Extra Space Storage Inc. (NYSE: EXR) announced its financial results for the three and nine months ended September 30, 2026. The company reported net income attributable to common stockholders of $1.17 per diluted share for the third quarter of 2026, a 50.0% increase compared to the same period in the prior year. Funds from operations (FFO) attributable to common stockholders and unit holders was $2.12 per diluted share, while Core FFO was $2.17 per diluted share, representing a 4.3% increase from the prior year.
Same-store performance showed an increase in revenue of 2.7% and a decrease in operating expenses of 1.8%, resulting in a 4.6% increase in same-store net operating income (NOI). The company reported an ending same-store occupancy of 94.0% as of September 30, 2026, up from 93.7% in the prior year.
For the nine months ended September 30, 2026, net income attributable to common stockholders was $3.56 per diluted share, a 10.2% increase compared to the same period in 2025. FFO was $6.16 per diluted share, and Core FFO was $6.37 per diluted share, representing a 3.9% increase from the prior year.
In terms of capital allocation, Extra Space Storage repurchased 2,390,497 shares of common stock for $327.1 million at an average price of $136.85 per share during the third quarter. The company also purchased four operating stores for a total cost of $48.6 million and completed the development of one store for an investment of $15.7 million in conjunction with a joint venture partner.
The company announced a leadership transition effective January 1, 2027, where Noah Springer, the current President, will become the next Chief Executive Officer. Current CEO Joe Margolis will retire at the end of the year and serve as an adviser to the board.
As of September 30, 2026, the company managed 1,963 stores for third-party owners and 408 stores in unconsolidated joint ventures, for a total of 2,371 stores under management. The company originated $19.5 million in mortgage and mezzanine bridge loans during the quarter, bringing the outstanding balance of bridge loans to approximately $1.4 billion.
