EarningsQ2 2026 Earnings Report
MX:EXR Q2 2026 EPS Results
Actual EPS$22.70
Consensus EPS$21.05
Beat/MissBeat by +$1.65
One Year Ago EPS$21.43
MX:EXR Q2 2026 Revenue Results
Actual Revenue$15.88B
Expected Revenue$15.89B
Beat/MissMissed by -$15.18M
YoY Revenue Growth+3.87%
Earnings Announcement Details
QuarterQ2 2026
Date07/28/2026
TimeAfter Close
Conference CallTuesday, July 28, 2026
MX:EXR Upcoming Earnings
Extra Space Storage's next earnings date is estimated for November 3, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:EXR Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a broadly positive operational and financial picture: the company reported beats on FFO, same-store revenue and NOI, raised full-year guidance, demonstrated strong liquidity and disciplined external growth, and noted improving customer retention and ancillary income. Offsetting risks include macro uncertainty, tougher second-half comps, localized market weakness, elevated acquisition pricing, and modest regulatory/legal items (NYC settlement and LA headwinds). Overall, the positives — including raised guidance and strong execution across multiple channels — outweigh the noted challenges.Company Guidance
Core FFO Growth and Beat
Core FFO per share of $2.15 in Q2, representing +4.9% year-over-year and exceeding internal forecasts.
Same-Store Revenue and NOI Acceleration
Same-store revenue grew +2.4% in Q2 (accelerating 70 basis points from Q1) and same-store NOI increased +3.5% year-over-year (accelerating 230 basis points).
Strong Occupancy and Pricing Momentum
Portfolio occupancy ended the quarter at 94.2%, with management noting pricing power built over multiple quarters is now flowing through results; July trends showed modest outperformance to budget.
Improved Expense and Ancillary Performance
Same-store expenses declined modestly year-over-year with major categories at or better than expectations; net tenant insurance income and interest income both exceeded forecasts (stronger penetration, lower claims, and higher loan retention).
Raised Full-Year Guidance
Full-year 2026 core FFO guidance raised to $8.25–$8.40 per share; same-store revenue guidance raised +100 basis points to 1.0%–2.0%; same-store NOI guidance raised +200 basis points to +0.5%–+2.5%.
Robust Balance Sheet and Liquidity
Priced $550 million bond at 4.9% (settled in July) to repay a maturity; roughly $2.0 billion available on revolvers (net of backstops) providing flexibility for opportunistic investments.
External Growth and Platform Momentum
Acquired 18 stores for $91 million (mostly off-market); originated $141 million in new bridge loans (outstanding bridge balances ~ $1.5 billion); added 67 third-party managed stores (net +48 for the quarter, YTD net +108) bringing managed portfolio to 1,964 stores and overall platform scale across ~4,400 stores.
Customer Quality and Retention Improvements
Average length of stay increased by ~1.5 months year-over-year; lower churn and longer stays noted, contributing to steadier revenue despite housing mobility headwinds.
MX: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