Slide 1: Company Presentation
COMPANY PRESENTATION JUNE 2025
Slide 2: Safe Harbor
Forward-Looking Statements: SAFE HARBOR 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,
Slide 3: Presentation Overview
PRESENTATION OVERVIEW ▪ Company Overview ▪ Why Self Storage ▪ Why Extra Space ▪ Historical Trends ▪ Current Performance ▪ Future Outlook ▪ Appendix
Slide 4: Company Overview
COMPANY OVERVIEW 4,099 314 Million+ S&P 500 Properties Sq Ft of Rentable Space Member Since 2015 GROWTH 0.3% 93.3% 212.1% Q1 2025 Same-Store Q1 2025 Same-Store 10-Year Total Revenue Growth Average Occupancy Shareholder Return BALANCE SHEET $32.9 Billion 5.3x Moody’s Baa2 Equity Market Cap* Net Debt
Slide 5: Recent Awards
RECENT AWARDS AMERICA’S AMERICA’S BEST CUSTOMER TOP 25 BEST BEST COMPANIES GREATEST MIDSIZE SERVICE COMPANIES TO WORK FOR (FORBES) (US NEWS) WORKPLACES COMPANIES CHAMPIONS (NEWSWEEK) (TIME) (USA TODAY) MOST TRUSTED AMERICA’S BEST WORLD’S BEST COMPANIES IN OF THE BEST COMPANIES (NEWSWEEK) AMERICA (TI
Slide 6: Why Storage?
WHY STORAGE? RESILIENT & STEADY DIVERSIFIED CONSOLIDATION CONSISTENT GROWING CASH FLOWS CUSTOMER OPPORTUNITY RETURNS DEMAND & ASSET BASE Need-based, recession High operating margins, No material customer Highly-fragmented industry, Top 2 performing REIT sector resilient asset class with the ability
Slide 7: Steady Demand Growth
STEADY DEMAND GROWTH Percentage of U.S. Households Utilizing Storage (as a Percentage of Total Households) 11.1% 9.4% 10.6% 9.0% 5.5% 4.1% 2.7% 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 *Sources: Mini-Storage Messenger – Self Storage Almanac 2023
Slide 8: Resilient Revenue Growth
RESILIENT REVENUE GROWTH Same-store Revenue Growth for EXR and Storage Sector (Year-Over-Year) 17.4% Extra Space Storage 13.8% 13.7% 13.2% Sector Average Excluding EXR 9.3% 7.5% 6.6% 6.6% 7.4%6.8% 6.7% 7.0% 6.9% 6.4% 5.4% 4.9% 5.0% 5.1% 4.6% 4.1% 3.8% 3.9% 3.7% 4.1% 3.5% 3.1% 3.1%3.5% 2.4% 1.6%2.6%
Slide 9: Opportunity for Consolidation
OPPORTUNITY FOR CONSOLIDATION U.S. Market Share by Square Footage Non-REIT Non-Institutional ~20% 15.0% Quality Properties 10.6% 5.0% Non-REIT Institutional ~41% 4.3% Quality Properties 3.3% 0.8% *REIT data from public filings as of March 31, 2025. U-Haul and total U.S. storage square footage per th
Slide 10: REIT 20-Year Returns
REIT 20-YEAR RETURNS 3000% 2000% #1 SELF STORAGE REIT #3 ALL PUBLIC REITS 1000% 0% Data Centers Self Storage Manufactured Malls Triple Net Healthcare Multifamily Timber Shopping Housing Centers Price Dividends Total Return *Results from KeyBanc Leaderboard as of December 31, 2024
Slide 11: Why EXR?
WHY EXR? TENURED MANAGEMENT TEAM Executive team has average tenure of 20 years with Extra Space Storage and a strong track record of execution. SOLID BALANCE SHEET S&P Global: BBB+ Stable & Moody’s: Baa2 Positive ratings. Appropriately leveraged investment grade rated balance sheet consisting of div
Slide 12: Extra Space Timeline
EXTRA SPACE TIMELINE 2018, 2020 Glassdoor Best Places 1977 Founded by Ken Woolley 2006 Started tenant insurance to Work winner (Ranked 73 out of (Current Chairman) program 700,000+ companies & 90 out of 1 million+ companies respectively) 1998 Recapitalized through joint 2008 Started third-party prop
Slide 13: Flexible Ownership
FLEXIBLE OWNERSHIP 4,099 PROPERTIES 1,985 439 1,675 WHOLLY-OWNED/ JOINT VENTURE MANAGED CONSOLIDATED (48%) (11%) (41%) *As of March 31, 2025
Slide 14: Diversification and Scale
DIVERSIFICATION AND SCALE SFO 3% DC 3% BOS 4% NORTHWEST DAL 4% 4.0M SQ FT 1% NORTHEAST 54.3M SQ FT MIA 5% 17% MIDWEST Other 54% 43.1M SQ FT CHI 5% 14% CA & HAWAII MTN WEST 29.4M SQ FT MID- ATLANTIC 27.3M SQ FT SAME-STORE ATL 5% 36.6M SQ FT 12% 9% 9% REVENUE BY MSA SOUTHEAST 37.8M SQ FT 12% TEXAS 41.
Slide 15: Historical Trends
HISTORICAL TRENDS Occupancy • Occupancy remains above historical levels (outside COVID years). Performance • Best historical FFO growth in the sector. • Best total return in the sector. • Strong historical dividend growth. Growth • Disciplined investments. • Consistent property growth.
Slide 16: Historical Occupancy
HISTORICAL OCCUPANCY End of Year Square Foot Occupancy 96% 95% 94% 93% 92% 91% 90% 89% 88% 87% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Sq Ft Occupancy Ave. Occupancy *Same Store properties
Slide 17: Operational Outperformance
OPERATIONAL OUTPERFORMANCE Core FFO Per Share Growth1 EXR PSA CUBE 692% 396% 209% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1 2025 1. Core FFO per share growth shown as a rolling four-quarter average. Data as of March 31, 2025, as reported in public filings or company su
Slide 18: Best-in-Class Stock Performance
BEST-IN-CLASS STOCK PERFORMANCE Total Return 10-YEAR STORAGE SECTOR 10-YEAR ALL PUBLIC REITS 1. Extra Space Storage (EXR) 265.3% 1. Global Medical 5,777.8% 2. CubeSmart (CUBE) 182.5% 2. Equinix 426.4% 3. Public Storage (PSA) 138.5% 4. BRT Apartments 302.0% 6. Independence Realty 274.4% 8. Extra Spac
Slide 19: Best-in-Class Stock Performance
BEST-IN-CLASS STOCK PERFORMANCE 20-Year Total Return ALL PUBLIC REITS 1. Digital Realty Trust 2,832.0% Extra Space Storage 2. Equinix 2,802.1% 3. Extra Space Storage 2,436.6% 4. SBA Comms 2,229.5% 5. Omega Healthcare 1,302.0% *Results from KeyBanc Leaderboard as of December 31, 2024
Slide 20: Dividend Growth
DIVIDEND GROWTH $6.48 $6.48 $6.00 10-YEAR RETURN $2.93 $3.12 $3.36 $3.56 $3.60 $4.50 110.1 % $2.24 20-YEAR RETURN 1,414.4 % 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 *Results from KeyBanc Leaderboard as of December 31, 2024
Slide 21: Strong, Rated Balance Sheet
STRONG, RATED BALANCE SHEET 2019 2024 CHANGE Enterprise Value $19.8 Billion $45.7 Billion SIZE & LIQUIDITY Unencumbered Assets1 $7.4 Billion $27.5 Billion Revolving capacity $790 Million $2.1 Billion Net Debt to EBITDA 5.7x 5.2x RATIOS Fixed Charge Ratio 3.8x 4.2x Interest Coverage Ratio 4.7 4.3 2 R
Slide 22: Consistent and Diversified Investments
CONSISTENT AND DIVERSIFIED INVESTMENTS (in millions) $15,500 $2,500 $15,335 $15,000 $2,115 $2,000 $1,824 $1,500 $1,508 Life Storage Development and C of O Preferred Equity/Note Purchases Bridge Loans $1,000 $961 Joint Venture Acquisitions Wholly Owned Acquisitions $332 $500 $0 2020 2021 2022 2023 20
Slide 23: Consistent Growth
CONSISTENT GROWTH Extra Space Storage Operated Stores 3,714 4,011 4,099 1575 1675 1,337 2,338 2,096 1,647 1,817 1,921 472 460 439 1,347 1,427 1,483 828 887 1,029 1,088 646 724 536 318 348 411 422 246 253 283 250 260 180 215 233 1,905 1976 1985 253 273 271 944 985 1,133 746 836 846 878 925 506 557 20
Slide 24: Largest and Fastest Growing Third-Party Management Platform
LARGEST AND FASTEST GROWING THIRD-PARTY MANAGEMENT PLATFORM 1675 1575 1337 GROWTH SINCE 2018 887 EXR: 1,139 828 825 820 422 442 536 558 646 618 724 561 591 718 CUBE: 378 PSA: 314 335 307 314 210 55 92 93 114 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD PSA CUBE EXR *As of March 31, 2025, exclude
Slide 25: Current Quarter Updates
CURRENT QUARTER UPDATES Occupancy • Occupancy remains above historical levels (outside COVID years). Customer Behavior • New customers remain price sensitive. • Existing customers still resilient. Growth • Acquisitions through joint venture consolidation. • Strong new additions to third-party platfo
Slide 26: Occupancy Update
OCCUPANCY UPDATE 98% 97% 96% 95% 94.3% 94% 93.3% 93% 93.8% 92% 91% 90% Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 2024 2025 *End of month occupancy for the EXR 2025 “Same-store” pool.
Slide 27: Rental Activity
RENTAL ACTIVITY Average Monthly Rentals Per Store 50 45 40 35 30 25 20 15 10 5 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Average: 2013-2023 2024 2025 *Data for “Core” pool of 592 stores.
Slide 28: Vacate Activity
VACATE ACTIVITY Average Monthly Vacates Per Store 50 45 40 35 30 25 20 15 10 5 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Average: 2013-2023 2024 2025 *Data for “Core” pool of 592 stores.
Slide 29: Move In / Move Out
MOVE IN / MOVE OUT $200 -10% $180 $172 $170 $164 $168 $166 -15% $160 $140 $110 $109 $115 $109 -20% $120 $105 $100 -25% $80 -30% -30% $60 $40 -34% -35% -36% -36% $20 -38% $- -40% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Avg Move in Rate Avg Move Out Rate Gap *2025 Same Store Pool
Slide 30: Reasons for Storing
REASONS FOR STORING 56% 58% 54% 53% 54% 35% 36% 35% 29% 31% 16% 9% 10% 10% 11% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Moving Lack of space Other *EXR personal use customer survey data
Slide 31: Reasons for Moving Out
REASONS FOR MOVING OUT 76% 78% 80% 77% 76% 20% 19% 17% 18% 19% 3% 3% 3% 5% 5% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Moving to another EXR Moving to competitor No longer need storage Net Promoter Score *EXR customer survey data
Slide 32: Length of Tenant Stay
LENGTH OF TENANT STAY % of customer stays > 12mos 62.3% 57.9% % of customer stays > 24mos 44.1% 38.6% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 *Data measured for in-place customers mid-month to reduce volatility. 592 “Core” EXR stores.
Slide 33: 2025 Q1 Same-Store Growth
2025 Q1 SAME-STORE GROWTH Extra Space Storage (EXR) Public Storage (PSA) Cube Smart (CUBE) National Storage (NSA) 4.2% 3.7% 0.3% 0.1% 0.1% 0.6% 0.0% -0.4% -1.2% -0.8% -3.0% -5.7% REVENUE EXPENSES NOI *Data as of March 31, 2025, as reported in public filings.
Slide 34: 2025 YTD Core FFO Growth
2025 YTD CORE FFO GROWTH 2.0% 2.2% 0.0% Extra Space Storage (EXR) Public Storage (PSA) PSA CUBE Cube Smart (CUBE) National Storage (NSA) -10.0% *Data on a per share basis as of March 31, 2025, as reported in public filings or company supplemental financial statements.
Slide 35: Future Outlook
FUTURE OUTLOOK Technology and Scale • Advantage with internet marketing. • Machine Learning (AI) drives our pricing models. • Scale allows us to test more quickly. Headwinds to New Development • New development moderation and delayed deliveries. • Elevated material and labor costs, high interest rat
Slide 36: Technology Advantage of Large Operators
TECHNOLOGY ADVANTAGE OF LARGE OPERATORS PAID SEARCH LOCAL SEARCH ORGANIC SEARCH
Slide 37: Supply
SUPPLY NEW SUPPLY DELIVERIES NATIONAL ANNUAL COMPLETIONS* 80.0 8% 30% 29% 70.0 7% 25% 60.0 6% 50.0 5% 40.0 4% 13% 10% 30.0 3% 20.0 2% 10.0 1% - 0% 2021 2022 2023 2024 2025 Estimate 2012 2014 2016 2018 2020 2022 2024 (F)2026 (F)2028 (F) Sq Ft Delivered as % of Same Store NRSF Net Rentable Square Feet
Slide 38: Demand
DEMAND Index of Generic Search Terms 70 65 60 55 50 45 40 35 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2019 2024 2025 *Index is comprised of 74 non-brand generic storage search terms used with Google search engine.
Slide 39: Expansion & Redevelopment
BEFORE EXPANSION & REDEVELOPMENT 2024 Completed • 12 Projects AFTER • 344,557 NRSF • $66M Investment • 9.5% Average Yield 2025 Projected • 23 Projects • 824,782 NRSF • $145M Investment • 9.3% Average Yield
Slide 40: Appendix
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Slide 41: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES Definition of FFO: FFO provides relevant and meaningful information about the Company’s operating performance that is necessary, along with net income and cash flows, for an understanding of the Company’s operating results. The Company believes FFO is a meaningful disclos
Slide 42: 2025 Key Outlook Assumptions
2025 KEY OUTLOOK ASSUMPTIONS Low High 2025 Core FFO $8.00 $8.30 Same-Store Revenue (0.75)% 1.25% Same-Store Expenses 3.75% 5.25% Same-Store NOI (3.00)% 0.25% Net Tenant Insurance Income $269,000,000 $272,000,000 Management Fees & Other Income $125,000,000 $126,500,000 Interest Income $152,000,000 $1
Slide 43: Q1 2025 EXR Bond Covenant Compliance
Q1 2025 EXR BOND COVENANT COMPLIANCE Public Bond Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Total Debt 11,897,777 11,952,223 12,083,633 12,415,305 12,432,613 13,268,984 13,483,906 Total Assets 37,603,482 37,529,882 37,809,873 38,268,295 34,966,085 35,767,585 36,034,628 Limitation on tot