EXR · Extra Space Storage Q2 FY2026 earnings call record财报电话会记录

“We are seeing broad-based improvement across many of our markets, supported by steady customer demand, strong retention of existing customers, and gradually moderating new supply.”

“Year-over-year same-store revenue growth accelerated 70 basis points from the first quarter to 2.4%.”

“We raised same-store revenue growth guidance 100 basis points to a range of 1%-2%.”

“price restriction assumption, Our updated guidance reflects approximately 20 basis points-30 basis points of headwind for the full year compared to our initial estimate of 40 basis points.”

“The same-store revenue growth in the first half of 2% is equal to the high end of your updated 2026 guidance, implying a deceleration in the back half.”

“We read a lot about consumer confidence being low, about there being pressure from inflation and other macro forces.”

“We had 130,000 customers over those three years.”

“I think we've seen some other improvements in customer quality in terms of churn and lower bad debt, higher occupancy in the off-season.”

“Now we're estimating it's a 20 basis point-30 basis point headwind as opposed to a 40 basis point headwind.”

“I think your thesis is correct that if you look at new customer rates in prior periods, they roll into the rent roll, and that gives you a sense for future revenue growth.”

“We believe if supply continues to decrease and we don't have any significant change in customer, the risks of which Jeff outlined, we think we can get back to kind of historical levels of revenue growth between 3%-4%.”

“We will stick to 2026 for now and let you all forecast 2027 and beyond, but we agree that the slope heading into it will largely impact performance in 2027.”