We are pleased to report first quarter core FFO of $2.04 per share, up 2% year-over-year.
— Joseph Margolis (CEO)
03Detailed Report
EXR
Company EXR
Period
Q1 2026
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedJun 17, 2026
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Executive Summary
Extra Space Storage delivered a solid first quarter of 2026, underscoring the resilience of its platform and the ongoing benefits of its pricing and occupancy strategy. Key metrics showed continued revenue expansion and margin stability despite macro headwinds. Q1 2026 core FFO reached $2.04 per share, up 2% year over year, while same-store revenue grew 1.7% and same-store NOI rose 1.2%, reflecting the favorable balance of rising move-in activity and ongoing occupancy strength. The company reaffirmed full-year 2026 core FFO guidance of $8.05-$8.35 per share and highlighted a disciplined capital allocation plan that includes a $200 million acquisitions target and expansion of its third-party management platform. Conditions across Sunbelt markets improved on supply moderation, though distinctions remain between LA County and non-LA properties due to rent restrictions. Management emphasized its data-driven pricing platform and continued emphasis on revenue optimization rather than chasing occupancy alone. Balance sheet and liquidity remained robust, with 83% of total debt fixed and about $2 billion of revolving credit available, supporting ongoing growth initiatives. Looking ahead, EXR plans to capitalize on leasing season and expects further sequential improvements, while remaining mindful of housing-market dynamics, supply resurgence risks, and regulatory headwinds in key markets.
Key Performance Indicators
Revenue
Increasing
856.03M
QoQ: 4.39% | YoY: 5.60%
Gross Profit
Increasing
599.86M
70.07% margin
QoQ: 3.55% | YoY: 50.22%
Operating Income
Increasing
367.55M
QoQ: -5.45% | YoY: 2.26%
Net Income
Increasing
240.98M
QoQ: -11.04% | YoY: 29.65%
EPS
Increasing
1.14
QoQ: -10.78% | YoY: 29.55%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue: $856.0 million (+5.6% YoY; +4.4% QoQ). Gross profit: $599.9 million (+50.2% YoY; +3.6% QoQ). Operating income: $367.6 million (+2.3% YoY; -5.5% QoQ). Net income: $241.0 million (+29.7% YoY; -11.0% QoQ). EPS: $1.14; diluted $1.14. Core FFO: $2.04 per share, +2% YoY. Same-store revenue growth: +1.7%; same-store NOI growth: +1.2%. Occupancy: 93.0% (down from 93.2% a year ago; improved YoY by ~50 bps since year-end). Move-in rate discussion: move-in rates (per unit basis) up ~2.4% in the quarter; per square foot basis ~2.5% (versus ~3.5% on a like-for-like unit basis). Move-in rate basis change from per unit to per square foot was implemented for consistency with peers, reducing the reported rate by about 100 bps. EBITDA: $553.3 million; EBITDA margin: 64.6%. Debt and liquidity: 83% fixed-rate debt; effective fixed rate 93% (including variable-rate loan receivables); weighted average rate ~4.3%; roughly $2.0 billion available on revolvers. Third-party management: 84 stores added in Q1, net growth of 60 stores, total managed portfolio 1,916. Bridge loan balance: ~$1.5 billion (average). Acquisitions guidance: $200 million in total acquisitions for 2026 (with expected asset-light JV structures). Guidance: Full-year 2026 core FFO guidance maintained at $8.05-$8.35 per share.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
856.03M
5.60%
4.39%
Gross Profit
599.86M
50.22%
3.55%
Operating Income
367.55M
2.26%
-5.45%
Net Income
240.98M
29.65%
-11.04%
EPS
1.14
29.55%
-10.78%
Key Financial Ratios
Management Insights Available for Members
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