REITs Releasing Q1 Earnings Reports: Recaps & Updates

Posted by MSM on Apr 29, 2026 12:48:30 AM

The largest REITs in the self-storage industry, Extra Space Storage and Public Storage, have released financial statements for Q1 2026. Below are statements from each CEO and key highlights, as well as links to the full reports and webcasts. 

 

Overall, both Extra Space Storage and Public Storage posted modest, incremental gains in the first quarter, reflecting a stabilizing operating environment with slight improvements in revenue, NOI, and Core FFO. While Extra Space leaned on operational performance and third-party management growth, Public Storage emphasized strategic expansion, most notably its planned NSA acquisition, as a driver of future scale and earnings growth.

 

CubeSmart will release its report this Friday. NSA has stated it will release financial results for the three months ended March 31, 2026, after market close next Tuesday. The company will not host a conference call. This story will be updated as additional reports are released.

 

 

Extra Space Storage Inc. (NYSE: EXR)

 

"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."

- Joe Margolis, CEO

 

Key Q1 2026 Highlights:
  • 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.

 

 

Public Storage (NYSE: PSA)

 

“Public Storage’s first quarter results reflect differentiated strategies that continue to drive our performance. We are excited about the announcement of our acquisition of National Storage Affiliates and its ability to drive per share earnings growth. The pending acquisition will build upon our leading platform, which we expect to enhance customer experience, unlock operating upside, and jump start our Value Creation Engine.”

- Tom Boyle, Chief Executive Officer

 

Key Q1 2026 Highlights:
  • Announced the pending acquisition of National Storage Affiliates Trust (NYSE: NSA) in an all-stock transaction valued at an enterprise value of approximately $10.5 billion.
  • Achieved 2.4% Core FFO growth and 2.6% Total Self-Storage growth during the first quarter of 2026.
  • Achieved a 77.1% Same Store net operating income margin, an expansion of 0.4% compared to the first quarter of 2025.
  • Tom Boyle appointed as Chief Executive Officer and a trustee of the Board effective April 1, 2026.
  • Shank Mitra appointed as Chairman of the Board effective April 1, 2026.
  • Development and expansion expected to add 3.5 million net rentable square feet at an estimated cost of $618.4 million primarily over the next 18 to 24 months.
  • Entered into a strategic data science partnership with Welltower to advance the application of AI in capital allocation.
  • Subsequent to quarter end, the Company completed a public offering of $500 million aggregate principal amount of senior notes at a fixed rate of 5.00% maturing on December 15, 2035.