EXR earnings analysis
What we found in EXR's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Extra Space Storage reported Q1 2026 results with revenue of $733,213,000, slightly below estimates of $750,434,400, but recorded a diluted EPS of $2.04, outperforming expectations of $2.01. Core FFO increased by 2.0% YoY, bolstered by solid same-store metrics, while the overall same-store revenue grew by 1.7% to $678,609,000. Management maintained their Core FFO guidance for the year, indicating cautious optimism amidst challenging market conditions.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- EPS Beat Expectations
- Reported diluted EPS was $2.04, beating the estimate of $2.01 by 1.49%.
- Core FFO Growth
- Core FFO increased by 2.0% year-over-year to $2.04 per diluted share.
- Same-Store Revenue Growth
- Same-store revenue rose by 1.7% year-over-year to $678,609,000.
- Acquisition Contributions
- Property rental revenue contribution increased by $22,679 due to acquisitions completed in 2025.
- Increase in Total Revenue
- Total revenues for the quarter increased by 4.4% year-over-year to $856,027,000.
- Increase in Managed Stores
- Managed stores increased to 1,916 from 1,675, indicating growth in management fees and revenue.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- YoY GAAP Net Income Decline
- GAAP net income decreased to $240,977,000 from $270,875,000 year-over-year, reflecting a decline.
- Interest Expense Increase
- Interest expense rose to $147,299,000, up 3.4% from $142,399,000, due to higher outstanding debt.
- Loss of Gain on Sold Properties
- No gain recorded from real estate assets held for sale, in contrast to a $35,761,000 gain in the same quarter last year.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $2.04
- Segment
- Self-storage operations
- Segment
- Tenant reinsurance
What they said about what is next.
Company reaffirmed 2026 Core FFO guidance of $8.05 to $8.35 per share, unchanged from prior outlook.
The filing reads about the same as the one before it.
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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