Analyst Consensus ?
ConsensusHold27 ratings
Bullish1140.7%
Neutral1659.3%
Bearish00.0%
Extra Space Storage Inc. · EXR · FY2026 Q1 · Calendar Q2 2026
EXR Q1 2026: Core FFO Grows 2% YoY, Same-Store Revenue Beats Internal Targets
Extra Space Storage delivered a stronger start to fiscal 2026 than the prior quarter suggested. Core FFO growth accelerated from 1.1% YoY in Q4 2025 to 2% YoY in Q1, reaching $2.04 per share. Same-store revenue grew 1.7%, coming in above the top end of the -0.5% to +1.5% range management had guided to just one quarter earlier, while occupancy ticked up to roughly 93% from 92.5%. Management reaffirmed full-year core FFO guidance of $8.05 to $8.35 per share. The combination of continued supply contraction in Sunbelt markets, AI-driven pricing gains, and a growing third-party management platform supports a modestly improving operating trajectory. The initial market reaction was muted -- an abnormal decline of 0.33% -- but the stock drifted roughly 3.8% higher in subsequent sessions, consistent with investors warming to the beat-and-reaffirm pattern.
Reported After market closeNYSEReal Estate
$32.29B market cap
100quality score
Company context
Snapshot as of publicationExtra Space Storage Inc., a prominent, self-administered and self-managed real estate investment trust (REIT), is headquartered in Salt Lake City, Utah, and holds a distinguished place as a member of the S&P 500 index. As of September 30, 2020, its expansive portfolio encompassed 1,906 self-storage facilities, with operations spanning 40 U.S. states, Washington, D.C., and Puerto Rico. Collectively, these facilities offer roughly 1.4 million individual storage units, totaling approximately 147.5 million square feet of rentable area. Extra Space Storage caters to diverse customer needs by providing a wide array of secure and conveniently located storage solutions nationwide. This includes specialized options for vehicles like boats and RVs, as well as dedicated business storage. Notably, it holds the position of the second-largest owner and operator of self-storage facilities throughout the U.S., and stands as the nation's largest self-storage management company.
Earnings scorecard
Reported versus consensus
Reported EPS
$1.14
Consensus $1
EPS surprise
+1.8%
Reported versus consensus
Reported revenue
$856.0M
Consensus $854.6M
Revenue surprise
+0.2%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$152.85Previous close
$74Low
$160.83Average
$237High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Jul 30, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Wells Fargo | Overweight | Overweight | Maintain | Jul 24, 2026 |
| UBS | Buy | Buy | Maintain | Jul 10, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jul 10, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Jul 6, 2026 |
| Truist Securities | Hold | Hold | Maintain | Jun 18, 2026 |
| B of A Securities | Neutral | Underperform | Upgrade | Jun 16, 2026 |
| Mizuho | Outperform | Outperform | Maintain | May 27, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Mar 23, 2026 |
| Scotiabank | Sector Perform | Sector Perform | Maintain | Mar 2, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Feb 23, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Dec 5, 2025 |
| Citigroup | Neutral | Neutral | Maintain | Aug 22, 2025 |
| Goldman Sachs | Neutral | Buy | Downgrade | Aug 21, 2025 |
| Benchmark | Buy | Buy | Maintain | May 13, 2025 |
| Jefferies | Buy | Hold | Upgrade | Sep 18, 2024 |
| Keybanc | Overweight | Overweight | Maintain | Sep 9, 2024 |
| Raymond James | Outperform | Outperform | Maintain | Jul 23, 2024 |
| Stifel | Buy | Buy | Maintain | Nov 8, 2023 |
| Wolfe Research | Peer Perform | Outperform | Downgrade | Jan 18, 2023 |
| BMO Capital | Market Perform | Outperform | Downgrade | May 14, 2021 |
| SunTrust Robinson Humphrey | Hold | Hold | Maintain | Apr 17, 2020 |
| Baird | Neutral | Outperform | Downgrade | Jul 18, 2018 |
| Bank of America | Buy | Buy | Maintain | Jul 16, 2018 |
| Cantor Fitzgerald | Neutral | Neutral | Maintain | Nov 10, 2017 |
| Macquarie | Outperform | Neutral | Upgrade | Apr 10, 2014 |
| ISI Group | Hold | Buy | Downgrade | Feb 19, 2014 |
| Deutsche Bank | Hold | Hold | Maintain | Jan 9, 2013 |
Named analyst price targets
Upside is calculated against the persisted previous close $152.85. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Wells Fargo | Analyst unavailable | $158 | $145.42 | +3.4% | Jul 24, 2026 |
| UBS | Analyst unavailable | $163 | $143.92 | +6.6% | Jul 10, 2026 |
| Barclays | Analyst unavailable | $172 | $142.68 | +12.5% | Jul 10, 2026 |
| Truist Financial | Ki Bin Kim | $148 | $143.92 | -3.2% | Jun 17, 2026 |
| Mizuho Securities | Analyst unavailable | $155 | $143.99 | +1.4% | May 27, 2026 |
| UBS | Michael Goldsmith | $158 | $138.58 | +3.4% | May 18, 2026 |
| Wells Fargo | Analyst unavailable | $148 | $141.06 | -3.2% | Apr 16, 2026 |
| Truist Financial | Michael Lewis | $140 | $130.49 | -8.4% | Mar 26, 2026 |
| RBC Capital | Brad Heffern | $153 | $152.75 | +0.1% | Feb 23, 2026 |
| Wells Fargo | Analyst unavailable | $150 | $141.71 | -1.9% | Feb 5, 2026 |
| Truist Financial | Analyst unavailable | $146 | $148.87 | -4.5% | Jan 20, 2026 |
| Barclays | Brendan Lynch | $164 | $138.36 | +7.3% | Jan 13, 2026 |
| Mizuho Securities | Analyst unavailable | $143 | $141.37 | -6.4% | Jan 12, 2026 |
| UBS | Michael Goldsmith | $148 | $133.88 | -3.2% | Jan 8, 2026 |
| Scotiabank | Analyst unavailable | $145 | $133.88 | -5.1% | Jan 8, 2026 |
| Truist Financial | Analyst unavailable | $142 | $132.32 | -7.1% | Dec 16, 2025 |
| Mizuho Securities | Analyst unavailable | $137 | $131.09 | -10.4% | Dec 5, 2025 |
| Morgan Stanley | Analyst unavailable | $152 | $131.09 | -0.6% | Dec 5, 2025 |
| Evercore ISI | Steve Sakwa | $149 | $141.47 | -2.5% | Oct 3, 2025 |
| UBS | Michael Goldsmith | $160 | $143.56 | +4.7% | Sep 16, 2025 |
| Evercore ISI | Steve Sakwa | $147 | $143.73 | -3.8% | Sep 15, 2025 |
| Scotiabank | Analyst unavailable | $162 | $141.84 | +6.0% | Aug 28, 2025 |
| Truist Financial | Ki Bin Kim | $150 | $138.73 | -1.9% | Aug 19, 2025 |
| RBC Capital | Analyst unavailable | $148 | $138.06 | -3.2% | Aug 4, 2025 |
| Scotiabank | Analyst unavailable | $165 | $157.09 | +7.9% | Mar 5, 2025 |
| Jefferies | Jonathan Petersen | $175 | $149.6 | +14.5% | Jan 1, 2025 |
| Wells Fargo | Eric Luebchow | $175 | $171.28 | +14.5% | Oct 21, 2024 |
| Jefferies | Jonathan Petersen | $204 | $178.78 | +33.5% | Sep 18, 2024 |
| Evercore ISI | Steve Sakwa | $170 | $177.48 | +11.2% | Sep 16, 2024 |
| National Bank | Todd Thomas | $178 | $175.84 | +16.5% | Sep 9, 2024 |
| Truist Financial | Ki Bin Kim | $167 | $165.93 | +9.3% | Aug 16, 2024 |
| Bank of America Securities | Jeff Spector | $155 | $158.74 | +1.4% | Aug 5, 2024 |
| Scotiabank | Nicholas Yulico | $159 | $165.44 | +4.0% | Jul 19, 2024 |
| Morgan Stanley | Ronald Kamdem | $74 | $147.8 | -51.6% | Jun 30, 2023 |
| Truist Financial | Ki Bin Kim | $225 | $213.79 | +47.2% | Aug 15, 2022 |
| Goldman Sachs | Caitlin Burrows | $237 | $194.43 | +55.1% | Nov 1, 2021 |
| Berenberg Bank | Keegan Carl | $221 | $194.71 | +44.6% | Oct 29, 2021 |
| Citigroup | Smedes Rose | $175 | $161.6 | +14.5% | Jul 1, 2021 |
| Wells Fargo | Todd Stender | $160 | $145.88 | +4.7% | May 28, 2021 |
Track every rating change on EXR the moment it posts. Free to start.
Start freeMarket reaction
event-close to next-session close
Stock move
-0.3%
Event window
SPY move
-0.0%
Same window
Abnormal move
-0.3%
Stock minus SPY
Volume
1.7×
Versus trailing sessions
Subsequent drift
+3.8%
Up to 20 sessions
EXRSPY benchmark
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Try FN2 freeTranscript intelligence
What changed
Q1 2026 core FFO grew 2% YoY to $2.04 per share, accelerating from 1.1% growth in Q4 2025. Same-store revenue rose 1.7%, exceeding the -0.5% to +1.5% range set with prior guidance. Occupancy improved to approximately 93% from 92.5% in Q4. Management changed its move-in rate metric from per-unit to per-square-foot, which reduced reported growth by roughly 100 basis points. Bridge loan originations fell sharply to $5.5 million from over $50 million a year earlier, though the portfolio's average balance held at $1.5 billion. The bad-debt ratio declined to 1.5%, and vacate rates are near historical lows. EPS of $1.14 beat the $1.12 consensus by 1.8%, and revenue of $856 million edged past the $855 million estimate.
Guidance delta
Full-year 2026 core FFO guidance was maintained at $8.05 to $8.35 per share, unchanged from the initial outlook provided with Q4 2025 results. Q1 same-store revenue growth of 1.7% came in above the top of the prior guidance range of -0.5% to +1.5%, though management did not explicitly raise the full-year same-store revenue outlook in the provided analysis. Guidance sentiment remained 'maintained' and management tone was 'confident' in both quarters.
Key takeaways
- Core FFO of $2.04 per share grew 2% YoY, beating EPS estimates by 1.8%.
- Same-store revenue grew 1.7% with occupancy stable at approximately 93%, exceeding internal targets.
- Full-year core FFO guidance maintained at $8.05 to $8.35 per share.
- $200 million acquisition plan for 2026 focused on asset-light joint ventures.
- Bridge loan originations dropped to $5.5 million from over $50 million a year ago, though the $1.5 billion average balance was maintained.
- Bad-debt ratio declined to 1.5% and vacate rates are near historical lows.
Management priorities
- Execute $200 million in acquisitions, emphasizing joint-venture structures.
- Continue scaling third-party management toward approximately 2,000 stores.
- Maintain and potentially expand the bridge-loan platform.
- Invest in AI and data science to enhance pricing algorithms.
- Consider selective asset sales and opportunistic stock repurchases.
Related earnings events
Real EstateSources
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- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
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- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-30T11:00:58.487516+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.