Extra Space Storage
What the filings actually show.
Extra Space Storage Q1 2026 revenue $856M. Facility count 4,344 (largest in industry by total stores, includes managed portfolio). Same-store occupancy 93.0%, same-store rental revenue +1.7% YoY, same-store NOI +1.2% 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 ~1,916 facilities owned by independent operators, 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.
Q1 2026 marked EXR's strongest same-store growth in over a year (+1.7% revenue). 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.
Q1 2026 10-Q filed 2026-05-01. Period ending 2026-03-31. 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/0001289490/000128949026000037/exr-20260331.htm