EXR · 8-K · 20261027PR000061
Guidance / Outlook
Extra Space Storage Inc. · 2026-10-27 · Importance 68 · Surprise 68 · From source text
For the year ending December 31, 2026, Extra Space raised its Core FFO estimate to $8.40–$8.50 per diluted share from $8.25–$8.40. It raised same-store revenue growth assumptions to 2.0%–2.5% and same-store NOI growth to 2.5%–3.5%, while lowering same-store expense growth to 0.0%–0.5%; each assumption applies to a pool of 1,869 stores. The company increased its 2026 acquisition assumption to $400 million from $300 million, including wholly owned acquisitions and investments in joint ventures, and forecast average retained bridge-loan balances of $1.425 billion. Management’s weighted average one-month SOFR assumption is 3.71%, compared with 3.73% in its prior outlook.
Key facts
- The Company's estimated 2026 same-store NOI was $1,965.9 million-$1,983.7 million. source
- The Company's estimated 2026 same-store rental revenues were $2,756.0 million-$2,770.0 million. source
- The Company's 2026 same-store NOI growth outlook was raised to 2.50%-3.50% from 0.50%-2.50%. source
- The Company's estimated 2026 same-store operating expenses were $790.1 million-$786.3 million. source
- The Company's 2026 same-store revenue growth outlook was raised to 2.00%-2.50% from 1.00%-2.00%. source
- The Company's 2026 same-store expense growth outlook was lowered to 0.00%-0.50% from 1.00%-2.00%. source
- For the year ending December 31, 2026, the Company's Core FFO estimate was raised to $8.40-$8.50 per share from the prior range of $8.25-$8.40. source
- The Company assumed $400 million of acquisitions in 2026, up from the prior $300 million assumption, including wholly owned acquisitions and investment in joint ventures. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| net_income | negative | committed | -0.6% | The Company's 2026 interest expense estimate was $602 million-$604 million, compared with the prior range of $595 million-$598 million. |
| revenue | positive | committed | +0.4% | The Company's 2026 net tenant reinsurance income estimate was $298 million-$300 million, compared with the prior range of $294… |
| net_income | positive | committed | +0.1% | The Company's 2026 equity in earnings of real estate ventures estimate was $65 million-$66 million, compared with the prior range of $63.5… |
| revenue | negative | committed | -0.1% | The Company's 2026 management fees and other income estimate was $138 million-$139 million, compared with the prior range of $139… |
| net_income | negative | committed | -0.1% | The Company's 2026 interest income estimate was $152.5 million-$153.5 million, compared with the prior range of $153 million-$154 million. |
| operating_income | positive | committed | — | The Company's 2026 same-store NOI growth outlook was raised to 2.50%-3.50% from 0.50%-2.50%. |
| revenue | positive | committed | — | The Company's 2026 same-store revenue growth outlook was raised to 2.00%-2.50% from 1.00%-2.00%. |
| operating_income | positive | committed | — | The Company's 2026 same-store expense growth outlook was lowered to 0.00%-0.50% from 1.00%-2.00%. |
| assets | positive | committed | — | The Company assumed $400 million of acquisitions in 2026, up from the prior $300 million assumption, including wholly owned acquisitions… |
| assets | negative | committed | — | The Company's 2026 average retained bridge loan balance assumption was $1.425 billion, down from the prior $1.475 billion assumption. |
| net_income | unclear | committed | — | The Company's 2026 estimated diluted net income per share was $4.48-$4.58. |