Extra Space Storage Inc. Reports 2026 Third Quarter Results
Extra Space Storage Inc. PHONE(801) 365-4600 2795 East Cottonwood Parkway, Suite 300 Salt Lake City, Utah 84121 www.extraspace.com FOR IMMEDIATE RELEASE
SALT LAKE CITY, October 27, 2026 — Extra Space Storage Inc. (NYSE: EXR) (the “Company”), a leading owner and operator of self-storage facilities in the United States and a member of the S&P 500 index, announced operating results for the three and nine months ended September 30, 2026.
• Achieved net income attributable to common stockholders of $1.17 per diluted share, representing a 50.0% increase compared to the same period in the prior year, which included a loss from real estate assets sold in 2025.
• Achieved funds from operations attributable to common stockholders and unit holders (“FFO”) of $2.12 per diluted share. FFO, excluding adjustments (“Core FFO”), was $2.17 per diluted share, representing a 4.3% increase compared to the same period in the prior year.
• Same-store revenue increased by 2.7% and same-store expense decreased by 1.8%, resulting in a same-store net operating income (“NOI”) increase of 4.6% compared to the same period in the prior year.
• Reported ending same-store occupancy of 94.0% as of September 30, 2026, compared to 93.7% as of September 30, 2025.
• Announced leadership transition promoting Noah Springer, President, as next Chief Executive Officer effective January 1, 2027.
• Repurchased 2,390,497 shares of common stock for $327.1 million at an average price of $136.85 per share using its stock repurchase program.
• In conjunction with a joint venture partner, completed the development of one store for a total cost of approximately $16.6 million, of which the Company invested $15.7 million.
• Added 78 stores (-1 store net) to the Company's third-party management platform. As of September 30, 2026, the Company managed 1,963 stores for third parties and 408 stores in unconsolidated joint ventures, for a total of 2,371 managed stores.
• Achieved net income attributable to common stockholders of $3.56 per diluted share, representing a 10.2% increase compared to the same period in the prior year, which included a loss from real estate assets sold in 2025.
• Achieved FFO of $6.16 per diluted share, and Core FFO of $6.37 per diluted share, representing a 3.9% increase compared to the same period in the prior year.
• Same-store revenue increased by 2.3% and same-store expense increased by 0.1%, resulting in a same-store NOI increase of 3.2% compared to the same period in the prior year.
• Repurchased 2,401,606 shares of common stock for $328.6 million at an average price of $136.81 per share using its stock repurchase program.
• Purchased 22 operating stores and acquired the ownership interest of our joint venture partner in one consolidated joint venture for a total cost of $151.9 million.
• In conjunction with joint venture partners, completed the development of two stores for a total cost of approximately $31.7 million, of which the Company invested $30.1 million.
• Originated $165.6 million in mortgage and mezzanine bridge loans and sold $30.8 million in mortgage bridge loans.
• Added 229 stores (107 stores net) to the Company's third-party management platform.
Joe Margolis, CEO of the Company, stated: “Our platform, portfolio and people continue to outperform, with Core FFO per share growth of 4.3% and accelerating same-store performance. We remain focused on disciplined capital allocation and compounding long-term value per share, including through the opportunistic repurchase of our shares this quarter. Our differentiating capabilities in pricing, customer acquisition and growth continue to drive strong results. Extra Space is entering its leadership transition from a position of strength, and I am confident in the opportunities ahead.”
The following table (unaudited) outlines the Company’s FFO and Core FFO for the three and nine months ended September 30, 2026 and 2025. The table also provides a reconciliation to GAAP net income attributable to common stockholders and earnings per diluted share for each period presented (amounts shown in thousands, except share and per share data):
(2) This adjustment is to account for the difference between the number of shares used to calculate earnings per share and the number of shares used to calculate FFO per share. Earnings per share is calculated using the two-class method, which uses a lower number of shares than the calculation for FFO per share and Core FFO per share, which are calculated assuming full redemption of all OP units as described in note (3).
(3) Extra Space Storage LP (the “Operating Partnership”) has outstanding preferred and common Operating Partnership units (“OP units”). These OP units can be redeemed for cash or, at the Company’s election, shares of the Company’s common stock. Redemption of all OP units for common stock has been assumed for purposes of calculating the weighted average number of shares — diluted, as presented above. The computation of weighted average number of shares — diluted, for FFO per share and Core FFO per share also includes the effect of share-based compensation plans.
(4) Adjustment to Core FFO relates to legal settlement costs with New York City.
The following table (unaudited) outlines the Company’s same-store performance for the three and nine months ended September 30, 2026 and 2025 (amounts shown in thousands, except store count data) 1 :
(1) A reconciliation of net income to same-store net operating income is provided later in this release, entitled “ Reconciliation of GAAP Net Income to Total Same-Store Net Operating Income. ”
(2) Same-store revenues, operating expenses and net operating income do not include tenant reinsurance revenue or expense.
(3) Includes general office expenses, computer, bank fees, and credit card merchant fees.
(5) On January 1, 2026, the Company updated the property count of the same-store pool from 1,804 to 1,871 stores. In the quarter ended March 31, 2026, one property was removed due to a casualty loss, reducing the same-store pool to 1,870 stores. In the quarter ended September 30, 2026, one property was removed due to redevelopment reducing the same-store pool to 1,869 stores.
Details related to the same-store performance of stores by metropolitan statistical area (“MSA”) for the three and nine months ended September 30, 2026 and 2025 are provided in the supplemental financial information published on the Company’s Investor Relations website at https://ir.extraspace.com/.
The following table (unaudited) outlines the Company’s acquisitions and developments that are closed, completed or under agreement (dollars in thousands).
(1) The locations of certificate of occupancy ("C of O") and development stores and joint venture ownership interest details are included in the supplemental financial information published on the Company’s Investor Relations website at https://ir.extraspace.com/.
The projected developments and acquisitions under agreement described above are subject to customary closing conditions and no assurance can be provided that these developments and acquisitions will be completed on the terms described, or at all.
On August 24, 2026, the Company announced that Noah Springer, President, will become the Company's 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 Company's board of directors. The transition, unanimously approved by the board, follows a thoughtful, long-term succession planning process.
During the three months ended September 30, 2026, the Company sold one operating property, one land parcel and one property marketed for sale. The property held for sale was adjusted to fair value less selling costs. The properties sold and the property held for sale resulted in a net loss of $5.8 million.
During the three months ended September 30, 2026, the Company originated $19.5 million in bridge loans. Outstanding balances of the Company's bridge loans were approximately $1.4 billion at the end of the quarter. The Company has an additional $59.2 million in bridge loans that have closed subsequent to quarter end or are under agreement to close in 2026. Additional details related to the Company's loan activity and balances held are included in the supplemental financial information published on the Company’s Investor Relations website at https://ir.extraspace.com/.
As of September 30, 2026, the Company managed 1,963 stores for third-party owners and 408 stores owned in unconsolidated joint ventures, for a total of 2,371 stores under management. The Company is the largest self-storage management company in the United States.
During the three months ended September 30, 2026, the Company repurchased 2,390,497 shares of common stock for $327.1 million at an average price of $136.85 per share using its stock repurchase program. Subsequent to quarter end, the Company repurchased 164,724 shares of common stock for $21.8 million at an average price of $132.45, fully utilizing the capacity of the
Company's $500.0 million share repurchase program. On October 15, 2026, the Company's board of directors authorized an updated share repurchase program allowing for the repurchase of shares with an aggregate value up to $500.0 million.
During the three months ended September 30, 2026, the Company did not issue any shares on its ATM program, and as of September 30, 2026, the Company had $800.0 million available for issuance.
In July 2026, the Company completed a public bond offering issuing $550.0 million aggregate principal amount of 4.90% unsecured senior notes due 2032.
As of September 30, 2026, the Company's commercial paper program had total capacity of $1.0 billion, with $850.0 million in outstanding issuances.
As of September 30, 2026, the Company’s percentage of fixed-rate debt to total debt was 79.6%. Net of the impact of variable rate receivables, the effective fixed-rate debt to total debt was 89.3%. The weighted average interest rates of the Company’s fixed and variable-rate debt were 4.3% and 4.8%, respectively. The combined weighted average interest rate was 4.4% with a weighted average maturity of approximately 4.0 years. Full details related to the Company's debt schedule are included in the supplemental financial information published on the Company’s Investor Relations website at https://ir.extraspace.com/.
On September 30, 2026 , the Company paid a third quarter common stock dividend of $1.62 per share to stockholders of record at the close of business on September 15, 2026.
The following table outlines the Company's Core FFO estimates and assumptions for the year ending December 31, 2026 1 .
Current Prior Ranges Ranges for 2026 for 2026 Annual Annual Assumpti… Assumpti… (October (July 28, 27, 2026) 2026) Notes ────────────────────────────────────────────────────────────────────────────── Low High Low High Core FFO $8.40 $8.50 $8.25 $8.40 Dilution per share from C of O and $0.17 $0.17 $0.17 $0.17 value add acquisit… Same-sto… Same-sto… revenue 2.00% 2.50% 1.00% 2.00% pool of growth 1,869 stores Same-sto… Same-sto… expense 0.00% 0.50% 1.00% 2.00% pool of growth 1,869 stores Same-sto… Same-sto… NOI 2.50% 3.50% 0.50% 2.50% pool of growth 1,869 stores Weighted average 3.71% 3.71% 3.73% 3.73% one-month SOFR Net tenant $298,000… $300,000,… $294,000… $296,000,… reinsura… income Manageme… fees and $138,000… $139,000,… $139,000… $140,000,… other income Includes interest from bridge Interest $152,500… $153,500,… $153,000… $154,000,… loans and income dividends from NexPoint preferred investme… General Includes and $188,500… $189,500,… $188,000… $189,500,… non-cash administ… compensa… expenses Equity in Includes earnings dividends of real $65,000,… $66,000,0… $63,500,… $64,500,0… from estate SmartStop ventures preferred investme… Excludes non-cash Interest $602,000… $604,000,… $595,000… $598,000,… interest expense expense shown below Non-cash interest expense related Amortiza… to of debt amortiza… mark-to-… of $44,000,… $45,000,0… $44,000,… $45,000,0… excluded discount from Core on FFO unsecured senior notes, net Taxes associat… Income with the Tax $48,000,… $49,000,0… $48,000,… $49,000,0… Company's Expense taxable REIT subsidia… Includes wholly-o… acquisit… Acquisit… $400,000… $400,000,… $300,000… $300,000,… and the Company's investme… in joint ventures Represen… the Company's Bridge average loans $1,425,0… $1,425,00… $1,475,0… $1,475,00… retained outstand… loan balances for the year Assumes Weighted redempti… average 220,500,… 220,500,0… 221,000,… 221,000,0… of all OP share units for count common stock
(1) A reconciliation of net income outlook to same-store net operating income outlook is provided later in this release entitled "Reconciliation of Estimated GAAP Net Income to Estimated Same-Store Net Operating Income." The reconciliation includes details related to same-store revenue and same-store expense outlooks. A reconciliation of net income per share outlook to funds from operations per share outlook is provided later in this release entitled "Reconciliation of the Range of Estimated GAAP Fully Diluted Earnings Per Share to Estimated Fully Diluted FFO Per Share."
FFO estimates for the year are fully diluted for an estimated average number of shares and OP units outstanding during the year. The Company’s estimates are forward-looking and based on management’s view of current and future market conditions. The Company’s actual results may differ materially from these estimates.
Supplemental unaudited financial information regarding the Company’s performance can be found on the Company’s website at www.extraspace.com. Under the "Company Info" navigation menu on the home page, click on “Investor Relations,” then under the “Financials” navigation menu click on “Quarterly Results.” This supplemental information provides additional detail on items that include store occupancy and financial performance by portfolio and market, debt maturity schedules and performance of lease-up assets.
The Company will host a conference call at 1:00 p.m. Eastern Time on Wednesday, October 28, 2026, to discuss its financial results. Telephone participants may avoid any delays in joining the conference call by pre-registering for the call using the following link to receive a special dial-in number and PIN: https://events.q4inc.com/analyst/975210601?pwd=f5UpngAK A live webcast of the call will also be available on the Company’s investor relations website at https://ir.extraspace.com. To listen to the live webcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software.
A replay of the call will be available for 30 days on the investor relations section of the Company’s website beginning at 5:00 p.m. Eastern Time on October 28, 2026. Forward-Looking Statements:
Certain information set forth in this release contains “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements include statements concerning the benefits of store acquisitions, developments, market conditions, our outlook and estimates for the year and other statements concerning our plans, objectives, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, the competitive landscape, the impact of broader economic trends on the storage industry, our plans or intentions relating to acquisitions and developments, and other information that is not historical information. In some cases, forward- looking statements can be identified by terminology such as “believes,” “estimates,” “expects,” “may,” “will,” “should,” “anticipates,” “outlook,” or “intends,” or the negative of such terms or other comparable terminology, or by discussions of strategy. We may also make additional forward-looking statements from time to time. All such subsequent forward-looking statements, whether written or oral, by us or on our behalf, are also expressly qualified by these cautionary statements. There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in or contemplated by this release. Any forward-looking statements should be considered in light of the risks referenced in the “Risk Factors” section included in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Such factors include, but are not limited to:
• adverse changes in general economic conditions, the real estate industry and the markets in which we operate;
• the impact of the regulatory environment as well as national, state and local laws and regulations, including, without limitation, those governing real estate investment trusts (“REITs”), tenant reinsurance and other aspects of our business, which could adversely affect our results;
• the effect of competition from new and existing stores or other storage alternatives, including increased or unanticipated competition for our properties, which could cause rents and occupancy rates to decline;
• failure to close pending acquisitions and developments on expected terms, or at all;
• risks associated with acquisitions, dispositions and development of properties, including increased development costs due to additional regulatory requirements related to climate change and other factors;
• our reliance on information technologies, which are vulnerable to, among other things, attack from computer viruses and malware, hacking, cyberattacks and other unauthorized access or misuse, any of which could adversely affect our business and results;
• impacts from any outbreak of highly infectious or contagious diseases, including reduced demand for self-storage space and ancillary products and services such as tenant reinsurance, and potential decreases in occupancy and rental rates and staffing levels, which could adversely affect our results;
• economic uncertainty due to the impact of natural disasters, war or terrorism, which could adversely affect our business plan;
• our lack of sole decision-making authority with respect to our joint venture investments;
• disruptions in credit and financial markets and resulting difficulties in raising capital or obtaining credit at reasonable rates or at all, which could impede our ability to grow;
• availability of financing and capital, the levels of debt that we maintain and our credit ratings;
• changes in global financial markets, increases in interest rates and the impact of enacted and proposed U.S. tariffs on global economic conditions;
All forward-looking statements are based upon our current expectations and various assumptions. Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them, but there can be no assurance that management’s expectations, beliefs and projections will result or be achieved. All forward-looking statements apply only as of the date made. We undertake no obligation to publicly update or revise forward-looking statements which may be made to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events.
FFO provides relevant and meaningful information about the Company’s operating performance that is necessary, along with net income and cash flows, for an understanding of the Company’s operating results. The Company believes FFO is a meaningful disclosure as a supplement to net income. Net income assumes that the values of real estate assets diminish predictably over time as reflected through depreciation and amortization expenses. The values of real estate assets fluctuate due to market conditions and the Company believes FFO more accurately reflects the value of the Company’s real estate assets. FFO is defined by the National Association of Real Estate Investment Trusts, Inc. (“NAREIT”) as net income computed in accordance with U.S. generally accepted accounting principles (“GAAP”), excluding gains or losses on sales of operating stores and impairment write downs of depreciable real estate assets, plus depreciation and amortization related to real estate and after adjustments to record unconsolidated partnerships and joint ventures on the same basis. The Company believes that to further understand the Company’s performance, FFO should be considered along with the reported net income and cash flows in accordance with GAAP, as presented in the Company’s consolidated financial statements. FFO should not be considered a replacement of net income computed in accordance with GAAP.
For informational purposes, the Company also presents Core FFO. Core FFO excludes revenues and expenses not core to our operations and transaction costs. It also includes certain costs associated with the Life Storage Merger including non-cash interest related to the amortization of discount on unsecured senior notes and amortization of other intangibles, net of tax benefit. Although the Company’s calculation of Core FFO differs from NAREIT’s definition of FFO and may not be comparable to that of other REITs and real estate companies, the Company believes it provides a meaningful supplemental measure of operating performance. The Company believes that by excluding revenues and expenses not core to our operations and non-cash interest charges, stockholders and potential investors are presented with an indicator of our operating performance that more closely achieves the objectives of the real estate industry in presenting FFO. Core FFO by the Company should not be considered a replacement of the NAREIT definition of FFO. The computation of FFO may not be comparable to FFO reported by other REITs or real estate companies that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently. FFO does not represent cash generated from operating activities determined in accordance with GAAP, and should not be considered as an alternative to net income as an indication of the Company’s performance, as an alternative to net cash flow from operating activities as a measure of liquidity, or as an indicator of the Company’s ability to make cash distributions.
The Company’s same-store pool for the periods presented consists of 1,869 stores that are wholly-owned and operated and that were stabilized by the first day of the earliest calendar year presented, or January 1, 2025. The Company considers a store to be stabilized once it has been open for three years or has sustained average square foot occupancy of 80.0% or more for one calendar year. The Company believes that by providing same-store results from a stabilized pool of stores, with accompanying operating metrics including, but not limited to, occupancy, rental revenue (growth), operating expenses (growth), net operating income (growth), etc., stockholders and potential investors are able to evaluate operating performance without the effects of non-stabilized occupancy levels, rent levels, expense levels, acquisitions or completed developments. Same-store results should not be used as a basis for future same-store performance or for the performance of the Company’s stores as a whole.
Extra Space Storage Inc., headquartered in Salt Lake City, Utah, is a self- administered and self-managed REIT and a member of the S&P 500. As of September 30, 2026, the Company owned and/or operated 4,411 self-storage stores in 43 states and Washington, D.C. The Company’s stores comprise approximately 3.0 million units and approximately 342.2 million square feet of rentable space operating under the Extra Space brand. The Company offers customers a wide selection of conveniently located and secure storage units across the country, including boat storage, RV storage and business storage. It is the largest operator of self-storage properties in the United States. ### For Information:
Secured notes $ 1,070,062 $ 1,079,565 payable, net Unsecured term 1,495,717 1,494,659 loans, net Unsecured senior 9,416,025 9,432,427 notes, net Revolving lines of credit and 1,424,000 1,224,000 commercial paper Operating lease 765,718 761,106 liabilities Cash distributions in unconsolidated 75,901 73,701 real estate ventures Accounts payable and accrued 458,777 357,583 expenses Other liabilities 494,835 516,969 Total liabilities 15,201,035 14,940,010 Commitments and contingencies Noncontrolling Interests and Equity: Extra Space Storage Inc. stockholders’ equity: Preferred stock, $0.01 par value, 50,000,000 shares authorized, no — — shares issued or outstanding Common stock, $0.01 par value, 500,000,000 shares authorized, 208,884,163 and 211,155,322 shares 2,089 2,112 issued and outstanding at September 30, 2026 and December 31, 2025, respectively Additional paid-in 14,895,156 14,880,646 capital Accumulated other -89 -420 comprehensive loss Accumulated -2,050,907 -1,449,172 deficit Total Extra Space Storage Inc. 12,846,249 13,433,166 stockholders’ equity Noncontrolling interest represented by 47,827 53,827 Preferred Operating Partnership units Noncontrolling interests in Operating Partnership, net 868,008 837,043 and other noncontrolling interests Total noncontrolling 13,762,084 14,324,036 interests and equity Total liabilities, noncontrolling $ 28,963,119 $ 29,264,046 interests and equity
Consolidated Statement of Operations for the Three and Nine Months Ended September 30, 2026 and 2025
Reconciliation of GAAP Net Income to Total Same-Store Net Operating Income — for the Three and Nine Months Ended
Reconciliation of the Range of Estimated GAAP Fully Diluted Earnings Per Share to Estimated Fully Diluted FFO Per Share — for the Year Ending December 31, 2026 - Unaudited
For the Year Ending December 31, 2026 ────────────────────────────────────────────────────────────────────────────── Low End High End Net income attributable to common $ 4.48 $ 4.58 stockholders per diluted share Income allocated to noncontrolling interest - Preferred 0.22 0.22 Operating Partnership and Operating Partnership Net income attributable to common 4.70 4.80 stockholders for diluted computations Adjustments: Real estate 3.17 3.17 depreciation Amortization of 0.05 0.05 intangibles Unconsolidated joint venture real estate 0.14 0.14 depreciation and amortization Equity in earnings of unconsolidated real estate ventures - 0.06 0.06 impairment loss on joint venture interests (Gain) loss on real estate assets held 0.03 0.03 for sale and sold, net Funds from operations attributable to 8.15 8.25 common stockholders Adjustments: Non-cash interest expense related to amortization of 0.20 0.20 discount on unsecured senior notes, net Amortization of other intangibles related to the 0.04 0.04 Life Storage Merger, net of tax benefit Other 0.01 0.01 adjustments(1) Core funds from operations attributable $ 8.40 $ 8.50 to common stockholders
(1) Adjustment to Core FFO relates to legal settlement costs with New York City.
Reconciliation of Estimated GAAP Net Income to Estimated Same-Store Net Operating Income — for the Year Ending December 31, 2026 (In thousands) - Unaudited
For the Year Ending December 31, 2026 ────────────────────────────────────────────────────────────────────────────── Low High Net Income $ 1,057,400 $ 1,086,700 Adjusted to exclude: Equity in earnings of unconsolidated -65,000 -66,000 joint ventures Interest expense 604,000 602,000 Non-cash interest expense related to amortization of 45,000 44,000 discount on unsecured senior notes, net Depreciation and 750,000 750,000 amortization Income tax expense 49,000 48,000 General and 189,500 188,500 administrative Management fees and -138,000 -139,000 other income Interest income -152,500 -153,500 Net tenant -298,000 -300,000 reinsurance income Non same-store rental -230,000 -231,000 revenues Non same-store 154,500 154,000 operating expenses Total same-store net $ 1,965,900 $ 1,983,700 operating income1 Same-store rental 2,756,000 2,770,000 revenues1 Same-store operating 790,100 786,300 expenses1 Total same-store net $ 1,965,900 $ 1,983,700 operating income1
(1) Estimated same-store rental revenues, operating expenses and net operating income are for the Company's 2026 same-store pool of 1,869 stores. On January 1, 2026, the Company updated the property count of the same-store pool from 1,804 to 1,871 stores. In the quarter ended March 31, 2026, one property was removed due to a casualty loss, reducing the same-store pool to 1,870 stores. In the quarter ended September 30, 2026, one property was removed due to redevelopment reducing the same-store pool to 1,869 stores.
Full text with the tables
Exhibit 99.1
Extra Space Storage
Inc.
PHONE(801) 365-4600
2795 East Cottonwood
Parkway, Suite 300
Salt Lake City, Utah
84121
www.extraspace.com
FOR IMMEDIATE RELEASE
Extra Space Storage Inc. Reports 2026 Third Quarter Results
SALT LAKE CITY, October 27, 2026 — Extra Space Storage Inc. (NYSE: EXR) (the
“Company”), a leading owner and operator of self-storage facilities in the
United States and a member of the S&P 500 index, announced operating results for
the three and nine months ended September 30, 2026.
Highlights for the three months ended September 30, 2026:
• Achieved net income attributable to common stockholders of $1.17 per diluted
share, representing a 50.0% increase compared to the same period in the prior
year, which included a loss from real estate assets sold in 2025.
• Achieved funds from operations attributable to common stockholders and unit
holders (“FFO”) of $2.12 per diluted share. FFO, excluding adjustments (“Core
FFO”), was $2.17 per diluted share, representing a 4.3% increase compared to the
same period in the prior year.
• Same-store revenue increased by 2.7% and same-store expense decreased by 1.8%,
resulting in a same-store net operating income (“NOI”) increase of 4.6% compared
to the same period in the prior year.
• Reported ending same-store occupancy of 94.0% as of September 30, 2026,
compared to 93.7% as of September 30, 2025.
• Announced leadership transition promoting Noah Springer, President, as next
Chief Executive Officer effective January 1, 2027.
• Repurchased 2,390,497 shares of common stock for $327.1 million at an average
price of $136.85 per share using its stock repurchase program.
• Purchased four operating stores for a total cost of $48.6 million.
• In conjunction with a joint venture partner, completed the development of one
store for a total cost of approximately $16.6 million, of which the Company
invested $15.7 million.
• Originated $19.5 million in mortgage and mezzanine bridge loans.
• Added 78 stores (-1 store net) to the Company's third-party management
platform. As of September 30, 2026, the Company managed 1,963 stores for third
parties and 408 stores in unconsolidated joint ventures, for a total of 2,371
managed stores.
• Paid a quarterly dividend of $1.62 per share.
Highlights for the nine months ended September 30, 2026:
• Achieved net income attributable to common stockholders of $3.56 per diluted
share, representing a 10.2% increase compared to the same period in the prior
year, which included a loss from real estate assets sold in 2025.
• Achieved FFO of $6.16 per diluted share, and Core FFO of $6.37 per diluted
share, representing a 3.9% increase compared to the same period in the prior
year.
• Same-store revenue increased by 2.3% and same-store expense increased by 0.1%,
resulting in a same-store NOI increase of 3.2% compared to the same period in
the prior year.
• Repurchased 2,401,606 shares of common stock for $328.6 million at an average
price of $136.81 per share using its stock repurchase program.
• Purchased 22 operating stores and acquired the ownership interest of our joint
venture partner in one consolidated joint venture for a total cost of $151.9
million.
• In conjunction with joint venture partners, completed the development of two
stores for a total cost of approximately $31.7 million, of which the Company
invested $30.1 million.
• Originated $165.6 million in mortgage and mezzanine bridge loans and sold
$30.8 million in mortgage bridge loans.
• Added 229 stores (107 stores net) to the Company's third-party management
platform.
Joe Margolis, CEO of the Company, stated: “Our platform, portfolio and people
continue to outperform, with Core FFO per share growth of 4.3% and accelerating
same-store performance. We remain focused on disciplined capital allocation and
compounding long-term value per share, including through the opportunistic
repurchase of our shares this quarter. Our differentiating capabilities in
pricing, customer acquisition and growth continue to drive strong results. Extra
Space is entering its leadership transition from a position of strength, and I
am confident in the opportunities ahead.”
FFO Per Share:
The following table (unaudited) outlines the Company’s FFO and Core FFO for the
three and nine months ended September 30, 2026 and 2025. The table also provides
a reconciliation to GAAP net income attributable to common stockholders and
earnings per diluted share for each period presented (amounts shown in
thousands, except share and per share data):
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…
…
…
…
…
… 9… 0… 1… … … … … …
…
…
…
…
…
…
…
…
…
…
…
…
… 1… 0… 3… … … … … …
…
…
…
…
…
…
…
… — — — — … … — —
…
… $ 4… $ 2… $ 4… $ … $ … $ … $ … $ …
…
…
…
…
… 2… 2… … …
…
–
…
(1) Per share amounts may not recalculate due to rounding.
(2) This adjustment is to account for the difference between the number of
shares used to calculate earnings per share and the number of shares used to
calculate FFO per share. Earnings per share is calculated using the two-class
method, which uses a lower number of shares than the calculation for FFO per
share and Core FFO per share, which are calculated assuming full redemption of
all OP units as described in note (3).
(3) Extra Space Storage LP (the “Operating Partnership”) has outstanding
preferred and common Operating Partnership units (“OP units”). These OP units
can be redeemed for cash or, at the Company’s election, shares of the Company’s
common stock. Redemption of all OP units for common stock has been assumed for
purposes of calculating the weighted average number of shares — diluted, as
presented above. The computation of weighted average number of shares — diluted,
for FFO per share and Core FFO per share also includes the effect of share-based
compensation plans.
(4) Adjustment to Core FFO relates to legal settlement costs with New York City.
Operating Results and Same-Store Performance:
The following table (unaudited) outlines the Company’s same-store performance
for the three and nine months ended September 30, 2026 and 2025 (amounts shown
in thousands, except store count data) 1 :
For For
the the
Thr… Nine
Mon… Mon…
End… End…
Sa… Sep… Sep…
pr… 30, Per… 30, Per…
re… 2026 2025 Cha… 2026 2025 Cha…
──────────────────────────────────────────────────────────────────────────────
Net
re… $ 675… $ 656… 2.9% $ 1,9… $ 1,94… 2.4%
in…
Ot… 26,… 26,… (1.… 75,… 76,8… (1.…
in…
To…
sa… $ 701… $ 683… 2.7% $ 2,0… $ 2,02… 2.3%
re…
Sa…
op…
ex…
Pa…
and $ 40,… $ 42,… (4.… $ 123… $ 125,… (1.…
be…
Ma… 16,… 18,… (6.… 48,… 49,9… (3.…
Of… 18,… 17,… 4.9% 55,… 53,6… 3.1%
ex…
Pr…
op… 21,… 22,… (3.… 62,… 63,6… (1.…
ex…
Re…
and 11,… 14,… (20… 39,… 42,9… (8.…
ma…
Pr… 80,… 77,… 4.9% 239… 231,… 3.3%
ta…
In… 7,4… 8,9… (16… 24,… 24,9… (0.…
To…
sa… $ 197… $ 200… (1.… $ 592… $ 592,… 0.1%
op…
ex…
Sa…
net $ 504… $ 482… 4.6% $ 1,4… $ 1,43… 3.2%
op…
in…
Sa…
sq…
fo…
oc… 94.… 93.… 94.… 93.…
as
of
qu…
end
Av…
sa…
sq… 94.… 94.… 93.… 93.…
fo…
oc…
Pr…
in… 1,8… 1,8… 1,8… 1,8…
in
sa…
(1) A reconciliation of net income to same-store net operating income is
provided later in this release, entitled “ Reconciliation of GAAP Net Income to
Total Same-Store Net Operating Income. ”
(2) Same-store revenues, operating expenses and net operating income do not
include tenant reinsurance revenue or expense.
(3) Includes general office expenses, computer, bank fees, and credit card
merchant fees.
(4) Includes utilities and miscellaneous other store expenses.
(5) On January 1, 2026, the Company updated the property count of the same-store
pool from 1,804 to 1,871 stores. In the quarter ended March 31, 2026, one
property was removed due to a casualty loss, reducing the same-store pool to
1,870 stores. In the quarter ended September 30, 2026, one property was removed
due to redevelopment reducing the same-store pool to 1,869 stores.
Details related to the same-store performance of stores by metropolitan
statistical area (“MSA”) for the three and nine months ended September 30, 2026
and 2025 are provided in the supplemental financial information published on the
Company’s Investor Relations website at https://ir.extraspace.com/.
Investment and Property Management Activity:
The following table (unaudited) outlines the Company’s acquisitions and
developments that are closed, completed or under agreement (dollars in
thousands).
Cl…
/C…
or
Cl… Sc…
th… to
Se… Cl…
30, in To…
20… 20… 20…
──────────────────────────────────────────────────────────────────────────────
W… St… Pr… St… Pr… Sto… Pr…
I…
O… 22 $ 14… 3 $ 24,… 25 $ 172…
S…
B…
of
JV
P… 1 4,… — — 1 4,0…
I…
in
O…
S…
E…
I…
in 23 15… 3 24,… 26 176…
W…
S…
J…
V…
I…
E…
I…
in
JV — — 21 138… 21 138…
A…
of
O…
S…
E…
I…
in
JV
D… 2 30… 2 26,… 4 56,…
a…
C
of
O
E…
I…
in 2 30… 23 164… 25 194…
J…
V…
T…
E… 25 $ 18… 26 $ 189… 51 $ 371…
I…
(1) The locations of certificate of occupancy ("C of O") and development stores
and joint venture ownership interest details are included in the supplemental
financial information published on the Company’s Investor Relations website at
https://ir.extraspace.com/.
The projected developments and acquisitions under agreement described above are
subject to customary closing conditions and no assurance can be provided that
these developments and acquisitions will be completed on the terms described, or
at all.
Leadership Transition:
On August 24, 2026, the Company announced that Noah Springer, President, will
become the Company's 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 Company's board of directors. The transition, unanimously
approved by the board, follows a thoughtful, long-term succession planning
process.
Property Sales:
During the three months ended September 30, 2026, the Company sold one operating
property, one land parcel and one property marketed for sale. The property held
for sale was adjusted to fair value less selling costs. The properties sold and
the property held for sale resulted in a net loss of $5.8 million.
Bridge Loans:
During the three months ended September 30, 2026, the Company originated $19.5
million in bridge loans. Outstanding balances of the Company's bridge loans were
approximately $1.4 billion at the end of the quarter. The Company has an
additional $59.2 million in bridge loans that have closed subsequent to quarter
end or are under agreement to close in 2026. Additional details related to the
Company's loan activity and balances held are included in the supplemental
financial information published on the Company’s Investor Relations website at
https://ir.extraspace.com/.
Property Management:
As of September 30, 2026, the Company managed 1,963 stores for third-party
owners and 408 stores owned in unconsolidated joint ventures, for a total of
2,371 stores under management. The Company is the largest self-storage
management company in the United States.
Balance Sheet:
During the three months ended September 30, 2026, the Company repurchased
2,390,497 shares of common stock for $327.1 million at an average price of
$136.85 per share using its stock repurchase program. Subsequent to quarter end,
the Company repurchased 164,724 shares of common stock for $21.8 million at an
average price of $132.45, fully utilizing the capacity of the
Company's $500.0 million share repurchase program. On October 15, 2026, the
Company's board of directors authorized an updated share repurchase program
allowing for the repurchase of shares with an aggregate value up to $500.0
million.
During the three months ended September 30, 2026, the Company did not issue any
shares on its ATM program, and as of September 30, 2026, the Company had $800.0
million available for issuance.
In July 2026, the Company completed a public bond offering issuing $550.0
million aggregate principal amount of 4.90% unsecured senior notes due 2032.
As of September 30, 2026, the Company's commercial paper program had total
capacity of $1.0 billion, with $850.0 million in outstanding issuances.
As of September 30, 2026, the Company’s percentage of fixed-rate debt to total
debt was 79.6%. Net of the impact of variable rate receivables, the effective
fixed-rate debt to total debt was 89.3%. The weighted average interest rates of
the Company’s fixed and variable-rate debt were 4.3% and 4.8%, respectively. The
combined weighted average interest rate was 4.4% with a weighted average
maturity of approximately 4.0 years. Full details related to the Company's debt
schedule are included in the supplemental financial information published on the
Company’s Investor Relations website at https://ir.extraspace.com/.
Dividends:
On September 30, 2026 , the Company paid a third quarter common stock dividend
of $1.62 per share to stockholders of record at the close of business on
September 15, 2026.
Outlook:
The following table outlines the Company's Core FFO estimates and assumptions
for the year ending December 31, 2026 1 .
Current Prior
Ranges Ranges
for 2026 for 2026
Annual Annual
Assumpti… Assumpti…
(October (July 28,
27, 2026) 2026) Notes
──────────────────────────────────────────────────────────────────────────────
Low High Low High
Core FFO $8.40 $8.50 $8.25 $8.40
Dilution
per share
from C of
O and $0.17 $0.17 $0.17 $0.17
value
add
acquisit…
Same-sto… Same-sto…
revenue 2.00% 2.50% 1.00% 2.00% pool of
growth 1,869
stores
Same-sto… Same-sto…
expense 0.00% 0.50% 1.00% 2.00% pool of
growth 1,869
stores
Same-sto… Same-sto…
NOI 2.50% 3.50% 0.50% 2.50% pool of
growth 1,869
stores
Weighted
average 3.71% 3.71% 3.73% 3.73%
one-month
SOFR
Net
tenant $298,000… $300,000,… $294,000… $296,000,…
reinsura…
income
Manageme…
fees and $138,000… $139,000,… $139,000… $140,000,…
other
income
Includes
interest
from
bridge
Interest $152,500… $153,500,… $153,000… $154,000,… loans and
income dividends
from
NexPoint
preferred
investme…
General Includes
and $188,500… $189,500,… $188,000… $189,500,… non-cash
administ… compensa…
expenses
Equity in Includes
earnings dividends
of real $65,000,… $66,000,0… $63,500,… $64,500,0… from
estate SmartStop
ventures preferred
investme…
Excludes
non-cash
Interest $602,000… $604,000,… $595,000… $598,000,… interest
expense expense
shown
below
Non-cash
interest
expense
related Amortiza…
to of debt
amortiza… mark-to-…
of $44,000,… $45,000,0… $44,000,… $45,000,0… excluded
discount from Core
on FFO
unsecured
senior
notes,
net
Taxes
associat…
Income with the
Tax $48,000,… $49,000,0… $48,000,… $49,000,0… Company's
Expense taxable
REIT
subsidia…
Includes
wholly-o…
acquisit…
Acquisit… $400,000… $400,000,… $300,000… $300,000,… and the
Company's
investme…
in joint
ventures
Represen…
the
Company's
Bridge average
loans $1,425,0… $1,425,00… $1,475,0… $1,475,00… retained
outstand… loan
balances
for the
year
Assumes
Weighted redempti…
average 220,500,… 220,500,0… 221,000,… 221,000,0… of all OP
share units for
count common
stock
(1) A reconciliation of net income outlook to same-store net operating income
outlook is provided later in this release entitled "Reconciliation of Estimated
GAAP Net Income to Estimated Same-Store Net Operating Income." The
reconciliation includes details related to same-store revenue and same-store
expense outlooks. A reconciliation of net income per share outlook to funds from
operations per share outlook is provided later in this release entitled
"Reconciliation of the Range of Estimated GAAP Fully Diluted Earnings Per Share
to Estimated Fully Diluted FFO Per Share."
FFO estimates for the year are fully diluted for an estimated average number of
shares and OP units outstanding during the year. The Company’s estimates are
forward-looking and based on management’s view of current and future market
conditions. The Company’s actual results may differ materially from these
estimates.
Supplemental Financial Information:
Supplemental unaudited financial information regarding the Company’s performance
can be found on the Company’s website at www.extraspace.com. Under the "Company
Info" navigation menu on the home page, click on “Investor Relations,” then
under the “Financials” navigation menu click on “Quarterly Results.” This
supplemental information provides additional detail on items that include store
occupancy and financial performance by portfolio and market, debt maturity
schedules and performance of lease-up assets.
Conference Call:
The Company will host a conference call at 1:00 p.m. Eastern Time on Wednesday,
October 28, 2026, to discuss its financial results. Telephone participants may
avoid any delays in joining the conference call by pre-registering for the call
using the following link to receive a special dial-in number and PIN:
https://events.q4inc.com/analyst/975210601?pwd=f5UpngAK
A live webcast of the call will also be available on the Company’s investor
relations website at https://ir.extraspace.com. To listen to the live webcast,
go to the site at least 15 minutes prior to the scheduled start time in order to
register, download and install any necessary audio software.
A replay of the call will be available for 30 days on the investor relations
section of the Company’s website beginning at 5:00 p.m. Eastern Time on October
28, 2026.
Forward-Looking Statements:
Certain information set forth in this release contains “forward-looking
statements” within the meaning of the federal securities laws. Forward-looking
statements include statements concerning the benefits of store acquisitions,
developments, market conditions, our outlook and estimates for the year and
other statements concerning our plans, objectives, goals, strategies, future
events, future revenues or performance, capital expenditures, financing needs,
the competitive landscape, the impact of broader economic trends on the storage
industry, our plans or intentions relating to acquisitions and developments, and
other information that is not historical information. In some cases, forward-
looking statements can be identified by terminology such as “believes,”
“estimates,” “expects,” “may,” “will,” “should,” “anticipates,” “outlook,” or
“intends,” or the negative of such terms or other comparable terminology, or by
discussions of strategy. We may also make additional forward-looking statements
from time to time. All such subsequent forward-looking statements, whether
written or oral, by us or on our behalf, are also expressly qualified by these
cautionary statements. There are a number of risks and uncertainties that could
cause our actual results to differ materially from the forward-looking
statements contained in or contemplated by this release. Any forward-looking
statements should be considered in light of the risks referenced in the “Risk
Factors” section included in our most recent Annual Report on Form 10-K and
Quarterly Reports on Form 10-Q. Such factors include, but are not limited to:
• adverse changes in general economic conditions, the real estate industry and
the markets in which we operate;
• potential liability for uninsured losses and environmental contamination;
• our ability to recover losses under our insurance policies;
• the impact of the regulatory environment as well as national, state and local
laws and regulations, including, without limitation, those governing real estate
investment trusts (“REITs”), tenant reinsurance and other aspects of our
business, which could adversely affect our results;
• the effect of competition from new and existing stores or other storage
alternatives, including increased or unanticipated competition for our
properties, which could cause rents and occupancy rates to decline;
• failure to close pending acquisitions and developments on expected terms, or
at all;
• risks associated with acquisitions, dispositions and development of
properties, including increased development costs due to additional regulatory
requirements related to climate change and other factors;
• reductions in asset valuations and related impairment charges;
• our reliance on information technologies, which are vulnerable to, among other
things, attack from computer viruses and malware, hacking, cyberattacks and
other unauthorized access or misuse, any of which could adversely affect our
business and results;
• impacts from any outbreak of highly infectious or contagious diseases,
including reduced demand for self-storage space and ancillary products and
services such as tenant reinsurance, and potential decreases in occupancy and
rental rates and staffing levels, which could adversely affect our results;
• economic uncertainty due to the impact of natural disasters, war or terrorism,
which could adversely affect our business plan;
• our lack of sole decision-making authority with respect to our joint venture
investments;
• disruptions in credit and financial markets and resulting difficulties in
raising capital or obtaining credit at reasonable rates or at all, which could
impede our ability to grow;
• availability of financing and capital, the levels of debt that we maintain and
our credit ratings;
• changes in global financial markets, increases in interest rates and the
impact of enacted and proposed U.S. tariffs on global economic conditions;
• the effect of recent or future changes to U.S. tax laws; and
• the failure to maintain our REIT status for U.S. federal income tax purposes.
All forward-looking statements are based upon our current expectations and
various assumptions. Our expectations, beliefs and projections are expressed in
good faith and we believe there is a reasonable basis for them, but there can be
no assurance that management’s expectations, beliefs and projections will result
or be achieved. All forward-looking statements apply only as of the date made.
We undertake no obligation to publicly update or revise forward-looking
statements which may be made to reflect events or circumstances after the date
made or to reflect the occurrence of unanticipated events.
Definition of FFO:
FFO provides relevant and meaningful information about the Company’s operating
performance that is necessary, along with net income and cash flows, for an
understanding of the Company’s operating results. The Company believes FFO is a
meaningful disclosure as a supplement to net income. Net income assumes that the
values of real estate assets diminish predictably over time as reflected through
depreciation and amortization expenses. The values of real estate assets
fluctuate due to market conditions and the Company believes FFO more accurately
reflects the value of the Company’s real estate assets. FFO is defined by the
National Association of Real Estate Investment Trusts, Inc. (“NAREIT”) as net
income computed in accordance with U.S. generally accepted accounting principles
(“GAAP”), excluding gains or losses on sales of operating stores and impairment
write downs of depreciable real estate assets, plus depreciation and
amortization related to real estate and after adjustments to record
unconsolidated partnerships and joint ventures on the same basis. The Company
believes that to further understand the Company’s performance, FFO should be
considered along with the reported net income and cash flows in accordance with
GAAP, as presented in the Company’s consolidated financial statements. FFO
should not be considered a replacement of net income computed in accordance with
GAAP.
For informational purposes, the Company also presents Core FFO. Core FFO
excludes revenues and expenses not core to our operations and transaction costs.
It also includes certain costs associated with the Life Storage Merger including
non-cash interest related to the amortization of discount on unsecured senior
notes and amortization of other intangibles, net of tax benefit. Although the
Company’s calculation of Core FFO differs from NAREIT’s definition of FFO and
may not be comparable to that of other REITs and real estate companies, the
Company believes it provides a meaningful supplemental measure of operating
performance. The Company believes that by excluding revenues and expenses not
core to our operations and non-cash interest charges, stockholders and potential
investors are presented with an indicator of our operating performance that more
closely achieves the objectives of the real estate industry in presenting FFO.
Core FFO by the Company should not be considered a replacement of the NAREIT
definition of FFO. The computation of FFO may not be comparable to FFO reported
by other REITs or real estate companies that do not define the term in
accordance with the current NAREIT definition or that interpret the current
NAREIT definition differently. FFO does not represent cash generated from
operating activities determined in accordance with GAAP, and should not be
considered as an alternative to net income as an indication of the Company’s
performance, as an alternative to net cash flow from operating activities as a
measure of liquidity, or as an indicator of the Company’s ability to make cash
distributions.
Definition of Same-Store:
The Company’s same-store pool for the periods presented consists of 1,869 stores
that are wholly-owned and operated and that were stabilized by the first day of
the earliest calendar year presented, or January 1, 2025. The Company considers
a store to be stabilized once it has been open for three years or has sustained
average square foot occupancy of 80.0% or more for one calendar year. The
Company believes that by providing same-store results from a stabilized pool of
stores, with accompanying operating metrics including, but not limited to,
occupancy, rental revenue (growth), operating expenses (growth), net operating
income (growth), etc., stockholders and potential investors are able to evaluate
operating performance without the effects of non-stabilized occupancy levels,
rent levels, expense levels, acquisitions or completed developments. Same-store
results should not be used as a basis for future same-store performance or for
the performance of the Company’s stores as a whole.
About Extra Space Storage Inc.:
Extra Space Storage Inc., headquartered in Salt Lake City, Utah, is a self-
administered and self-managed REIT and a member of the S&P 500. As of September
30, 2026, the Company owned and/or operated 4,411 self-storage stores in 43
states and Washington, D.C. The Company’s stores comprise approximately 3.0
million units and approximately 342.2 million square feet of rentable space
operating under the Extra Space brand. The Company offers customers a wide
selection of conveniently located and secure storage units across the country,
including boat storage, RV storage and business storage. It is the largest
operator of self-storage properties in the United States.
###
For Information:
Jared Conley
Extra Space Storage Inc.
(801) 365-1759
Extra Space Storage Inc.
Condensed Consolidated Balance Sheets
( In thousands, except share data )
September 30, 2026 December 31, 2025
──────────────────────────────────────────────────────────────────────────────
-Unaudited
Assets:
Real estate $ 24,900,147 $ 25,004,350
assets, net
Real estate assets
- operating lease 727,627 732,176
right-of-use
assets
Investments in
unconsolidated 1,045,395 1,066,783
real
estate entities
Investments in
debt securities 1,707,526 1,806,526
and notes
receivable
Cash and cash 114,824 138,920
equivalents
Other assets, net 467,600 515,291
Total assets $ 28,963,119 $ 29,264,046
Liabilities,
Noncontrolling
Interests
and Equity:
Secured notes $ 1,070,062 $ 1,079,565
payable, net
Unsecured term 1,495,717 1,494,659
loans, net
Unsecured senior 9,416,025 9,432,427
notes, net
Revolving lines of
credit and 1,424,000 1,224,000
commercial
paper
Operating lease 765,718 761,106
liabilities
Cash distributions
in unconsolidated 75,901 73,701
real estate
ventures
Accounts payable
and accrued 458,777 357,583
expenses
Other liabilities 494,835 516,969
Total liabilities 15,201,035 14,940,010
Commitments and
contingencies
Noncontrolling
Interests and
Equity:
Extra Space
Storage Inc.
stockholders’
equity:
Preferred stock,
$0.01 par value,
50,000,000 shares
authorized, no — —
shares
issued or
outstanding
Common stock,
$0.01 par value,
500,000,000 shares
authorized,
208,884,163 and
211,155,322 shares 2,089 2,112
issued and
outstanding at
September 30,
2026 and December
31, 2025,
respectively
Additional paid-in 14,895,156 14,880,646
capital
Accumulated other -89 -420
comprehensive loss
Accumulated -2,050,907 -1,449,172
deficit
Total Extra Space
Storage Inc. 12,846,249 13,433,166
stockholders’
equity
Noncontrolling
interest
represented by 47,827 53,827
Preferred
Operating
Partnership units
Noncontrolling
interests in
Operating
Partnership, net 868,008 837,043
and other
noncontrolling
interests
Total
noncontrolling 13,762,084 14,324,036
interests and
equity
Total liabilities,
noncontrolling $ 28,963,119 $ 29,264,046
interests and
equity
Consolidated Statement of Operations for the Three and Nine Months Ended
September 30, 2026 and 2025
( In thousands, except share and per share data) - Unaudited
For
For the the
Three Nine
Months Months
Ended Ended
Septem… Septe…
30, 30,
Reve… 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Prop… $ 760,8… $ 735,581 $ 2,240,… $ 2,160…
rent…
Tena… 94,197 90,341 276,400 263,6…
rein…
Mana…
fees
and 34,758 32,538 103,357 95,485
other
inco…
Total 889,7… 858,460 2,619,… 2,520…
reve…
Expe…
Prop… 238,8… 235,486 708,858 686,6…
oper…
Tena… 17,927 17,781 53,119 51,842
rein…
Gene…
and 45,740 43,479 139,564 134,4…
admi…
Depr…
and 189,5… 177,466 561,003 535,0…
amor…
Total 492,1… 474,212 1,462,… 1,408…
expe…
Loss
on
real
esta…
asse…
held -5,821 -105,1… -5,821 -70,2…
for
sale
and
sold,
net
Inco…
from 391,8… 279,120 1,151,… 1,041…
oper…
Inte… -151,… -149,6… -445,1… -438,…
expe…
Non-…
inte…
expe…
rela…
to
amor…
of -9,711 -12,086 -35,001 -35,1…
disc…
on
unse…
seni…
note…
net
Inte… 37,400 43,588 115,720 124,5…
inco…
Inco…
befo…
equi…
in
earn…
and
divi…
inco…
from 268,3… 160,972 787,136 693,0…
unco…
real
esta…
enti…
and
inco…
tax
expe…
Equi…
in
earn…
and
divi…
inco… 17,010 15,669 48,572 51,884
from
unco…
real
esta…
enti…
Equi…
in
earn…
of
unco…
real
esta…
vent…
-
impa…
(los…
on -13,8… 9,354 -13,036 9,354
joint
vent…
inte…
and
gain
on
sale
of
joint
vent…
inte…
Inco…
tax -12,0… -11,962 -34,928 -32,5…
expe…
Net 259,4… 174,033 787,744 721,6…
inco…
Net
inco…
allo…
to
Pref… -673 -724 -2,020 -2,171
Oper…
Part…
nonc…
inte…
Net
inco…
allo…
to
Oper… -11,0… -7,311 -33,517 -32,8…
Part…
and
other
nonc…
inte…
Net
inco…
attr… $ 247,7… $ 165,998 $ 752,207 $ 686,6…
to
comm…
stoc…
Earn…
per
comm…
share
Basic $ 1.17 $ 0.78 $ 3.56 $ 3.23
Dilu… $ 1.17 $ 0.78 $ 3.56 $ 3.23
Weig…
aver…
numb…
of
shar…
Basic 210,6… 211,96… 210,83… 211,9…
Dilu… 220,0… 221,30… 220,23… 211,9…
Cash
divi…
paid $ 1.62 $ 1.62 $ 4.86 $ 4.86
per
comm…
share
Reconciliation of GAAP Net Income to Total Same-Store Net Operating Income — for
the Three and Nine Months Ended
September 30, 2026 and 2025
(In thousands) - Unaudited
For the For the
Three Nine
Months Months
Ended Ended
Septemb… Septem…
2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Net $ 259,445 $ 174,033 $ 787,744 $ 721,674
Income
Adjus…
to
exclu…
Loss
on
real
estate
assets
held 5,821 105,128 5,821 70,231
for
sale
and
sold,
net
Equity
in
earni…
and
divid…
income -17,010 -15,669 -48,572 -51,884
from
uncon…
real
estate
entit…
Impai…
loss
on
uncon…
joint
ventu…
inter…
and 13,883 -9,354 13,036 -9,354
(gain)
on
sale
of
uncon…
joint
ventu…
inter…
Inter… 151,170 149,650 445,189 438,177
expen…
Non-c…
inter…
expen…
relat…
to
amort…
of 9,711 12,086 35,001 35,169
disco…
on
unsec…
senior
notes,
net
Depre…
and 189,598 177,466 561,003 535,088
amort…
Income
tax 12,070 11,962 34,928 32,591
expen…
Gener…
and 45,740 43,479 139,564 134,405
admin…
Manag…
fees,
other
income -72,158 -76,126 -219,0… -220,038
and
inter…
income
Net
tenant -76,270 -72,560 -223,2… -211,783
insur…
Non
same-… -59,156 -52,581 -171,0… -137,496
rental
reven…
Non
same-… 41,830 34,813 116,085 94,463
opera…
expen…
Total
same-…
net $ 504,674 $ 482,327 $ 1,476,… $ 1,431,2…
opera…
income
Same-…
rental 701,681 683,000 2,069,… 2,023,4…
reven…
Same-…
opera… 197,007 200,673 592,773 592,226
expen…
Same-…
net $ 504,674 $ 482,327 $ 1,476,… $ 1,431,2…
opera…
income
Reconciliation of the Range of Estimated GAAP Fully Diluted Earnings Per Share
to Estimated Fully Diluted FFO Per Share — for the Year Ending December 31, 2026
- Unaudited
For the Year Ending
December 31, 2026
──────────────────────────────────────────────────────────────────────────────
Low End High End
Net income
attributable to
common $ 4.48 $ 4.58
stockholders per
diluted share
Income allocated
to noncontrolling
interest -
Preferred 0.22 0.22
Operating
Partnership and
Operating
Partnership
Net income
attributable to
common 4.70 4.80
stockholders for
diluted
computations
Adjustments:
Real estate 3.17 3.17
depreciation
Amortization of 0.05 0.05
intangibles
Unconsolidated
joint venture real
estate 0.14 0.14
depreciation and
amortization
Equity in earnings
of unconsolidated
real estate
ventures - 0.06 0.06
impairment loss
on joint venture
interests
(Gain) loss on
real estate assets
held 0.03 0.03
for sale and sold,
net
Funds from
operations
attributable to 8.15 8.25
common
stockholders
Adjustments:
Non-cash interest
expense related to
amortization of 0.20 0.20
discount on
unsecured
senior notes, net
Amortization of
other intangibles
related to the 0.04 0.04
Life Storage
Merger, net
of tax benefit
Other 0.01 0.01
adjustments(1)
Core funds from
operations
attributable $ 8.40 $ 8.50
to common
stockholders
(1) Adjustment to Core FFO relates to legal settlement costs with New York City.
Reconciliation of Estimated GAAP Net Income to Estimated Same-Store Net
Operating Income — for the Year Ending December 31, 2026 (In thousands) -
Unaudited
For the Year Ending
December
31, 2026
──────────────────────────────────────────────────────────────────────────────
Low High
Net Income $ 1,057,400 $ 1,086,700
Adjusted to exclude:
Equity in earnings of
unconsolidated -65,000 -66,000
joint ventures
Interest expense 604,000 602,000
Non-cash interest
expense related to
amortization of 45,000 44,000
discount on unsecured
senior notes, net
Depreciation and 750,000 750,000
amortization
Income tax expense 49,000 48,000
General and 189,500 188,500
administrative
Management fees and -138,000 -139,000
other income
Interest income -152,500 -153,500
Net tenant -298,000 -300,000
reinsurance income
Non same-store rental -230,000 -231,000
revenues
Non same-store 154,500 154,000
operating expenses
Total same-store net $ 1,965,900 $ 1,983,700
operating income1
Same-store rental 2,756,000 2,770,000
revenues1
Same-store operating 790,100 786,300
expenses1
Total same-store net $ 1,965,900 $ 1,983,700
operating income1
(1) Estimated same-store rental revenues, operating expenses and net operating
income are for the Company's 2026 same-store pool of 1,869 stores. On January 1,
2026, the Company updated the property count of the same-store pool from 1,804
to 1,871 stores. In the quarter ended March 31, 2026, one property was removed
due to a casualty loss, reducing the same-store pool to 1,870 stores. In the
quarter ended September 30, 2026, one property was removed due to redevelopment
reducing the same-store pool to 1,869 stores.