A month has gone by since the last earnings report for Extra Space Storage (EXR Quick QuoteEXR - Free Report) . Shares have lost about 5.7% in that time frame, underperforming the S&P 500.

Will the recent negative trend continue leading up to its next earnings release, or is Extra Space Storage due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important drivers.

Extra Space Storage's Q2 Core FFO Beats Estimates on Strong Same-Store NOI

Extra Space Storage reported second-quarter 2026 core FFO per share of $2.15, beating the Zacks Consensus Estimate of $2.06 by 4.4%. Core FFO per share increased 4.9% year over year from $2.05.

Quarterly revenues of $874.2 million surpassed the consensus estimate of $867.4 million by 0.8% and rose 3.9% year over year. Results benefited from higher same-store revenues and lower same-store operating expenses, which drove 3.5% growth in same-store NOI.

Extra Space Storage’s Revenues & Expense Trends

Property rental revenues increased 3.5% year over year to $746.2 million. Tenant reinsurance revenues rose 5.1% to $93.1 million, while management fees and other income advanced 8.9% to $34.9 million.

Total expenses increased 3.3% to $482 million. Property operations expenses rose 1.8% to $231.7 million, tenant reinsurance expenses climbed 2.2% to $17.3 million and general and administrative expenses increased 5.3% to $47.3 million. Depreciation and amortization expenses grew 4.7% to $185.6 million.

Extra Space Storage's Same-Store Results

Same-store revenues increased 2.4% year over year to $690.2 million. Net rental income rose 2.5% to $664.9 million, while other income declined 1.5% to $25.3 million.

Same-store operating expenses decreased 0.5% to $194.1 million, supporting NOI of $496.1 million. Payroll and benefits, marketing, property operating expenses and repairs and maintenance declined during the second quarter. Ending same-store occupancy was 94.2%, down from 94.4% a year earlier, while average same-store occupancy edged down to 94% from 94.1%.

Extra Space Storage's Portfolio & Lending Activity

During the second quarter, Extra Space Storage purchased 17 operating stores and acquired its joint venture partner's ownership interest in one consolidated joint venture for a total cost of $90.7 million.

Extra Space Storage originated $140.6 million in mortgage and mezzanine bridge loans during the reported quarter. Outstanding bridge-loan balances were approximately $1.5 billion at quarter-end, with another $86.3 million closed after the quarter or under agreement to close in 2026.

Extra Space Storage Expands Platform

Extra Space Storage added 67 stores or 48 stores on a net basis to its third-party management platform during the second quarter. As of June 30, 2026, it managed 1,964 stores for third-party owners and 409 stores in unconsolidated joint ventures.

The company owned or operated 4,410 self-storage stores across 42 states and Washington, D.C. Its stores comprised approximately 3 million units and 341 million square feet of rentable space.

Extra Space Storage's Balance Sheet & Liquidity

Extra Space ended the second quarter with $695.2 million in cash and cash equivalents, up from $139 million in the prior quarter. Its percentage of fixed-rate debt to total debt was 78.5%. After accounting for variable-rate receivables, the effective fixed-rate debt to total debt was 88.4%.

The combined weighted average interest rate was 4.3%, with a weighted average maturity of approximately four years. In June, Extra Space Storage priced a public bond offering, issuing $550 million of 4.9% unsecured senior notes due in 2032. The company had $850 million outstanding under its $1 billion commercial paper program.

Extra Space Storage Raises Its 2026 Outlook

Management raised its 2026 core FFO guidance to $8.25-$8.40 per share from the prior range of $8.05-$8.35. The updated outlook assumes same-store revenue growth of 1-2% compared with the previous projection of negative 0.5% to positive 1.5%. The company now expects same-store expense growth of 1-2%, down from 2-3.5% and same-store NOI growth of 0.5-2.5%, up from the earlier range of negative 2.25% to positive 1.25%. Its acquisition assumption was increased to $300 million from $200 million.

How Have Estimates Been Moving Since Then?

Since the earnings release, investors have witnessed a flat trend in estimates revision.

VGM Scores

Currently, Extra Space Storage has a subpar Growth Score of D, however its Momentum Score is doing a lot better with a B. However, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for this investment strategy.

Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Extra Space Storage has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry Player

Extra Space Storage is part of the Zacks REIT and Equity Trust - Other industry. Over the past month, SL Green (SLG Quick QuoteSLG - Free Report) , a stock from the same industry, has gained 9%. The company reported its results for the quarter ended June 2026 more than a month ago.

SL Green reported revenues of $171.85 million in the last reported quarter, representing a year-over-year change of +16.5%. EPS of -$0.38 for the same period compares with $1.63 a year ago.

SL Green is expected to post earnings of $1.42 per share for the current quarter, representing a year-over-year change of -10.1%. Over the last 30 days, the Zacks Consensus Estimate has changed +12.9%.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for SL Green. Also, the stock has a VGM Score of F.