Extra Space Storage Q1 Core FFO per share rises, maintains 2026 guidance

Extra Space Storage

28/04/2026 21:19

Overview

U.S. self-storage REIT's Q1 Core FFO per share rose 2% yr/yr

Net income per share fell 10.9% from prior year due to 2025 asset sale gain

Same-store revenue and NOI grew modestly; occupancy remained stable

Outlook

Extra Space Storage sees 2026 Core FFO per share between $8.05 and $8.35

Company expects 2026 same-store revenue growth between -0.5% and 1.5%

Company maintains 2026 guidance issued in February 2026

Result Drivers

CUSTOMER RATE GAINS - Co said positive rate gains for new and existing customers contributed to same-store revenue growth

THIRD-PARTY MANAGEMENT EXPANSION - Co added 84 stores (60 net) to its third-party management platform in Q1

DISCIPLINED INVESTMENTS - Co cited disciplined investments in acquisitions, bridge lending, and development as supporting external growth

Company press release: ID:nPnvfpPXa

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Dividend
$1.62
Q1 FFO Per Share
$1.97


Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 7 "strong buy" or "buy", 11 "hold" and 2 "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 is $150.00, about 7.5% above its April 27 closing price of $139.54

The stock recently traded at 30 times the next 12-month earnings vs. a P/E of 27 three months ago

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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.)