Jun 2026 (Q2 FY26) — Jul 29, 2026
Extra Space Storage Q2 FY26 — Strong FFO Growth and Accelerated Same-Store Performance
Read the full callExtra Space Storage (EXR) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Extra Space Storage earnings: last reported Wed, 29 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 874 | +3.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 44.9 | +0.4 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 263 | +5.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
10 of 11 judged targets kept · 18 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Property and casualty insurance cost at the 2026 midyear renewal | improve materially in the second half of the year | Dec 2025 | on the insurance expense line item, we have a midyear renewal, which we've completed that was very favorable | Achieved |
| Full-year core FFO per share (2026) | $8.05 to $8.35 per share | Dec 2025 | Our core FFO is now expected in the range of $8.25 to $8.40 per share | Revised Up |
| Full-year acquisition volume (2026) | $200 million of Extra Space capital in total acquisitions | Dec 2025 | We closed 18 stores for $91 million, almost all of which were off-market transactions | On Track |
1 of Extra Space Storage Inc.'s 29 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 26 more targets are in the full ledger.
Claimed
- Core FFO per share grew 4.9% year-over-year to $2.15.
- Same-store revenue growth accelerated to 2.4% in Q2, exceeding internal projections.
- Same-store NOI accelerated to 3.5% year-over-year, driven by revenue growth and modest expense decline.
- Occupancy ended the quarter at 94.2%, effectively balancing rate and occupancy.
- Added 67 stores to the third-party managed portfolio, with net growth of 48 stores in Q2, totaling 1,964 managed stores.
Qualified
- Asset pricing in the acquisition market remains elevated, pushing towards proprietary pipelines.
- Full-year guidance implies potential deceleration in same-store revenue growth in H2 due to more difficult comps and macro risks.
- Some Sunbelt markets (Houston, Tampa, Phoenix) remain difficult for new customer moving rates.
Price
$138.18 −1.02% · −$1.43
Performance −8.8% 1Y
1Y: $151.54 on 17 Oct 2025 → $138.18. High $152.85 (29 Jul 2026), low $126.69 (9 Dec 2025).
- Previous close
- $139.61
- 52-week range
- $126.69 – $152.85
- One year
- −8.77%
Overview
- Symbol
- EXR
- Sector
- Real Estate
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
10 of 11 judged targets kept · 18 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Property and casualty insurance cost at the 2026 midyear renewal | improve materially in the second half of the year | Dec 2025 | on the insurance expense line item, we have a midyear renewal, which we've completed that was very favorable | Achieved |
| Full-year core FFO per share (2026) | $8.05 to $8.35 per share | Dec 2025 | Our core FFO is now expected in the range of $8.25 to $8.40 per share | Revised Up |
| Full-year acquisition volume (2026) | $200 million of Extra Space capital in total acquisitions | Dec 2025 | We closed 18 stores for $91 million, almost all of which were off-market transactions | On Track |
Claimed
- Core FFO per share grew 4.9% year-over-year to $2.15.
- Same-store revenue growth accelerated to 2.4% in Q2, exceeding internal projections.
- Same-store NOI accelerated to 3.5% year-over-year, driven by revenue growth and modest expense decline.
- Occupancy ended the quarter at 94.2%, effectively balancing rate and occupancy.
- Added 67 stores to the third-party managed portfolio, with net growth of 48 stores in Q2, totaling 1,964 managed stores.
Qualified
- Asset pricing in the acquisition market remains elevated, pushing towards proprietary pipelines.
- Full-year guidance implies potential deceleration in same-store revenue growth in H2 due to more difficult comps and macro risks.
- Some Sunbelt markets (Houston, Tampa, Phoenix) remain difficult for new customer moving rates.
The full ledger
Open Extra Space Storage Inc.’s full ledger
A free account opens 5 company ledgers a month. All 29 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 29, 2026
Extra Space Storage Q1 FY26 — Same-store revenue accelerates to 1.7% as supply moderates
Read the full callDec 2025 (Q4 FY25) — Feb 20, 2026
Extra Space Storage Inc. Q4 FY25 — Positive Same-Store Revenue Growth and Strategic Capital Deployment
Read the full callEvery analysed call
Extra Space Storage earnings calls (EXR)
Financials
What the filings say
Net profit, year on year: +6% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 825 | 822 | 820 | 842 | 858 | 857 | 856 | 874 |
| Expenses | 461 | 480 | 467 | 467 | 474 | 481 | 488 | 482 |
| Operating profit | 303 | 380 | 389 | 374 | 279 | 371 | 368 | 392 |
| Operating margin | 36.7% | 46.2% | 47.4% | 44.4% | 32.5% | 43.3% | 42.9% | 44.9% |
| Profit before tax | 184 | 265 | 274 | 258 | 161 | 248 | 247 | 272 |
| Tax rate | 5.9% | 2.3% | 3.3% | 4.5% | 7.4% | 3.6% | 4.4% | 4.5% |
| Net profit | 193 | 262 | 271 | 250 | 166 | 287 | 241 | 263 |
| EPS ($ per share) | 0.91 | — | 1.28 | 1.18 | 0.78 | — | 1.14 | 1.25 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 |
| Reserves | -263 | -301 | -355 | -128 | -136 | -379 | -899 | -1,449 |
| Total liabilities | 5,063 | 5,611 | 6,460 | 6,689 | 8,089 | 12,042 | 13,989 | 14,940 |
| Fixed assets | — | — | — | 29 | 43 | 49 | 50 | 65 |
| Total assets | 7,848 | 8,532 | 9,396 | 10,474 | 12,167 | 27,456 | 28,848 | 29,264 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 678 | 708 | 771 | 952 | 1,238 | 1,402 | 1,887 | 1,850 |
| Cash from investing | -444 | -622 | -955 | -838 | -1,648 | -1,818 | -1,647 | -814 |
| Cash from financing | -247 | -88 | 241 | -167 | 432 | 423 | -202 | -1,036 |
| Net cash flow | -13 | -2 | 57 | -52 | 22 | 7 | 38 | -0 |
| Capital expenditure | -426 | -349 | -320 | -1,233 | -2,485 | -456 | -1,130 | -1,488 |
| Free cash flow | 251 | 358 | 451 | -281 | -1,247 | 946 | 758 | 362 |
EXR revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Self Storage Operations | 86% | 86% | 86% | 86% | 86% | 86% | 86% | 85% | +3.5% |
| Tenant Reinsurance | 10% | 10% | 10% | 11% | 11% | 10% | 10% | 11% | +5.1% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
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 | 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.
Insider filings
64 filings between Nov 6, 2025 and Aug 4, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$1.56M
2 sales by 2 insiders
Compensation
not trading decisions- 23
- Award — granted as compensation
- 33
- Tax withheld — shares kept back by the company to cover tax
Also filed: 6 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Margolis Joseph D | — | $1.07M | Mar 13, 2026 |
| McNeal Gwyn Goodson | — | $495.0K | Jun 11, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 4, 2026 | Margolis Joseph D Chief Executive Officer | Gift | 13,503 | $0 |
| Aug 4, 2026 | Margolis Joseph D Chief Executive Officer | Gift | 13,503 | $0 |
| Jul 1, 2026 | Springer William N President | Tax withheld | 138 | $20.3K |
| Jul 1, 2026 | Norman Jeffrey Jay Executive VP and CFO | Tax withheld | 735 | $108.3K |
| Jul 1, 2026 | Dickens Zachary T EVP, Chief Investment Officer | Tax withheld | 164 | $24.2K |
| Jun 11, 2026 | McNeal Gwyn Goodson EVP/Chief Legal Officer | Sale | 3,300 | $495.0K |
| May 14, 2026 | PITTMAN RAYMOND J Director | Award | 1,407 | $200.1K |
| May 14, 2026 | Vander Ploeg Julia Director | Award | 1,407 | $200.1K |
| May 14, 2026 | Maggelet Crystal Call Director | Award | 1,407 | $200.1K |
| May 14, 2026 | CRITTENDEN GARY L Director | Award | 1,407 | $200.1K |
| May 14, 2026 | Woolley Kenneth M. Director | Award | 1,407 | $200.1K |
| May 14, 2026 | Saffire Joseph Director | Award | 1,407 | $200.1K |
| May 14, 2026 | Bonner Joseph J Director | Award | 1,407 | $200.1K |
| May 14, 2026 | Harnett Sue Director | Award | 1,407 | $200.1K |
| May 14, 2026 | Barberio Mark G Director | Award | 1,407 | $200.1K |
| Apr 1, 2026 | KUNDE GRACE CAO | Tax withheld | 276 | $36.6K |
| Apr 1, 2026 | Norman Jeffrey Jay Executive VP and CFO | Tax withheld | 375 | $49.7K |
| Mar 13, 2026 | Margolis Joseph D Chief Executive Officer | Sale | 7,500 | $1.07M |
| Mar 6, 2026 | Margolis Joseph D Chief Executive Officer | Gift | 14,452 | $0 |
| Mar 6, 2026 | Margolis Joseph D Chief Executive Officer | Gift | 14,452 | $0 |
| Mar 1, 2026 | Herrington Matthew T EVP & COO | Tax withheld | 382 | $57.7K |
| Mar 1, 2026 | Dickens Zachary T EVP, Chief Investment Officer | Award | 1,920 | $290.0K |
| Mar 1, 2026 | Herrington Matthew T EVP & COO | Tax withheld | 682 | $103.0K |
| Mar 1, 2026 | Dickens Zachary T EVP, Chief Investment Officer | Tax withheld | 761 | $114.9K |
| Mar 1, 2026 | Dickens Zachary T EVP, Chief Investment Officer | Tax withheld | 444 | $67.1K |
| Mar 1, 2026 | Herrington Matthew T EVP & COO | Tax withheld | 267 | $40.3K |
| Mar 1, 2026 | Herrington Matthew T EVP & COO | Tax withheld | 155 | $23.4K |
| Mar 1, 2026 | Herrington Matthew T EVP & COO | Award | 6,290 | $950.0K |
| Mar 1, 2026 | Dickens Zachary T EVP, Chief Investment Officer | Tax withheld | 351 | $53.0K |
| Mar 1, 2026 | Margolis Joseph D Chief Executive Officer | Award | 6,898 | $1.04M |
| Mar 1, 2026 | Sondhi Samrat Executive VP and CDO | Award | 1,929 | $291.3K |
| Mar 1, 2026 | McNeal Gwyn Goodson EVP/Chief Legal Officer | Tax withheld | 400 | $60.4K |
| Mar 1, 2026 | McNeal Gwyn Goodson EVP/Chief Legal Officer | Tax withheld | 303 | $45.8K |
| Mar 1, 2026 | McNeal Gwyn Goodson EVP/Chief Legal Officer | Tax withheld | 236 | $35.6K |
| Mar 1, 2026 | McNeal Gwyn Goodson EVP/Chief Legal Officer | Tax withheld | 112 | $16.9K |
| Mar 1, 2026 | McNeal Gwyn Goodson EVP/Chief Legal Officer | Award | 3,609 | $545.1K |
| Mar 1, 2026 | McNeal Gwyn Goodson EVP/Chief Legal Officer | Award | 1,239 | $187.1K |
| Mar 1, 2026 | Dickens Zachary T EVP, Chief Investment Officer | Tax withheld | 173 | $26.1K |
| Mar 1, 2026 | Norman Jeffrey Jay Executive VP and CFO | Award | 3,443 | $520.0K |
| Mar 1, 2026 | KUNDE GRACE CAO | Tax withheld | 117 | $17.7K |
| Mar 1, 2026 | KUNDE GRACE CAO | Award | 1,292 | $195.1K |
| Mar 1, 2026 | McNeal Gwyn Goodson EVP/Chief Legal Officer | Tax withheld | 179 | $27.0K |
| Mar 1, 2026 | Margolis Joseph D Chief Executive Officer | Tax withheld | 1,886 | $284.8K |
| Mar 1, 2026 | Margolis Joseph D Chief Executive Officer | Tax withheld | 1,682 | $254.0K |
| Mar 1, 2026 | Margolis Joseph D Chief Executive Officer | Tax withheld | 1,264 | $190.9K |
| Mar 1, 2026 | Herrington Matthew T EVP & COO | Award | 1,463 | $221.0K |
| Mar 1, 2026 | Margolis Joseph D Chief Executive Officer | Tax withheld | 1,065 | $160.8K |
| Mar 1, 2026 | Margolis Joseph D Chief Executive Officer | Award | 17,381 | $2.63M |
| Mar 1, 2026 | Dickens Zachary T EVP, Chief Investment Officer | Award | 7,018 | $1.06M |
| Mar 1, 2026 | Sondhi Samrat Executive VP and CDO | Award | 7,151 | $1.08M |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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