Extra Space Storage Inc. filed its third-quarter 2026 operating results on October 27, 2026, reporting earnings and same-store performance for the three and nine months ended September 30, 2026, and announcing a CEO leadership transition effective January 1, 2027.

Key Highlights

  • Core FFO per diluted share: $2.17 for Q3 2026, a 4.3% increase compared to the same period in the prior year, according to the filing.
  • Same-store NOI growth: Same-store net operating income increased 4.6% for the three months ended September 30, 2026, driven by a 2.7% revenue increase and a 1.8% expense decrease.
  • Occupancy: Ending same-store square foot occupancy was 94.0% as of September 30, 2026, compared to 93.7% as of September 30, 2025.
  • Share repurchases: The company repurchased 2,390,497 shares for $327.1 million at an average price of $136.85 per share during Q3 2026.
  • CEO succession: Noah Springer, President, was announced as the next Chief Executive Officer, effective January 1, 2027.
  • Quarterly dividend: The company paid a quarterly dividend of $1.62 per share.
  • Third-party management: As of September 30, 2026, the company managed 1,963 stores for third parties and 408 stores in unconsolidated joint ventures, totaling 2,371 managed stores.

Extra Space Storage Reports Q3 2026 Earnings and Operational Results

Extra Space Storage Inc. (NYSE:EXR) disclosed operating results for the three and nine months ended September 30, 2026, in a release dated October 27, 2026, from Salt Lake City. For the three months ended September 30, 2026, the company reported net income attributable to common stockholders of $1.17 per diluted share, a 50.0% increase compared to the same period in the prior year. The filing noted that the prior-year period included a loss from real estate assets sold in 2025. FFO for the quarter was $2.12 per diluted share, while Core FFO reached $2.17 per diluted share, representing a 4.3% increase year over year.

For the nine months ended September 30, 2026, the company reported net income attributable to common stockholders of $3.56 per diluted share, a 10.2% increase over the same prior-year period. Nine-month Core FFO was $6.37 per diluted share, a 3.9% increase compared to the prior year. Same-store revenue for the nine-month period increased 2.3%, with same-store expenses rising only 0.1%, producing a same-store NOI increase of 3.2%. The same-store pool for both periods comprised 1,869 properties, according to the filing.

On the investment side, the company disclosed it purchased four operating stores for $48.6 million during Q3 2026 and originated $19.5 million in mortgage and mezzanine bridge loans. For the nine-month period, the company purchased 22 operating stores and acquired the ownership interest of a joint venture partner in one consolidated joint venture for a total cost of $151.9 million, and originated $165.6 million in mortgage and mezzanine bridge loans. CEO Joe Margolis stated in the filing that "Extra Space is entering its leadership transition from a position of strength," with Noah Springer, currently President, set to assume the CEO role on January 1, 2027.

What Was Disclosed

Extra Space Storage reported Q3 2026 and year-to-date operating results, including FFO, same-store performance, share repurchases, acquisition activity, loan originations, managed store counts, a quarterly dividend, and a planned CEO transition effective January 1, 2027.