Extra Space Storage (EXR) Company Report

Extra Space Storage delivered core FFO of $2.08 per share, with same-store revenue down 0.2% YoY; same-store occupancy was 93.7% at quarter-end (94.1% average, +30 bps YoY).
New customer rates grew over 3% net of discounts (6% gross) in Q3 and have accelerated to over 5% in October.
Raised full-year core FFO guidance to $8.12–$8.20 per share, same-store revenue growth forecast to –0.25% to +0.25%, and same-store expense growth to 4.5–5%.
Agreed to acquire a 24-property, $244 million portfolio, lifting acquisition guidance to $900 million, to be funded by the disposition of 25 assets; Q3 bridge loan originations were $123 million with $71 million of loans sold.
Strengthened the balance sheet by adding $1 billion of credit facility capacity, cutting spreads by 10 bps, and issuing $800 million of bonds at <5% to complete the 10-year debt maturity ladder.

Oct 30, 2025, 5:00 PM

Transcript

Extra Space Storage reports Q3 2025 results

EXR

Earnings

Guidance Update

M&A

Core FFO of $2.08 per share, meeting expectations, and FY2025 core FFO guidance raised to $8.12–$8.20 per share.
Same-store occupancy at 93.7% and same-store revenue down 0.2% year-over-year; new customer rates grew over 3% net (≈6% gross).
Acquisition guidance increased to $900 million, led by a $244 million, 24-property portfolio purchase, to be funded by disposals of 25 assets.
Strengthened balance sheet with a $1 billion revolver capacity increase, an $800 million bond issuance at <5%, and 95% of debt fixed-rate.

Oct 30, 2025, 5:00 PM

Transcript

Extra Space Storage reports Q3 2025 results

EXR

Earnings

Guidance Update

M&A

In Q3 2025, core FFO was $2.08 per share, same-store occupancy was 93.7% at quarter-end (94.1% average), and new customer rate growth was +3% net (+6% gross) year-over-year.
Completed a $244 million acquisition of a 24-property portfolio, raised acquisition guidance to $900 million, announced disposition of 25 assets, originated $123 million in bridge loans, and net-added 62 stores to its management platform (1,811 total) year-to-date.
Raised full-year core FFO guidance to $8.12–$8.20 per share, same-store revenue growth to -0.25% to +0.25%, and same-store expense growth to 4.5%–5.0%.
Enhanced liquidity by adding $1 billion to its revolving credit facility (10 bp lower spreads), maintained 95% fixed interest rates, and issued an $800 million bond at <5%.

Oct 30, 2025, 5:00 PM

Transcript

Extra Space Storage reports Q3 2025 results

EXR

Earnings

Dividends

Debt Issuance

Achieved net income of $0.78 per diluted share, down 14.3% YoY (includes a $105.1 million loss on assets held for sale).
Generated FFO of $2.01 and Core FFO of $2.08 per diluted share, a 0.5% increase compared to Q3 2024.
Same-store revenue decreased by 0.2% and same-store NOI fell by 2.5%, with ending occupancy at 93.7% vs. 93.6% a year ago.
Expanded externally by acquiring two stores (total cost ~$27 million), originating $122.7 million in bridge loans, and growing third-party management to 2,222 stores.
Issued $800 million of 4.95% senior notes due 2033 and amended its credit facility to a $3 billion revolver; paid a quarterly dividend of $1.62 per share.

Oct 29, 2025, 8:25 PM

8-K

Extra Space Storage reports Q3 2025 results

EXR

Earnings

New Projects/Investments

Guidance Update

Extra Space Storage reported $0.78 net income per diluted share for Q3 2025, a 14.3% decrease year-over-year, including a $105.1 million loss on assets held for sale and sold.
Achieved FFO of $2.01 per diluted share and Core FFO of $2.08 per diluted share, representing a 0.5% increase compared to Q3 2024.
Same-store revenue decreased by 0.2% and same-store NOI declined by 2.5%, with ending same-store occupancy of 93.7% as of September 30, 2025.
Expanded operations by acquiring one store for $12.8 million, originating $122.7 million in bridge loans, and growing to 2,222 total managed stores with 95 net additions to its third-party management platform.
Declared a quarterly dividend of $1.62 per share and announced an increase to its annual Core FFO guidance.

Oct 29, 2025, 8:15 PM

Press Release

Extra Space Storage amends and restates $4.5 billion credit facility

EXR

Debt Issuance

Extra Space Storage LP entered into a fourth amended and restated credit agreement for a $4.5 billion unsecured facility—$3.0 billion revolving credit due August 21, 2029, and three $500 million term loans due October 13, 2026; January 28, 2028; and July 27, 2029—with accordion capacity up to $5.5 billion.
Borrowings bear floating rates at the borrower’s option: Term SOFR + 0.700%–1.400% for the revolver and 0.750%–1.600% for term loans, or a base rate plus 0.00%–0.600%.
The facility is unsecured but guaranteed by the company and certain subsidiaries, and includes covenants: total debt/asset value ≤ 60% (≤ 65% post-acquisition), secured debt/asset ≤ 40%, adjusted EBITDA/fixed charges ≥ 1.5×, and unsecured debt/unencumbered asset value ≤ 60% (≤ 65% post-acquisition).
The Operating Partnership may extend revolver and term loan maturities by up to two additional periods and increase commitments by $1 billion subject to conditions.

Aug 26, 2025, 12:00 AM

8-K

Extra Space Storage issues $800 million 4.950% Senior Notes due 2033

EXR

Debt Issuance

On August 8, 2025, Extra Space Storage LP completed an underwritten public offering of $800 million aggregate principal amount of 4.950% Senior Notes due January 15, 2033, at a public offering price of 99.739% of par.
The Notes are fully and unconditionally guaranteed by Extra Space Storage Inc., ESS Holdings Business Trust I and ESS Holdings Business Trust II (collectively, the Guarantors).
The Notes rank equally with all existing and future senior unsecured indebtedness of the Issuer but are effectively subordinated to secured indebtedness and to liabilities of its subsidiaries.
Interest accrues at 4.950% per annum, payable semi-annually on January 15 and July 15, beginning January 15, 2026, computed on a 360-day year basis.
The Issuer may redeem the Notes, in whole or in part, at its option at a redemption price equal to the greater of 100% of the principal amount or a make-whole premium (reducing to 100% after November 15, 2032), plus accrued interest.

Aug 8, 2025, 12:00 AM

8-K

Extra Space Storage reports Q2 2025 earnings

EXR

Earnings

CFO Change

Guidance Update

94.6% same store occupancy, up 60 bps year-over-year, with positive new customer rate growth for the first time since March 2022.
Flat same store revenue growth in Q2 as rate improvements developed more gradually, offset by stronger tenant insurance and management fee income.
Executed disciplined capital allocation, including a $12 M acquisition, $326 M JV partner buyouts, $158 M in bridge loan originations, and net +74 stores added to third-party management, expanding the managed portfolio to 1,749 stores.
Promoted Jeff Norman to CFO, succeeding Scott Stump after 13 years with the company.
Tightened full-year guidance to $8.05–$8.25 core FFO per share, same store revenue growth of –0.5% to +1%, and expense growth of 4–5%.

Aug 1, 2025, 12:15 AM

Extra Space Storage Inc. Annual Meeting Vote Outcomes Announced

EXR

Proxy Vote Outcomes

Board Change

Executive Compensation

Annual meeting held on May 21, 2025, where stockholders voted on key proposals including the election of 10 board members with terms expiring at the 2026 meeting.
Approval of the Amended and Restated 2015 Incentive Award Plan was confirmed following its earlier board approval and detailed in the proxy statement.

May 23, 2025, 12:00 AM

8-K

Extra Space Storage Q1 2025 Earnings and Operational Update

EXR

Earnings

Dividends

M&A

Q1 2025 results: The company reported net income attributable to common stockholders of $1.28 per diluted share, a 26.7% increase year-over-year, and funds from operations of $1.93 per diluted share (Core FFO of $2.00 per diluted share) (citation ).
Operational performance: Same-store revenue increased by 0.3%, with same-store NOI down by 1.2% and occupancy improving to 93.4% from 92.4% compared to Q1 2024 (citation ).
Acquisitions and dividends: The company acquired 12 operating stores for approximately $153.8 million and paid a quarterly dividend of $1.62 per share (citation ).

Apr 29, 2025, 12:00 AM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for Extra Space Storage.

Q3 2025

Oct 30, 2025

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Q2 2025

Jul 31, 2025

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Q1 2025

Apr 30, 2025

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View All Transcripts

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Extra Space Storage (EXR)

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