Extra Space Storage (EXR) investor relations material

Market performance and financial highlights

• Operates 4,410 properties with $32.1 billion equity market cap and S&P 500 membership since 2015.

• Achieved industry-leading same-store occupancy at 94.2% and 10-year shareholder return of 140.7%.

• Outperformed peers in same-store revenue and NOI growth across major U.S. markets in Q2 2026.

• Core FFO growth accelerated, with 4.9% in Q2 and 3.5% projected for full year 2026.

• Maintains a strong balance sheet with 5.1x net debt to EBITDA and investment-grade ratings.

Operational excellence and growth strategy

• Consistently leads sector in same-store revenue growth, outperforming peers by an average of 130 bps since 2015.

• Employs a multi-channel growth strategy: acquisitions, joint ventures, third-party management, bridge lending, and redevelopment.

• Majority of acquisitions are off-market, maximizing accretion and pipeline opportunities.

• Bridge loan program has originated $2.9 billion to date, driving management and acquisition growth.

• Over 1,900 third-party managed properties, generating significant fee and insurance revenue.

Sector fundamentals and demand drivers

• Storage is a recession-resilient, need-based asset class with increasing national utilization and customer length of stay.

• Offers affordable alternative to larger living spaces, with average monthly storage rent at $119 versus $1,771 for apartment rental.

• High operating margins (median NOI margin 78%) and top sector for dividend growth (102% over 10 years).

• Diversified customer and asset base reduces revenue volatility and concentration risk.

• Sector fundamentals improving with moderating new supply and positive rental rate trends.