Slide 1: Company Presentation
COMPANY PRESENTATION MARCH 2026 Southgate, MI
Slide 2: Safe Harbor
SAFE HARBOR 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,
Slide 3: A Self Storage Pureplay with the Industry's Largest Portfolio
A SELF STORAGE PUREPLAY WITH THE INDUSTRY’S LARGEST PORTFOLIO 4,281 $28.9 S&P 500 92.6% CUSTOMER SERVICE PROPERTIES Billion MEMBER SINCE SAME STORE CHAMPIONS EQUITY MARKET CAP 2015 OCCUPANCY (USA TODAY) 114.3% $1.5 10-YEAR BILLION 5.2X SHAREHOLDER BRIDGE LOAN NET DEBT TO EBITA RETURN PORTFOLIO MOODY
Slide 4: Table of Contents
TABLE OF CONTENTS SECTION 1: THE BENEFITS OF STORAGE SECTION 2: THE BENEFITS OF EXTRA SPACE SECTION 3: COMPANY UPDATE APPENDIX Detroit, MI
Slide 5: Section 1: The Benefits of Storage
BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE | COMPANY UPDATE SECTION 1: THE BENEFITS OF STORAGE Need-based, recession resilient asset class with increasing STEADY NEED BASED DEMAND awareness, utilization, length of customer stay, and demand drivers in positive and negative economic environments. H
Slide 6: Steady Need Based Demand
BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE | COMPANY UPDATE STEADY NEED BASED DEMAND Storage Demand Drivers1 Increasing National Utilization2 12.6% 56% 55% 55% 9.4% 10.6% 32% 33% 32% 9.0% 5.5% 12% 12% 13% 4.1% 2.7% 2003 1987 1989 1991 1993 1995 1997 1999 2001 2005 2007 2009 2011 2013 2015 2017 20
Slide 7: Steady Need Based Demand: Affordable Alternative
BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE | COMPANY UPDATE STEADY NEED BASED DEMAND Storage Provides an Affordable Alternative to Larger Living Spaces $2,100 $1,750 $117 Monthly Mortgage Payment Monthly Rental Cost Monthly Storage Rental Cost 1. National median mortgage monthly payment (Mortgage
Slide 8: Stable Cash Flows
BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE | COMPANY UPDATE STABLE CASH FLOWS Durable Same-store Revenue Growth (Year-Over-Year) Consistent Sector Outperformance 16.0% 4.7% Extra Space Storage Sector Average Excluding EXR 3.8% 11.0% 6.0% EXTRA STORAGE SPACE SECTOR STORAGE AVERAGE 1.0% (4.0%) 20-Y
Slide 9: Stable Cash Flows: Margins and Dividend Growth
BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE | COMPANY UPDATE STABLE CASH FLOWS High profit margin sector with A top sector for dividend growth high funds available for distribution MEDIAN NOI MARGIN1 10-YEAR SHAREHOLDER DIVIDEND GROWTH2 78% 102% 74% 70% 74% 64% 53% 60% 43% 31% Office Retail Indust
Slide 10: Diversified Customer & Asset Base
BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE | COMPANY UPDATE DIVERSIFIED CUSTOMER & ASSET BASE Asset size and markets reduce portfolio Broad customer base drives stable revenue revenue volatility MEDIAN TENANTS-PER-PROPERTY MEDIAN ASSET VALUE (IN MILLIONS OF $) 500 $50 $25 200 $20 $15 $14 9 30 1 O
Slide 11: Improving Sector Fundamentals
BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE | COMPANY UPDATE IMPROVING SECTOR FUNDAMENTALS MODERATING NEW SUPPLY* IMPROVING NEW CUSTOMER RATES 80.0 8% Same Store 70.0 7% 8.0% EXR Peers (simple ave) 60.0 6% 6.0% 50.0 5% 40.0 4% 4.0% 30.0 3% 2.0% 20.0 2% 0.0% 10.0 1% Q1 2025 Q2 2025 Q3 2025 Q4 2025
Slide 12: Improving Sector Fundamentals: Largest Brands Dominating
BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE | COMPANY UPDATE IMPROVING SECTOR FUNDAMENTALS Largest Brands Dominating Customer Acquisition THE MAJORITY OF ALL TRANSACTIONS ARE DRIVEN BY THE TOP 3 SEARCH RESULTS & ~90% STAY ON PAGE 1
Slide 13: Consolidation Opportunity
BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE | COMPANY UPDATE CONSOLIDATION OPPORTUNITY U.S. Market Share by Square Footage EXR IS THE NATURAL CONSOLIDATOR THROUGH MULTI-CHANNEL EXTERNAL GROWTH PLATFORM 14.2% Net Lease Acquisitions INDEPENDENT 11.1% OPERATORS Preferred ~62% Equity INDUSTRY’S Joint
Slide 14: Section 2: The Benefits of Extra Space Storage
BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE | COMPANY UPDATE SECTION 2: THE BENEFITS OF EXTRA SPACE STORAGE THE NATION’S LARGEST AND MOST Extra Space Storage has over 4,200 stores in 43 states, with balanced exposure to DIVERSE SELF STORAGE PORTFOLIO nation’s largest MSA’s, all operating under one
Slide 15: The Nation's Largest and Most Diverse Self Storage Portfolio
BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE | COMPANY UPDATE THE NATION’S LARGEST AND MOST DIVERSE SELF STORAGE PORTFOLIO Geographic and Revenue Diversification Reduces Volatility NORTHWEST 4.0M SQ FT 1% NORTHEAST 54.7M SQ FT SFO 3% DC 3% 17% BOS 4% DAL 4% MIDWEST 43.7M SQ FT MIA 5% 14% Other CA &
Slide 16: Ownership Diversification and Future Acquisition Pipeline
BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE | COMPANY UPDATE THE NATION’S LARGEST AND MOST DIVERSE SELF STORAGE PORTFOLIO Ownership Diversification and a Future Acquisition Pipeline 4,281 PROPERTIES 2,018 407 1,856 WHOLLY-OWNED/ JOINT VENTURE MANAGED CONSOLIDATED (11%) (41%) (48%) *As of December
Slide 17: Top 20-Year Total Return in the REIT Sector
BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE | COMPANY UPDATE THE INDUSTRY’S LEADING OPERATOR Extra Space Storage has Delivered a Top 20-Year Total Return in the REIT Sector 20 Year return 0% 500% 1000% 1500% 2000% ALL PUBLIC REITS EXR Welltower 1. Equinix 2,429.4% S&P 500 2. Extra Space Storage 1,
Slide 18: Highest 20-Year Compound Annual Dividend Growth Rate
BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE | COMPANY UPDATE THE INDUSTRY’S LEADING OPERATOR Extra Space Storage has the Highest 20-year Compound Annual Dividend Growth Rate in the Sector 10.3% 10-YEAR DIVIDEND GROWTH* 7.8% 66.7 % 20-YEAR DIVIDEND GROWTH* 1,034.1 3.0% % EXR PSA CUBE *Results from
Slide 19: Leveraging Data, Analytics and Scale
BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE | COMPANY UPDATE THE INDUSTRY’S LEADING OPERATOR Leveraging Data, Analytics and Scale to Deliver the Industry’s Best Results INDUSTRY’S MOST TENURED DATA SCIENCE TEAM ANNUAL SAME-STORE REVENUE GROWTH RANKINGS INDUSTRY’S LARGEST DATA SET HUNDREDS OF A/B T
Slide 20: Highest Core FFO Per Share Growth
BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE | COMPANY UPDATE THE INDUSTRY’S LEADING OPERATOR Extra Space Storage has the Highest Core FFO Per Share Growth1 697% EXR PSA CUBE 387% 213% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1. Core FFO per share growth shown as a
Slide 21: Most Engaged Team in the Storage Sector
BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE | COMPANY UPDATE THE INDUSTRY’S LEADING OPERATOR Extra Space Storage has recruited, developed and retained the most engaged team in the storage sector EXR PSA CUBE NSA AVERAGE TENURE OF THE Number of Reviews 3,236 2,082 715 100 EXECUTIVE TEAM Overall Rat
Slide 22: Multi-Channel External Growth Strategy Overview
BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE | COMPANY UPDATE BUILT FOR ACCRETIVE GROWTH ACROSS ALL CYCLES Multi-Channel External Growth Strategy Overview WHOLLY OWNED ACQUISITIONS Acquire properties in geographically diverse markets primarily through off market transactions that enhance shareholde
Slide 23: Consistent Growth Through Diversified Channels
BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE | COMPANY UPDATE BUILT FOR ACCRETIVE GROWTH ACROSS ALL CYCLES Consistent Growth Through Diversified Channels (in Millions) $15,500 $2,500 $15,389 $15,000 $2,115 $2,000 $1,860 Life Storage $1,536 $1,517 Development and C of O $1,500 Redevelopment Preferre
Slide 24: Extra Space Storage Operated Stores
BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE | COMPANY UPDATE BUILT FOR ACCRETIVE GROWTH ACROSS ALL CYCLES Extra Space Storage Operated Stores 4,011 4,281 3,714 1,856 1,575 1,337 2,338 2,096 407 1,817 1,921 472 460 1,483 1,647 887 1,347 1,427 422 828 646 724 1,029 1,088 536 318 348 411 246 253 283
Slide 25: The Operator Owners Trust to Manage Their Properties
BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE | COMPANY UPDATE BUILT FOR ACCRETIVE GROWTH ACROSS ALL CYCLES The Operator Owners Trust to Manage Their Properties 1,856 1,750 1,575 1,500 >$220 MILLION IN FEE & 1,337 1,250 TENANT INSURANCE REVENUE ANNUALLY 1,000 828 887 813 825 724 718 750 618 561 591
Slide 26: Bridge Loan Program
BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE | COMPANY UPDATE BUILT FOR ACCRETIVE GROWTH ACROSS ALL CYCLES Bridge Loan Program: An Acquisition Pipeline, Drives Management and Provides Solid Returns on Capital BRIDGE LOANS ORIGINATION (in Millions) WEIGHTED AVERAGE $1,000 INTEREST RATE $900 $880 MOR
Slide 27: Expansion and Redevelopment of Existing Portfolio Assets
BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE | COMPANY UPDATE BUILT FOR ACCRETIVE GROWTH ACROSS ALL CYCLES Creating Outsized Returns Through Expansion and Redevelopment of Existing Portfolio Assets Redevelopment projects $300 9.2% $250 9.1% $200 BEFORE $150 10.3% 9.5% $100 $50 $0 2025 2026 2027 202
Slide 28: Leveraging Technology to Meet the Customer
BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE | COMPANY UPDATE THE INDUSTRY’S TECHNOLOGY LEADER Leveraging Technology to Meet the Customer Where and How They Want to Interact RENTALS BY GENERATION Store Rental Web Rental Call Center Rental 73% 65% IN STORE 52% 54% ~48% OF RENTALS 48% 39% WEBSITE 36%
Slide 29: Big Brands Dominate Traditional & AIO Search
BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE | COMPANY UPDATE THE INDUSTRY’S TECHNOLOGY LEADER Big Brands Continue to Dominate Traditional & AIO Search Traditional Search AIO Search 1 STRONG WEBSITES, CONTENT & SCALE BUILD BRAND AUTHORITY & RECOGNITION 2 BRAND AUTHORITY & RECOGNITION DRIVE SEARCH R
Slide 30: A Durable and Flexible Balance Sheet
BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE | COMPANY UPDATE A DURABLE AND FLEXIBLE BALANCE SHEET As of December 31, 2025 Enterprise Value $42.4 Billion SIZE & LIQUIDITY Unencumbered Assets $31.6 Billion $28.9 Billion Revolving capacity $3.1 Billion Market Capitalization* Net Debt to EBITDA 5.2x 2
Slide 31: Well Laddered Maturities Over the Next 10 Years
BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE | COMPANY UPDATE A DURABLE AND FLEXIBLE BALANCE SHEET Well Laddered Maturities Over the Next 10-years $4,500 $4,000 $3,500 $3,000 $2,500 16.3% $2,000 14.0% 13.2% 13.1% $1,500 7.5% 6.8% $1,000 5.4% 5.9% 4.5% 4.5% $500 $- 2026 2027 2028 2029 2030 2031 2032
Slide 32: Section 3: Company Update
BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE | COMPANY UPDATE SECTION 3: COMPANY UPDATE OCCUPANCY RENTAL & VACATE TRENDS SAME STORE PERFORMANCE FFO GROWTH
Slide 33: Company Update: Industry Leading Occupancy
BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE | COMPANY UPDATE COMPANY UPDATE: INDUSTRY LEADING OCCUPANCY 96% 95% 94% 93.0% 93% 92.6% 92.6% 92% 91% Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 2025 2026 Core Average since '13-'23 *End of month occupancy for the EXR 2026 “Same-store” pool. Data
Slide 34: Company Update: Stable Rental & Vacate Activity
BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE | COMPANY UPDATE COMPANY UPDATE: STABLE RENTAL & VACATE ACTIVITY RENTAL ACTIVITY VACATE ACTIVITY 45 (average per store) 45 (average per store) 40 40 35 35 30 30 25 25 20 20 15 15 10 10 5 5 0 0 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 1st Quarter 2
Slide 35: Company Update: Same Store Performance
BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE | COMPANY UPDATE COMPANY UPDATE: SAME STORE PERFOMANCE Extra Space Storage (EXR) Public Storage (PSA) 4th QUARTER Cube Smart (CUBE) National Storage (NSA) 3.6% 2.9% 0.4% 1.1% 0.1% -0.2% -0.1% -0.7% -0.8% -1.2% -1.1% -0.7% REVENUE EXPENSES NOI FULL YEAR 2
Slide 36: Company Update: FFO Growth
BENEFITS OF STORAGE | BENEFITS OF EXTRA SPACE | COMPANY UPDATE COMPANY UPDATE: FFO GROWTH Extra Space Storage (EXR) 4th QUARTER Public Storage (PSA) Cube Smart (CUBE) 2.5% 1.2% National Storage (NSA) PSA -5.9% CUBE -5.0% FULL YEAR 2025 1.1% 1.8% PSA -1.9% CUBE *Data on a per share basis as of Decemb
Slide 37: Appendix
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Slide 38: Non-GAAP Financial Measures
APPENDIX 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 meaningfu
Slide 39: 2026 Key Outlook Assumptions
APPENDIX 2026 KEY OUTLOOK ASSUMPTIONS Low High 2026 Core FFO $8.05 $8.35 Same-Store Revenue (0.50)% 1.50% Same-Store Expenses 2.00% 3.50% Same-Store NOI (2.25)% 1.25% Net Tenant Insurance Income $289,000,000 $292,000,000 Management Fees & Other Income $138,000,000 $139,500,000 Interest Income $149,5
Slide 40: Q4 2025 EXR Public Bond Covenant Compliance
APPENDIX Q4 2025 EXR PUBLIC BOND COVENANT COMPLIANCE Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Total Indebtedness 12,415,305 12,432,613 13,268,984 13,483,906 13,685,214 13,657,006 13,965,777 Total Asset Value 41,048,539 38,198,780 38,893,357 39,116,114 39,112,733 38,772,826 38,966,327
Slide 41: Recognized Leader
APPENDIX RECOGNIZED LEADER 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
Slide 42: Sustainability
APPENDIX SUSTAINABILITY With a Focus on Long-Term Sustainability GRESB PUBLIC DISCLOSURE LEVEL E D C B A ABOVE PEER GROUP 2020 & 2021 WINNER AVERAGE GRESB GLOBAL AVERAGE: C FIRST STORAGE REIT BENCHMARK SCORE COMPARISON GROUP AVERAGE: D RECOGNIZED RANKED AS TOP 5 REAL ESTATE COMPANY Best ESG Risk Rat