Extra Space Storage

EXR

Market cap $32.2B

We added to our senior housing investment theme by purchasing additional shares of Ventas, Inc. During the quarter, we reacquired shares in best-in-class self-storage REIT Extra Space Storage Inc., which owns or operates a portfolio of over 4,200 properties in the U.S., with 14% total market share by square footage. During the quarter, we exited the Fund's position in Vornado Realty Trust.

U.S. equity markets advanced this week as investors parsed a deluge of headlines, including a major Supreme Court tariff ruling, escalating Middle East tensions, soft economic data, and hawkish Fed-speak. The Supreme Court ruled 6-3 to restrict the President's authority to impose broader tariffs under the IEEPA framework, a widely expected move that was quickly countered by the White House. Investors also shrugged off renewed tensions between the U.S. and Iran, which sent oil prices to seven-month highs. The S&P 500 advanced 1.1% - its best weekly gains since early January.

Extra Space Storage Inc. (EXR) Q4 2025 Earnings Call Transcript

EXR tops Q4 FFO and revenue estimates as acquisitions expand its footprint and same-store NOI inches up, but lower occupancy clouds 2026 outlook.

While the top- and bottom-line numbers for Extra Space Storage (EXR) give a sense of how the business performed in the quarter ended December 2025, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.

Extra Space Storage (EXR) came out with quarterly funds from operations (FFO) of $2.08 per share, beating the Zacks Consensus Estimate of $2.03 per share. This compares to FFO of $2.03 per share a year ago.

SALT LAKE CITY, Feb. 19, 2026 /PRNewswire/ -- 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 and year ended December 31, 2025. Highlights for the three months ended December 31, 2025: Achieved net income attributable to common stockholders of $1.36 per diluted share, representing a 9.7% increase compared to the same period in the prior year.

EXR is dependable, but the growth story is cooling as the pandemic-era storage boom fades. The stock feels capped.

EXR is set to report Q4 2025 results on Feb. 19, with revenues anticipated to rise year over year, while FFO per share is expected to remain flat.

SALT LAKE CITY, Feb. 13, 2026 /PRNewswire/ -- Extra Space Storage Inc. (the "Company") (NYSE: EXR) announced today that the Company's board of directors has declared a first quarter 2026 dividend of $1.62 per share on the common stock of the Company.  The dividend is payable on March 31, 2026, to stockholders of record at the close of business on March 16, 2026.