Extra Space Storage
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Extra Space Storage (EXR) investor relations material

Extra Space Storage Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary20 Feb, 2026

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.

2026 same-store NOI growth drivers
2026 capital allocation strategy changes
Life Storage trade name impairment reason
What drives 2026 JV acquisition strategy?
Regulatory environment impact on operations?
Key drivers of 2026 expense growth?
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Q1 202628 Apr, 2026
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Frequently asked questions

Extra Space Storage Inc is a real estate investment trust that acquires, develops, and operates self-storage properties. The company offers storage units for personal, business, and vehicle use, with services provided through physical locations and digital platforms. Extra Space Storage Inc is headquartered in Salt Lake City, Utah, and its shares are listed on the NYSE.

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