Extra Space Storage Inc. EXR reported first-quarter 2026 core funds from operations (FFO) per share of $2.04, beating the Zacks Consensus Estimate of $2.01. The figure increased 2% year over year from $2.00.
Results reflected a year-over-year increase in same-store net operating income (NOI).
Quarterly revenues came in at $856 million, above the Zacks Consensus Estimate of $852.8 million. The top line increased 4.5% year over year.
EXR’s First Quarter in Detail
Same-store revenues jumped 1.7% year over year to $678.6 million, while same-store operating expenses rose 2.7% to $201.9 million. As a result, same-store NOI improved 1.2% year over year to $476.7 million.
Same-store square-foot occupancy was 93% as of March 31, 2026, compared with 93.2% as of March 31, 2025.
EXR’s Portfolio Activity
During the quarter, Extra Space Storage acquired one operating store for $12.5 million. In partnership with joint venture partners, the company also completed the development of one store for a total cost of around $15.1 million, of which EXR invested $14.4 million.
The company added 84 stores, or 60 stores net, to its third-party management platform. As of March 31, 2026, EXR managed 1,916 stores for third parties and 408 stores in unconsolidated joint ventures for a total of 2,324 managed stores.
Balance Sheet Position of EXR
Extra Space Storage exited the quarter with $139.0 million of cash and cash equivalents, roughly in line with $138.9 million as of Dec. 31, 2025.
As of March 31, 2026, EXR’s fixed-rate debt represented 82.5% of total debt. Net of variable-rate receivables, effective fixed-rate debt was 92.9% of total debt. The combined weighted average interest rate was 4.3%, with a weighted average maturity of about 4.3 years.
In the first quarter, the company did not issue any shares under its at-the-market program and had $800 million available for issuance as of March 31, 2026.
During the quarter, the company repurchased 11,109 shares for $1.4 million at an average price of $129.80 per share. As of March 31, 2026, it had $349.1 million remaining under its repurchase authorization.
EXR’s 2026 Guidance
Extra Space Storage maintained its 2026 core FFO outlook in the range of $8.05-$8.35 per share. The guidance assumes same-store revenue growth of negative 0.50% to 1.50%, same-store expense growth of 2.00%-3.50% and same-store NOI growth of negative 2.25% to 1.25%.
EXR’s Zacks Rank
Extra Space Storage currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Extra Space Storage Inc Price, Consensus and EPS Surprise
Extra Space Storage Inc price-consensus-eps-surprise-chart | Extra Space Storage Inc Quote
Upcoming Earnings Releases
We now look forward to the earnings releases of other REITs like Federal Realty Investment Trust FRT and OUTFRONT Media OUT, slated to report on May 1 and May 7, respectively.
The Zacks Consensus Estimate for Federal Realty Investment Trust’s first-quarter 2026 FFO per share stands at $1.82, which indicates 7.1% growth year over year. FRT currently has a Zacks Rank #2 (Buy).
The consensus estimate for OUTFRONT Media’s first-quarter 2026 FFO per share stands at 28 cents, which calls for significant growth year over year. OUT currently has a Zacks Rank #2.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.
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This article originally published on Zacks Investment Research (zacks.com).