Extra Space Storage Raises 2026 Core FFO Guidance After Q2 Beat

Earnings
โดย GuruFocus·Read original
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Extra Space Storage reported second-quarter core FFO per share of $2.15, a 4.9% year-over-year increase that exceeded internal projections, and raised its full-year 2026 core FFO guidance to a range of $8.25 to $8.40 per share. Same-store revenue growth accelerated to 2.4% from the first quarter, while same-store net operating income rose 3.5% year-over-year, helped by a modest decline in expenses. The company ended the quarter with occupancy at 94.2%, closed 18 acquisitions for $91 million, originated $141 million in new bridge loans, and added 67 stores to its third-party management platform, bringing the total managed portfolio to 1,964 stores. Full-year same-store revenue guidance was raised to a range of 1% to 2%, and same-store NOI guidance was raised to a range of positive 0.5% to 2.5%. The company also priced a $550 million bond offering at 4.9%.

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