EXR · 10-Q · 2026Q3 · Full report

Same-Property NOI Growth

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

For the third quarter of 2026, same-store rental revenue increased 2.7% year over year to $701.7 million, while same-store operating expenses declined 1.8% to $197.0 million. Same-store net operating income rose 4.6% to $504.7 million for the quarter and 3.2% to $1.476 billion for the first nine months. Period-end same-store occupancy was 94.0%, compared with 93.7% a year earlier, and average quarterly occupancy was 94.3%, versus 94.1%. Average annual rent per occupied square foot, net of discounts and bad debt, rose to $20.21 from $19.72 in the quarter; new-lease average annual rent per square foot was $13.28, down from $13.55.

Key facts

• For the three months ended September 30, 2026, Extra Space Storage same-store rental revenues were $701.681 million, up 2.7%; same-store operating expenses were $197.007 million, down 1.8%; and same-store NOI was $504.674 million, up 4.6%. source
• For the nine months ended September 30, 2026, Extra Space Storage same-store rental revenues were $2,069.193 million, up 2.3%; same-store operating expenses were $592.773 million, up 0.1%; and same-store NOI was $1,476.420 million, up 3.2%. source
• Extra Space Storage's same-store pool comprised 1,869 wholly-owned, operated stores stabilized by the first day of the earliest calendar year presented. source

Impact estimates