Slide 1: Supplemental Financial Information for the Three and Six Months Ended June 30, 2024
SUPPLEMENTAL FINANCIAL INFORMATION FOR THE THREE AND SIX MONTHS ENDED JUNE 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 1-14 Press Release - Extra Space Storage Inc. Reports 2024 Second 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 Ent
Slide 5: Extra Space Storage Inc. Reports 2024 Second 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 Second Quarter Results SALT LAKE CITY, July 30, 2024 — Extra Space Storage Inc. (NYSE: EXR) (the “Company”),
Slide 6: Highlights for the six months ended June 30, 2024
Highlights for the six months ended June 30, 2024: • Achieved net income attributable to common stockholders of $1.88 per diluted share, representing a 36.3% decrease compared to the same period in the prior year, primarily due to a $54.7 million loss related to the write down of assets held for sal
Slide 7: FFO Per Share
FFO Per Share: The following table (unaudited) outlines the Company’s FFO and Core FFO for the three and six months ended June 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 presented (
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 six months ended June 30, 2024 and 2023 (amounts shown in thousands, except store count data)1: For the Three Months For the Six Months Ended June 30, Percent
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: 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 (July 30, 2024) (April 30, 2024) Low High Low High Core FFO $7.95 $8.15
Slide 11: Supplemental Financial Information and Conference Call
FFO estimates for the year are fully diluted for an estimated average number of shares and OP units outstanding during the year. The Company’s estimates are forward-looking and based on management’s view of current and future market conditions. The Company’s actual results may differ materially from
Slide 12: Forward-looking risk factors (continued)
• our reliance on information technologies, which are vulnerable to, among other things, attack from computer viruses and malware, hacking, cyberattacks and other unauthorized access or misuse, any of which could adversely affect our business and results; • changes in global financial markets and in
Slide 13: Same-store definition and About Extra Space Storage
has been open for three years or has sustained average square foot occupancy of 80.0% or more for one calendar year. The Company believes that by providing same-store results from a stabilized pool of stores, with accompanying operating metrics including, but not limited to occupancy, rental revenue
Slide 14: Condensed Consolidated Balance Sheets
Extra Space Storage Inc. Condensed Consolidated Balance Sheets (In thousands, except share data) June 30, 2024 December 31, 2023 (Unaudited) Assets: Real estate assets, net $ 24,340,817 $ 24,555,873 Real estate assets - operating lease right-of-use assets 218,823 227,241 Investments in unconsolidate
Slide 15: Consolidated Statement of Operations
Consolidated Statement of Operations for the Three and Six Months Ended June 30, 2024 and 2023 (In thousands, except share and per share data) - Unaudited For the Three Months Ended For the Six Months Ended June 30, June 30, 2024 2023 2024 2023 Revenues: Property rental $ 697,100 $ 440,747 $ 1,385,1
Slide 16: 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 Six Months Ended June 30, 2024 and 2023 (In thousands) - Unaudited For the Three Months Ended For the Six Months Ended June 30, June 30, 2024 2023 2024 2023 Net Income $ 195,412 $ 215,312 $ 419,486 $ 424,1
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, 2024 - Unaudited For the Year Ending December 31, 2024 Low End High End Net income attributable to common stockholders per diluted share $ 3.74 $
Slide 18: Reconciliation of Estimated GAAP 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 $ 929,000 $ 972,500 Adjusted to exclude: Equity in earnings of unconsolidated joint ve
Slide 19: Key Highlights
Key Highlights As of June 30, 2024 (unaudited) (Dollars and shares in thousands) COMMON STOCK EQUIVALENTS Quarter Quarter Weighted Average Ending Common Shares 211,842 211,927 Dilutive Options 3 3 Operating Partnership Units 8,622 8,621 Preferred B Operating Partnership Units (as if converted) 230 2
Slide 20: Trailing Five Quarter Information
Trailing Five Quarter Information Consolidated Balance Sheet (unaudited) (Dollars in thousands) As of June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 Assets: Real estate assets, net $ 24,340,817 $ 24,494,676 $ 24,555,873 $ 24,556,678 $ 10,017,351 Real estate assets -
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 June 30, 2024 (unaudited) (Dollars in thousands) Maturity Schedule Before Extensions Maturity Schedule After Extensions Wgt. Wgt. Avg. % of Avg. % of 2024 Maturities Amount Rate To
Slide 22: Detailed Debt Maturity Schedule and Enterprise Value
Detailed Debt Maturity Schedule and Enterprise Value As of June 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% $ 73,581 Fixed No Bank Loan June-2025 No
Slide 23: Debt Covenant Disclosure
Debt Covenant Disclosure As of June 30, 2024 (unaudited) (Dollars in thousands) Public Bond Covenants (1) Covenants Actual 1. Limitation on Total Outstanding Debt ≤ 60% 32.4% Total Outstanding Debt $ 12,415,305 Total Assets (2) $ 38,268,295 2. Limitation on Secured Debt ≤ 40% 4.6% Secured Debt $ 1,7
Slide 24: Summary of Notes Receivable Activity and Balances
Summary of Notes Receivable Activity and Balances As of June 30, 2024 (unaudited) (Dollars in thousands) Notes Receivable Mortgage Notes Mezzanine Notes Total Notes Receivable Receivable Receivable1 Notes Receivable Held as of March 31, 2024 $ 546,326 $ 206,010 $ 752,336 Add: Note Originations/Disbu
Slide 25: Store Portfolio Reporting Information, Three Months
Store Portfolio Reporting Information For the Three Months Ended June 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 Months for
Slide 26: Store Portfolio Reporting Information, Six Months
Store Portfolio Reporting Information For the Six Months Ended June 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 Six Months Ended f
Slide 27: Same-Store Detail
Same-Store Detail (unaudited) Excluding Tenant Insurance (Dollars in thousands) 2024 Same-Store Pool (1,078 Stores) 2023 Same-Store Pool (913 Stores) 2022 Same-Store Pool (862 Stores) For the Three Months Ended June 30, For the Three Months Ended June 30, For the Three Months Ended June 30, 2024 202
Slide 28: MSA Performance Summary for Same-Store, Three Months
MSA (1) Performance Summary for Same-Store For the Three Months Ended June 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 for t
Slide 29: MSA Performance Summary for Same-Store, Six Months
MSA (1) Performance Summary for Same-Store For the Six Months Ended June 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 Six Months Ended for the Six Months Ended for the Six Mont
Slide 30: Life Storage, Inc. Same-Store Detail
Life Storage, Inc. Same-Store Detail (unaudited) (Dollars in thousands) LSI Same-Store Pool (662 Stores) For the Three Months Ended June 30, 2024 2023 $ Variance % Variance Property revenues Net rental income $ 209,242 $ 205,132 $ 4,110 2.0% Other operating income 9,158 9,397 (239) (2.5%) Total oper
Slide 31: Life Storage Same-Store MSA Performance Summary, Three Months
Life Storage, Inc. Same-Store MSA Performance Summary For the Three Months Ended June 30, 2024 (unaudited) Net Rent / Average Occupancy Revenue Expenses NOI # of Net Rentable Occupied for the Three Months for the Three Months for the Three Months for the Three Months Market Stores Sq. Ft. Sq. Ft.(2)
Slide 32: Life Storage Same-Store MSA Performance Summary, Six Months
Life Storage, Inc. Same-Store MSA Performance Summary For the Six Months Ended June 30, 2024 (unaudited) Net Rent / Average Occupancy Revenue Expenses NOI # of Net Rentable Occupied Sq. for the Six Months Ended for the Six Months Ended for the Six Months Ended for the Six Months Ended Market Stores
Slide 33: MSA Performance Summary for All Stabilized Stores, Three Months
MSA (1) Performance Summary for All Stabilized (2) Stores For the Three Months Ended June 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 Mon
Slide 34: MSA Performance Summary for All Stabilized Stores, Six Months
MSA (1) Performance Summary for All Stabilized (2) Stores For the Six Months Ended June 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 Six Months Ended for the Six Months Ended f
Slide 35: 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 June 30, 2024 Purchase Price / Land + Estimated Estimated Estimated Construction Store Location Type Opening NRSF Cost in Progre
Slide 36: C of O / Development Stores Performance Summary, Three Months
Certificate of Occupancy / Development Stores Performance Summary For the Three Months Ended June 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 Ownership Pu
Slide 37: C of O / Development Stores Performance Summary, Six Months
Certificate of Occupancy / Development Stores Performance Summary For the Six Months Ended June 30, 2024 (unaudited) (Dollars in thousands) Revenue for the Expenses for the NOI for the Date EXR % Purchase Net Rentable Occupancy at Six Months Ended Six Months Ended Six Months Ended Opened Ownership P
Slide 38: 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 June 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 Stor
Slide 39: Consolidated and Total Operated Store Data by State
Consolidated Store Data by State (unaudited) Total Operated Store Data by State (unaudited) As of June 30, 2024 As of June 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 June 30, 2024 State