Slide 1: Supplemental Financial Information for Three and Nine Months Ended September 30, 2024
SUPPLEMENTAL FINANCIAL INFORMATION FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 FORWARD IN EXCELLENCE
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: Forward-Looking Statements (continued)
• the failure to maintain our REIT status for U.S. federal income tax purposes; • impacts from any outbreak of highly infectious or contagious diseases, including reduced demand for self- storage space and ancillary products and services such as tenant reinsurance, and potential decreases in occupan
Slide 4: Table of Contents
Table of Contents Page(s) Title 1-15 Press Release - Extra Space Storage Inc. Reports 2024 Thrid Quarter Results 16 Key Highlights 17 Trailing Five Quarter Information 18 Summary Debt Maturity Schedule By Year for Consolidated Fixed- and Variable-Rate Debt 19 Detailed Debt Maturity Schedule and Ente
Slide 5: Extra Space Storage Inc. Reports 2024 Third 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 2024 Third Quarter Results SALT LAKE CITY, October 29, 2024 — Extra Space Storage Inc. (NYSE: EXR) (the “Company”
Slide 6: Highlights for the nine months ended September 30, 2024
Highlights for the nine months ended September 30, 2024: • Achieved net income attributable to common stockholders of $2.79 per diluted share, representing a 26.2% decrease compared to the same period in the prior year, due to a $51.8 million loss related to the impairment of the Life Storage trade
Slide 7: FFO Per Share
FFO Per Share: The following table (unaudited) outlines the Company’s FFO and Core FFO for the three and nine months ended September 30, 2024 and 2023. The table also provides a reconciliation to GAAP net income attributable to common stockholders and earnings per diluted share for each period prese
Slide 8: 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 and nine months ended September 30, 2024, and 2023 (amounts shown in thousands, except store count data)1: For the Three Months For the Nine Months Ended Septembe
Slide 9: 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 10: Debt Activity and Dividends
During the three months ended September 30, 2024, the Company paid off a $335.0 million unsecured loan due to mature in January 2025 and paid off two secured loans totaling $248.3 million both due to mature in November 2024. As of September 30, 2024, the Company’s percentage of fixed-rate debt to to
Slide 11: Outlook
Outlook: The following table outlines the Company's current and prior quarter Core FFO estimates and assumptions for the year ending December 31, 20241. Ranges for 2024 Ranges for 2024 Annual Assumptions Annual Assumptions Notes (October 29, 2024) (July 30, 2024) Low High Low High Core FFO $8.00 $8.
Slide 12: Supplemental Financial Information and Conference Call
Supplemental Financial Information: Supplemental unaudited financial information regarding the Company’s performance can be found on the Company’s website at www.extraspace.com. Under the "Company Info" navigation menu on the home page, click on “Investor Relations,” then under the “Financials & Sto
Slide 13: Forward-Looking Statements (risk factors continued)
• changes in global financial markets and increases in interest rates; • availability of financing and capital, the levels of debt that we maintain and our credit ratings; • risks associated with acquisitions, dispositions and development of properties, including increased development costs due to a
Slide 14: Definition of Same-Store
Definition of Same-Store: The Company’s same-store pool for the periods presented consists of 1,075 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 th
Slide 15: Condensed Consolidated Balance Sheets
Extra Space Storage Inc. Condensed Consolidated Balance Sheets (In thousands, except share data) September 30, 2024 December 31, 2023 (Unaudited) Assets: Real estate assets, net $ 24,385,492 $ 24,555,873 Real estate assets - operating lease right-of-use assets 694,001 227,241 Investments in unconsol
Slide 16: Consolidated Statement of Operations
Consolidated Statement of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 (In thousands, except share and per share data) - Unaudited For the Three Months Ended For the Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Revenues: Property rental $ 710,874 $
Slide 17: Reconciliation of GAAP Net Income to Same-Store NOI
Reconciliation of GAAP Net Income to Total Same-Store Net Operating Income — for the Three and Nine Months Ended September 30, 2024 and 2023 (In thousands) - Unaudited For the Three Months Ended For the Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Net Income $ 202,945 $ 198,856
Slide 18: 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, 2024 - Unaudited For the Year Ending December 31, 2024 Low End High End Net income attributable to common stockholders per diluted share $ 3.59 $
Slide 19: 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, 2024 (In thousands) - Unaudited For the Year Ending December 31, 2024 Low High Net Income $ 946,125 $ 974,625 Adjusted to exclude: Equity in earnings of unconsolidated joint ve
Slide 20: Key Highlights
Key Highlights As of September 30, 2024 (unaudited) (Dollars and shares in thousands) COMMON STOCK EQUIVALENTS Quarter Quarter Weighted Average Ending Common Shares 211,951 211,982 Dilutive Options 3 3 Operating Partnership Units 8,598 8,578 Preferred B Operating Partnership Units (as if converted)
Slide 21: Trailing Five Quarter Information
Trailing Five Quarter Information Consolidated Balance Sheet (unaudited) (Dollars in thousands) As of September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 Assets: Real estate assets, net $ 24,385,492 $ 24,340,817 $ 24,494,676 $ 24,555,873 $ 24,556,678 Real estate asse
Slide 22: 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 September 30, 2024 (unaudited) (Dollars in thousands) Maturity Schedule Before Extensions Maturity Schedule After Extensions Wgt. Wgt. Avg. % of Avg. % of 2024 Maturities Amount Ra
Slide 23: Detailed Debt Maturity Schedule and Enterprise Value
Detailed Debt Maturity Schedule and Enterprise Value As of September 30, 2024 (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% $ 73,159 Fixed No Bank Loan June-20
Slide 24: Debt Covenant Disclosure
Debt Covenant Disclosure As of September 30, 2024 (unaudited) (Dollars in thousands) Public Bond Covenants (1) Covenants Actual 1. Limitation on Total Outstanding Debt ≤ 60% 35.6% Total Outstanding Debt $ 12,432,613 Total Assets (2) $ 34,958,852 2. Limitation on Secured Debt ≤ 40% 4.4% Secured Debt
Slide 25: Summary of Notes Receivable Activity and Balances
Summary of Notes Receivable Activity and Balances As of September 30, 2024 (unaudited) (Dollars in thousands) Notes Receivable Mortgage Notes Mezzanine Notes Total Notes Receivable Receivable Receivable1 Notes Receivable Held as of June 30, 2024 $ 859,784 $ 276,523 $ 1,136,306 Add: Note Originations
Slide 26: Store Portfolio Reporting Information (Three Months)
Store Portfolio Reporting Information For the Three Months Ended September 30, 2024 (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 Month
Slide 27: Store Portfolio Reporting Information (Nine Months)
Store Portfolio Reporting Information For the Nine Months Ended September 30, 2024 (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 Nine Months
Slide 28: Same-Store Detail
Same-Store Detail (unaudited) Excluding Tenant Insurance (Dollars in thousands) 2024 Same-Store Pool (1,075 Stores) 2023 Same-Store Pool (910 Stores) 2022 Same-Store Pool (859 Stores) For the Three Months Ended September 30, For the Three Months Ended September 30, For the Three Months Ended Septemb
Slide 29: MSA Performance Summary for Same-Store (Three Months)
MSA (1) Performance Summary for Same-Store For the Three Months Ended September 30, 2024 (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
Slide 30: MSA Performance Summary for Same-Store (Nine Months)
MSA (1) Performance Summary for Same-Store For the Nine Months Ended September 30, 2024 (unaudited) (Dollars in thousands except for net rent per occupied square foot) Net Rent / Average Occupancy Revenue Expenses NOI Net Rentable Occupied for the Nine Months Ended for the Nine Months Ended for the
Slide 31: Life Storage, Inc. Same-Store Detail
Life Storage, Inc. Same-Store Detail (unaudited) (Dollars in thousands) For the Three Months Ended September 30, 2024 2023 $ Variance % Variance Property revenues Net rental income $ 211,434 $ 209,497 $ 1,937 0.9% Other operating income 9,193 10,159 (966) (9.5%) Total operating revenues $ 220,627 $
Slide 32: Life Storage Same-Store MSA Performance Summary (Three Months)
Life Storage, Inc. Same-Store MSA Performance Summary For the Three Months Ended September 30, 2024 (unaudited) Net Rent / Average Occupancy Revenue Expenses NOI Net Rentable Occupied for the Three Months for the Three Months Ended for the Three Months Ended for the Three Months Ended Market # of St
Slide 33: Life Storage Same-Store MSA Performance Summary (Nine Months)
Life Storage, Inc. Same-Store MSA Performance Summary For the Nine Months Ended September 30, 2024 (unaudited) Net Rent / Average Occupancy Revenue Expenses NOI # of Net Rentable Occupied Sq. for the Nine Months Ended for the Nine Months Ended for the Nine Months Ended for the Nine Months Ended Mark
Slide 34: MSA Performance Summary for All Stabilized Stores (Three Months)
MSA (1) Performance Summary for All Stabilized (2) Stores For the Three Months Ended September 30, 2024 (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 Thre
Slide 35: MSA Performance Summary for All Stabilized Stores (Nine Months)
MSA (1) Performance Summary for All Stabilized (2) Stores For the Nine Months Ended September 30, 2024 (unaudited) (Dollars in thousands except for net rent per occupied square foot) Net Rent / Average Occupancy Revenue Expenses NOI Net Rentable Occupied for the Nine Months Ended for the Nine Months
Slide 36: Certificate of Occupancy / Development Stores Summary
Certificate of Occupancy Acquisitions / Development Stores Summary (unaudited) (Dollars in thousands) Certificate of Occupancy / Development Stores - Under Agreement as of September 30, 2024 Purchase Price / Land + Estimated Estimated Estimated Construction Store Location Type Opening NRSF Cost in P
Slide 37: C of O / Development Stores Performance Summary (Three Months)
Certificate of Occupancy / Development Stores Performance Summary For the Three Months Ended September 30, 2024 (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 Ownersh
Slide 38: C of O / Development Stores Performance Summary (Nine Months)
Certificate of Occupancy / Development Stores Performance Summary For the Nine Months Ended September 30, 2024 (unaudited) (Dollars in thousands) Revenue for the Expenses for the NOI for the Date EXR % Purchase Net Rentable Occupancy at Nine Months Ended Nine Months Ended Nine Months Ended Opened Ow
Slide 39: 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 September 30, 2024 (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
Slide 40: Consolidated Store Data by State
Consolidated Store Data by State (unaudited) Total Operated Store Data by State (unaudited) As of September 30, 2024 As of September 30, 2024 Average Occupancy Average Occupancy # of Net Rentable Total Quarter as of # of Net Rentable Total Quarter as of State Stores Sq. Ft. Units Occupancy September