Extra Space Storage Inc · NYSE:EXR
Extra Space Storage — Investor Presentation (September 2026)
50 slides from Extra Space Storage's investor presentation, September 2026
Slide 1: Company Presentation September 2026
COMPANY PRESENTATION SEPTEMBER 2026 Southgate, MI
Slide 2: Safe Harbor
SAFE HARBOR Forward-Looking Statements: Certain information set forth in this release contains “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements include statements concerning the benefits of store acquisitions, developments, market conditions,
Slide 3: A Self Storage Pureplay with the Industry's Largest Portfolio
A SELF STORAGE PUREPLAY WITH THE INDUSTRY’S LARGEST PORTFOLIO 4,410 $32.1 S&P 500 94.2% CUSTOMER SERVICE PROPERTIES BILLION MEMBER SINCE SAME STORE CHAMPIONS EQUITY MARKET CAP 2015 OCCUPANCY (USA TODAY) 140.7% $1.5 10-YEAR BILLION 5.1X SHAREHOLDER BRIDGE LOAN NET DEBT TO EBITA RETURN PORTFOLIO MOODY
Slide 4: Table of Contents
TABLE OF CONTENTS SECTION 1: COMPANY UPDATE SECTION 2: THE BENEFITS OF STORAGE SECTION 3: THE BENEFITS OF EXTRA SPACE APPENDIX Detroit, MI
Slide 5: Section 1: Company Update
COMPANY UPDATE | BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE SECTION 1: COMPANY UPDATE MARKET PERFORMANCE Continual outperformance of competitors in similar markets Industry leading Q2 and year-to-date revenue and NOI growth, which SAME STORE PERFORMANCE accelerated quarter-over-quarter resulting
Slide 6: Company Update: Market Performance
COMPANY UPDATE | BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE COMPANY UPDATE: MARKET PERFORMANCE Extra Space Outperformed Peers in Same-Store Revenue & NOI Growth in Competing Markets MSA Revenue NOI Revenue NOI Revenue NOI Los Angeles / Inland Empire +1.5% +3.7% (3.5%) (5.8%) +0.9% +0.7% Washingto
Slide 7: Company Update: Same Store Performance
COMPANY UPDATE | BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE COMPANY UPDATE: SAME STORE PERFORMANCE Extra Space Storage has Led Peers in Same-Store Revenue Growth by an Average of 130 bps From Company Filings Same Store Revenue Year Over Year % Growth Comparison
Slide 8: Company Update: Same Store Performance
COMPANY UPDATE | BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE COMPANY UPDATE: SAME STORE PERFORMANCE Extra Space Storage (EXR) Public Storage (PSA) 2nd QUARTER Cube Smart (CUBE) 4.3% 4.4% 3.5% 2.4% 0.8% -0.6% -0.5% -0.7% -1.9% REVENUE EXPENSES NOI FULL YEAR 2026 5.1% 2.0% 2.4% 0.7% 1.1% 1.3% -0.3%
Slide 9: Company Update: FFO Growth
COMPANY UPDATE | BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE COMPANY UPDATE: FFO GROWTH 2nd QUARTER Extra Space Storage (EXR) Public Storage (PSA) 4.9% Cube Smart (CUBE) -2.6% -3.1% FULL YEAR 2026 3.5% -0.1% *Data on a per share basis as of June 30, 2026 , as reported in public filings or company
Slide 10: Company Update: Industry Leading Occupancy
COMPANY UPDATE | BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE COMPANY UPDATE: INDUSTRY LEADING OCCUPANCY 96% 95% 94.1% +20 bps YOY 94% 93% 92.6% 92% 91% Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 2025 2026 Core Average since '13-'24 *End of month occupancy for the EXR 2026 “Same-store” pool
Slide 11: Company Update: Stable Rental & Vacate Activity
COMPANY UPDATE | BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE COMPANY UPDATE: STABLE RENTAL & VACATE ACTIVITY RENTAL ACTIVITY VACATE ACTIVITY 45 (average per store) 45 (average per store) 40 40 35 35 30 30 25 25 20 20 15 15 10 10 5 5 0 0 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 1st Quarter 2
Slide 12: Company Update: Rate Comparison
COMPANY UPDATE | BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE COMPANY UPDATE: RATE COMPARISON Extra Space Storage is Driving Positive Rental Rate Trends NET RENT PER SQFT TREND NEW CUSTOMER RATE TREND Same-Store Pool Same-Store Pool 3.0% 4.0% 2.5% 2.0% 2.0% 0.0% 1.5% -2.0% 1.0% -4.0% 0.5% -6.0% 0.0
Slide 13: Section 2: The Benefits of Storage
COMPANY UPDATE | BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE SECTION 2: THE BENEFITS OF STORAGE Need-based, recession resilient asset class with increasing STEADY NEED BASED DEMAND awareness, utilization, length of customer stay, and demand drivers in positive and negative economic environments. H
Slide 14: Steady Need Based Demand
COMPANY UPDATE | BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE STEADY NEED BASED DEMAND Storage Demand Drivers1 Increasing National Utilization2 12.6% 56% 55% 55% 55% 9.4% 10.6% 32% 33% 32% 33% 9.0% 5.5% 12% 12% 13% 12% 4.1% 2.7% 2003 1987 1989 1991 1993 1995 1997 1999 2001 2005 2007 2009 2011 2013
Slide 15: Storage Provides an Affordable Alternative to Larger Living Spaces
COMPANY UPDATE | BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE STEADY NEED BASED DEMAND Storage Provides an Affordable Alternative to Larger Living Spaces $2,175 $1,771 $119 Monthly Mortgage Payment Monthly Rental Cost Monthly Storage Rental Cost 1. National median mortgage monthly payment (Mortgage
Slide 16: Stable Cash Flows: Durable Same-store Revenue Growth
COMPANY UPDATE | BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE STABLE CASH FLOWS Durable Same-store Revenue Growth (Year-Over-Year) Consistent Sector Outperformance 16.0% 4.7% Extra Space Storage Sector Average Excluding EXR 3.8% 11.0% 6.0% EXTRA STORAGE SPACE SECTOR 1.0% AVERAGE STORAGE (4.0%) 20-Y
Slide 17: Stable Cash Flows: High Profit Margin and Dividend Growth
COMPANY UPDATE | BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE STABLE CASH FLOWS High Profit Margin Sector With A Top Sector For Dividend Growth High Funds Available For Distribution MEDIAN NOI MARGIN1 10-YEAR SHAREHOLDER DIVIDEND GROWTH2 78% 102% 74% 70% 74% 64% 53% 60% 43% 31% Office Retail Indust
Slide 18: Diversified Customer & Asset Base
COMPANY UPDATE | BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE DIVERSIFIED CUSTOMER & ASSET BASE Broad Customer Base Drives Asset Size And Markets Reduce Portfolio Stable Revenue Revenue Volatility MEDIAN TENANTS-PER-PROPERTY MEDIAN ASSET VALUE (IN MILLIONS OF $) 500 $50 $25 200 $20 $15 $14 9 30 1 O
Slide 19: Improving Sector Fundamentals
COMPANY UPDATE | BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE IMPROVING SECTOR FUNDAMENTALS MODERATING NEW SUPPLY* POSITIVE NEW CUSTOMER RATES 80.0 8% Same-Store 70.0 7% 8.0% EXR Peers (simple average) 60.0 6% 6.0% 50.0 5% 40.0 4% 4.0% 30.0 3% 2.0% 20.0 2% 10.0 1% 0.0% - 0% -2.0% 2012 2014 2016 201
Slide 20: Improving Sector Fundamentals: Largest Brands Dominating Customer Acquisition
COMPANY UPDATE | BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE IMPROVING SECTOR FUNDAMENTALS Largest Brands Dominating Customer Acquisition THE MAJORITY OF ALL TRANSACTIONS ARE DRIVEN BY THE TOP 3 SEARCH RESULTS & ~90% OF TRAFFIC STAYS ON PAGE 1
Slide 21: Consolidation Opportunity
COMPANY UPDATE | BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE CONSOLIDATION OPPORTUNITY U.S. Market Share by Square Footage EXR IS THE NATURAL CONSOLIDATOR THROUGH MULTI-CHANNEL EXTERNAL GROWTH PLATFORM 14.2% NET LEASE ACQUISITIONS INDEPENDENT 14.1% OPERATORS PREFERRED JOINT ~62% EQUITY INDUSTRY’S
Slide 22: Section 3: The Benefits of Extra Space Storage
COMPANY UPDATE | BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE SECTION 3: THE BENEFITS OF EXTRA SPACE STORAGE THE NATION’S LARGEST AND MOST Extra Space Storage has over 4,400 stores in 42 states and Washington DC, with balanced exposure to nation’s largest MSAs, DIVERSE SELF STORAGE PORTFOLIO all op
Slide 23: The Nation's Largest and Most Diverse Self Storage Portfolio
COMPANY UPDATE | BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE THE NATION’S LARGEST AND MOST DIVERSE SELF STORAGE PORTFOLIO Geographic and Revenue Diversification Reduces Volatility 1% 17% DAL 3% SFO 3% 13% BOS 3% MIA 4% 10% CHI 4% 11% 9% ATL 5% Other 53% SAME-STORE 14% 12% DC 5% REVENUE BY MSA 13%
Slide 24: 4,410 Properties
COMPANY UPDATE | BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE THE NATION’S LARGEST AND MOST DIVERSE SELF STORAGE PORTFOLIO Ownership Diversification, Expanded Data Set and a Future Acquisition Pipeline 4,410 PROPERTIES 2,037 Wholly-owned/ 409 1,964 Joint Venture Managed Consolidated (46%) (9%) (45%
Slide 25: The Industry's Leading Operator: 20-Year Total Return
COMPANY UPDATE | BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE THE INDUSTRY’S LEADING OPERATOR Extra Space Storage has Delivered a Top 20-Year Total Return in the REIT Sector ALL PUBLIC REITS 20-YEAR RETURN 0% 500% 1,000% 1,500% 2,000% 2,500% 1. Equinix 2,383.5% Extra Space Welltower 2. Extra Space
Slide 26: The Industry's Leading Operator: Dividend Growth
COMPANY UPDATE | BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE THE INDUSTRY’S LEADING OPERATOR Extra Space Storage has the Highest 20-year Compound Annual Dividend Growth Rate in the Sector 10.3% 10-YEAR DIVIDEND GROWTH* 7.8% 76.0% 20-YEAR DIVIDEND GROWTH* 1,110.0 3.0% % EXR PSA CUBE *Results from K
Slide 27: The Industry's Leading Operator: Innovations
COMPANY UPDATE | BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE THE INDUSTRY’S LEADING OPERATOR Extra Space Storage Has Led the Industry in the Following Innovations REVENUE MANAGEMENT CUSTOMER ACQUISITION EXTERNAL GROWTH OTHER SECTOR INNOVATION Proprietary Pricing Models Driven AI Powered Shopping T
Slide 28: Leveraging Data, Analytics and Scale
COMPANY UPDATE | BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE THE INDUSTRY’S LEADING OPERATOR Leveraging Data, Analytics and Scale to Deliver the Industry’s Best Results INDUSTRY’S MOST TENURED DATA SCIENCE TEAM ANNUAL SAME-STORE REVENUE GROWTH RANKINGS INDUSTRY’S LARGEST DATA SET HUNDREDS OF A/B T
Slide 29: Highest Core FFO Per Share Growth
COMPANY UPDATE | BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE THE INDUSTRY’S LEADING OPERATOR Extra Space Storage has the Highest Core FFO Per Share Growth1 711% EXR PSA CUBE 381% 213% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 1. Core FFO per share growth shown
Slide 30: Most Engaged Team in the Storage Sector
COMPANY UPDATE | BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE THE INDUSTRY’S LEADING OPERATOR Extra Space Storage has Recruited, Developed, and Retained the Most Engaged Team in the Storage Sector AVERAGE TENURE OF THE EXR PSA CUBE NSA EXECUTIVE TEAM 3,236 2,082 715 100 19 Number of Reviews Overall
Slide 31: Multi-Channel External Growth Strategy Overview
COMPANY UPDATE | BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE BUILT FOR ACCRETIVE GROWTH ACROSS ALL CYCLES Multi-Channel External Growth Strategy Overview WHOLLY OWNED ACQUISITIONS Acquire properties in geographically diverse markets primarily through off market transactions that enhance shareholde
Slide 32: Consistent Growth Through Diversified Channels
COMPANY UPDATE | BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE BUILT FOR ACCRETIVE GROWTH ACROSS ALL CYCLES Consistent Growth Through Diversified Channels (in Millions) $15,500 $2,500 $15,389 $15,000 $2,115 $2,000 $1,860 Life Storage $1,536 $1,517 Development and C of O $1,500 Redevelopment Preferre
Slide 33: Maximizing Accretion Through Off-Market Acquisitions
COMPANY UPDATE | BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE BUILT FOR ACCRETIVE GROWTH ACROSS ALL CYCLES EXR Maximizes Accretion of Acquisitions Through Primarily Acquiring Off-Market Properties 16% Sources of Acquisitions Since 2020 33% Relationship (Off Market) - $1.5 billion Management Plus -
Slide 34: Extra Space Storage Operated Stores
COMPANY UPDATE | BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE BUILT FOR ACCRETIVE GROWTH ACROSS ALL CYCLES Extra Space Storage Operated Stores 4,410 4,281 4,011 3,714 1,856 1,964 1,575 1,337 2,338 1,921 2,096 1,647 1,817 472 460 407 409 1,347 1,427 1,483 887 828 724 1,029 1,088 646 536 318 348 411
Slide 35: The Operator Owners Trust to Manage Their Properties
COMPANY UPDATE | BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE BUILT FOR ACCRETIVE GROWTH ACROSS ALL CYCLES The Operator Owners Trust to Manage Their Properties 2,000 1,964 1,856 1,750 1,575 >$220 MILLION IN FEE & 1,500 1,337 TENANT INSURANCE 1,250 REVENUE ANNUALLY 1,000 887 828 825 813 829 750 724
Slide 36: Bridge Loan Program
COMPANY UPDATE | BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE BUILT FOR ACCRETIVE GROWTH ACROSS ALL CYCLES Bridge Loan Program: An Acquisition Pipeline, Drives Management and Provides Solid Returns on Capital BRIDGE LOANS ORIGINATION (in Millions) WEIGHTED AVERAGE $1,000 INTEREST RATE1 $900 $880 MO
Slide 37: Expansion and Redevelopment of Existing Portfolio Assets
COMPANY UPDATE | BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE BUILT FOR ACCRETIVE GROWTH ACROSS ALL CYCLES Creating Outsized Returns Through Expansion and Redevelopment of Existing Portfolio Assets Redevelopment Projects $400 9.1% $350 $300 $250 BEFORE $200 9.1% $150 10.3% 9.4% $100 9.6% $50 $0 202
Slide 38: Extra Space has the Strongest Technology Platform
COMPANY UPDATE | BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE THE INDUSTRY’S TECHNOLOGY LEADER Extra Space has the Strongest Technology Platform and Largest Data Set in the Industry PRICECAST REVENUE www.extraspace.com MANAGEMENT PLATFORM OMNI-CHANNEL POINT OF SALE SYSTEM DATA WAREHOUSE SEARCH SHOP
Slide 39: Frictionless Customer Journey
COMPANY UPDATE | BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE THE INDUSTRY’S TECHNOLOGY LEADER Extra Space Leverages Our Technology, Scale & Data to Create a Frictionless Customer Journey SEARCH SHOP TRANSACT Pricing
Slide 40: Sector Leading Traffic Through Traditional, Social & AI Search
COMPANY UPDATE | BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE THE INDUSTRY’S TECHNOLOGY LEADER Extra Space’s Platform Drives Sector Leading Traffic Through Traditional, Social & AI Search SEARCH AI SUMMARIES AI PLATFORMS AI OVERVIEW CUSTOMER JOURNEY: SEARCH SHOP TRANSACT
Slide 41: Meets the Customer Where and How They Want to Shop
COMPANY UPDATE | BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE THE INDUSTRY’S TECHNOLOGY LEADER Extra Space Meets the Customer Where and How They Want to Shop with Us SHOP RENTALS BY GENERATION Store Rental Web Rental Call Center Rental IN STORE 70% ~39% OF RENTALS 60% 58% 51% WEBSITE 43%40% ~44% OF
Slide 42: Maximizes Revenue Through Rental Conversion and Pricing Optimization
COMPANY UPDATE | BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE THE INDUSTRY’S TECHNOLOGY LEADER Extra Space Maximizes Revenue Through Rental Conversion and Pricing Optimization TRANSACT AI DRIVEN CHANNEL PRICING Rental Volume Units available to rent Demand exceeds availability Revenue REVENUE MAX $8
Slide 43: A Durable and Flexible Balance Sheet: Size & Liquidity
COMPANY UPDATE | BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE A DURABLE AND FLEXIBLE BALANCE SHEET AS OF JUNE 30, 2026 Enterprise Value $46.0 Billion SIZE & LIQUIDITY Unencumbered Assets $31.6 Billion $32.1 BILLION Revolving capacity $3.1 Billion MARKET CAPITALIZATION* Net Debt to EBITDA 5.1x 30% R
Slide 44: Well-Laddered Maturities Over the Next 10 Years
COMPANY UPDATE | BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE A DURABLE AND FLEXIBLE BALANCE SHEET Well-Laddered Maturities Over the Next 10 Years Provides Interest Rate Consistency $4,500 $4,000 $3,500 $3,000 18.8% $2,500 $2,000 13.6% 12.7% 12.8% $1,500 7.2% 6.6% $1,000 5.2% 5.8% 4.3% 4.3% $500 $-
Slide 45: Appendix
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Slide 46: Non-GAAP Financial Measures
APPENDIX NON-GAAP FINANCIAL MEASURES Definition of FFO: FFO provides relevant and meaningful information about the Company’s operating performance that is necessary, along with net income and cash flows, for an understanding of the Company’s operating results. The Company believes FFO is a meaningfu
Slide 47: 2026 Key Outlook Assumptions
APPENDIX 2026 KEY OUTLOOK ASSUMPTIONS Low High 2026 Core FFO $8.25 $8.40 Same-Store Revenue 1.00% 2.00% Same-Store Expenses 1.00% 2.00% Same-Store NOI 0.50% 2.50% Net Tenant Insurance Income $294,000,000 $296,000,000 Management Fees & Other Income $139,000,000 $140,000,000 Interest Income $153,000,0
Slide 48: Public Bond Covenant Compliance
APPENDIX Q1 2026 EXR PUBLIC BOND COVENANT COMPLIANCE Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q2 2026 Total Indebtedness 13,268,984 13,483,906 13,685,214 13,657,006 13,965,777 13,882,144 14,341,680 Total Asset Value 35,767,585 36,034,629 36,039,197 35,717,864 35,899,394 35,820,236 36,807,478
Slide 49: Recognized Leader
APPENDIX RECOGNIZED LEADER AMERICA’S AMERICA’S BEST CUSTOMER TOP 25 BEST BEST COMPANIES GREATEST MIDSIZE SERVICE COMPANIES TO WORK FOR (FORBES) (US NEWS) WORKPLACES COMPANIES CHAMPIONS (NEWSWEEK) (TIME) (USA TODAY) MOST TRUSTED AMERICA’S BEST WORLD’S BEST COMPANIES IN OF THE BEST COMPANIES (NEWSWEEK
Slide 50: Sustainability
APPENDIX SUSTAINABILITY With a Focus on Long-Term Sustainability GRESB PUBLIC DISCLOSURE LEVEL E D C B A ABOVE PEER GROUP 2020 & 2021 WINNER AVERAGE GRESB GLOBAL AVERAGE: C FIRST STORAGE REIT BENCHMARK SCORE COMPARISON GROUP AVERAGE: D RECOGNIZED RANKED AS TOP 5 REAL ESTATE COMPANY Best ESG Risk Rat
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