EXR Extra Space Storage (EXR) Q2 FY25 earnings call
Extra Space Storage delivered a solid second quarter, marked by continued operational momentum with elevated same-store occupancy and the first positive new customer rate growth since March 2022. While same-store revenue growth remained flat and expense growth was higher than anticipated, the company maintained its full-year core FFO guidance, reflecting confidence in gradually improving market fundamentals and the strength of its diversified platform. Management emphasized a balanced approach to capital allocation, leveraging capital-light strategies like bridge loans and third-party manageme
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EXR operating KPIs by quarter
| KPI | Mar 2025 Q1 FY25 | This call Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Properties Third-party managed | 1,675This brings our third-party managed portfolio to 1,675 stores, reinforcing our position as the leading third-party management provider in the industry.Source: earnings call transcript | 1,749Simultaneously, our third-party management program added 93 stores with net growth of 74 properties, expanding our managed portfolio to 1,749 stores, providing more scale and efficiency to our sector-leading platform.Source: earnings call transcript | 1,811Year-to-date, we have added over 300 stores, which brings our total managed portfolio to 1,811 stores.Source: earnings call transcript | 1,856For the full year, we added 379 stores and 281 net new stores to the program, bringing our total managed portfolio to 1,856 stores.Source: earnings call transcript | 1,916Our third-party management platform added 84 stores in the quarter with net growth of 60 stores, bringing our total managed portfolio to 1,916 stores.Source: earnings call transcript | 1,964We added 67 stores during the quarter with net growth of 48 stores, bringing our year-to-date net growth to 108 stores and our total managed portfolio to 1,964 stores at quarter end.Source: earnings call transcript | +2.5% |
| Occupancy rate Same-store | 93.4%Same-store occupancy remained at historically high levels, ending the quarter at 93.4%.Source: earnings call transcript | 94.6%Our operational momentum continued with same-store occupancy reaching 94.6%, up 60 basis points year-over-year and 120 basis points sequentially from the first quarter.Source: earnings call transcript | — | — | 93%We ended the quarter with same-store occupancy at 93% compared to 93.2% in the prior year, with the year-over-year occupancy delta improving 50 basis points since year-end.Source: earnings call transcript | — | — |
| Properties | — | — | 4,200+Our geographically diversified portfolio of over 4,200 stores across 43 states provides significant protection against localized economic fluctuations.Source: earnings call transcript | — | — | 4,400+Our platform consistently drives superior property performance through operational expertise, sophisticated revenue management and technology infrastructure that scales across more than 4,400 stores.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.