Extra Space Storage

Extra Space Storage is a real estate investment trust (REIT) that owns and operates self-storage stores in the United States. At September 30, 2026, it owned or managed 4,411 stores in 43 states and Washington, D.C. Of these, it managed 1,963 stores for other owners. It is the largest self-storage management company in the United States.

Customers rent storage units mostly on month-to-month leases. Extra Space also sells tenant insurance for stored goods and makes bridge loans to other self-storage owners, with about $1.4 billion of loans outstanding at September 30, 2026. It merged with Life Storage in 2023.

The market prices Extra Space for a slow recovery in self-storage demand and for new stores that compete for customers. Fewer home sales mean fewer moves, and moves are a main reason that people rent storage. Same-store revenue grew only 2.3% in the first nine months of 2026, and the 2026 guidance is for growth of 2.0% to 2.5%. The CEO, Joe Margolis, also retires at the end of 2026.

The Q3 2026 report showed first signs of a recovery. Same-store revenue growth rose to 2.7% from 2.4% in Q2 2026, and same-store occupancy was 94.0% at September 30, 2026, up from 93.7% a year earlier. Extra Space raised its 2026 Core FFO guidance to $8.40 to $8.50 per share and bought back $327 million of its shares in Q3 2026. For the gap to close, three things must be true.

Same-store revenue growth must keep improving toward 3% or more in 2027, as rents for new customers rise. Core FFO must reach the 2026 guidance and grow again in 2027. The management and bridge loan businesses must keep growing, and the new CEO, Noah Springer, must keep the same strategy from January 1, 2027. The Q4 2026 report and the 2027 guidance in early 2027 are the main test.

If these checks pass, the gap can close over the next three to five quarters. The main reason it may not close is a weak housing market that keeps moves, and so storage demand, low for longer.

1. Oct 27, 2026Passed

   Q3 2026 results: same-store revenue and occupancySame-store revenue growth of 2.4% or more and Core FFO guidance kept at $8.25 to $8.40 per share pass; slower revenue growth or lower occupancy fails.Outcome: Same-store revenue grew 2.7%, occupancy was 94.0%, up from 93.7% a year earlier, and Extra Space raised its Core FFO guidance to $8.40 to $8.50 per share.
2. Jan 27, 2027 · est.Pending

   Q4 2026 results and 2027 guidance: first outlook under the new CEO2027 guidance for same-store revenue growth of about 3% or more and higher Core FFO passes; guidance for flat revenue or lower Core FFO fails.

Every passed and failed checkpoint across all picks

• October 27, 2026Extra Space reported Q3 2026 results. Core FFO rose 4.3% to $2.17 per share. Same-store revenue rose 2.7%, same-store expenses fell 1.8% and same-store NOI rose 4.6%. Same-store occupancy was 94.0%, up from 93.7% a year earlier. Extra Space raised its 2026 Core FFO guidance to $8.40 to $8.50 per share, from $8.25 to $8.40, and its same-store revenue growth guidance to 2.0% to 2.5%. It bought back 2.39 million shares for $327.1 million in Q3 2026.
• October 15, 2026The board authorized a new share buyback program of up to $500 million. Extra Space had used all of its earlier $500 million program in Q3 2026 and in October 2026.
• August 24, 2026Extra Space said that its CEO, Joe Margolis, will retire at the end of 2026 and serve as an adviser to the board. Noah Springer, President since January 1, 2026, will become CEO on January 1, 2027. Mr. Springer joined the company in 2006 and built its third-party management platform.

Last earnings

October 27, 2026 (8-K on sec.gov)

Next earnings

Expected about January 27, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 30, 2026 · exr-20260930
• 8-KEarnings releaseFiled October 27, 2026 · Press release and exhibits
• 8-KChange of directors or officers and Investor disclosureFiled August 24, 2026 · exr-20260824
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 31, 2026 · exr-20260630
• 8-KEarnings releaseFiled July 28, 2026 · Press release and exhibits
• 8-KNew material agreement and New debt or financial obligationFiled July 6, 2026 · Read it on sec.gov
• 8-KOther company newsFiled June 25, 2026 · Read it on sec.gov
• 8-KShareholder vote resultsFiled May 15, 2026 · exr-20260514
• 10-QQuarterly report for the period ended Mar 31, 2026Filed May 1, 2026 · exr-20260331
• 8-KEarnings releaseFiled April 28, 2026 · Press release and exhibits

Every filing on SEC EDGAR (CIK 1289490)

• Demand for storage depends on moves, home sales and the economy. The company names fewer housing market transactions, higher unemployment and higher interest rates as risks to occupancy and rents.
• Other operators keep building new self-storage stores. The company says that this new supply has increased competition and can stop rent increases in some markets.
• Extra Space had about $13.4 billion of debt at September 30, 2026, with a weighted average maturity of about 4.0 years. About 20.4% of debt had variable rates. Higher interest rates raise the cost of refinancing.
• The CEO changes on January 1, 2027. The new CEO is an insider who has been with the company since 2006, but any change in strategy can affect results.

Extra Space funds itself mainly with unsecured senior notes. At September 30, 2026, debt net of discounts and costs was about $13.41 billion: $9.42 billion of unsecured senior notes, $1.50 billion of unsecured term loans, $1.07 billion of secured notes and $1.42 billion drawn on revolving lines of credit and commercial paper. Read more

Yield at the current rate

4.1% (current annual rate, at today’s price)

Dividend yield

4.1% (last 12 months, at today’s price of $159.21)

Paid per share

$6.48 in the last 12 months (4 payments)

Current annual rate

$6.48 ($1.62 × 4 a year)

Payout ratio

141% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

September 15, 2026, $1.62 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 12.5% a year. From 2015 to 2025, the dividend grew by about 11.2% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.