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Extra Space Storage (NYSE: EXR) lifts 2026 Core FFO outlook after Q2 gains

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(High)
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(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Extra Space Storage Inc. reported solid 2026 second-quarter results, with net income attributable to common stockholders of $1.25 per diluted share, a 5.9% increase from a year earlier. FFO was $2.07 per diluted share and Core FFO was $2.15, up 4.9%. Same-store revenue rose 2.4% and same-store operating expenses declined 0.5%, driving a 3.5% increase in same-store NOI; ending same-store occupancy was 94.2%. For the first half of 2026, diluted EPS was $2.39, down 2.5% due to a prior-year gain on real estate sales, while Core FFO per share increased 3.5% to $4.19.

The company continued to expand, purchasing 18 operating stores and a joint-venture buyout for $103.2 million year-to-date, completing one developed store with a total cost of about $15.1 million, and originating $146.1 million in mortgage and mezzanine bridge loans. As of June 30, 2026, it managed 2,373 stores for itself, joint ventures and third parties, and had approximately $1.5 billion of bridge loans outstanding. The balance sheet showed total assets of $29.66 billion, a combined weighted average debt interest rate of 4.3%, and an effective fixed-rate debt mix of 88.4%. The company priced $550.0 million of 4.90% unsecured senior notes due 2032, maintained $800.0 million of remaining ATM equity capacity, and retained $349.0 million of share repurchase authorization. A quarterly dividend of $1.62 per share was paid on June 30, 2026.

Management raised 2026 Core FFO guidance to a range of $8.25–$8.40 per diluted share from $8.05–$8.35, reflecting expectations for same-store revenue growth of 1.0–2.0%, same-store expense growth of 1.0–2.0%, and same-store NOI growth of 0.5–2.5% across a 1,870-store pool. The outlook also assumes net tenant reinsurance income of $294–296 million, management fees and other income of $139–140 million, interest income of $153–154 million (including bridge loans), acquisitions of about $300 million, average retained bridge loan balances of $1.475 billion, interest expense of $595–598 million, and a weighted average diluted share count of 221 million.

Positive

  • None.

Negative

  • None.

Filing Explained

For the quarter ended June 30, 2026, Extra Space Storage reported no share sales through its ATM program and no common-stock repurchases, so those programs caused no disclosed share issuance or reduction during the period.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 diluted EPS $1.25 per share Net income attributable to common stockholders for the three months ended June 30, 2026; 5.9% increase year over year
Q2 2026 Core FFO per share $2.15 per share Core FFO attributable to common stockholders and unit holders for the three months ended June 30, 2026; up 4.9% year over year
Q2 2026 same-store NOI growth 3.5% Increase in same-store net operating income for the three months ended June 30, 2026 versus 2025
Ending same-store occupancy 94.2% Same-store square foot occupancy as of June 30, 2026, compared with 94.4% a year earlier
Bridge loans outstanding approximately $1.5 billion Outstanding balances of bridge loans at the end of the quarter ended June 30, 2026
Total assets $29,660,493 Total assets as of June 30, 2026 (in thousands)
2026 Core FFO guidance range $8.25–$8.40 per diluted share Full-year 2026 Core FFO outlook provided as of July 28, 2026
Quarterly dividend per share $1.62 Second-quarter 2026 common stock dividend paid June 30, 2026
funds from operations financial
"Achieved funds from operations attributable to common stockholders and unit holders (FFO) of $2.07 per diluted share."
Funds from operations (FFO) measures the cash a real estate-focused company generates from its core property operations by adjusting net income to add back non-cash expenses like building depreciation and removing one-time gains or losses from property sales. Investors use FFO like a household’s monthly take-home pay—it's a clearer view of ongoing cash available to pay dividends, maintain properties and fund growth than raw accounting profit.
Core FFO financial
"FFO, excluding adjustments (Core FFO), was $2.15 per diluted share, representing a 4.9% increase."
Core FFO (Core Funds From Operations) is a real estate industry measure of a property owner's recurring cash earnings calculated by starting with net income and removing non-cash accounting items and one-time gains or losses so the number reflects ongoing operating performance. Investors use it like a trimmed-down paycheck: it helps compare cash-generating ability across periods and companies by focusing on the stable, repeatable income rather than temporary or accounting-driven swings.
same-store net operating income financial
"Same-store revenue increased by 2.4% and same-store expense decreased by 0.5%, resulting in a same-store net operating income (NOI) increase of 3.5%."
Same-store net operating income measures the change in profitability from the core locations or properties that have been open for a set period, excluding any newly opened or closed sites. Investors use it to see the underlying, “apples-to-apples” health of an existing business—like checking how the original shops performed without the noise of expansions or closures—so it reveals true operational momentum and helps forecast future cash flow.
bridge loans financial
"Outstanding balances of the Company's bridge loans were approximately $1.5 billion at the end of the quarter."
A bridge loan is a short-term loan used to cover immediate cash needs until a company secures longer-term financing or completes a sale. Like a temporary bridge that gets you across a river while a permanent bridge is built, it keeps operations moving but often comes with higher interest or stricter terms, so investors watch them for signs of cash stress, possible extra costs, or changes in ownership and dilution risk.
unsecured senior notes financial
"Issued $550.0 million aggregate principal amount of 4.90% unsecured senior notes due 2032."
Unsecured senior notes are loans a company sells to investors that promise regular interest and return of principal but are not backed by specific assets as collateral; they have higher repayment priority than many other debts if the company defaults. They matter to investors because they balance relatively higher claim on repayment with greater risk than secured debt, so their interest rate and recovery prospects reflect that trade-off — like holding a higher-priority IOU without a pledged safety net.
Q2 2026 diluted EPS $1.25 per share up 5.9% versus the same quarter in 2025
Q2 2026 Core FFO per share $2.15 per share up 4.9% versus the same quarter in 2025
Q2 2026 same-store NOI 3.5% growth increase versus the same quarter in 2025
2026 Core FFO guidance range $8.25–$8.40 per diluted share raised from the prior range of $8.05–$8.35 per diluted share
Guidance

For 2026, Core FFO is guided to $8.25–$8.40 per diluted share with same-store NOI growth expected between 0.5% and 2.5%.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

How did Extra Space Storage (EXR) perform in Q2 2026?
Extra Space Storage reported Q2 2026 diluted EPS of $1.25, up 5.9% year over year. Core FFO was $2.15 per diluted share, up 4.9%, with same-store NOI rising 3.5% on 2.4% revenue growth and a 0.5% decline in same-store expenses.

What were EXR’s FFO and Core FFO per share for Q2 and the first half of 2026?
In Q2 2026, EXR generated FFO of $2.07 and Core FFO of $2.15 per diluted share. For the six months ended June 30, 2026, FFO was $4.04 and Core FFO was $4.19 per diluted share, a 3.5% increase over the prior-year period.

What 2026 Core FFO guidance did Extra Space Storage (EXR) provide?
The company guided to 2026 Core FFO of $8.25–$8.40 per diluted share, raised from $8.05–$8.35. The outlook assumes same-store NOI growth of 0.5–2.5%, acquisitions of about $300 million, and average retained bridge loan balances of $1.475 billion.

What acquisitions and investment activity did EXR report for early 2026?
Year-to-date through June 30, 2026, EXR purchased 18 operating stores and a joint-venture buyout for $103.2 million, completed one developed store costing about $15.1 million, and originated $146.1 million in mortgage and mezzanine bridge loans, while selling $30.8 million of mortgage bridge loans.

What is Extra Space Storage’s (EXR) debt and liquidity profile as of June 30, 2026?
As of June 30, 2026, EXR’s total assets were $29.66 billion, with an effective fixed-rate debt mix of 88.4% and a combined weighted average interest rate of 4.3%. It issued $550.0 million of 4.90% unsecured senior notes due 2032 and had $800.0 million of ATM equity capacity and $349.0 million of share repurchase authorization remaining.

What dividend did Extra Space Storage (EXR) pay for Q2 2026?
On June 30, 2026, Extra Space Storage paid a second-quarter common stock dividend of $1.62 per share to stockholders of record as of June 15, 2026. The company reported Q2 2026 diluted earnings per share of $1.25 and Core FFO per share of $2.15.
0001289490false00012894902026-07-282026-07-28

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
July 28, 2026
(Date of Report (Date of Earliest Event Reported))

EXTRA SPACE STORAGE INC.
(Exact Name of Registrant as Specified in Its Charter)
 
Maryland 001-32269 20-1076777
(State or Other Jurisdiction
of Incorporation)		 (Commission
File Number)		 (IRS Employer
Identification Number)
2795 East Cottonwood Parkway, Suite 300
Salt Lake City, Utah 84121
(Address of Principal Executive Offices)
(801) 365-4600
(Registrant’s Telephone Number, Including Area Code)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934
Title of each classTrading symbolName of each exchange on which registered
Common Stock, $0.01 par valueEXRNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02Results of Operations and Financial Condition
On July 28, 2026, Extra Space Storage Inc. (the “Company”) issued a press release announcing its financial results for the three and six months ended June 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this report and is incorporated by reference herein.
The information contained in this Current Report, including the exhibit referenced herein, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. Such information shall not be incorporated by reference into any filing of Extra Space Storage Inc., whether made before or after the date hereof, regardless of any general incorporation language in such filing.
Item 9.01        Financial Statements and Exhibits
(d) The following exhibit is furnished herewith: 
Exhibit
Number		  Description of Exhibit
99.1
  
Press Release dated July 28, 2026
104Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
EXTRA SPACE STORAGE INC.
Date:July 28, 2026By/s/ Jeff Norman
Name:Jeff Norman
Title:Executive Vice President and Chief Financial Officer





Exhibit 99.1
logoa13a.jpg
Extra Space Storage Inc.
PHONE (801) 365-4600
2795 East Cottonwood Parkway, Suite 300
Salt Lake City, Utah 84121
www.extraspace.com
FOR IMMEDIATE RELEASE

Extra Space Storage Inc. Reports 2026 Second Quarter Results
SALT LAKE CITY, July 28, 2026 — Extra Space Storage Inc. (NYSE: EXR) (the “Company”), a leading owner and operator of self-storage facilities in the United States and a member of the S&P 500 index, announced operating results for the three and six months ended June 30, 2026.
Highlights for the three months ended June 30, 2026:
 
•Achieved net income attributable to common stockholders of $1.25 per diluted share, representing a 5.9% increase compared to the same period in the prior year.
•Achieved funds from operations attributable to common stockholders and unit holders (“FFO”) of $2.07 per diluted share. FFO, excluding adjustments (“Core FFO”), was $2.15 per diluted share, representing a 4.9% increase compared to the same period in the prior year.
•Same-store revenue increased by 2.4% and same-store expense decreased by 0.5%, resulting in a same-store net operating income (“NOI”) increase of 3.5% compared to the same period in the prior year.
•Reported ending same-store occupancy of 94.2% as of June 30, 2026, compared to 94.4% as of June 30, 2025.
•Purchased 17 operating stores and acquired the ownership interest of our joint venture partner in one consolidated joint venture for a total cost of $90.7 million.
•Originated $140.6 million in mortgage and mezzanine bridge loans.
•Added 67 stores (48 stores net) to the Company's third-party management platform. As of June 30, 2026, the Company managed 1,964 stores for third parties and 409 stores in unconsolidated joint ventures, for a total of 2,373 managed stores.
•Paid a quarterly dividend of $1.62 per share.
Highlights for the six months ended June 30, 2026:

•Achieved net income attributable to common stockholders of $2.39 per diluted share, representing a 2.5% decrease compared to the same period in the prior year, which included a gain from real estate assets sold in 2025.
•Achieved FFO of $4.04 per diluted share, and Core FFO of $4.19 per diluted share, representing a 3.5% increase compared to the same period in the prior year.
•Increased same-store revenue by 2.0% and same-store expense increased by 1.1%, resulting in a same-store NOI increase of 2.4% compared to the same period in the prior year.
•Purchased 18 operating stores and acquired the ownership interest of our joint venture partner in one consolidated joint venture for a total cost of $103.2 million.
•In conjunction with joint venture partners, completed the development of one store for a total cost of approximately $15.1 million, of which the Company invested $14.4 million.


•Originated $146.1 million in mortgage and mezzanine bridge loans and sold $30.8 million in mortgage bridge loans.
•Added 151 stores (108 stores net) to the Company's third-party management platform.

Joe Margolis, CEO of the Company, stated: "Our operating systems and platform continue to optimize performance as we get deeper into the storage sector's recovery. Core FFO growth of 4.9% for the quarter was driven by strong occupancy, improving store performance, and smart expense control — with meaningful contributions from our ancillary businesses, including third-party management and bridge lending. We are never satisfied with, and always seek to improve, our technology, systems, process, and people, and it is gratifying to see that commitment reflected in our results.”




FFO Per Share:
The following table (unaudited) outlines the Company’s FFO and Core FFO for the three and six months ended June 30, 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 June 30,For the Six Months Ended June 30,
2026202520262025
(per share)1
(per share)1
(per share)1
(per share)1
Net income attributable to common stockholders$263,471 $1.25 $249,731 $1.18 $504,448 $2.39 $520,606 $2.45 
Impact of the difference in weighted average number of shares – diluted2
(0.06)(0.05)(0.11)(0.10)
Adjustments:
Real estate depreciation171,249 0.77 164,707 0.74 342,144 1.55 323,877 1.46 
Amortization of intangibles2,953 0.01 3,225 0.01 6,676 0.03 14,304 0.07 
(Gain) loss on real estate assets held for sale and sold, net— — 864 — — — (34,897)(0.16)
Unconsolidated joint venture real estate depreciation and amortization7,864 0.04 7,741 0.04 15,471 0.07 16,430 0.07 
Equity in earnings of unconsolidated joint venture gain on sale of a joint venture interest(640)— — — (847)— — — 
Income allocated to Operating Partnership and other noncontrolling interests 12,408 0.06 12,985 0.06 23,851 0.11 27,035 0.12 
FFO$457,305 $2.07 $439,253 $1.98 $891,743 $4.04 $867,355 $3.91 
Adjustments:
Non-cash interest expense related to amortization of discount on unsecured senior notes, net12,735 0.05 11,770 0.05 25,290 0.10 23,083 0.10 
Amortization of other intangibles related to the Life Storage Merger, net of tax benefit3,917 0.02 3,917 0.02 7,834 0.04 8,448 0.04 
Other adjustments (4)
1,771 0.01 — — 1,771 0.01 — — 
CORE FFO$475,728 $2.15 $454,940 $2.05 $926,638 $4.19 $898,886 $4.05 
Weighted average number of shares – diluted3
221,002,914 221,971,567 220,968,158 221,934,254 

(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.

(4)Adjustment to Core FFO relates to legal settlement costs with New York City.




Operating Results and Same-Store Performance:
The following table (unaudited) outlines the Company’s same-store performance for the three and six months ended June 30, 2026 and 2025 (amounts shown in thousands, except store count data)1:
 For the Three Months Ended June 30,PercentFor the Six Months Ended June 30,Percent
 20262025Change20262025Change
Same-store property revenues2
Net rental income$664,926 $648,617 2.5%$1,319,291 $1,291,611 2.1%
Other income25,266 25,644 (1.5)%49,510 50,200 (1.4)%
Total same-store revenues$690,192 $674,261 2.4%$1,368,801 $1,341,811 2.0%
Same-store operating expenses2
Payroll and benefits$40,786 $41,744 (2.3)%$82,471 $82,816 (0.4)%
Marketing16,720 17,524 (4.6)%31,187 31,838 (2.0)%
Office expense3
18,518 18,016 2.8%36,728 35,915 2.3%
Property operating expense4
17,476 18,847 (7.3)%41,576 41,577 —%
Repairs and maintenance11,289 13,362 (15.5)%28,003 28,856 (3.0)%
Property taxes80,818 77,526 4.2%158,609 154,716 2.5%
Insurance8,507 8,141 4.5%17,409 16,069 8.3%
Total same-store operating expenses$194,114 $195,160 (0.5)%$395,983 $391,787 1.1%
Same-store net operating income2
$496,078 $479,101 3.5%$972,818 $950,024 2.4%
Same-store square foot occupancy as of quarter end94.2%94.4%94.2%94.4%
Average same-store square foot occupancy94.0%94.1%93.4%93.6%
Properties included in same-store5
1,8701,8701,8701,870

(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 a 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 and six months ended June 30, 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 June 30, 2026
Closed /Completed or Scheduled to Close/Complete in 2026Total 2026
Wholly-Owned Investment1
StoresPriceStoresPriceStoresPrice
Operating Stores18$99,133 1$14,200 19$113,333 
Buyout of JV Partners' Interest in Operating Store14,080 —— 14,080 
EXR Investment in Wholly-Owned Stores19103,213 114,200 20117,413 
Joint Venture Investment1
EXR Investment in JV Development and C of O114,378 342,370 456,748 
EXR Investment in Joint Ventures114,378 342,370 456,748 
Total EXR Investment20$117,591 4$56,570 24$174,161 
(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:

The Company did not dispose of any properties during the three months ended June 30, 2026, and currently has six properties held for sale.
Bridge Loans:
During the three months ended June 30, 2026, the Company originated $140.6 million in bridge loans. Outstanding balances of the Company's bridge loans were approximately $1.5 billion at the end of the quarter. The Company has an additional $86.3 million in bridge loans that have closed subsequent to quarter end or are under agreement to close in 2026. Additional details related to the Company's loan activity and balances held are included in the supplemental financial information published on the Company’s Investor Relations website at https://ir.extraspace.com/.
Property Management:
As of June 30, 2026, the Company managed 1,964 stores for third-party owners and 409 stores owned in unconsolidated joint ventures, for a total of 2,373 stores under management. The Company is the largest self-storage management company in the United States.
Balance Sheet:
During the three months ended June 30, 2026, the Company did not issue any shares on its ATM program, and as of June 30, 2026, the Company had $800.0 million available for issuance. Likewise, the Company did not repurchase any shares of common stock using its stock repurchase program during the quarter. As of June 30, 2026, the Company had authorization to purchase up to $349.0 million under the program.
On June 24, 2026, the Company priced a public bond offering issuing $550.0 million aggregate principal amount of 4.90% unsecured senior notes due 2032.
As of June 30, 2026, the Company's commercial paper program had total capacity of $1.0 billion, with $850.0 million in outstanding issuances.
As of June 30, 2026, the Company’s percentage of fixed-rate debt to total debt was 78.5%. Net of the impact of variable rate receivables, the effective fixed-rate debt to total debt was 88.4%. The weighted average interest rates of the Company’s fixed and variable-rate debt were 4.3% and 4.6%, respectively. The combined weighted average interest rate was 4.3% with a


weighted average maturity of approximately 4.0 years. Full details related to the Company's debt schedule are included in the supplemental financial information published on the Company’s Investor Relations website at https://ir.extraspace.com/.
Dividends:
On June 30, 2026, the Company paid a second quarter common stock dividend of $1.62 per share to stockholders of record at the close of business on June 15, 2026.


Outlook:
The following table outlines the Company's Core FFO estimates and assumptions for the year ending December 31, 20261.
Current Ranges for 2026
Annual Assumptions		Prior Ranges for 2026
Annual Assumptions		Notes
(July 28, 2026)(April 28, 2026)
LowHighLowHigh
Core FFO$8.25$8.40$8.05$8.35
Dilution per share from C of O and value add acquisitions$0.17$0.17$0.18$0.18
Same-store revenue growth1.00%2.00%(0.50)%1.50%Same-store pool of 1,870 stores
Same-store expense growth1.00%2.00%2.00%3.50%Same-store pool of 1,870 stores
Same-store NOI growth0.50%2.50%(2.25)%1.25%Same-store pool of 1,870 stores
Weighted average one-month SOFR3.73%3.73%3.65%3.65%
Net tenant reinsurance income$294,000,000$296,000,000$289,000,000$292,000,000
Management fees and other income$139,000,000$140,000,000$140,000,000$141,500,000
Interest income$153,000,000$154,000,000$149,500,000$151,000,000Includes interest from bridge loans and dividends from NexPoint preferred investment
General and administrative expenses$188,000,000$189,500,000$190,500,000$192,500,000Includes non-cash compensation
Equity in earnings of real estate ventures$63,500,000$64,500,000$63,500,000$64,500,000Includes dividends from SmartStop preferred investments
Interest expense$595,000,000$598,000,000$592,000,000$597,000,000Excludes non-cash interest expense shown below
Non-cash interest expense related to amortization of discount on unsecured senior notes, net$44,000,000$45,000,000$42,000,000$43,000,000Amortization of debt mark-to-market; excluded from Core FFO
Income Tax Expense$48,000,000$49,000,000$47,000,000$48,000,000Taxes associated with the Company's taxable REIT subsidiary
Acquisitions$300,000,000$300,000,000$200,000,000$200,000,000Includes wholly-owned acquisitions and the Company's investment in joint ventures
Bridge loans outstanding$1,475,000,000$1,475,000,000$1,475,000,000$1,475,000,000Represents the Company's average retained loan balances for the year
Weighted average share count221,000,000221,000,000221,100,000221,100,000Assumes redemption of all OP units for common stock
(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, July 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/293950168?pwd=CHtG2oiN
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 July 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 U.S. generally accepted accounting principles (“GAAP”), excluding gains or losses on sales of operating stores and impairment write downs of depreciable real estate assets, plus depreciation and amortization related to real estate and after adjustments to record unconsolidated partnerships and joint ventures on the same basis. The Company believes that to further understand the Company’s performance, FFO should be considered along with the reported net income and cash flows in accordance with GAAP, as presented in the Company’s consolidated financial statements. FFO should not be considered a replacement of net income computed in accordance with GAAP.
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, or January 1, 2025. The Company considers a store to be stabilized once it has been open for three years or has sustained average square foot occupancy of 80.0% or more for one calendar year. The Company believes that by providing same-store results from a stabilized pool of stores, with accompanying operating metrics including, but not limited to occupancy, rental revenue (growth), operating expenses (growth), net operating income (growth), etc., stockholders and potential investors are able to evaluate operating performance without the effects of non-stabilized occupancy levels, rent levels, expense levels, acquisitions or completed developments.  Same-store results should not be used as a basis for future same-store performance or for the performance of the Company’s stores as a whole.
About Extra Space Storage Inc.:
Extra Space Storage Inc., headquartered in Salt Lake City, Utah, is a self-administered and self-managed REIT and a member of the S&P 500. As of June 30, 2026, the Company owned and/or operated 4,410 self-storage stores in 42 states and Washington, D.C. The Company’s stores comprise approximately 3.0 million units and approximately 341.0 million square feet of rentable space operating under the Extra Space brand. The Company offers customers a wide selection of conveniently located and secure storage units across the country, including boat storage, RV storage and business storage. It is the largest operator of self-storage properties in the United States.

###
For Information:
Jared Conley
Extra Space Storage Inc.
(801) 365-1759


Extra Space Storage Inc.
Condensed Consolidated Balance Sheets
(In thousands, except share data)
June 30, 2026December 31, 2025
(Unaudited)
Assets:
Real estate assets, net$24,938,444 $25,004,350 
Real estate assets - operating lease right-of-use assets732,490 732,176 
Investments in unconsolidated real estate entities1,065,012 1,066,783 
Investments in debt securities and notes receivable1,751,653 1,806,526 
Cash and cash equivalents695,171 138,920 
Other assets, net477,723 515,291 
Total assets $29,660,493 $29,264,046 
Liabilities, Noncontrolling Interests and Equity:
Secured notes payable, net$1,073,327 $1,079,565 
Unsecured term loans, net1,495,365 1,494,659 
Unsecured senior notes, net9,460,928 9,432,427 
Revolving lines of credit and commercial paper1,617,000 1,224,000 
Operating lease liabilities767,584 761,106 
Cash distributions in unconsolidated real estate ventures75,185 73,701 
Accounts payable and accrued expenses445,144 357,583 
Other liabilities548,626 516,969 
Total liabilities 15,483,159 14,940,010 
Commitments and contingencies
Noncontrolling Interests and Equity:
Extra Space Storage Inc. stockholders’ equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued or outstanding— — 
Common stock, $0.01 par value, 500,000,000 shares authorized, 211,273,076 and 211,155,322 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively2,113 2,112 
Additional paid-in capital14,886,836 14,880,646 
Accumulated other comprehensive loss(181)(420)
Accumulated deficit(1,630,873)(1,449,172)
Total Extra Space Storage Inc. stockholders’ equity13,257,895 13,433,166 
Noncontrolling interest represented by Preferred Operating Partnership units47,827 53,827 
Noncontrolling interests in Operating Partnership, net and other noncontrolling interests871,612 837,043 
Total noncontrolling interests and equity14,177,334 14,324,036 
Total liabilities, noncontrolling interests and equity$29,660,493 $29,264,046 



Consolidated Statement of Operations for the Three and Six Months Ended June 30, 2026 and 2025
(In thousands, except share and per share data) - Unaudited
For the Three Months Ended June 30,For the Six Months Ended June 30,
2026202520262025
Revenues:
Property rental$746,164 $721,004 $1,479,377 $1,425,384 
Tenant reinsurance93,084 88,572 182,203 173,284 
Management fees and other income34,904 32,042 68,599 62,947 
Total revenues874,152 841,618 1,730,179 1,661,615 
Expenses:
Property operations231,718 227,621 470,021 451,203 
Tenant reinsurance 17,325 16,945 35,192 34,061 
General and administrative47,315 44,952 93,824 90,926 
Depreciation and amortization185,610 177,266 371,405 357,622 
Total expenses481,968 466,784 970,442 933,812 
Gain (loss) on real estate assets held for sale and sold, net— (864)— 34,897 
Income from operations392,184 373,970 759,737 762,700 
Interest expense(146,720)(146,128)(294,019)(288,527)
Non-cash interest expense related to amortization of discount on unsecured senior notes, net(12,735)(11,770)(25,290)(23,083)
Interest income38,777 41,998 78,320 80,965 
Income before equity in earnings and dividend income from unconsolidated real estate entities and income tax expense271,506 258,070 518,748 532,055 
Equity in earnings and dividend income from unconsolidated real estate entities15,802 16,284 31,562 36,215 
Equity in earnings of unconsolidated real estate ventures - gain on sale of a joint venture interest640 — 847 — 
Income tax expense(12,069)(11,638)(22,858)(20,629)
Net income275,879 262,716 528,299 547,641 
Net income allocated to Preferred Operating Partnership noncontrolling interests(674)(723)(1,347)(1,447)
Net income allocated to Operating Partnership and other noncontrolling interests(11,734)(12,262)(22,504)(25,588)
Net income attributable to common stockholders$263,471 $249,731 $504,448 $520,606 
Earnings per common share
Basic $1.25 $1.18 $2.39 $2.45 
Diluted $1.25 $1.18 $2.39 $2.45 
Weighted average number of shares
Basic210,962,128 211,940,903 210,929,737 211,895,586 
Diluted220,362,955 211,940,903 220,343,045 211,895,586 
Cash dividends paid per common share$1.62 $1.62 $3.24 $3.24 



Reconciliation of GAAP Net Income to Total Same-Store Net Operating Income — for the Three and Six Months Ended
June 30, 2026 and 2025 (In thousands) - Unaudited
For the Three Months Ended June 30,For the Six Months Ended June 30,
2026202520262025
Net Income$275,879 $262,716 $528,299 $547,641 
Adjusted to exclude:
(Gain) loss on real estate assets held for sale and sold, net— 864 — (34,897)
Equity in earnings and dividend income from unconsolidated real estate entities(15,802)(16,284)(31,562)(36,215)
Equity in earnings of unconsolidated real estate ventures - gain on sale of a joint venture interest(640)— (847)— 
Interest expense146,720 146,128 294,019 288,527 
Non-cash interest expense related to amortization of discount on unsecured senior notes, net12,735 11,770 25,290 23,083 
Depreciation and amortization185,610 177,266 371,405 357,622 
Income tax expense12,069 11,638 22,858 20,629 
General and administrative47,315 44,952 93,824 90,926 
Management fees, other income and interest income(73,681)(74,040)(146,919)(143,912)
Net tenant insurance(75,759)(71,627)(147,011)(139,223)
Non same-store rental revenue(55,972)(46,743)(110,576)(83,573)
Non same-store operating expense37,604 32,461 74,038 59,416 
Total same-store net operating income$496,078 $479,101 $972,818 $950,024 
Same-store rental revenues690,192 674,261 1,368,801 1,341,811 
Same-store operating expenses194,114 195,160 395,983 391,787 
Same-store net operating income$496,078 $479,101 $972,818 $950,024 




Reconciliation of the Range of Estimated GAAP Fully Diluted Earnings Per Share to Estimated Fully Diluted FFO Per Share — for the Year Ending December 31, 2026 - Unaudited
For the Year Ending
December 31, 2026
Low EndHigh End
Net income attributable to common stockholders per diluted share$4.49 $4.64 
Income allocated to noncontrolling interest - Preferred Operating Partnership and Operating Partnership0.22 0.22 
Net income attributable to common stockholders for diluted computations4.71 4.86 
Adjustments:
Real estate depreciation3.10 3.10 
Amortization of intangibles0.05 0.05 
Unconsolidated joint venture real estate depreciation and amortization0.14 0.14 
Funds from operations attributable to common stockholders8.00 8.15 
Adjustments:
Non-cash interest expense related to amortization of discount on unsecured senior notes, net0.20 0.20 
Amortization of other intangibles related to the Life Storage Merger, net of tax benefit0.04 0.04 
Other adjustments (1)
0.01 0.01 
Core funds from operations attributable to common stockholders$8.25 $8.40 

(1)Adjustment to Core FFO relates to legal settlement costs with New York City.


Reconciliation of Estimated GAAP Net Income to Estimated Same-Store Net Operating Income — for the Year Ending December 31, 2026 (In thousands) - Unaudited
For the Year Ending December 31, 2026
 Low  High
Net Income$1,037,750 $1,085,650 
Adjusted to exclude:
Equity in earnings of unconsolidated joint ventures(63,500)(64,500)
Interest expense598,000 595,000 
Non-cash interest expense related to amortization of discount on unsecured senior notes, net45,000 44,000 
Depreciation and amortization736,000 736,000 
Income tax expense49,000 48,000 
General and administrative 189,500 188,000 
Management fees and other income(139,000)(140,000)
Interest income(153,000)(154,000)
Net tenant reinsurance income(294,000)(296,000)
Non same-store rental revenues(226,000)(227,000)
Non same-store operating expenses149,500 149,000 
Total same-store net operating income1
$1,929,250 $1,964,150 
Same-store rental revenues1
2,732,000 2,759,000 
Same-store operating expenses1
802,750 794,850 
Total same-store net operating income1
$1,929,250 $1,964,150 

(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.


Source: View Original Filing on SEC EDGAR

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