Store Portfolio and Same-Store Operating Performance
As of June 30, 2026, EXR owned or had ownership interests in 2,446 stores and managed 1,964 stores for third parties, bringing its total store count to 4,410 across 42 states and Washington, D.C. For the 1,870 stabilized same-store pool, same-store net operating income (NOI) grew 3.5% YoY in Q2 FY2026 to $496.08M, supported by a 2.4% increase in same-store rental revenues to $690.19M and average annual rent per occupied square foot of $19.95. Same-store square foot occupancy ended the period at 94.2%.
Revenue Breakdown Across Operating Segments
Total revenues increased 3.9% YoY to $874.15M in Q2 FY2026. Property rental revenue rose 3.5% to $746.16M, driven by 18 store acquisitions in the first six months of 2026 and 76 store acquisitions in FY2025. Tenant reinsurance revenue increased 5.1% to $93.08M due to store expansion, while management fees and other income grew 8.9% to $34.90M, reflecting an increase in third-party managed stores to 1,964.
Funds From Operations (FFO) Growth
Funds from operations (FFO) attributable to common stockholders and unit holders reached $457.31M for Q2 FY2026, up 4.1% from $439.25M in Q2 FY2025. For the six months ended June 30, 2026, FFO totaled $891.74M compared to $867.36M in the prior-year period, demonstrating core real estate operational resilience.