Slide 1: Supplemental Financial Information for the Three Months and Year Ended December 31, 2024
SUPPLEMENTAL FINANCIAL INFORMATION FOR THE THREE MONTHS AND YEAR ENDED DECEMBER 31, 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, market conditions, our outlook
Slide 3: Table of Contents
Table of Contents Page(s) Title 1-15 Press Release - Extra Space Storage Inc. Reports 2024 Fourth Quarter and Year-End 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 Sch
Slide 4: Reports 2024 Fourth Quarter and Year-End 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 Fourth Quarter and Year-End Results SALT LAKE CITY, February 25, 2025 — Extra Space Storage Inc. (NYSE: EXR)
Slide 5: Acquisitions, Loan Originations and Management Platform Additions
• Acquired 55 operating stores and three stores at completion of construction (“Certificate of Occupancy stores” or “C of O stores”) for a total cost of approximately $581.0 million. • In conjunction with joint venture partners, acquired five operating stores, one C of O store, completed seven devel
Slide 6: FFO Per Share
FFO Per Share: The following table (unaudited) outlines the Company’s FFO and Core FFO for the three months and year ended December 31, 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 presen
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 and year ended December 31, 2024, and 2023 (amounts shown in thousands, except store count data)1: For the Three Months For the Year Ended Ended December 3
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 December 3
Slide 9: Stock Repurchase, Notes Issuance and Debt Position
shares of common stock using its stock repurchase program during the quarter, and as of December 31, 2024, the Company had authorization to purchase up to $500.0 million under the program. During the three months ended December 31, 2024, the Company re-opened an existing issuance of 5.70% senior uns
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, 20251. Ranges for 2025 Annual Assumptions Notes (February 25, 2025) Low High Core FFO $8.00 $8.30 Dilution per share from C of O and value add acquisition
Slide 11: 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 12: Forward-Looking Statement Risk Factors (continued)
• our lack of sole decision-making authority with respect to our joint venture investments; • disruptions in credit and financial markets and resulting difficulties in raising capital or obtaining credit at reasonable rates or at all, which could impede our ability to grow; • availability of financi
Slide 13: Definition of Same-Store
Definition of Same-Store: The Company’s same-store pool for the periods presented consists of 1,071 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 14: Condensed Consolidated Balance Sheets
Extra Space Storage Inc. Condensed Consolidated Balance Sheets (In thousands, except share data) December 31, 2024 December 31, 2023 (Unaudited) Assets: Real estate assets, net $ 24,587,627 $ 24,555,873 Real estate assets - operating lease right-of-use assets 689,803 227,241 Investments in unconsoli
Slide 15: Consolidated Statement of Operations
Consolidated Statement of Operations for the Three Months and Year Ended December 31, 2024 and 2023 (In thousands, except share and per share data) - Unaudited For the Three Months Ended For the Year Ended December 31, December 31, 2024 2023 2024 2023 Revenues: Property rental $ 707,234 $ 696,982 $
Slide 16: Reconciliation of GAAP Net Income to Total Same-Store NOI
Reconciliation of GAAP Net Income to Total Same-Store Net Operating Income — for the Three Months and Year Ended December 31, 2024 and 2023 (In thousands) - Unaudited For the Three Months Ended For the Year Ended December 31, December 31, 2024 2023 2024 2023 Net Income $ 277,801 $ 227,407 $ 900,232
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, 2025 - Unaudited For the Year Ending December 31, 2025 Low End High End Net income attributable to common stockholders per diluted share $ 4.38 $
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, 2025 (In thousands) - Unaudited For the Year Ending December 31, 2025 Low High Net Income $ 1,039,500 $ 1,120,250 Adjusted to exclude: Equity in earnings of unconsolidated join
Slide 19: Key Highlights
Key Highlights As of December 31, 2024 (unaudited) (Dollars and shares in thousands) COMMON STOCK EQUIVALENTS Quarter Quarter Weighted Average Ending Common Shares 211,987 211,996 Dilutive Options - - Operating Partnership Units 8,719 9,354 Preferred B Operating Partnership Units (as if converted) 2
Slide 20: Trailing Five Quarter Information
Trailing Five Quarter Information Consolidated Balance Sheet (unaudited) (Dollars in thousands) As of December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 Assets: Real estate assets, net $ 24,587,627 $ 24,385,492 $ 24,340,817 $ 24,494,676 $ 24,555,873 Real estate asset
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 December 31, 2024 (unaudited) (Dollars in thousands) Maturity Schedule Before Extensions Maturity Schedule After Extensions Wgt. Wgt. Avg. % of Avg. % of 2025 Maturities Amount Rat
Slide 22: Detailed Debt Maturity Schedule and Enterprise Value
Detailed Debt Maturity Schedule and Enterprise Value As of December 31, 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% $ 72,738 Fixed No Bank Loan June-202
Slide 23: Debt Covenant Disclosure
Debt Covenant Disclosure As of December 31, 2024 (unaudited) (Dollars in thousands) Public Bond Covenants (1) Covenants Actual 1. Limitation on Total Outstanding Debt ≤ 60% 37.1% Total Outstanding Debt $ 13,268,984 Total Assets (2) $ 35,767,585 2. Limitation on Secured Debt ≤ 40% 4.4% Secured Debt $
Slide 24: Summary of Notes Receivable Activity and Balances
Summary of Notes Receivable Activity and Balances As of December 31, 2024 (unaudited) (Dollars in thousands) Notes Receivable Mortgage Notes Mezzanine Notes Total Notes Receivable Receivable Receivable2 Notes Receivable Held as of September 30, 2024 $ 724,017 $ 308,227 $ 1,032,244 Add: Note Originat
Slide 25: Store Portfolio Reporting Information (Three Months)
Store Portfolio Reporting Information For the Three Months Ended December 31, 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
Slide 26: Store Portfolio Reporting Information (Year)
Store Portfolio Reporting Information For the Year Ended December 31, 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 Year Ended for the Y
Slide 27: Same-Store Detail
Same-Store Detail (unaudited) Excluding Tenant Insurance (Dollars in thousands) 2024 Same-Store Pool (1,071 Stores) 2023 Same-Store Pool (907 Stores) 2022 Same-Store Pool (856 Stores) For the Three Months Ended December 31, For the Three Months Ended December 31, For the Three Months Ended December
Slide 28: MSA Performance Summary for Same-Store (Three Months)
MSA (1) Performance Summary for Same-Store For the Three Months Ended December 31, 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 f
Slide 29: MSA Performance Summary for Same-Store (Year)
MSA (1) Performance Summary for Same-Store For the Year Ended December 31, 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 Year Ended for the Year Ended for the Year Ended for the Yea
Slide 30: Life Storage, Inc. Same-Store Detail
Life Storage, Inc. Same-Store Detail (unaudited) (Dollars in thousands) LSI Same-Store Pool (658 Stores) For the Three Months Ended December 31, 2024 2023 $ Variance % Variance Property revenues Net rental income $ 208,546 $ 208,283 $ 263 0.1% Other operating income 8,547 9,482 (935) (9.9%) Total op
Slide 31: Life Storage Same-Store MSA Performance Summary (Three Months)
Life Storage, Inc. Same-Store MSA Performance Summary For the Three Months Ended December 31, 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
Slide 32: Life Storage Same-Store MSA Performance Summary (Year)
Life Storage, Inc. Same-Store MSA Performance Summary For the Year Ended December 31, 2024 (unaudited) Net Rent / Average Occupancy Revenue Expenses NOI # of Net Rentable Occupied for the Year Ended for the Year Ended for the Year Ended for the Year Ended Market Stores Sq. Ft. Sq. Ft.(2) December 31
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 December 31, 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
Slide 34: MSA Performance Summary for All Stabilized Stores (Year)
MSA (1) Performance Summary for All Stabilized (2) Stores For the Year Ended December 31, 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 Year Ended for the Year Ended for the Year En
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 December 31, 2024 Purchase Price / Land + Estimated Estimated Estimated Construction Store Location Type Opening NRSF Cost in Pr
Slide 36: C of O / Development Stores Performance Summary (Three Months)
Certificate of Occupancy / Development Stores Performance Summary For the Three Months Ended December 31, 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 Ownershi
Slide 37: C of O / Development Stores Performance Summary (Year)
Certificate of Occupancy / Development Stores Performance Summary For the Year Ended December 31, 2024 (unaudited) (Dollars in thousands) Revenue for the Expenses for the NOI for the Date EXR % Purchase Net Rentable Occupancy at Year Ended Year Ended Year Ended Opened Ownership Price Sq. Ft. Decembe
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 December 31, 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 39: Consolidated and Total Operated Store Data by State
Consolidated Store Data by State (unaudited) Total Operated Store Data by State (unaudited) As of December 31, 2024 As of December 31, 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 December 31