Extra Space Storage Q3 core FFO rises; lifts 2026 outlook on stronger same-store performance
EXR•Extra Space Storage’s Q3 Core FFO per share rose 4.3% year over year, while same-store revenue increased 2.7% and NOI rose 4.6%. The company raised 2026 Core FFO guidance to $8.40-$8.50 per share and increased acquisition guidance to $400 million.
1. Quarterly performance
Extra Space Storage reported a 4.3% year-over-year increase in Q3 Core FFO per share. Same-store revenue rose 2.7% and same-store net operating income increased 4.6%, which the company attributed to higher revenue and lower expenses. The company repurchased $327.1 million in shares during the quarter.
2. 2026 outlook
The company raised its 2026 Core FFO guidance to $8.40-$8.50 per share from $8.25-$8.40. It expects same-store revenue growth of 2.0%-2.5% and NOI growth of 2.5%-3.5%, and raised its 2026 acquisition guidance to $400 million from $300 million. The CEO cited pricing strategies and customer acquisition as drivers of results.
