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Results reflected a year-over-year increase in same-store net operating income (NOI).
Quarterly revenues came in at $856 million, above the Zacks Consensus Estimate of $852.8 million. The top line increased 4.5% year over year.
EXR’s First Quarter in Detail
Same-store revenues jumped 1.7% year over year to $678.6 million, while same-store operating expenses rose 2.7% to $201.9 million. As a result, same-store NOI improved 1.2% year over year to $476.7 million.
Same-store square-foot occupancy was 93% as of March 31, 2026, compared with 93.2% as of March 31, 2025.
EXR’s Portfolio Activity
During the quarter, Extra Space Storage acquired one operating store for $12.5 million. In partnership with joint venture partners, the company also completed the development of one store for a total cost of around $15.1 million, of which EXR invested $14.4 million.
The company added 84 stores, or 60 stores net, to its third-party management platform. As of March 31, 2026, EXR managed 1,916 stores for third parties and 408 stores in unconsolidated joint ventures for a total of 2,324 managed stores.
Balance Sheet Position of EXR
Extra Space Storage exited the quarter with $139.0 million of cash and cash equivalents, roughly in line with $138.9 million as of Dec. 31, 2025.
As of March 31, 2026, EXR’s fixed-rate debt represented 82.5% of total debt. Net of variable-rate receivables, effective fixed-rate debt was 92.9% of total debt. The combined weighted average interest rate was 4.3%, with a weighted average maturity of about 4.3 years.
In the first quarter, the company did not issue any shares under its at-the-market program and had $800 million available for issuance as of March 31, 2026.
During the quarter, the company repurchased 11,109 shares for $1.4 million at an average price of $129.80 per share. As of March 31, 2026, it had $349.1 million remaining under its repurchase authorization.
EXR’s 2026 Guidance
Extra Space Storage maintained its 2026 core FFO outlook in the range of $8.05-$8.35 per share. The guidance assumes same-store revenue growth of negative 0.50% to 1.50%, same-store expense growth of 2.00%-3.50% and same-store NOI growth of negative 2.25% to 1.25%.
We now look forward to the earnings releases of other REITs like Federal Realty Investment Trust (FRT - Free Report) and OUTFRONT Media (OUT - Free Report) , slated to report on May 1 and May 7, respectively.
The Zacks Consensus Estimate for Federal Realty Investment Trust’s first-quarter 2026 FFO per share stands at $1.82, which indicates 7.1% growth year over year. FRT currently has a Zacks Rank #2 (Buy).
The consensus estimate for OUTFRONT Media’s first-quarter 2026 FFO per share stands at 28 cents, which calls for significant growth year over year. OUT currently has a Zacks Rank #2.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.
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Extra Space Storage Q1 Core FFO & Revenues Beat Estimates
Key Takeaways
Extra Space Storage Inc. (EXR - Free Report) reported first-quarter 2026 core funds from operations (FFO) per share of $2.04, beating the Zacks Consensus Estimate of $2.01. The figure increased 2% year over year from $2.00.
Results reflected a year-over-year increase in same-store net operating income (NOI).
Quarterly revenues came in at $856 million, above the Zacks Consensus Estimate of $852.8 million. The top line increased 4.5% year over year.
EXR’s First Quarter in Detail
Same-store revenues jumped 1.7% year over year to $678.6 million, while same-store operating expenses rose 2.7% to $201.9 million. As a result, same-store NOI improved 1.2% year over year to $476.7 million.
Same-store square-foot occupancy was 93% as of March 31, 2026, compared with 93.2% as of March 31, 2025.
EXR’s Portfolio Activity
During the quarter, Extra Space Storage acquired one operating store for $12.5 million. In partnership with joint venture partners, the company also completed the development of one store for a total cost of around $15.1 million, of which EXR invested $14.4 million.
The company added 84 stores, or 60 stores net, to its third-party management platform. As of March 31, 2026, EXR managed 1,916 stores for third parties and 408 stores in unconsolidated joint ventures for a total of 2,324 managed stores.
Balance Sheet Position of EXR
Extra Space Storage exited the quarter with $139.0 million of cash and cash equivalents, roughly in line with $138.9 million as of Dec. 31, 2025.
As of March 31, 2026, EXR’s fixed-rate debt represented 82.5% of total debt. Net of variable-rate receivables, effective fixed-rate debt was 92.9% of total debt. The combined weighted average interest rate was 4.3%, with a weighted average maturity of about 4.3 years.
In the first quarter, the company did not issue any shares under its at-the-market program and had $800 million available for issuance as of March 31, 2026.
During the quarter, the company repurchased 11,109 shares for $1.4 million at an average price of $129.80 per share. As of March 31, 2026, it had $349.1 million remaining under its repurchase authorization.
EXR’s 2026 Guidance
Extra Space Storage maintained its 2026 core FFO outlook in the range of $8.05-$8.35 per share. The guidance assumes same-store revenue growth of negative 0.50% to 1.50%, same-store expense growth of 2.00%-3.50% and same-store NOI growth of negative 2.25% to 1.25%.
EXR’s Zacks Rank
Extra Space Storage currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Extra Space Storage Inc Price, Consensus and EPS Surprise
Extra Space Storage Inc price-consensus-eps-surprise-chart | Extra Space Storage Inc Quote
Upcoming Earnings Releases
We now look forward to the earnings releases of other REITs like Federal Realty Investment Trust (FRT - Free Report) and OUTFRONT Media (OUT - Free Report) , slated to report on May 1 and May 7, respectively.
The Zacks Consensus Estimate for Federal Realty Investment Trust’s first-quarter 2026 FFO per share stands at $1.82, which indicates 7.1% growth year over year. FRT currently has a Zacks Rank #2 (Buy).
The consensus estimate for OUTFRONT Media’s first-quarter 2026 FFO per share stands at 28 cents, which calls for significant growth year over year. OUT currently has a Zacks Rank #2.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.