Extra Space Storage Inc. announced that Chief Executive Officer Joseph D. Margolis will retire effective December 31, 2026, following a decade of leadership during which the company's market capitalization grew from approximately $9 billion to $30 billion and annual revenue tripled to $3.5 billion. President W. Noah Springer, who has been with the company since 2006 and previously served as Executive Vice President, Chief Strategy and Partnership Officer, will succeed Margolis as CEO effective January 1, 2027. Springer will also join the board of directors upon assuming his new role, while Margolis will remain a director until year-end before serving as an advisor. The transition follows a long-term succession planning process unanimously approved by the Board of Directors. Extra Space Storage Inc. is the largest operator of self-storage properties in the United States.

Extra Space Storage Inc. reported second quarter 2026 financial results, achieving net income attributable to common stockholders of $1.25 per diluted share, a 5.9% increase year-over-year. Funds from operations (FFO) per diluted share was $2.07, while Core FFO was $2.15. Same-store net operating income increased 3.5% compared to the prior year, driven by a 2.4% increase in same-store revenue and a 0.5% decrease in same-store expenses. The company purchased 17 operating stores and acquired joint venture interests for $90.7 million during the quarter. Additionally, the company originated $140.6 million in mortgage and mezzanine bridge loans. Extra Space Storage Inc. is a real estate investment trust that owns and operates self-storage facilities.

Extra Space Storage Inc. entered into an underwriting agreement on June 24, 2026, to conduct an underwritten public offering of $550 million in 4.900% senior notes due 2032. The notes are guaranteed by ESS Holdings Business Trust I and ESS Holdings Business Trust II. The company intends to use the net proceeds to repay lines of credit, commercial paper, and for general corporate purposes and potential acquisitions. Extra Space Storage Inc. operates in the self-storage real estate industry.