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# Extra Space Storage Lifts 2026 Core FFO Outlook To $8.40-$8.50 As Store Costs Fall
- URL: https://www.bullished.co/extra-space-storage-lifts-2026-core-ffo-outlook-to-8-40-8-50-as-store-costs-fall-206901d3/
- Published: 2026-10-27T20:42:31.000Z
- Updated: 2026-10-28T15:37:34.000Z
- Description: The self-storage owner also repurchased $327.1 million of stock in the third quarter and authorized a new $500.0 million buyback.
- Author: Matteo Parrino
- Tags: Earnings, EXR, Industry: Real Estate

Extra Space Storage, which owns, operates and manages self-storage properties, raised its 2026 forecast for core cash earnings to [$8.40 to $8.50 per share](https://www.sec.gov/Archives/edgar/data/0001289490/000128949026000061/q32026ex991earningsrelease.htm?ref=bullished.co), up from $8.25 to $8.40 in July, after third-quarter same-store results improved. The company reported on Tuesday in an [8-K](https://www.sec.gov/Archives/edgar/data/0001289490/000128949026000061/exr-20261027.htm?ref=bullished.co) that same-store expenses fell 1.8% while revenue rose 2.7%.

## Costs fell, occupancy ticked up

Third-quarter Core FFO, the company's adjusted measure of cash earnings for real estate firms, was [$2.17 per diluted share](https://www.prnewswire.com/news-releases/extra-space-storage-inc-reports-2026-third-quarter-results-302921164.html?ref=bullished.co), up 4.3% from a year earlier. Net income was $1.17 per diluted share, up 50.0%, against a prior-year quarter that included a loss on real estate assets sold in 2025.

Same-store net operating income [rose 4.6%](https://www.prnewswire.com/news-releases/extra-space-storage-inc-reports-2026-third-quarter-results-302921164.html?ref=bullished.co). Same-store occupancy reached 94.0% on September 30, against 93.7% a year earlier. Repairs and maintenance dropped 20.0% and insurance fell 16.5%, while property taxes rose 4.9%.

For the first nine months, Core FFO was $6.37 per share, up 3.9%, with same-store net operating income up 3.2%.

## The new full-year guide

The company now expects same-store net operating income growth of 2.50% to 3.50%, up from 0.50% to 2.50% in July. Same-store revenue growth is projected at 2.00% to 2.50%, and expense growth at 0.00% to 0.50%, down from 1.00% to 2.00%. It also lifted its acquisitions plan to $400 million from $300 million.

CEO Joe Margolis said the company's "platform, portfolio and people continue to outperform."

## Buybacks and a CEO handoff

In the third quarter the company repurchased 2,390,497 shares for $327.1 million, an average of $136.85\. After quarter-end it bought another 164,724 shares for $21.8 million, using up its $500.0 million program. On October 15, the board authorized a new program of up to $500.0 million.

Bridge loans outstanding were about $1.4 billion at quarter-end, after $19.5 million of new originations. As of September 30, the company managed 1,963 stores for third-party owners.

Margolis retires at year-end and will advise the board. Noah Springer, now President, becomes CEO on January 1, 2027, in a transition the board approved unanimously.

Management hosts a conference call at 1:00 p.m. Eastern on Wednesday, October 28, to discuss the results and the raised outlook.

Learn

- [Item 2.02: results of operations →](https://www.bullished.co/learn/8-k-items-explained/#item-202-results-of-operations)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — Extra Space Storage Inc. (EXR)](https://www.sec.gov/Archives/edgar/data/0001289490/000128949026000061/exr-20261027.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit q32026ex991earningsrelease.htm — Extra Space Storage Inc. 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001289490/000128949026000061/q32026ex991earningsrelease.htm?ref=bullished.co) — SEC EDGAR
- [Extra Space Storage Inc. Reports 2026 Third Quarter Results](https://www.prnewswire.com/news-releases/extra-space-storage-inc-reports-2026-third-quarter-results-302921164.html?ref=bullished.co) — prnewswire.com