Extra Space Storage Inc. reported its financial results for the second quarter of 2026, revealing a total revenue of $874.2 million, a 3.9% increase from $841.6 million in the same period last year. For the first half of 2026, revenues reached $1.73 billion, up 4.1% from $1.66 billion in the first half of 2025. The growth in revenue was primarily driven by an increase in property rental income, which rose to $746.2 million from $721 million year-over-year, attributed to acquisitions made in 2025 and early 2026, as well as improved rental rates.
The company's net income for the second quarter was $275.9 million, compared to $262.7 million in the prior year, translating to earnings per share of $1.25, up from $1.18. For the first six months, net income totaled $528.3 million, down from $547.6 million in the same period last year. The decline in net income for the first half was partly due to a significant gain on real estate assets held for sale recorded in 2025, which was not repeated in 2026. The company’s total expenses increased to $482 million for the quarter, reflecting a 3.3% rise from $466.8 million, driven by higher property operations and general administrative costs.
In terms of operational metrics, Extra Space Storage managed a total of 4,410 stores as of June 30, 2026, an increase from 4,179 stores a year earlier. The company reported approximately 2.58 million tenants leasing storage units, with an average length of stay for vacated tenants at 16.8 months. The company also continued to expand its footprint, acquiring 18 wholly-owned stores in the first half of 2026, following the acquisition of 76 stores in 2025.
Looking ahead, Extra Space Storage anticipates continued growth driven by its strategic acquisitions and operational efficiencies. The company has a strong liquidity position with $695.2 million in cash and cash equivalents as of June 30, 2026, and plans to utilize its existing cash flow and credit facilities to support future growth initiatives. The company remains focused on maximizing cash flows from its diverse portfolio while navigating competitive market conditions.
About Extra Space Storage Inc.
Extra Space Storage Inc. is a leading self-storage REIT that owns, operates, manages, and develops storage facilities across the U.S. It offers month-to-month rental units for personal and business use, serving residential and commercial customers. The company generates revenue through property rentals, management fees, and lending activities, leveraging scale, technology, and acquisitions to maximize cash flow and long-term growth.
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