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EX-99.1

2 q12026ex991earningsrelease.htm

EX-99.1

Document

Exhibit 99.1

Extra Space Storage Inc.

PHONE (801) 365-4600

2795 East Cottonwood Parkway, Suite 300

Salt Lake City, Utah 84121

www.extraspace.com

FOR IMMEDIATE RELEASE

Extra Space Storage Inc. Reports 2026 First Quarter Results

SALT LAKE CITY, April 28, 2026 — Extra Space Storage Inc. (NYSE: EXR) (the “Company”), a leading owner and operator of self-storage facilities in the United States and a member of the S&P 500 index, announced operating results for the three months ended March 31, 2026.

Highlights for the three months ended March 31, 2026:

•Achieved net income attributable to common stockholders of $1.14 per diluted share, representing a 10.9% decrease compared to the same period in the prior year, which included a gain from real estate assets sold in 2025.

•Achieved funds from operations attributable to common stockholders and unit holders (“FFO”) of $1.97 per diluted share. FFO, excluding adjustments (“Core FFO”), was $2.04 per diluted share, representing a 2.0% increase compared to the same period in the prior year.

•Same-store revenue increased by 1.7% and same-store net operating income (“NOI”) increased by 1.2% compared to the same period in the prior year.

•Reported ending same-store occupancy of 93.0% as of March 31, 2026, compared to 93.2% as of March 31, 2025.

•Acquired one operating store for $12.5 million.

•In conjunction with joint venture partners, completed the development of one store for a total cost of approximately $15.1 million, of which the Company invested $14.4 million.

•Added 84 stores (60 stores net) to the Company's third-party management platform. As of March 31, 2026, the Company managed 1,916 stores for third parties and 408 stores in unconsolidated joint ventures, for a total of 2,324 managed stores.

•Paid a quarterly dividend of $1.62 per share.

Joe Margolis, CEO of the Company, stated: "We are off to a strong start to 2026, with Core FFO of $2.04 per share in the first quarter, up 2.0% year-over-year. Our portfolio is experiencing broad-based improvement with positive new and existing customer rate gains and industry leading occupancy, resulting in same-store revenue growth of 1.7%. Also, our external growth channels continue to perform well, with disciplined investments across acquisitions, bridge lending, and third-party management driving consistent returns."

FFO Per Share:

The following table (unaudited) outlines the Company’s FFO and Core FFO for the three months ended March 31, 2026 and 2025. The table also provides a reconciliation to GAAP net income attributable to common stockholders and earnings per diluted share for each period presented (amounts shown in thousands, except share and per share data):

For the Three Months Ended March 31,

20262025

(per share)1

(per share)1

Net income attributable to common stockholders$240,977 $1.14 $270,875 $1.28

Impact of the difference in weighted average number of shares – diluted2

(0.04)(0.06)

Adjustments:

Real estate depreciation170,895 0.77 159,170 0.72

Amortization of intangibles3,723 0.02 11,079 0.05

Gain on real estate assets held for sale and sold, net— — (35,761)(0.16)

Unconsolidated joint venture real estate depreciation and amortization7,607 0.03 8,689 0.04

Equity in earnings of unconsolidated joint venture gain on sale of a joint venture interest(207)— — —

Income allocated to Operating Partnership and other noncontrolling interests 11,443 0.05 14,050 0.06

FFO$434,438 $1.97 $428,102 $1.93

Adjustments:

Non-cash interest expense related to amortization of discount on unsecured senior notes, net12,555 0.05 11,313 0.05

Amortization of other intangibles related to the Life Storage Merger, net of tax benefit3,917 0.02 4,531 0.02

CORE FFO$450,910 $2.04 $443,946 $2.00

Weighted average number of shares – diluted3

220,933,115 221,329,035

(1)Per share amounts may not recalculate due to rounding.

(2)This adjustment is to account for the difference between the number of shares used to calculate earnings per share and the number of shares used to calculate FFO per share. Earnings per share is calculated using the two-class method, which uses a lower number of shares than the calculation for FFO per share and Core FFO per share, which are calculated assuming full redemption of all OP units as described in note (3).

(3)Extra Space Storage LP (the “Operating Partnership”) has outstanding preferred and common Operating Partnership units (“OP units”). These OP units can be redeemed for cash or, at the Company’s election, shares of the Company’s common stock. Redemption of all OP units for common stock has been assumed for purposes of calculating the weighted average number of shares — diluted, as presented above. The computation of weighted average number of shares — diluted, for FFO per share and Core FFO per share also includes the effect of share-based compensation plans.

Operating Results and Same-Store Performance:

The follo

exr-202602190001289490false00012894902026-02-192026-02-19

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

February 19, 2026 (Date of Report (Date of Earliest Event Reported))

EXTRA SPACE STORAGE INC.

(Exact Name of Registrant as Specified in Its Charter)

Maryland 001-32269 20-1076777 (State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification Number)

2795 East Cottonwood Parkway, Suite 300 Salt Lake City, Utah 84121 (Address of Principal Executive Offices) (801) 365-4600 (Registrant’s Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): ☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934 Title of each classTrading symbolName of each exchange on which registered

Common Stock, $0.01 par valueEXRNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02Results of Operations and Financial Condition

On February 19, 2026, Extra Space Storage Inc. (the “Company”) issued a press release announcing its financial results for the three months and year ended December 31, 2025. A copy of the press release is furnished as Exhibit 99.1 to this report and is incorporated by reference herein. The information contained in this Current Report, including the exhibit referenced herein, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. Such information shall not be incorporated by reference into any filing of Extra Space Storage Inc., whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01        Financial Statements and Exhibits

(d) The following exhibit is furnished herewith:

Exhibit Number  Description of Exhibit 99.1 Press Release dated February 19, 2026

104Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

EXTRA SPACE STORAGE INC.

Date:February 19, 2026By/s/ Jeff Norman Name:Jeff Norman Title:Executive Vice President and Chief Financial Officer