Business
Extra Space Storage Inc. Reports 2026 First Quarter Results
Extra Space Storage Inc. (NYSE: EXR) (the "Company"), a leading owner and operator of self-storage facilities in the United States and a member of the S&P 500 index, announced operating results for the three months ended March 31, 2026.
About this update from Extra Space Storage Inc
SALT LAKE CITY, April 28, 2026 /PRNewswire/ -- Extra Space Storage Inc. (NYSE: EXR) (the "Company"), a leading owner and operator of self-storage facilities in the United States and a member of the S&P 500 index, announced operating results for the three months ended March 31, 2026. Highlights for the three months ended March 31, 2026: Joe Margolis, CEO of the Company, stated: "We are off to a strong start to 2026, with Core FFO of $2.04 per share in the first quarter, up 2.0% year-over-year. Our portfolio is experiencing broad-based improvement with positive new and existing customer rate gains and industry leading occupancy, resulting in same-store revenue growth of 1.7%. Also, our external growth channels continue to perform well, with disciplined investments across acquisitions, bridge lending, and third-party management driving consistent returns." FFO Per Share: The following table (unaudited) outlines the Company's FFO and Core FFO for the three months ended March 31, 2026 and 2025. The table also provides a reconciliation to GAAP net income attributable to common stockholders and earnings per diluted share for each period presented (amounts shown in thousands, except share and per share data): Operating Results and Same-Store Performance: The following table (unaudited) outlines the Company's same-store performance for the three months ended March 31, 2026 and 2025 (amounts shown in thousands, except store count data)1: Details related to the same-store performance of stores by metropolitan statistical area ("MSA") for the three months ended March 31, 2026 and 2025 are provided in the supplemental financial information published on the Company's Investor Relations website at https://ir.extraspace.com/. Investment and Property Management Activity: The following table (unaudited) outlines the Company's acquisitions and developments that are closed, completed or under agreement (dollars in thousands). The projected developments and acquisitions under agreement described above are subject to customary closing conditions and no assurance can be provided that these developments and acquisitions will be completed on the terms described, or at all. Property Sales: During the three months ended March 31, 2026, the Company sold one property which was previously held for sale and currently has four prope...
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