EXR Extra Space Storage (EXR) Q2 FY26 earnings call
Extra Space Storage delivered a strong second quarter, marked by accelerated same-store revenue and NOI growth, driven by effective revenue management and moderating supply. The company raised its full-year FFO and same-store guidance, reflecting confidence in its operational platform despite elevated asset pricing and cautious macro outlook. Management emphasized its disciplined capital allocation and the continued outperformance of its diversified growth channels.
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EXR operating KPIs by quarter
| KPI | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | This call 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.