← Who reports today · Real Estate
EXR · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
Revenue grew 3.9% y/y to $874M, operating margin 44.9% vs 44.4%, net income $263M (+5.5% y/y).
Net income attributable to common stockholders
$263M
up 5.5% y/y
Total revenues
$874M
up 3.9% y/y
Income from operations
$392M
up 4.9% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Property rental | $746 · +3.5% |
| Tenant reinsurance | $93.1 · +5.1% |
| Management fees and other income | $34.9 · +8.9% |
| Total revenues | $874 · +3.9% |
| Property operations | $232 · +1.8% |
| Depreciation and amortization | $186 · +4.7% |
| General and administrative | $47.3 · +5.3% |
| Tenant reinsurance expenses | $17.3 · +2.2% |
| Income from operations | $392 · +4.9% · 44.9% margin |
| Interest income | $38.8 · −7.7% |
| Interest expense | $147 · +0.4% |
| Non-cash interest expense (amortization of discount on senior notes) | $12.7 · +8.2% |
| Income before equity in earnings and income tax | $272 · +5.2% |
| Income tax expense | $12.1 · +3.7% · 4.4% effective rate |
| Equity in earnings and dividend income from unconsolidated real estate entities | $15.8 · −3.0% |
| Gain on sale of a joint venture interest | $0.6 · vs $0 |
| Net income allocated to noncontrolling interests | $12.4 · −4.4% |
| Net income attributable to common stockholders | $263 · +5.5% · $1.25/sh · 30.1% margin |
Verdict: revenue grew 3.9% y/y to $874M, operating margin 44.9% vs 44.4%, net income $263M (+5.5% y/y).
Diluted EPS $1.25, up 5.9%; FFO $2.07 per diluted share and Core FFO $2.15, up 4.9% (non-GAAP, company definitions); same-store occupancy 94.2%; quarterly dividend $1.62 per share.
Source and notation
Source: Extra Space Storage earnings release, 8-K EX-99 of 07/28/2026 (SEC EDGAR). REIT layout: total revenues as reported; property expenses, depreciation, interest and other items lead to net income (a REIT pays little or no income tax). FFO is a non-GAAP measure: it appears only in the text, as defined by the company, never in the chart. The income statement lines were taken from the release by hand; the program found every figure in the release text and checked the accounting identities and the chart balance; revenue and net income match SEC XBRL.
Open as an image: EXR, Q2 2026 (PNG) ↗ · for sharing and presentations · free to reuse, CC BY 4.0
Cite / embed this chart
Free to use in articles, research and social posts with credit to Who Reports Today and a link — licensed under CC BY 4.0 (terms).
Chart: “EXR Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/exr/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/exr/q2-2026"><img src="https://whoreportstoday.com/t/exr/q2-2026/sankey.png" alt="EXR Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/exr/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
https://whoreportstoday.com/t/exr/q2-2026/sankey.png
<a href="https://whoreportstoday.com/t/exr/q2-2026">EXR Q2 2026 earnings chart (Who Reports Today)</a>
This is an archived report: the image at this link won’t change. If you change the chart (crop, translate), say so in the credit. Company logos and trademarks are not covered by the license.
- Same-store revenue increased by 2.4% and same-store expense decreased by 0.5%, so same-store net operating income rose 3.5%.
- The third-party management platform keeps growing: 67 stores were added in the quarter, and Extra Space managed 2,373 stores for third parties and joint ventures as of June 30, 2026.
- Purchased 17 operating stores and a joint venture partner's interest for a total cost of $90.7 million and originated $140.6 million of bridge loans.
- Operating income was $392M, a 44.9% margin vs 44.4% a year earlier.
- The effective tax rate was 4.4% vs 4.5% a year earlier.
- Diluted EPS was $1.25 vs $1.18 a year earlier.
What distorts the picture in this report and what to watch beyond the headlines.
EXR — Extra Space Storage is a self-storage real estate investment trust (REIT): it owns and operates self-storage facilities across the U.S. and manages stores for third parties and joint ventures; it also offers tenant insurance and bridge loans.
Headquarters: Salt Lake City, Utah.
More reports: FRT · Q2 2026 · HST · Q2 2026 · INVH · Q2 2026 · IRM · Q2 2026 · KIM · Q3 2026 · MAA · Q2 2026 · O · Q2 2026 · PLD · Q3 2026 · PSA · Q3 2026 · REG · Q2 2026 · all reports