Slide 1: Supplemental Financial Information for the Three Months Ended March 31, 2023
SUPPLEMENTAL FINANCIAL INFORMATION FOR THE THREE MONTHS ENDED MARCH 31, 2023
Slide 2: Forward-Looking Statements
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, favorable market conditions, ou
Slide 3: Participants in the Solicitation
the failure to maintain our REIT status for U.S. federal income tax purposes; impacts from any outbreak of highly infectious or contagious diseases such as COVID-19, including reduced demand for self-storage space and ancillary products, and potential decreases in occupancy and rental rates and
Slide 4: Table of Contents
Table of Contents Page(s) Title 1-14 Press Release - Extra Space Storage Inc. Reports 2023 First Quarter Results 15 Key Highlights 16 Trailing Five Quarter Information 17 Summary Debt Maturity Schedule By Year for Consolidated Fixed- and Variable-Rate Debt 18 Detailed Debt Maturity Schedule and Ente
Slide 5: Extra Space Storage Inc. Reports 2023 First Quarter Results
Extra Space Storage Inc. PHONE (801) 365-4600 2795 East Cottonwood Parkway, Suite 300 Salt Lake City, Utah 84121 www.extraspace.com FOR IMMEDIATE RELEASE Extra Space Storage Inc. Reports 2023 First Quarter Results SALT LAKE CITY, May 2, 2023 — Extra Space Storage Inc. (NYSE: EXR) (the “Company”), a
Slide 6: FFO Per Share
FFO Per Share: The following table (unaudited) outlines the Company’s FFO and Core FFO for the three months ended March 31, 2023 and 2022. The table also provides a reconciliation to GAAP net income attributable to common stockholders and earnings per diluted share for each period presented (amounts
Slide 7: Operating Results and Same-Store Performance
Operating Results and Same-Store Performance: The following table (unaudited) outlines the Company’s same-store performance for the three months ended March 31, 2023 and 2022 (amounts shown in thousands, except store count data)1: For the Three Months Ended March 31, Percent 2023 2022 Change Same-st
Slide 8: Investment and Property Management Activity
Investment and Property Management Activity: The following table (unaudited) outlines the Company’s acquisitions and developments that are closed, completed or under agreement (dollars in thousands): Closed/Completed Closed/Completed Scheduled to Still through Subsequent to Close/Complete To Close/C
Slide 9: Property Management and Balance Sheet
Property Management: As of March 31, 2023, the Company managed 931 stores for third-party owners and 323 stores owned in unconsolidated joint ventures, for a total of 1,254 stores under management. The Company is the largest self-storage management company in the United States. Balance Sheet: During
Slide 10: Outlook
Outlook: The following table outlines the Company's initial Core FFO estimates and annual assumptions for the year ending December 31, 20231: Ranges for 2023 Initial Ranges for 2023 Annual Assumptions Annual Assumptions Notes (May 2, 2023) (February 22, 2023) Low High Low High Core FFO $8.30 $8.60 $
Slide 11: Conference Call
Conference Call: The Company will host a conference call at 1:00 p.m. Eastern Time on Wednesday, May 3, 2023, to discuss its financial results. Telephone participants may avoid any delays in joining the conference call by pre-registering for the call using the following link to receive a special dia
Slide 12: Forward-Looking Statements (continued)
• potential liability for uninsured losses and environmental contamination; • the impact of the regulatory environment as well as national, state and local laws and regulations, including, without limitation, those governing real estate investment trusts (“REITs”), tenant reinsurance and other aspec
Slide 13: Definition of Same-Store
Definition of Same-Store: The Company’s same-store pool for the periods presented consists of 914 stores that are wholly-owned and operated and that were stabilized by the first day of the earliest calendar year presented. The Company considers a store to be stabilized once it has been open for thre
Slide 14: Condensed Consolidated Balance Sheets
Extra Space Storage Inc. Condensed Consolidated Balance Sheets (In thousands, except share data) March 31, 2023 December 31, 2022 (Unaudited) Assets: Real estate assets, net $ 9,991,446 $ 9,997,978 Real estate assets - operating lease right-of-use assets 226,483 221,725 Investments in unconsolidated
Slide 15: Consolidated Statement of Operations
Consolidated Statement of Operations for the Three Months Ended March 31, 2023 and 2022 (In thousands, except share and per share data) - Unaudited For the Three Months Ended March 31, 2023 2022 Revenues: Property rental $ 433,962 $ 379,808 Tenant reinsurance 47,704 43,797 Management fees and other
Slide 16: Reconciliation of GAAP Net Income to Same-Store Net Operating Income
Reconciliation of GAAP Net Income to Total Same-Store Net Operating Income — for the Three Months Ended March 31, 2023 and 2022 (In thousands) - Unaudited For the Three Months Ended March 31, 2023 2022 Net Income $ 208,878 $ 217,717 Adjusted to exclude: Equity in earnings and dividend income from un
Slide 17: Reconciliation of Estimated GAAP EPS to Estimated FFO Per Share
Reconciliation of the Range of Estimated GAAP Fully Diluted Earnings Per Share to Estimated Fully Diluted FFO Per Share — for the Year Ending December 31, 2023 - Unaudited For the Year Ending December 31, 2023 Low End High End Net income attributable to common stockholders per diluted share $ 5.66 $
Slide 18: Reconciliation of Estimated Net Income to Estimated Same-Store NOI
Reconciliation of Estimated GAAP Net Income to Estimated Same-Store Net Operating Income — for the Year Ending December 31, 2023 (In thousands) - Unaudited For the Year Ending December 31, 2023 Low High Net Income $ 870,750 $ 906,100 Adjusted to exclude: Equity in earnings of unconsolidated joint ve
Slide 19: Key Highlights
Key Highlights As of March 31, 2023 (unaudited) (Dollars and shares in thousands) COMMON STOCK EQUIVALENTS Quarter Quarter Weighted Average Ending Common Shares 134,715 135,007 Dilutive Options 4 4 Operating Partnership Units 7,215 7,215 Preferred A Operating Partnership Units (as if converted) - -
Slide 20: Trailing Five Quarter Information
Trailing Five Quarter Information Consolidated Balance Sheet (unaudited) (Dollars in thousands) As of March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 Assets: Real estate assets, net $ 9,991,446 $ 9,997,978 $ 9,877,080 $ 9,135,464 $ 8,940,724 Real estate assets - oper
Slide 21: Summary Debt Maturity Schedule by Year
Summary Debt Maturity Schedule by Year for Consolidated Fixed- and Variable-Rate Debt Before and After Extensions As of March 31, 2023 (unaudited) (Dollars in thousands) Maturity Schedule Before Extensions Maturity Schedule After Extensions Wgt. Wgt. Avg. % of Avg. % of 2023 Maturities Amount Rate T
Slide 22: Detailed Debt Maturity Schedule and Enterprise Value
Detailed Debt Maturity Schedule and Enterprise Value As of March 31, 2023 (unaudited) (Dollars in thousands) Maturity Date Description Interest Rate Amount Basis for Rate Extendable Type Secured Fixed-rate debt: April-2025 Notes payable - swapped to fixed 3.5% $ 75,688 Fixed No Bank Loan June-2025 N
Slide 23: Debt Covenant Disclosure
Debt Covenant Disclosure As of March 31, 2023 (unaudited) (Dollars in thousands) Public Bond Covenants (1) Covenants Actual 1. Limitation on Total Outstanding Debt ≤ 60% 35.0% Total Outstanding Debt $ 7,843,342 Total Assets (2) $ 22,407,654 2. Limitation on Secured Debt ≤ 40% 7.4% Secured Debt $ 1,6
Slide 24: Summary of Notes Receivable Activity and Balances
Summary of Notes Receivable Activity and Balances As of March 31, 2023 (unaudited) (Dollars in thousands) Notes Receivable Mortgage Notes Mezzanine Notes Total Notes Receivable Receivable Receivable1 Notes Receivable Held as of December 31, 2022 $ 354,738 $ 137,141 $ 491,879 Add: Note Originations/D
Slide 25: Store Portfolio Reporting Information
Store Portfolio Reporting Information For the Three Months Ended March 31, 2023 (unaudited) (Dollars in thousands except for net rent per occupied square foot) Stores with Historical Operational Data Average Occupancy Revenue Expenses NOI # of Net Rentable Net Rent / Occupied for the Three Months fo
Slide 26: Same-Store Detail
Same-Store Detail (unaudited) Excluding Tenant Insurance (Dollars in thousands) 2023 Same-Store Pool (914 Stores) 2022 Same-Store Pool (863 Stores) 2021 Same-Store Pool (833 Stores) For the Three Months Ended March 31, For the Three Months Ended March 31, For the Three Months Ended March 31, 2023 20
Slide 27: MSA Performance Summary for Same-Store
MSA (1) Performance Summary for Same-Store For the Three Months Ended March 31, 2023 (unaudited) (Dollars in thousands except for net rent per occupied square foot) Net Rent / Average Occupancy Revenue Expenses NOI # of Net Rentable Occupied for the Three Months Ended for the Three Months Ended for
Slide 28: MSA Performance Summary for All Stabilized Stores
MSA (1) Performance Summary for All Stabilized (2) Stores For the Three Months Ended March 31, 2023 (unaudited) (Dollars in thousands except for net rent per occupied square foot) Net Rent / Average Occupancy Revenue Expenses NOI # of Net Rentable Occupied for the Three Months Ended for the Three Mo
Slide 29: Certificate of Occupancy Acquisitions / Development Stores Summary
Certificate of Occupancy Acquisitions / Development Stores Summary (unaudited) (Dollars in thousands) Certificate of Occupancy / Development Stores - Under Agreement as of March 31, 2023 Purchase Price / Land + Estimated Estimated Estimated Construction Store Location Type Opening NRSF Cost in Progr
Slide 30: Certificate of Occupancy / Development Stores Performance Summary
Certificate of Occupancy / Development Stores Performance Summary For the Three Months Ended March 31, 2023 (unaudited) (Dollars in thousands) Revenue for the Expenses for the NOI for the Date EXR % Net Rentable Occupancy at Three Months Ended Three Months Ended Three Months Ended Opened Ownership P
Slide 31: Reconciliation of Joint Venture Net Income to Equity in Earnings
Reconciliation of Joint Venture Net Income to Equity in Earnings For the Three Months Ended March 31, 2023 (unaudited) (Dollars in thousands) EXR EXR EXR EXR Preferred Total EXR EXR Pro- # of Equity Promote EXR EXR into Equity in Promoted Equity Equity in Net Income rata Share Joint Venture Name Sto
Slide 32: Consolidated and Total Operated Store Data by State
Consolidated Store Data by State (unaudited) Total Operated Store Data by State (unaudited) As of March 31, 2023 As of March 31, 2023 Average Occupancy Average Occupancy # of Net Rentable Total Quarter as of # of Net Rentable Total Quarter as of State Stores Sq. Ft. Units Occupancy March 31, 2023 St