Key Highlights

  • Consensus EPS of 1.19 compares with diluted EPS of 1.25 reported for the second quarter, against 1.18 a year earlier.
  • Consensus revenue of USD 886.60 million compares with total revenues of USD 874,152 thousand reported for the second quarter.
  • Property rental revenue was USD 746,164 thousand against USD 721,004 thousand, while tenant reinsurance revenue was USD 93,084 thousand.
  • Same-store square foot occupancy was 94.2% at period end against 94.4%, across 1,870 same-store properties.

Extra Space Storage (NYSE:EXR) reports third-quarter results on Tuesday, Oct. 27, after the market closes. Consensus stands at EPS of 1.19 on revenue of USD 886.60 million, and the company has a market capitalization of USD 30.29 billion.

Extra Space Storage is a self-storage REIT that owns and manages stores. As of June 30, 2026, approximately 2,580,000 tenants were leasing storage units at the stores it owns and manages, primarily on a month-to-month basis.

Estimates Against the Last Reported Quarter

The EPS estimate of 1.19 is below the diluted EPS of 1.25 reported for the second quarter, which compared with 1.18 a year earlier. The revenue estimate of USD 886.60 million is above the USD 874,152 thousand of total revenues reported, which compared with USD 841,618 thousand.

Operating income was USD 392,184 thousand against USD 373,970 thousand, and net income was USD 275,879 thousand against USD 262,716 thousand. Net income attributable to common stockholders was USD 263,471 thousand against USD 249,731 thousand.

Revenue Lines and What Changed

Property rental revenue was USD 746,164 thousand against USD 721,004 thousand. The filing ties the increase to portfolio growth from acquisitions completed in 2025 and in the first six months of 2026.

Tenant reinsurance revenue was USD 93,084 thousand against USD 88,572 thousand, which the filing attributes mainly to an increase in the number of stores operated. Management fees and other income were USD 34,904 thousand against USD 32,042 thousand, on more stores managed and higher revenue at stores under management.

Costs, Occupancy and the Six-Month View

Property operations expense was USD 231,718 thousand against USD 227,621 thousand. Same-store net operating income was USD 496,078 thousand against USD 479,101 thousand.

Same-store square foot occupancy was 94.2% at period end against 94.4%, and average same-store occupancy was 94.0% against 94.1%. For the six months, total revenues were USD 1,730,179 thousand against USD 1,661,615 thousand.

For same-store properties, the average length of stay for tenants who had vacated was approximately 16.8 months. The estimates table lists a market capitalization of USD 30.29 billion.

General and administrative expense was USD 47,315 thousand against USD 44,952 thousand, and depreciation and amortization was USD 185,610 thousand against USD 177,266 thousand. Total expenses were USD 481,968 thousand against USD 466,784 thousand.

Interest expense was USD 146,720 thousand against USD 146,128 thousand. Cash and cash equivalents were USD 695,171 thousand at June 30, 2026, against USD 138,920 thousand at the prior year-end, and total assets were USD 29,660,493 thousand against USD 29,264,046 thousand. Same-store net operating income for the six months was USD 972,818 thousand against USD 950,024 thousand.

Figures to Follow in the Release

Diluted EPS against 1.19 and revenue against USD 886.60 million are the headline comparisons. Other markers are property rental revenue, tenant reinsurance revenue, same-store occupancy against 94.2% and same-store net operating income.