Extra Space Storage (EXR) investor relations material

Industry overview and sector fundamentals

• Self-storage is a recession-resilient, need-based asset class with increasing demand and utilization in both positive and negative economic environments.

• High operating margins and low capital expenditure requirements drive stable cash flows and consistent dividend growth.

• The sector benefits from diversified customer and asset bases, reducing revenue volatility and concentration risk.

• Improving fundamentals include moderating new supply, rising customer rental rates, and increasing average customer length of stay.

• The industry remains highly fragmented, offering significant consolidation opportunities for large, technologically advanced operators.

Portfolio scale, diversification, and growth

• Operates the largest and most diverse self-storage portfolio in the U.S., with over 4,200 stores across 43 states and balanced exposure to major metropolitan areas.

• Portfolio includes wholly owned, joint venture, and third-party managed properties, supporting a robust acquisition pipeline.

• Multi-channel external growth strategy leverages acquisitions, joint ventures, third-party management, bridge lending, and redevelopment.

• Bridge loan program has originated $2.9 billion to date, generating acquisitions and management opportunities.

• Consistent growth through diversified channels, with over $1.5 billion in acquisitions in 2025.

Operational and financial performance

• Maintains industry-leading occupancy rates, consistently above 92% since 2013.

• Outperforms peers in same-store revenue, NOI, and FFO growth, with a 10-year shareholder return of 114.3%.

• Achieved the highest 20-year compound annual dividend growth rate and core FFO per share growth in the sector.

• Stable rental and vacate activity, with Q1 2026 same-store revenue and NOI growth outpacing major competitors.

• 2026 outlook projects core FFO of $8.05–$8.35 per share and stable to modestly growing same-store revenue.