Extra Space Storage lifts 2026 outlook as Q2 Core FFO per share rises

Overview

• US self-storage REIT's Q2 net income per share rose 5.9% yr/yr

• Core FFO per share for Q2 increased 4.9% yr/yr

• Same-store revenue rose 2.4% and same-store NOI grew 3.5% in Q2

Outlook

• Extra Space Storage raises 2026 Core FFO guidance to $8.25-$8.40 per share

• Company expects 2026 same-store revenue growth of 1%-2%

• Extra Space Storage targets $300 mln in acquisitions for 2026

Result Drivers

• OCCUPANCY AND STORE PERFORMANCE - Co said Core FFO growth was driven by strong occupancy and improving store performance

• EXPENSE CONTROL - Co attributed results to smart expense control in the quarter

• ANCILLARY BUSINESS CONTRIBUTION - Third-party management and bridge lending businesses made meaningful contributions to results

Company press release: ID:nPn337WkNa

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 8 "strong buy" or "buy", 12 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the specialized reits peer group is "buy."

• Wall Street's median 12-month price target for Extra Space Storage Inc (Maryland) is $155.50, about 4.9% above its July 27 closing price of $148.29

• The stock recently traded at 31 times the next 12-month earnings vs. a P/E of 28 three months ago

Reuters Recommended Reads

• July 28 - STAG Industrial Q2 core FFO per share rises 3.2%

• July 28 - CTO Realty Growth Q2 core FFO rises; lifts 2026 outlook

• July 28 - WP Carey Q2 revenue beats estimates on higher leases; AFFO outlook raised

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)