EXR · 10-Q · 2026Q3 · Full report

Revenue Performance and Mix

Extra Space Storage Inc. · 2026-10-30 · Importance 31 · Surprise 32 · In source text

For the three months ended September 30, 2026, revenue increased 3.6% year over year to $889.8 million; for the nine months, revenue rose 4.0% to $2.620 billion. Nine-month property rental revenue grew 3.7% to $2.240 billion, tenant reinsurance revenue increased 4.8% to $276.4 million, and management fees and other income rose 8.2% to $103.4 million. Property rental growth reflected acquisitions, partially offset by dispositions, and higher average annual rent per occupied square foot; tenant reinsurance and management-fee growth also reflected more stores operated or managed. The company operated 4,411 stores at September 30, 2026, compared with 4,238 a year earlier, and managed 1,963 third-party stores, up from 1,811.

Key facts

• For the three months ended September 30, 2026, property rental revenue was $760.837 million, up 3.4% year over year; tenant reinsurance revenue was $94.197 million, up 4.3%; management fees and other income were $34.758 million, up 6.8%; and total revenue was $889.792 million, up 3.6%. source
• For the nine months ended September 30, 2026, property rental revenue was $2,240.214 million, up 3.7% year over year; tenant reinsurance revenue was $276.400 million, up 4.8%; management fees and other income were $103.357 million, up 8.2%; and total revenue was $2,619.971 million, up 4.0%. source
• At September 30, 2026, Extra Space Storage operated 4,411 stores, compared with 4,238 stores at September 30, 2025; the company attributed increased tenant reinsurance revenue primarily to the increase in stores operated. source
• As of September 30, 2026, Extra Space Storage managed 1,963 third-party stores, compared with 1,811 as of September 30, 2025; management fees and other income growth was primarily due to more managed stores and higher overall revenue at those stores. source
• For the three months ended September 30, 2026, average annual same-store rent per occupied square foot, net of discounts and bad debt, was $20.21, compared with $19.72 in 2025; new-lease average annual rent per square foot was $13.28, compared with $13.55. source
• For the nine months ended September 30, 2026, average annual same-store rent per occupied square foot, net of discounts and bad debt, was $19.97, compared with $19.53 in 2025; new-lease average annual rent per square foot was $13.22, compared with $13.24. source

Impact estimates