Extra Space Storage Inc. Reports 2026 First Quarter Results
Rhea-AI Summary
Extra Space Storage (NYSE: EXR) reported first-quarter 2026 results for the period ended March 31, 2026. Core FFO was $2.04 per diluted share (up 2.0% YoY). Net income attributable to common stockholders was $1.14 per diluted share (down 10.9% YoY). Same-store revenue rose 1.7% and same-store NOI rose 1.2%. Ending same-store occupancy was 93.0%. Company paid a quarterly dividend of $1.62 per share, acquired one operating store for $12.5M, added 84 stores to third-party management, and reported approximately $1.5B of bridge loans outstanding.
Positive
- Core FFO of $2.04 per diluted share (+2.0% YoY)
- Same-store revenue growth of 1.7%
- Maintained high ending same-store occupancy at 93.0%
- Quarterly dividend paid of $1.62 per share
- Third-party management platform expanded by 84 stores (60 net)
Negative
- Net income per diluted share declined 10.9% to $1.14
- Same-store NOI growth modest at 1.2%
- Outstanding bridge loans ~$1.5B (adds credit exposure)
Key Figures
Market Reality Check
Peers on Argus
EXR fell 1.79% while key peers like PSA, PLD, LINE and CUBE also declined, but REXR gained 1.18%. Mixed peer moves and no scanner momentum flag point to a more company-specific reaction.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| 2026-03-30 | Earnings call timing | Neutral | +2.2% | Announced Q1 2026 earnings release date and conference call details. |
| 2026-02-19 | Earnings report | Positive | +4.6% | Reported Q4 and full-year 2025 results with higher net income and FFO. |
| 2026-02-13 | Dividend declaration | Positive | +1.0% | Declared first quarter 2026 cash dividend of $1.62 per share. |
| 2026-01-22 | Tax reporting | Neutral | -1.6% | Provided tax allocation details for 2025 common-stock dividend distributions. |
| 2026-01-20 | Earnings call timing | Neutral | -0.1% | Announced Q4 and year-end 2025 earnings release date and conference call. |
Earnings and dividend announcements in the past six months have generally seen positive share reactions.
Over the last six months, EXR has highlighted steady FFO growth and active capital allocation. The Q4 2025 report showed higher net income and FFO per share alongside modest same-store trends. Dividend communications in January and February 2026 reinforced a recurring $1.62 quarterly payout. Earnings-date announcements in January and March 2026 produced limited but mostly positive moves. Today’s Q1 2026 update, with Core FFO of $2.04 per share and modest same-store growth, fits this pattern of incremental operational progress.
Market Pulse Summary
This announcement detailed Q1 2026 performance, including Core FFO of $2.04 per share, same-store revenue growth of 1.7%, and occupancy at 93.0%. Management reaffirmed full-year Core FFO guidance of $8.05–$8.35 and highlighted ongoing acquisitions, bridge-lending activity, and stock repurchases. Recent history shows consistent dividend payments of $1.62 per quarter and steady operational execution. Investors may watch subsequent quarters’ same-store NOI, capital deployment pace, and interest-cost trends to gauge ongoing execution against this outlook.
Key Terms
funds from operations financial
net operating income financial
operating partnership units financial
bridge loans financial
commercial paper program financial
SOFR financial
AI-generated analysis. Not financial advice.
Highlights for the three months ended March 31, 2026:
- Achieved net income attributable to common stockholders of
$1.14 10.9% decrease compared to the same period in the prior year, which included a gain from real estate assets sold in 2025. - Achieved funds from operations attributable to common stockholders and unit holders ("FFO") of
$1.97 $2.04 2.0% increase compared to the same period in the prior year. - Same-store revenue increased by
1.7% and same-store net operating income ("NOI") increased by1.2% compared to the same period in the prior year. - Reported ending same-store occupancy of
93.0% as of March 31, 2026, compared to93.2% as of March 31, 2025. - Acquired one operating store for
$12.5 million - In conjunction with joint venture partners, completed the development of one store for a total cost of approximately
$15.1 million $14.4 million - Added 84 stores (60 stores net) to the Company's third-party management platform. As of March 31, 2026, the Company managed 1,916 stores for third parties and 408 stores in unconsolidated joint ventures, for a total of 2,324 managed stores.
- Paid a quarterly dividend of
$1.62
Joe Margolis, CEO of the Company, stated: "We are off to a strong start to 2026, with Core FFO of
FFO Per Share:
The following table (unaudited) outlines the Company's FFO and Core FFO for the three months ended March 31, 2026 and 2025. The table also provides a reconciliation to GAAP net income attributable to common stockholders and earnings per diluted share for each period presented (amounts shown in thousands, except share and per share data):
For the Three Months Ended March 31, | |||||||
2026 | 2025 | ||||||
(per share)1 | (per share)1 | ||||||
Net income attributable to common stockholders | $ 240,977 | $ 1.14 | $ 270,875 | $ 1.28 | |||
Impact of the difference in weighted average number of shares – diluted2 | (0.04) | (0.06) | |||||
Adjustments: | |||||||
Real estate depreciation | 170,895 | 0.77 | 159,170 | 0.72 | |||
Amortization of intangibles | 3,723 | 0.02 | 11,079 | 0.05 | |||
Gain on real estate assets held for sale and sold, net | — | — | (35,761) | (0.16) | |||
Unconsolidated joint venture real estate depreciation and amortization | 7,607 | 0.03 | 8,689 | 0.04 | |||
Equity in earnings of unconsolidated joint venture gain on sale of a joint | (207) | — | — | — | |||
Income allocated to Operating Partnership and other noncontrolling | 11,443 | 0.05 | 14,050 | 0.06 | |||
FFO | $ 434,438 | $ 1.97 | $ 428,102 | $ 1.93 | |||
Adjustments: | |||||||
Non-cash interest expense related to amortization of discount on unsecured | 12,555 | 0.05 | 11,313 | 0.05 | |||
Amortization of other intangibles related to the Life Storage Merger, net of | 3,917 | 0.02 | 4,531 | 0.02 | |||
CORE FFO | $ 450,910 | $ 2.04 | $ 443,946 | $ 2.00 | |||
Weighted average number of shares – diluted3 | 220,933,115 | 221,329,035 | |||||
(1) | Per share amounts may not recalculate due to rounding. |
(2) | This adjustment is to account for the difference between the number of shares used to calculate earnings per share and the number of shares used to calculate FFO per share. Earnings per share is calculated using the two-class method, which uses a lower number of shares than the calculation for FFO per share and Core FFO per share, which are calculated assuming full redemption of all OP units as described in note (3). |
(3) | Extra Space Storage LP (the "Operating Partnership") has outstanding preferred and common Operating Partnership units ("OP units"). These OP units can be redeemed for cash or, at the Company's election, shares of the Company's common stock. Redemption of all OP units for common stock has been assumed for purposes of calculating the weighted average number of shares — diluted, as presented above. The computation of weighted average number of shares — diluted, for FFO per share and Core FFO per share also includes the effect of share-based compensation plans. |
Operating Results and Same-Store Performance:
The following table (unaudited) outlines the Company's same-store performance for the three months ended March 31, 2026 and 2025 (amounts shown in thousands, except store count data)1:
For the Three Months Ended | Percent | ||||
2026 | 2025 | Change | |||
Same-store property revenues2 | |||||
Net rental income | $ 654,365 | $ 642,993 | 1.8 % | ||
Other income | 24,244 | 24,556 | (1.3) % | ||
Total same-store revenues | $ 678,609 | $ 667,549 | 1.7 % | ||
Same-store operating expenses2 | |||||
Payroll and benefits | $ 41,685 | $ 41,072 | 1.5 % | ||
Marketing | 14,468 | 14,314 | 1.1 % | ||
Office expense3 | 18,210 | 17,898 | 1.7 % | ||
Property operating expense4 | 24,100 | 22,731 | 6.0 % | ||
Repairs and maintenance | 16,714 | 15,494 | 7.9 % | ||
Property taxes | 77,791 | 77,190 | 0.8 % | ||
Insurance | 8,902 | 7,928 | 12.3 % | ||
Total same-store operating expenses | $ 201,870 | $ 196,627 | 2.7 % | ||
Same-store net operating income2 | $ 476,739 | $ 470,922 | 1.2 % | ||
Same-store square foot occupancy as of quarter end | 93.0 % | 93.2 % | |||
Average same-store square foot occupancy | 92.7 % | 93.1 % | |||
Properties included in same-store5 | 1,870 | 1,870 | |||
(1) | A reconciliation of net income to same-store net operating income is provided later in this release, entitled "Reconciliation of GAAP Net Income to Total Same-Store Net Operating Income." |
(2) | Same-store revenues, operating expenses and net operating income do not include tenant reinsurance revenue or expense. |
(3) | Includes general office expenses, computer, bank fees, and credit card merchant fees. |
(4) | Includes utilities and miscellaneous other store expenses. |
(5) | On January 1, 2026, the Company updated the property count of the same-store pool from 1,804 to 1,871 stores. In the quarter ended March 31, 2026, one property was removed due to casualty loss, reducing the same-store pool to 1,870 stores. |
Details related to the same-store performance of stores by metropolitan statistical area ("MSA") for the three months ended March 31, 2026 and 2025 are provided in the supplemental financial information published on the Company's Investor Relations website at https://ir.extraspace.com/.
Investment and Property Management Activity:
The following table (unaudited) outlines the Company's acquisitions and developments that are closed, completed or under agreement (dollars in thousands).
Closed/Completed through | Closed /Completed or | Total 2026 | ||||||||||
Wholly-Owned Investment1 | Stores | Price | Stores | Price | Stores | Price | ||||||
Operating Stores2 | 1 | $ 12,500 | 3 | $ 9,650 | 4 | $ 22,150 | ||||||
Buyout of JV Partners' Interest in | — | — | 1 | 4,080 | 1 | 4,080 | ||||||
EXR Investment in Wholly- | 1 | 12,500 | 4 | 13,730 | 5 | 26,230 | ||||||
Joint Venture Investment1 | ||||||||||||
EXR Investment in JV Acquisition of | — | — | — | — | — | — | ||||||
EXR Investment in JV Development | 1 | 14,378 | 3 | 42,370 | 4 | 56,748 | ||||||
EXR Investment in Joint | 1 | 14,378 | 3 | 42,370 | 4 | 56,748 | ||||||
Total EXR Investment | 2 | $ 26,878 | 7 | $ 56,100 | 9 | $ 82,978 | ||||||
(1) | The locations of certificate of occupancy ("C of O") and development stores and joint venture ownership interest details are included in the supplemental financial information published on the Company's Investor Relations website at https://ir.extraspace.com/. |
The projected developments and acquisitions under agreement described above are subject to customary closing conditions and no assurance can be provided that these developments and acquisitions will be completed on the terms described, or at all.
Property Sales:
During the three months ended March 31, 2026, the Company sold one property which was previously held for sale and currently has four properties remaining as held for sale.
Bridge Loans:
During the three months ended March 31, 2026, the Company originated
Property Management:
As of March 31, 2026, the Company managed 1,916 stores for third-party owners and 408 stores owned in unconsolidated joint ventures, for a total of 2,324 stores under management. The Company is the largest self-storage management company in
Balance Sheet:
During the three months ended March 31, 2026, the Company repurchased 11,109 shares of common stock for
During the three months ended March 31, 2026, the Company did not issue any shares on its ATM program, and as of March 31, 2026, the Company had
As of March 31, 2026, the Company's commercial paper program had total capacity of
As of March 31, 2026, the Company's percentage of fixed-rate debt to total debt was
Dividends:
On March 31, 2026, the Company paid a first quarter common stock dividend of
Outlook:
The following table outlines the Company's Core FFO estimates and assumptions for the year ending December 31, 2026.
Ranges for 2026 Annual Assumptions | Ranges for 2026 Annual Assumptions | Notes | |||||||
(April 28, 2026) | (February 19, 2026) | ||||||||
Low | High | Low | High | ||||||
Core FFO | |||||||||
Dilution per share from C of O | |||||||||
Same-store revenue growth | (0.50) % | 1.50 % | (0.50) % | 1.50 % | Same-store pool of 1,870 stores | ||||
Same-store expense growth | 2.00 % | 3.50 % | 2.00 % | 3.50 % | Same-store pool of 1,870 stores | ||||
Same-store NOI growth | (2.25) % | 1.25 % | (2.25) % | 1.25 % | Same-store pool of 1,870 stores | ||||
Weighted average one-month | 3.65 % | 3.65 % | 3.46 % | 3.46 % | |||||
Net tenant reinsurance income | |||||||||
Management fees and other | |||||||||
Interest income | Includes interest from bridge | ||||||||
General and administrative | Includes non-cash | ||||||||
Equity in earnings of real | Includes dividends from | ||||||||
Interest expense | Excludes non-cash interest | ||||||||
Non-cash interest expense | Amortization of debt mark-to- | ||||||||
Income Tax Expense | Taxes associated with the | ||||||||
Acquisitions | Includes wholly-owned | ||||||||
Bridge loans outstanding | Represents the Company's | ||||||||
Weighted average share count | 221,100,000 | 221,100,000 | 221,100,000 | 221,100,000 | Assumes redemption of all OP | ||||
(1) | A reconciliation of net income outlook to same-store net operating income outlook is provided later in this release entitled "Reconciliation of Estimated GAAP Net Income to Estimated Same-Store Net Operating Income." The reconciliation includes details related to same-store revenue and same-store expense outlooks. A reconciliation of net income per share outlook to funds from operations per share outlook is provided later in this release entitled "Reconciliation of the Range of Estimated GAAP Fully Diluted Earnings Per Share to Estimated Fully Diluted FFO Per Share." |
FFO estimates for the year are fully diluted for an estimated average number of shares and OP units outstanding during the year. The Company's estimates are forward-looking and based on management's view of current and future market conditions. The Company's actual results may differ materially from these estimates.
Supplemental Financial Information:
Supplemental unaudited financial information regarding the Company's performance can be found on the Company's website at www.extraspace.com. Under the "Company Info" navigation menu on the home page, click on "Investor Relations," then under the "Financials" navigation menu click on "Quarterly Results." This supplemental information provides additional detail on items that include store occupancy and financial performance by portfolio and market, debt maturity schedules and performance of lease-up assets.
Conference Call:
The Company will host a conference call at 1:00 p.m. Eastern Time on Wednesday, April 29, 2026, to discuss its financial results. Telephone participants may avoid any delays in joining the conference call by pre-registering for the call using the following link to receive a special dial-in number and PIN: https://events.q4inc.com/analyst/970879752?pwd=s88EVPAR
A live webcast of the call will also be available on the Company's investor relations website at https://ir.extraspace.com. To listen to the live webcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software.
A replay of the call will be available for 30 days on the investor relations section of the Company's website beginning at 5:00 p.m. Eastern Time on April 29, 2026.
Forward-Looking Statements:
Certain information set forth in this release contains "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements include statements concerning the benefits of store acquisitions, developments, market conditions, our outlook and estimates for the year and other statements concerning our plans, objectives, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, the competitive landscape, the impact of broader economic trends on the storage industry, our plans or intentions relating to acquisitions and developments, and other information that is not historical information. In some cases, forward-looking statements can be identified by terminology such as "believes," "estimates," "expects," "may," "will," "should," "anticipates," "outlook," or "intends," or the negative of such terms or other comparable terminology, or by discussions of strategy. We may also make additional forward-looking statements from time to time. All such subsequent forward-looking statements, whether written or oral, by us or on our behalf, are also expressly qualified by these cautionary statements. There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in or contemplated by this release. Any forward-looking statements should be considered in light of the risks referenced in the "Risk Factors" section included in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Such factors include, but are not limited to:
- adverse changes in general economic conditions, the real estate industry and the markets in which we operate;
- potential liability for uninsured losses and environmental contamination;
- our ability to recover losses under our insurance policies;
- the impact of the regulatory environment as well as national, state and local laws and regulations, including, without limitation, those governing real estate investment trusts ("REITs"), tenant reinsurance and other aspects of our business, which could adversely affect our results;
- the effect of competition from new and existing stores or other storage alternatives, including increased or unanticipated competition for our properties, which could cause rents and occupancy rates to decline;
- failure to close pending acquisitions and developments on expected terms, or at all;
- risks associated with acquisitions, dispositions and development of properties, including increased development costs due to additional regulatory requirements related to climate change and other factors;
- reductions in asset valuations and related impairment charges;
- our reliance on information technologies, which are vulnerable to, among other things, attack from computer viruses and malware, hacking, cyberattacks and other unauthorized access or misuse, any of which could adversely affect our business and results;
- impacts from any outbreak of highly infectious or contagious diseases, including reduced demand for self-storage space and ancillary products and services such as tenant reinsurance, and potential decreases in occupancy and rental rates and staffing levels, which could adversely affect our results;
- economic uncertainty due to the impact of natural disasters, war or terrorism, which could adversely affect our business plan;
- our lack of sole decision-making authority with respect to our joint venture investments;
- disruptions in credit and financial markets and resulting difficulties in raising capital or obtaining credit at reasonable rates or at all, which could impede our ability to grow;
- availability of financing and capital, the levels of debt that we maintain and our credit ratings;
- changes in global financial markets, increases in interest rates and the impact of enacted and proposed
U.S. tariffs on global economic conditions; - the effect of recent or future changes to
U.S. tax laws; and - the failure to maintain our REIT status for
U.S. federal income tax purposes.
All forward-looking statements are based upon our current expectations and various assumptions. Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them, but there can be no assurance that management's expectations, beliefs and projections will result or be achieved. All forward-looking statements apply only as of the date made. We undertake no obligation to publicly update or revise forward-looking statements which may be made to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events.
Definition of FFO:
FFO provides relevant and meaningful information about the Company's operating performance that is necessary, along with net income and cash flows, for an understanding of the Company's operating results. The Company believes FFO is a meaningful disclosure as a supplement to net income. Net income assumes that the values of real estate assets diminish predictably over time as reflected through depreciation and amortization expenses. The values of real estate assets fluctuate due to market conditions and the Company believes FFO more accurately reflects the value of the Company's real estate assets. FFO is defined by the National Association of Real Estate Investment Trusts, Inc. ("NAREIT") as net income computed in accordance with
For informational purposes, the Company also presents Core FFO. Core FFO excludes revenues and expenses not core to our operations and transaction costs. It also includes certain costs associated with the Life Storage Merger including non-cash interest related to the amortization of discount on unsecured senior notes and amortization of other intangibles, net of tax benefit. Although the Company's calculation of Core FFO differs from NAREIT's definition of FFO and may not be comparable to that of other REITs and real estate companies, the Company believes it provides a meaningful supplemental measure of operating performance. The Company believes that by excluding revenues and expenses not core to our operations and non-cash interest charges, stockholders and potential investors are presented with an indicator of our operating performance that more closely achieves the objectives of the real estate industry in presenting FFO. Core FFO by the Company should not be considered a replacement of the NAREIT definition of FFO. The computation of FFO may not be comparable to FFO reported by other REITs or real estate companies that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently. FFO does not represent cash generated from operating activities determined in accordance with GAAP, and should not be considered as an alternative to net income as an indication of the Company's performance, as an alternative to net cash flow from operating activities as a measure of liquidity, or as an indicator of the Company's ability to make cash distributions.
Definition of Same-Store:
The Company's same-store pool for the periods presented consists of 1,870 stores that are wholly-owned and operated and that were stabilized by the first day of the earliest calendar year presented. The Company considers a store to be stabilized once it has been open for three years or has sustained average square foot occupancy of
About Extra Space Storage Inc.:
Extra Space Storage Inc., headquartered in
Extra Space Storage Inc. Condensed Consolidated Balance Sheets (In thousands, except share data) | |||
March 31, 2026 | December 31, 2025 | ||
(Unaudited) | |||
Assets: | |||
Real estate assets, net | $ 24,926,765 | $ 25,004,350 | |
Real estate assets - operating lease right-of-use assets | 737,606 | 732,176 | |
Investments in unconsolidated real estate entities | 1,069,602 | 1,066,783 | |
Investments in debt securities and notes receivable | 1,758,534 | 1,806,526 | |
Cash and cash equivalents | 138,986 | 138,920 | |
Other assets, net | 467,877 | 515,291 | |
Total assets | $ 29,099,370 | $ 29,264,046 | |
Liabilities, Noncontrolling Interests and Equity: | |||
Secured notes payable, net | $ 1,076,443 | $ 1,079,565 | |
Unsecured term loans, net | 1,495,012 | 1,494,659 | |
Unsecured senior notes, net | 9,446,570 | 9,432,427 | |
Revolving lines of credit and commercial paper | 1,152,500 | 1,224,000 | |
Operating lease liabilities | 769,688 | 761,106 | |
Cash distributions in unconsolidated real estate ventures | 74,288 | 73,701 | |
Accounts payable and accrued expenses | 374,814 | 357,583 | |
Other liabilities | 497,553 | 516,969 | |
Total liabilities | 14,886,868 | 14,940,010 | |
Commitments and contingencies | |||
Noncontrolling Interests and Equity: | |||
Extra Space Storage Inc. stockholders' equity: | |||
Preferred stock, | — | — | |
Common stock, | 2,112 | 2,112 | |
Additional paid-in capital | 14,882,445 | 14,880,646 | |
Accumulated other comprehensive income (loss) | 314 | (420) | |
Accumulated deficit | (1,552,391) | (1,449,172) | |
Total Extra Space Storage Inc. stockholders' equity | 13,332,480 | 13,433,166 | |
Noncontrolling interest represented by Preferred Operating Partnership units | 47,827 | 53,827 | |
Noncontrolling interests in Operating Partnership, net and other noncontrolling | 832,195 | 837,043 | |
Total noncontrolling interests and equity | 14,212,502 | 14,324,036 | |
Total liabilities, noncontrolling interests and equity | $ 29,099,370 | $ 29,264,046 | |
Consolidated Statement of Operations for the Three Months Ended March 31, 2026 and 2025 (In thousands, except share and per share data) - Unaudited | |||
For the Three Months Ended | |||
2026 | 2025 | ||
Revenues: | |||
Property rental | $ 733,213 | $ 704,380 | |
Tenant reinsurance | 89,119 | 84,712 | |
Management fees and other income | 33,695 | 30,905 | |
Total revenues | 856,027 | 819,997 | |
Expenses: | |||
Property operations | 238,303 | 223,582 | |
Tenant reinsurance | 17,867 | 17,116 | |
General and administrative | 46,509 | 45,974 | |
Depreciation and amortization | 185,795 | 180,356 | |
Total expenses | 488,474 | 467,028 | |
Gain on real estate assets held for sale and sold, net | — | 35,761 | |
Income from operations | 367,553 | 388,730 | |
Interest expense | (147,299) | (142,399) | |
Non-cash interest expense related to amortization of discount on unsecured senior | (12,555) | (11,313) | |
Interest income | 39,543 | 38,967 | |
Income before equity in earnings and dividend income from unconsolidated real | 247,242 | 273,985 | |
Equity in earnings and dividend income from unconsolidated real estate entities | 15,760 | 19,931 | |
Equity in earnings of unconsolidated real estate ventures - gain on sale of a joint | 207 | — | |
Income tax expense | (10,789) | (8,991) | |
Net income | 252,420 | 284,925 | |
Net income allocated to Preferred Operating Partnership noncontrolling interests | (673) | (724) | |
Net income allocated to Operating Partnership and other noncontrolling interests | (10,770) | (13,326) | |
Net income attributable to common stockholders | $ 240,977 | $ 270,875 | |
Earnings per common share | |||
Basic | $ 1.14 | $ 1.28 | |
Diluted | $ 1.14 | $ 1.28 | |
Weighted average number of shares | |||
Basic | 210,896,947 | 211,850,618 | |
Diluted | 220,322,872 | 212,052,742 | |
Cash dividends paid per common share | $ 1.62 | $ 1.62 | |
Reconciliation of GAAP Net Income to Total Same-Store Net Operating Income — for the Three Months Ended March 31, 2026 and 2025 (In thousands) - Unaudited | |||
For the Three Months Ended | |||
2026 | 2025 | ||
Net Income | $ 252,420 | $ 284,925 | |
Adjusted to exclude: | |||
Gain on real estate assets held for sale and sold, net | — | (35,761) | |
Equity in earnings and dividend income from unconsolidated real | (15,760) | (19,931) | |
Equity in earnings of unconsolidated real estate ventures - gain on sale | (207) | — | |
Interest expense | 147,299 | 142,399 | |
Non-cash interest expense related to amortization of discount on | 12,555 | 11,313 | |
Depreciation and amortization | 185,795 | 180,356 | |
Income tax expense | 10,789 | 8,991 | |
General and administrative | 46,509 | 45,974 | |
Management fees, other income and interest income | (73,238) | (69,872) | |
Net tenant insurance | (71,252) | (67,596) | |
Non same-store rental revenue | (54,604) | (36,831) | |
Non same-store operating expense | 36,433 | 26,955 | |
Total same-store net operating income | $ 476,739 | $ 470,922 | |
Same-store rental revenues | 678,609 | 667,549 | |
Same-store operating expenses | 201,870 | 196,627 | |
Same-store net operating income | $ 476,739 | $ 470,922 | |
Reconciliation of the Range of Estimated GAAP Fully Diluted Earnings Per Share to Estimated Fully Diluted FFO Per | ||||
For the Year Ending December 31, 2026 | ||||
Low End | High End | |||
Net income attributable to common stockholders per diluted share | $ 4.30 | $ 4.60 | ||
Income allocated to noncontrolling interest - Preferred Operating | 0.22 | 0.22 | ||
Net income attributable to common stockholders for diluted computations | 4.52 | 4.82 | ||
Adjustments: | ||||
Real estate depreciation | 3.12 | 3.12 | ||
Amortization of intangibles | 0.05 | 0.05 | ||
Unconsolidated joint venture real estate depreciation and amortization | 0.13 | 0.13 | ||
Funds from operations attributable to common stockholders | 7.82 | 8.12 | ||
Adjustments: | ||||
Non-cash interest expense related to amortization of discount on unsecured | 0.19 | 0.19 | ||
Amortization of other intangibles related to the Life Storage Merger, net of | 0.04 | 0.04 | ||
Core funds from operations attributable to common stockholders | $ 8.05 | $ 8.35 | ||
Reconciliation of Estimated GAAP Net Income to Estimated Same-Store Net Operating Income — for the Year Ending | |||
For the Year Ending December 31, 2026 | |||
Low | High | ||
Net Income | $ 975,500 | $ 1,059,000 | |
Adjusted to exclude: | |||
Equity in earnings of unconsolidated joint ventures | (63,500) | (64,500) | |
Interest expense | 597,000 | 592,000 | |
Non-cash interest expense related to amortization of discount on | 43,000 | 42,000 | |
Depreciation and amortization | 738,500 | 738,500 | |
Income tax expense | 48,000 | 47,000 | |
General and administrative | 192,500 | 190,500 | |
Management fees and other income | (140,000) | (141,500) | |
Interest income | (149,500) | (151,000) | |
Net tenant reinsurance income | (289,000) | (292,000) | |
Non same-store rental revenues | (221,000) | (222,000) | |
Non same-store operating expenses | 145,000 | 144,500 | |
Total same-store net operating income1 | $ 1,876,500 | $ 1,942,500 | |
Same-store rental revenues1 | 2,691,000 | 2,745,000 | |
Same-store operating expenses1 | 814,500 | 802,500 | |
Total same-store net operating income1 | $ 1,876,500 | $ 1,942,500 | |
(1) | Estimated same-store rental revenues, operating expenses and net operating income are for the Company's 2026 same-store pool of 1,870 stores. On January 1, 2026, the Company updated the property count of the same-store pool from 1,804 to 1,871 stores. In the quarter ended March 31, 2026, one property was removed due to casualty loss, reducing the same-store pool to 1,870 stores. |
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SOURCE Extra Space Storage Inc.