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Sentiment · FY2026 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Ron Kamdem | Morgan Stanley | 14 (14%) |
| Michael Goldsmith | UBS | 14 (7%) |
| Juan Sanabria | BMO Capital Markets | 13 (0%) |
| Eric Wolfe | Citigroup | 13 (38%) |
| Michael Griffin | Evercore ISI | 12 (8%) |
| Todd Thomas | KeyBanc Capital Markets | 12 (8%) |
| Brendan Lynch | Barclays | 11 (0%) |
| Samir Khanal | Bank of America | 10 (20%) |
| Mike Mueller | JPMorgan | 10 (10%) |
| Caitlin Burrows | Goldman Sachs | 9 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Morgan Stanley | 1 | 14 (14%) |
| Citigroup | 2 | 14 (36%) |
| KeyBanc Capital Markets | 2 | 14 (7%) |
| UBS | 1 |
Extra Space posted Q1 2026 core FFO of $2.04, up 2%, with same-store revenue growth accelerating to 1.7% and exceeding internal projections. The new customer rate metric was changed to a per-square-foot basis showing Q1 averaging +2.5%, and broad-based revenue improvement was driven by declining new supply. Management maintained FY2026 guidance at $8.05-$8.35 despite the Q1 beat, explicitly waiting for leasing season confirmation, while the third-party management platform reached 1,916 stores.
Pricing | Demand | Revenue Growth | Capital Allocation | Competitive Dynamics | M&A | Cost Pressure | Guidance Reliability | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 10 | 6 | 7 | 4 | 5 | 1 | 5 | 2 |
| 2025Q1 | 6 | 9 | 4 | 9 | 5 | 4 | 1 | 4 |
| 2025Q2 | 8 | 9 | 7 | 6 | 6 | 2 | 2 | |
| 2025Q3 | 10 | 3 | 4 | 5 | 4 | 3 | 2 | |
| 2025Q4 | 7 | 4 | 5 | 3 | 3 | 2 | 3 | 5 |
| 2026Q1 | 8 | 5 | 6 | 5 | 6 | 4 | 1 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Pricing | 10 | 6 | 8 | 10 | 7 | 8 |
| Demand | 6 | 9 | 9 | 3 | 4 | 5 |
| Revenue Growth | 7 | 4 | 7 | 4 | 5 | 6 |
| Capital Allocation | 4 | 9 | 6 | 5 | 3 | 5 |
| Competitive Dynamics | 5 | 5 | 6 | 4 | 3 | 6 |
| M&A | 1 | 4 | 2 | 3 | 2 | 4 |
| Cost Pressure | 5 | 1 | 2 | 2 | 3 | 1 |
| Guidance Reliability | 2 | 4 | 5 | 1 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $841M | +3.3% | $1.24 | +26.5% | 45.2% | 31.2% | $403M |
| FY2025 Q1 | $840M | +3.1% | $1.28 | +26.7% | 46.3% | 32.2% | $477M |
| FY2025 Q2 | $842M | +1.7% | $1.18 | +34.1% | 44.4% |
| 14 (7%) |
| BMO Capital Markets | 1 | 13 (0%) |
| Bank of America | 2 | 13 (23%) |
| Evercore ISI | 1 | 12 (8%) |
| Scotiabank | 2 | 12 (17%) |
| 29.7% |
| $540M |
| FY2025 Q3 | $778M | -9.0% | $0.78 | -14.3% | 35.9% | 21.9% | $466M |
| FY2025 Q4 | $918M | +9.3% | $1.30 | +4.8% | 48.7% | 30.9% | $362M |
| FY2026 Q1 | $856M | +1.9% | $1.14 | -10.9% | 42.9% | 28.2% | $386M |
| FY2026 Q2 | $874M | +3.9% | $1.25 | +5.9% | 44.9% | 30.1% | — |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What EXR and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“I think PSA is a very good operator, and I'm confident those stores will do better under one unified platform than the system NSA was pursuing.”
Extra Space implies National Storage Affiliates' (NSA) prior operating system was inferior, expecting its stores to improve once consolidated onto Public Storage's platform.
“I think PSA is a very good operator, and I'm confident those stores will do better under one unified platform than the system NSA was pursuing.”
Extra Space characterizes competitor Public Storage (PSA) as a strong operator and expects the acquired NSA stores to perform better under PSA's unified platform.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
EXR Extra Space Storage | 5 | +1.9% | |
| PLD Prologis | 7 | +7.4% | |
| PSA Public Storage | 5 | +2.9% |