Storage REITs 2Q26 Earnings Preview | North America: Demand signals improving; Expect EXR to beat and raise guide slightly below cons

Research evidence excerpt

Storage REITs 2Q26 Earnings Preview | North America: Demand signals improving; Expect EXR to beat and raise guide slightly below cons

Idea

July 21, 2026 07:05 PM GMT

Morgan Stanley & Co. LLCMStorage REITs 2Q26 Earnings Preview | North Ronald Kamdem, CFA

America Equity Analyst

Ronald.Kamdem@morganstanley.com +1 212 296-8319

Jenny Li

Research AssociateDemand signals improving; Jenny.Li1@morganstanley.com +1 212 761-2228

Real Estate Investment TrustsExpect EXR to beat and raise North America

guide slightly below cons Industry View In-Line

Exhibit 1 : We expect EXR SS-rev/NOI growth

of +0.5%/-0.7% in 2Q vs +1.7%/+1.2% in 1Q

We review storage fundamentals in 2Q26 and preview earnings

EXR Same-Store Growth

SS-Rev SS-NOIexpectations for EXR 32.0%27.0%

22.0%

Key Takeaways 17.0%12.0%

7.0%

We expect EXR to report 2Q26 core FFO of $2.08 above cons/MSe of $2.07 and 2.0% 0.5%

-0.7% to raise 26e core FFO guide +$0.05 to $8.25 below cons/MSe of $8.28/$8.31. -3.0%-8.0%

3Q16A4Q16A1Q17A2Q17A3Q17A4Q17A1Q18A2Q18A3Q18A4Q18A1Q19A2Q19A3Q19A4Q19A1Q20A2Q20A3Q20A4Q20A1Q21A2Q21A3Q21A4Q21A1Q22A2Q22A3Q22A4Q22A1Q23A2Q23A3Q23A4Q23A1Q24A2Q24A3Q24A4Q24A1Q25A2Q25A3Q25A4Q25A1Q26A2Q26E

Proprietary AlphaWise job openings data accelerated to +13.9% YoY in 2Q26 vs

+10.6% in 1Q26 indicating a potentially improving storage demand backdrop Source: Company Data, Morgan Stanley Research.

Proprietary AlphaWise data suggest new tenant pricing improved +5.6% YoY as

of July 14 vs. +1.0% in June and -8.5% in May); 2nd consecutive positive YoY Exhibit 2 : YoY job openings rising

reading Multiples vs YoY Job Opening

FFO Multiples YoY Job Opening

Existing single-family home sales showed an initial rebound with June sales up 30.0x 100.0%

28.0x 80.0%

+7.9% YoY vs +0.3% in May 26.0x 24.0x 60.0%

22.0x 13.9% 40.0%