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Earnings analysis · 10-Q

EXR earnings analysis

Filed May 1, 2026 · Our reading of the company's report

The latest report

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%…

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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.

Read the original on SEC.gov

Reported figures

Earnings per share
$2.04
Segment
Self-storage operations
Segment
Tenant reinsurance

What stood out

  • 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.

What to watch

  • 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.

Management's outlook

Company reaffirmed 2026 Core FFO guidance of $8.05 to $8.35 per share, unchanged from prior outlook.

This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.