EXR Extra Space Storage Inc.
Price Chart
Executive Summary
Extra Space Storage reported Q1 2026 Core FFO of $2.04 per share, a 2.0% YoY increase and an 85% beat vs the $1.10 consensus (which appears to be GAAP EPS, not the Street metric). Same-store revenue grew 1.7% and same-store NOI grew 1.2%, marking a return to positive growth after several quarters of decline. The company maintained its full-year Core FFO guidance range of $8.05-$8.35, unchanged from the prior outlook.
Actionable Insight
The return to positive same-store revenue and NOI growth is a meaningful inflection point after a prolonged period of flat-to-declining same-store metrics. The maintained guidance suggests management sees this improvement as sustainable. Watch for continued occupancy and rate momentum in Q2 to confirm the trend.
Key Facts
- Core FFO of $2.04 per diluted share, up 2.0% YoY from $2.00
- Same-store revenue increased 1.7% YoY, same-store NOI increased 1.2% YoY
- Total revenues of $856.0M, up 4.4% YoY from $820.0M
- Full-year 2026 Core FFO guidance maintained at $8.05-$8.35 per share
- Same-store occupancy of 93.0% as of March 31, 2026
- Quarterly dividend maintained at $1.62 per share
Financial Impact
Core FFO of $2.04 beat the $2.01 Street consensus by ~1.5%, and same-store revenue growth turned positive for the first time in several quarters
Risk Factors
- Same-store expense growth of 2.7% outpaced revenue growth of 1.7%, compressing margins
- Full-year guidance unchanged despite Q1 beat, implying management expects slower quarters ahead
- Interest expense increased to $147.3M from $142.4M YoY, pressuring net income
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001289490-26-000034 |
| Exhibit: exr-20260428.htm | 0001289490-26-000034 |
| Document: 0001289490-26-000034-index-headers.html | 0001289490-26-000034 |
| Document: 0001289490-26-000034-index.html | 0001289490-26-000034 |
| Document: 0001289490-26-000034.txt | 0001289490-26-000034 |
| 8-K Data (Synthetic) | 0001289490-26-000034 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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May 18, 2026
5d ago
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3
| — | awaiting T+20 | — | — |
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Apr 28, 2026
25d ago
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8-K
| — | awaiting T+20 | — | — |
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Apr 24, 2026
4w ago
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Court Ruling
| $141.52 $143.91 | ▲ +1.69% | ▼ −2.34% | $143.30 (+1.26%) |
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Apr 1, 2026
7w ago
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DEFA14A
| $133.79 $143.33 | ▲ +7.13% | ▼ −2.75% | $143.30 (+7.11%) |
US Market Status
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