Extra Space Storage (EXR) Q2 2026 earnings summary

Executive summary

• Net income attributable to common stockholders was $1.25 per diluted share for Q2 2026, up 5.9% year-over-year; for the six months, net income was $2.39 per diluted share, down 2.5% due to a prior-year asset sale gain.

• Core FFO per diluted share was $2.15 for Q2 2026, up 4.9% year-over-year; for the six months, Core FFO was $4.19, up 3.5%.

• Same-store net operating income (NOI) increased 3.5% for Q2 and 2.4% for the six months, driven by revenue growth and expense control.

• Ended Q2 with same-store occupancy at 94.2%.

• Added 67 stores (net 48) to third-party management in Q2, managing a total of 2,373 stores as of June 30, 2026.

Financial highlights

• Q2 2026 net income: $263.5 million ($1.25 per diluted share); six months: $504.4 million ($2.39 per diluted share).

• Q2 2026 Core FFO: $475.7 million ($2.15 per diluted share); six months: $926.6 million ($4.19 per diluted share).

• Same-store revenue up 2.4% in Q2 and 2.0% for six months; same-store expenses down 0.5% in Q2, up 1.1% for six months.

• 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, up from prior $8.05–$8.35.

• 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.