The company’s same-store net operating income rose 3.5% for the quarter, bolstered by a 2.4% increase in revenue and a 0.5% reduction in operating expenses. Occupancy across the portfolio remained high at 94.2% as of June 30. CEO Joe Margolis noted that the firm’s ancillary businesses, particularly third-party management and bridge lending, continue to provide meaningful contributions to the bottom line.
Investment activity remained steady, with the company spending $90.7 million to acquire 17 operating stores and consolidate a joint venture interest. Additionally, the firm originated $140.6 million in mortgage and mezzanine bridge loans. Reflecting this performance, Extra Space Storage paid a quarterly dividend of $1.62 per share. Looking ahead, the company raised its full-year 2026 outlook, now projecting Core FFO in the range of $8.25 to $8.40 per share.
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