to report Feb 18, 2027 — estimated from last year’s reporting date.
Consensus is $2.08 EPS for Dec 2026 across 4 estimates, ranging $2.06 to $2.10.
EXR Sep 2026
- 3.33%
- +0.14%
- $2.10
- $2.17
- —
- $34.76M
Reported results
- $34.76M
- -587.14%
- $391.87M
- 1127.42%
- $247.76M
- $1.17
Highlights
- Core FFO: $2.17 per diluted share, up 4.3% year over year and 3.3% above the supplied $2.10 consensus; GAAP diluted EPS was $1.17.
- Same-store results: Revenue rose 2.7% and expenses fell 1.8%, lifting NOI 4.6% year over year, faster than the 3.2% increase for the first nine months.
- 2026 outlook: Core FFO guidance increased to $8.40–$8.50 per share from $8.25–$8.40; the same-store NOI growth range moved to 2.5%–3.5% from 0.5%–2.5%.
- GAAP earnings: Net income attributable to common stockholders was $247.8 million, or $1.17 per diluted share, versus $166.0 million and $0.78 a year earlier; the prior-year quarter included a $105.1 million real estate loss.
- Occupancy: Same-store ending occupancy was 94.0%, versus 93.7% a year earlier; average occupancy was 94.3%, up from 94.1%.
- Share repurchases: The company bought back 2.39 million shares for $327.1 million at an average $136.85 per share; it subsequently used the remaining capacity in its prior $500 million program and authorized a new $500 million program.
- Portfolio and leadership: Extra Space bought four operating stores for $48.6 million, completed one JV development, and ended the quarter managing 2,371 third-party and JV stores; Noah Springer is set to become CEO on January 1, 2027.
Analysis
Extra Space delivered stronger same-store economics and raised its full-year outlook. Core FFO was $2.17 per diluted share, 4.3% above the year-ago $2.08 and 3.3% above the supplied $2.10 consensus for the per-share measure. The release reports GAAP diluted EPS of $1.17, not $2.17; that compares with $0.78 a year ago and the supplied Q2 figure of $1.25. Total revenue increased 3.6% year over year to $889.8 million. Common-stockholder net income rose to $247.8 million from $166.0 million, though the comparison benefited from a much smaller real estate loss than the $105.1 million recorded in the prior-year quarter.
The clearest operating improvement was same-store NOI growth of 4.6%, as revenue rose 2.7% and expenses declined 1.8%; the nine-month NOI increase was 3.2%. Ending occupancy also improved 0.3 percentage points year over year to 94.0%. Management lifted 2026 Core FFO guidance to $8.40–$8.50 per share and raised its same-store NOI growth range. Capital allocation was notable: the company repurchased $327.1 million of stock during the quarter, while continuing acquisitions and its management-platform expansion. A planned CEO transition to President Noah Springer takes effect January 1, 2027.
Same-store performance
- NOI growth: Same-store NOI increased 4.6% to $504.7 million, accelerating from 3.2% growth across the first nine months.
- Revenue and expenses: Same-store revenue rose 2.7% to $701.7 million, including 2.9% growth in net rental income; expenses fell 1.8% to $197.0 million.
- Expense mix: Repairs and maintenance declined 20.0%, payroll and benefits fell 4.6%, and property operating expense fell 3.7%. Property taxes increased 4.9%, while office expense rose 4.9%.
- Occupancy: Quarter-end occupancy reached 94.0%, versus 93.7% a year earlier; average quarterly occupancy was 94.3%, up from 94.1%.
Earnings and outlook
Core FFO was $479.2 million, or $2.17 per diluted share, versus $461.1 million and $2.08 a year earlier. The per-share result exceeded the supplied $2.10 consensus by 3.3%. GAAP diluted EPS was $1.17, compared with $0.78 in the year-ago quarter and the supplied Q2 figure of $1.25. Common-stockholder net income rose 49.3% to $247.8 million, but the year-over-year comparison was affected by the prior period’s $105.1 million real estate loss, versus $5.8 million this quarter. Total revenue increased 3.6% to $889.8 million.
The company raised 2026 Core FFO guidance to $8.40–$8.50 per share from $8.25–$8.40. It also raised expected same-store revenue growth to 2.0%–2.5% from 1.0%–2.0%, reduced its expense-growth range to 0.0%–0.5% from 1.0%–2.0%, and increased expected same-store NOI growth to 2.5%–3.5% from 0.5%–2.5%.
Capital allocation and debt
- Repurchases: Extra Space repurchased 2,390,497 shares for $327.1 million at an average $136.85 per share. Subsequent purchases of 164,724 shares for $21.8 million exhausted the prior program’s capacity; the board authorized a new program of up to $500 million.
- Financing: The company issued $550 million of 4.90% senior notes due 2032 in July. At quarter-end, commercial paper outstanding was $850 million against $1.0 billion of capacity.
- Debt profile: 79.6% of debt was fixed-rate, or 89.3% net of variable-rate receivables. The weighted average interest rate was 4.4% and weighted average maturity was approximately four years.
- Shareholder return: The quarterly dividend was $1.62 per share.
Portfolio and management
- Investments: The company purchased four operating stores for $48.6 million and completed one store development with a joint-venture partner; Extra Space invested $15.7 million of the development’s approximately $16.6 million cost.
- Management platform: It added 78 stores to third-party management, one fewer on a net basis. At quarter-end, the platform comprised 1,963 third-party stores and 408 stores in unconsolidated joint ventures, or 2,371 in total.
- Bridge lending: Extra Space originated $19.5 million of mortgage and mezzanine bridge loans; outstanding balances were approximately $1.4 billion at quarter-end.
- CEO succession: President Noah Springer will become CEO on January 1, 2027, succeeding Joe Margolis, who plans to retire at year-end and serve as a board adviser.
