Extra Space Storage
What the filings actually show.
Extra Space Storage Q2 2026 revenue $874.2M (from $841.6M a year earlier). Total store count 4,410 (largest in the industry, includes managed portfolio). Ending same-store occupancy 94.2%, same-store revenue +2.4% YoY, same-store NOI +3.5% YoY. Core FFO $2.15/diluted share, up 4.9% YoY. The 10-Q narrative emphasises the third-party management platform as a competitive moat.
What this REIT does that the others don't.
Largest US self-storage operator by total store count when including managed portfolio. EXR's structural advantage is the third-party management platform — the company manages 2,373 stores owned by independent operators or held in joint ventures (1,964 third-party + 409 JV), generating fee revenue without capital deployment. This makes EXR's effective scale much larger than its owned portfolio implies.
What to watch through the year.
Q2 2026 same-store revenue growth accelerated to +2.4% with NOI up 3.5%, and management raised full-year Core FFO guidance to $8.25-$8.40 per share. The recovery from 2024 same-store declines is underway. Watch for continued Sun Belt headwinds offset by Northeast / coastal pricing power. EXR's managed-portfolio fees compound the recovery story.
Where these numbers come from.
Q2 2026 10-Q covering the period ending 2026-06-30; results released 2026-07-31. Revenue-per-sqft is not a single headline number in the 10-Q narrative; the supplemental investor disclosure carries the per-sqft detail.
↗ https://www.sec.gov/Archives/edgar/data/0001289490/000128949026000053/exr-20260630.htm