Extra Space Storage Q1 Core FFO Rises 2% to $2.04 with 1.7% Revenue Gain
Extra Space Storage reported Q1 core FFO of $2.04 per share, up 2%, while net income per diluted share fell 10.9% to $1.14. Same-store revenue rose 1.7% and NOI 1.2%, occupancy at 93.0%; company acquired a store for $12.5M, invested $14.4M in new development.
1. First Quarter Financial Results
Extra Space Storage reported Q1 net income attributable to common stockholders of $1.14 per diluted share, a 10.9% decline year-over-year, driven by the absence of a 2025 real estate gain, while FFO reached $1.97 per share and core FFO rose 2.0% to $2.04 per share.
2. Same-Store Operating Performance
Same-store revenue increased 1.7% to $678.6M and same-store net operating income grew 1.2% to $476.7M, with ending occupancy at 93.0% compared to 93.2% in Q1 2025.
3. External Growth Initiatives
The company acquired one operating store for $12.5M, completed a joint venture development costing $15.1M (with a $14.4M company investment), and added 84 stores (net 60) to its third-party management platform, bringing total managed stores to 2,324.
4. Dividend Distribution
Extra Space Storage paid a quarterly dividend of $1.62 per share in Q1 2026.