Research · Sep 3, 2026
[EXR] Extra Space Storage Thesis 2026: Same-Store Revenue Stabilizes After Post-Pandemic Demand Reset
Extra Space Storage FY25 revenue $3.38B (+1%); op income $1.49B (+13%); NI $974M (+14%); EPS $4.59. Core FFO $8.16/share. Q4 same-store revenue +0.4% (first positive print since 2024); 16 of top 20 markets positive YoY new customer rates. 69 stores acquired ($826M). Third-party managed 1,856 stores (379 added FY25). Bridge loan portfolio ~$1.5B. FY26 guide: same-store rev -0.5 to +1.5%; same-store NOI -2.25 to +1.25%; core FFO $8.05-$8.35.