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Extra Space Storage Q3 core FFO rises; lifts 2026 outlook on stronger same-store performance

By Reuters News


Overview

  • U.S. self-storage REIT's Q3 Core FFO per share rose 4.3% yr/yr

  • Q3 same-store revenue up 2.7%, same-store NOI up 4.6% yr/yr

  • Company repurchased $327.1 mln in shares during Q3


Outlook

  • Company raises 2026 Core FFO guidance to $8.40-$8.50 per share from $8.25-$8.40

  • Company expects 2026 same-store revenue growth of 2.0%-2.5% and NOI growth of 2.5%-3.5%

  • Company increases 2026 acquisitions guidance to $400 mln from $300 mln


Result Drivers

  • SAME-STORE PERFORMANCE - Co said higher same-store revenue and lower same-store expenses drove same-store NOI growth

  • PRICING AND CUSTOMER ACQUISITION - CEO cited pricing strategies and customer acquisition as drivers of results

  • SHARE REPURCHASES - Co said opportunistic share repurchases contributed to capital allocation strategy


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Dividend

$1.62


Analyst Coverage

  • The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 10 "strong buy" or "buy", 10 "hold" and 1 "sell" or "strong sell"

  • The average consensus recommendation for the specialized reits peer group is "buy."

  • Wall Street's median 12-month price target for Extra Space Storage Inc. is $157.00, about 9.5% above its October 26 closing price of $143.37

  • The stock recently traded at 30 times the next 12-month earnings vs. a P/E of 31 three months ago


Reuters Recommended Reads

  • Oct 26 - Public Storage Q3 Core FFO company lifts 2026 outlook as portfolio expands

  • Oct 26 - Sun Communities Q3 core FFO per share rises driven by manufactured houses strength

  • Oct 26 - Phillips Edison's Q3 Core FFO per share up; lifts FY forecast on strong leasing and occupancy


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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