Slide 1: Supplemental Financial Information for the Three and Nine Months Ended September 30, 2023
SUPPLEMENTAL FINANCIAL INFORMATION FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 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: Forward-Looking Statements (continued)
• impacts from any outbreak of highly infectious or contagious diseases, including reduced demand for self- storage space and ancillary products, and potential decreases in occupancy and rental rates and staffing levels, which could adversely affect our results; and • economic uncertainty due to the
Slide 4: Table of Contents
Table of Contents Page(s) Title 1-15 Press Release - Extra Space Storage Inc. Reports 2023 Third 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 2023 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 2023 Third Quarter Results SALT LAKE CITY, November 7, 2023 — Extra Space Storage Inc. (NYSE: EXR) (the “Company”
Slide 6: Highlights for the nine months ended September 30, 2023
Highlights for the nine months ended September 30, 2023: • Achieved net income attributable to common stockholders of $3.78 per diluted share, representing a 22.7% decrease compared to the same period in the prior year, primarily due to $54.2 million in transition costs related to the Life Storage M
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, 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 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, 2023 and 2022 (amounts shown in thousands, except store count data)1: For the Three Months For the Nine Months Ended September
Slide 9: Investment and Property Management Activity: Life Storage Merger
Investment and Property Management Activity: Life Storage Merger: On July 20, 2023, the Company closed its previously announced merger with Life Storage. Under the terms of the Life Storage Merger, Life Storage stockholders received 0.895 of a share of common stock of the Company for each issued and
Slide 10: Balance Sheet
Balance Sheet: During the three months ended September 30, 2023, the Company completed multiple capital transactions in conjunction with the Life Storage Merger. The Company retired $1.2 billion in balances on Life Storage's line of credit which included $375.0 million that Life Storage used to pay
Slide 11: Outlook
Outlook: The following table outlines the Company's prior period and revised Core FFO estimates and annual assumptions for the year ending December 31, 20231, INCLUDING THE IMPACT OF THE LIFE STORAGE MERGER. Ranges for 2023 Prior Ranges for 2023 Annual Assumptions Annual Assumptions Notes (November
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 statement 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; • increases in interest rates; • reductions
Slide 14: Same-store definition and About Extra Space Storage Inc.
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 (growth), operating expenses (growth), net operating income (growth), etc., stockholders and potential investors are abl
Slide 15: Condensed Consolidated Balance Sheets
Extra Space Storage Inc. Condensed Consolidated Balance Sheets (In thousands, except share data) September 30, 2023 December 31, 2022 (Unaudited) Assets: Real estate assets, net $ 24,556,678 $ 9,997,978 Real estate assets - operating lease right-of-use assets 248,483 221,725 Investments in unconsoli
Slide 16: Consolidated Statement of Operations
Consolidated Statement of Operations for the Three and Nine Months Ended September 30, 2023 and 2022 (In thousands, except share and per share data) - Unaudited For the Three Months Ended For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Revenues: Property rental $ 650,887 $
Slide 17: Reconciliation of GAAP Net Income to Total Same-Store Net Operating Income
Reconciliation of GAAP Net Income to Total Same-Store Net Operating Income — for the Three and Nine Months Ended September 30, 2023 and 2022 (In thousands) - Unaudited For the Three Months Ended For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Net Income $ 198,856 $ 236,126
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 (excluding impact of Life Storage Merger) — for the Year Ending December 31, 2023 - Unaudited For the Year Ending December 31, 2023 Low End High End Net income attributable to comm
Slide 19: Reconciliation of Estimated GAAP Net Income to Estimated Same-Store NOI
Reconciliation of Estimated GAAP Net Income to Estimated Same-Store Net Operating Income (excluding impact of Life Storage Merger) — for the Year Ending December 31, 2023 (In thousands) - Unaudited For the Year Ending December 31, 2023 Low High Net Income $ 892,567 $ 919,067 Adjusted to exclude: Equ
Slide 20: Key Highlights
Key Highlights As of September 30, 2023 (unaudited) (Dollars and shares in thousands) COMMON STOCK EQUIVALENTS Quarter Quarter Weighted Average Ending Common Shares 195,536 211,276 Dilutive Options 4 4 Operating Partnership Units 8,541 8,887 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, 2023 June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 Assets: Real estate assets, net $ 24,556,678 $ 10,017,351 $ 9,991,446 $ 9,997,978 $ 9,877,080 Real estate assets
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, 2023 (unaudited) (Dollars in thousands) Maturity Schedule Before Extensions Maturity Schedule After Extensions Wgt. Wgt. Avg. % of Avg. % of 2023 Maturities Amount Ra
Slide 23: Detailed Debt Maturity Schedule and Enterprise Value
Detailed Debt Maturity Schedule and Enterprise Value As of September 30, 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% $ 74,845 Fixed No Bank Loan June-20
Slide 24: Debt Covenant Disclosure
Debt Covenant Disclosure As of September 30, 2023 (unaudited) (Dollars in thousands) Public Bond Covenants (1) Covenants Actual 1. Limitation on Total Outstanding Debt ≤ 60% 31.6% Total Outstanding Debt $ 11,897,777 Total Assets (2) $ 37,603,482 2. Limitation on Secured Debt ≤ 40% 4.6% Secured Debt
Slide 25: Summary of Notes Receivable Activity and Balances
Summary of Notes Receivable Activity and Balances As of September 30, 2023 (unaudited) (Dollars in thousands) Notes Receivable Mortgage Notes Mezzanine Notes Total Notes Receivable Receivable Receivable1 Notes Receivable Held as of June 30, 2023 $ 376,683 $ 163,672 $ 540,355 Add: Note Originations/D
Slide 26: Store Portfolio Reporting Information (Three Months)
Store Portfolio Reporting Information For the Three Months Ended September 30, 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 Month
Slide 27: Store Portfolio Reporting Information (Nine Months)
Store Portfolio Reporting Information For the Nine Months Ended September 30, 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 Nine Months
Slide 28: 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 September 30, For the Three Months Ended September 30, For the Three Months Ended September
Slide 29: MSA Performance Summary for Same-Store (Three Months)
MSA (1) Performance Summary for Same-Store For the Three Months Ended September 30, 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
Slide 30: MSA Performance Summary for Same-Store (Nine Months)
MSA (1) Performance Summary for Same-Store For the Nine Months Ended September 30, 2023 (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: 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, 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 Thre
Slide 32: 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, 2023 (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 33: 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 September 30, 2023 Purchase Price / Land + Estimated Estimated Estimated Construction Store Location Type Opening NRSF Cost in P
Slide 34: C of O / Development Stores Performance Summary (Three Months)
Certificate of Occupancy / Development Stores Performance Summary For the Three Months Ended September 30, 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 Ownersh
Slide 35: C of O / Development Stores Performance Summary (Nine Months)
Certificate of Occupancy / Development Stores Performance Summary For the Nine Months Ended September 30, 2023 (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 36: 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, 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
Slide 37: Life Storage, Inc. Same-Store Data
Life Storage, Inc. Same-Store Data For the Three and Nine Months Ended September 30, 2023 (unaudited) July 1, 2023 July 1, 2022 January 1, 2023 January 1, 2022 to to Percentage to to Percentage (dollars in thousands) September 30, 2023 September 30, 2022 Change Change September 30, 2023 September 30
Slide 38: Life Storage, Inc. Same-Store Data (Three Months by Market)
Life Storage, Inc. Same-Store Data For the Three Months Ended September 30, 2023 (unaudited) Net Rent / Average Occupancy (2) Revenues Expenses (3) NOI # of Net Rentable Occupied Sq. for the Three Months for the Three Months Ended for the Three Months Ended for the Three Months Ended Market Stores S
Slide 39: Life Storage, Inc. Same-Store Data (Nine Months by Market)
Life Storage, Inc. Same-Store Data For the Nine Months Ended September 30, 2023 (unaudited) Net Rent / Average Occupancy (2) Revenues Expenses (3) 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 Market Stores
Slide 40: Consolidated Store Data by State
Consolidated Store Data by State (unaudited) Total Operated Store Data by State (unaudited) As of September 30, 2023 As of September 30, 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 September