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Extra Space Storage (EXR)
NYSE:EXR
Earnings Data
Report Date
May 05, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
1.15Last Year’s EPS
1.28Same Quarter Last Year
Moderate Buy
Based on 12 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveys cautious optimism. Company results show improving operational trends (positive Q4 core FFO, improving move-in rates, modest same-store revenue and NOI gains), strong external growth execution (acquisitions, JV activity, managed-store growth), and a conservative, flexible balance sheet. Management tempered expectations with cautious 2026 guidance that includes ranges with possible negative outcomes, cited headwinds from localized regulatory actions (Los Angeles restrictions, NYC litigation), lingering supply effects in several markets, and elevated cost items (healthcare, insurance, marketing). Overall the positives around liquidity, disciplined capital deployment, and improving leasing trends outweigh the headwinds, but the tone remains prudent given ongoing uncertainty.Company Guidance
Positive FFO and Same-Store Revenue Momentum
Delivered positive core FFO growth of 2.5% in Q4 and full-year core FFO growth of 1.1%; same-store revenue returned to positive +0.4% in Q4 and same-store NOI for the quarter was +0.1%.
Improving New-Customer Rate Trends and Occupancy
16 of the top 20 markets had positive year-over-year move-in rates in Q4; new-customer rates were up slightly over 6% in the first 45 days of 2026; mid-February occupancy was 92.5% (≈40 bps down year-over-year) while move-in trends continued to improve.
Active and Diversified External Growth Execution
Closed 27 operating stores for $305M in the quarter (69 stores / $826M for the full year); acquired 7 JV stores for $107M gross and sold interests in 9 JV properties, unlocking a $37M promote; added 78 third-party managed stores with net growth of 45 stores in the quarter; full-year added 379 stores (281 net), bringing total managed portfolio to 1,856 stores.
Capital Deployment and Share Repurchase
Repurchased approximately $141M of common shares at an average price of about $129, while also deploying capital into acquisitions and JV transactions to drive accretive external growth.
Bridge Loan Platform Expansion
Originated $80M in bridge loans in the quarter, growing the portfolio to approximately $1.5B at year-end and creating an acquisition pipeline and recurring return stream.
Operating Expense Improvements and Targeted Investments
Same-store operating expenses increased only 1.1% in the quarter; property taxes declined 3.4% (normalization of prior increases) and property operating expenses (including utilities) were down over 5%; company invested in marketing to drive move-ins.
Conservative, Flexible Balance Sheet
Low leverage profile with ~93% of total debt at fixed rates (net of loan receivables), weighted average interest rate of 4.3%; commercial paper program saved over $3M in incremental interest expense during 2025 and only one material debt maturity in 2026.
Prudent 2026 Guidance Reflecting Recovery Path
2026 guidance implies a slow, steady recovery: same-store revenue -0.5% to +1.5%, expense growth 2%–3.5%, same-store NOI -2.25% to +1.25%, and core FFO $8.05–$8.35 per share (roughly flat at midpoint), with most acquisitions expected to be JV-structured.
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 |
|---|---|---|---|
Feb 19, 2026 | $146.09 | $152.75 | +4.56% |
Oct 29, 2025 | $140.05 | $133.18 | -4.91% |
Jul 30, 2025 | $145.92 | $131.28 | -10.03% |
Apr 29, 2025 | $136.69 | $141.61 | +3.60% |
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 (EXR) report earnings?
Extra Space Storage (EXR) is schdueled to report earning on May 05, 2026, After Close (Confirmed).
What is Extra Space Storage (EXR) earnings time?
Extra Space Storage (EXR) earnings time is at May 05, 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 (Q1) is 1.15.