Extra Space Storage's Q3 Results Show Continued Momentum, UBS Securities Says

01:24 PM EDT, 10/28/2026 (MT Newswires) -- Extra Space Storage's (EXR) Q3 results reflected "continued momentum," with the $2.17 core funds from operations per share coming in ahead of estimates, while same-store revenue and net operating income growth accelerated sequentially, UBS Securities said in a note Tuesday. Same-store revenue growth rose to 2.7% and same-store NOI growth to 4.6%, while average occupancy increased to 94.3% despite "flattish move-in rates," the investment firm said, adding that expenses were "well controlled" during the quarter. Implied Q4 guidance suggests same-store revenue remains steady while same-store NOI decelerates, though analysts said they believe this reflects the company's "conservative" approach to setting expectations. Extra Space Storage's valuation is "attractive" given its growth, with the shares trading at 17 times next-12-month FFO versus a five-year average of 19 times, the investment firm said. UBS Securities has a buy rating on the stock, with a price target of $152. Shares of Extra Space Storage were up 2.1% in Wednesday trading. Price: 147.64, Change: +3.09, Percent Change: +2.14