Extra Space Storage posts 4.9% core FFO growth in second quarter
Why this matters: our read
Extra Space raised guidance on a quarter where occupancy fell and expenses did too, a combination worth watching next quarter to see whether cost control or demand is carrying the raise.
Extra Space Storage reported core funds from operations of $2.15 per share for the second quarter of 2026, up 4.9% from $2.05 a year earlier, the company said in its earnings release. Same-store revenue grew 2.4% and same-store expenses fell 0.5%, producing same-store net operating income growth of 3.5%.
Occupancy at quarter’s end was 94.2%, down slightly from 94.4% a year earlier. Net income per diluted share was $1.25, up 5.9% from the same period in 2025.
The company raised its full-year 2026 guidance, projecting core FFO per share of $8.25 to $8.40, up from a prior range of $8.05 to $8.35, and full-year same-store revenue growth of 1% to 2%, up from its earlier range of (0.50)% to 1.50%. CEO Joe Margolis said the company’s “operating systems and platform continue to optimize performance” as the sector recovers.
Sources
- Published by
- Extra Space Storage Inc.
- Role
- Primary source
- Item
- Extra Space Storage Inc. Reports 2026 Second Quarter Results
- Published