Extra Space Storage Inc (EXR)
NYSE:EXR
Want to see EXR full AI Analyst Report?
Earnings Data
Report Date
Aug 04, 2026After Close (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
1.16Last Year’s EPS
1.18Same Quarter Last Year
Moderate Buy
Based on 14 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed predominantly positive operational momentum: revenue and NOI acceleration, improving occupancy dynamics, strong ancillary growth (management fees, insurance), expanding third-party management, and a healthy balance sheet with significant liquidity. Management is exercising disciplined capital allocation amid aggressive market pricing for acquisitions, noted localized market and regulatory headwinds (L.A. County, some Sunbelt markets), a moderation in move-in rate growth, and short-term expense volatility due to weather and insurance timing. On balance, the company appears to be in a constructive recovery phase but remains cautious and measured given macro and valuation uncertainties.Company Guidance
Core FFO Growth
Core FFO of $2.04 per share in Q1 2026, up 2% year-over-year, demonstrating positive earnings momentum.
Same-Store Revenue and NOI Acceleration
Same-store revenue grew 1.7% in Q1 (exceeding internal projections) and same-store NOI grew 1.2%; same-store revenue accelerated 130 basis points from Q4 2025 (0.4% to 1.7%) and same-store NOI improved 110 basis points (0.1% to 1.2%).
Occupancy and Tenant Retention Improvements
Portfolio occupancy ended Q1 at 93.0% (93.2% prior year) with the year-over-year occupancy delta improving 50 basis points since year-end; tenants with >12 months increased to ~64% (+167 bps YoY) and >24 months rose to ~46% (+190 bps YoY); bad debt decreased to 1.5%.
Diversified Revenue and Ancillary Growth
Management fee and other income grew over 9% YoY; net tenant insurance grew over 5% YoY; bridge loan program averaged ~ $1.5 billion balance in Q1 and continues to generate fee/interest income and potential acquisition pipelines.
Third-Party Management Expansion
Added 84 stores in the quarter (net growth of 60 stores), bringing total managed portfolio to 1,916 stores, reflecting continued demand for management services and platform strength.
Strong Balance Sheet and Liquidity
83% of total debt at fixed rates (93% effective when including variable-rate loan receivables), weighted-average interest rate ~4.3%, and approximately $2.0 billion available capacity on revolving credit facilities.
Expense Control (Excluding Weather)
Overall expenses were in line with estimates; excluding weather-related utility and repairs & maintenance overages, total year-over-year expense growth would have been ~1.5%.
Supply Dynamics Improving
Company data and third-party sources show new supply moderating (Yardi: national starts from 2.8% to 2.3% of stock between 2025 and 2026; internal metric of same-store square footage seeing new competitor deliveries fell from high-20s historically to 13% in 2024, 8% in 2025, and estimated 6% in 2026), supporting revenue recovery.
Maintained Full-Year Guidance
Management is maintaining full-year 2026 core FFO guidance of $8.05 to $8.35 per share while noting positive Q1 trends and awaiting leasing-season visibility before updating guidance.
EXR Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
EXR Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Apr 28, 2026 | $141.02 | $140.53 | -0.35% |
Feb 19, 2026 | $144.41 | $151.00 | +4.56% |
Oct 29, 2025 | $138.45 | $131.65 | -4.91% |
Jul 30, 2025 | $144.24 | $129.78 | -10.03% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Extra Space Storage Inc (EXR) report earnings?
Extra Space Storage Inc (EXR) is schdueled to report earning on Aug 04, 2026, After Close (Confirmed).
What is Extra Space Storage Inc (EXR) earnings time?
Extra Space Storage Inc (EXR) earnings time is at Aug 04, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is EXR EPS forecast?
EXR EPS forecast for the fiscal quarter 2026 (Q2) is 1.16.