Highlights

  • Third quarter 2026 net income attributable to common stockholders was $1.17 per diluted share; Core FFO was $2.17.
  • The company repurchased 2,390,497 shares of common stock for $327.1 million at an average price of $136.85 per share.
  • Noah Springer, President, will become chief executive officer effective January 1, 2027, and Joe Margolis will retire at year-end.
  • Current 2026 Core FFO guidance is $8.40 to $8.50, compared with the prior range of $8.25 to $8.40.

Extra Space Storage Inc. (NYSE:EXR) shares were trading at USD 148.06 on October 28, 2026, up 2.43%, with a relative volume at time of 2.98. The self-storage owner and operator announced a CEO succession on August 24, authorized an updated share repurchase program on October 15 and reported third quarter 2026 results with updated Core FFO guidance on October 27.

Extra Space Storage Inc. is a Maryland corporation with its headquarters at 2795 East Cottonwood Parkway in Salt Lake City, Utah. The company owns and operates self-storage facilities in the United States and is a member of the S&P 500 index. Its activities include wholly-owned store acquisitions, joint venture investments, bridge loan originations and third-party store management. As of September 30, 2026, it managed 1,963 stores for third-party owners and 408 stores owned in unconsolidated joint ventures. The results below cover the three and nine months ended September 30, 2026.

Third Quarter 2026 Results

For the three months ended September 30, 2026, net income attributable to common stockholders was $247,759 thousand, or $1.17 per diluted share, compared with $165,998 thousand, or $0.78 per diluted share, in the same period of 2025. The company said the prior-year period included a loss from real estate assets sold in 2025.

Funds from operations attributable to common stockholders and unit holders (FFO), a non-GAAP measure, was $2.12 per diluted share. Core FFO, which excludes adjustments, was $2.17 per diluted share, compared with $2.08 a year earlier, a 4.3% increase stated by the company.

Same-store revenue increased 2.7% and same-store expense decreased 1.8%, resulting in a same-store net operating income increase of 4.6%. Ending same-store occupancy was 94.0% at September 30, 2026, compared with 93.7% at September 30, 2025. For the nine months, net income attributable to common stockholders was $3.56 per diluted share, FFO was $6.16 per diluted share and Core FFO was $6.37 per diluted share.

Capital, Balance Sheet and Investments

During the third quarter the company repurchased 2,390,497 shares for $327.1 million under its stock repurchase program. After quarter end it repurchased 164,724 shares for $21.8 million at an average price of $132.45, fully using the capacity of its $500.0 million program. On October 15, 2026, the board authorized an updated program of up to $500.0 million in aggregate value.

In July 2026 the company completed a public offering of $550.0 million aggregate principal amount of 4.90% unsecured senior notes due 2032. At September 30, 2026, its commercial paper program had capacity of $1.0 billion, with $850.0 million in outstanding issuances. The company issued no shares on its ATM program in the quarter.

At September 30, 2026, fixed-rate debt was 79.6% of total debt. The combined weighted average interest rate was 4.4%, with a weighted average maturity of approximately 4.0 years.

The company purchased four operating stores for a total cost of $48.6 million in the quarter and originated $19.5 million in bridge loans. Outstanding bridge loan balances were approximately $1.4 billion at quarter end. On September 30, 2026, it paid a quarterly dividend of $1.62 per share.

Leadership Transition

On August 24, 2026, the company announced that Noah Springer, President, will become its next chief executive officer effective January 1, 2027. Current CEO Joe Margolis will retire at the end of the year and serve as an adviser to the board of directors.

2026 Outlook

The company issued Core FFO estimates for the year ending December 31, 2026, dated October 27, 2026. Core FFO is expected to be $8.40 to $8.50, compared with the prior range of $8.25 to $8.40 dated July 28, 2026. Same-store revenue growth is expected at 2.00% to 2.50%, same-store expense growth at 0.00% to 0.50% and same-store NOI growth at 2.50% to 3.50%, based on a pool of 1,869 stores. The company noted that actual results may differ materially from these forward-looking estimates.