Extra Space same-store NOI rises 4.6% in third quarter as expenses fall 1.8%

Extra Space Storage reported third quarter 2026 results on October 27, 2026. Across its 1,869 same-store stores, revenue rose 2.7%, expenses fell 1.8% and net operating income (NOI) rose 4.6% from a year earlier. Same-store occupancy ended the quarter at 94.0% as of September 30, 2026. Core funds from operations (FFO) were $2.17 a share, up 4.3%.

It bought back 2,390,497 shares for $327.1 million in the quarter, an average of $136.85 a share. It said Noah Springer, the president, will become chief executive officer on January 1, 2027.

For 2026, Extra Space now guides to same-store revenue growth of 2.00% to 2.50%, same-store expense growth of 0.00% to 0.50% and same-store NOI growth of 2.50% to 3.50%, with core FFO of $8.40 to $8.50 a share.