Extra Space Storage : First Quarter 2025 Q1 2025 Supplemental Financial Information

Published on 04/29/2025 at 19:34, updated on 04/29/2025 at 21:27

SUPPLEMENTAL FINANCIAL INFORMATION FOR THE THREE MONTHS ENDED

MARCH 31, 2025

BUILDING OUR LEGACY

2035 2034 2033 2032 2031 2030 2029 2028 2027 2026

2002255

2024 2023 2022 2021 2020 2019

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, our outlook and estimates for the year and other statements concerning our plans, objectives, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, the competitive landscape, the impact of broader economic trends on the storage industry, our plans or intentions relating to acquisitions and developments, and other information that is not historical information. In some cases, forward-looking statements can be identified by terminology such as "believes," "estimates," "expects," "may," "will," "should," "anticipates," or "intends," or the negative of such terms or other comparable terminology, or by discussions of strategy. We may also make additional forward-looking statements from time to time. All such subsequent forward-looking statements, whether written or oral, by us or on our behalf, are also expressly qualified by these cautionary statements. There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in or contemplated by this release. Any forward-looking statements should be considered in light of the risks referenced in the "Risk Factors" section included in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Such factors include, but are not limited to:

adverse changes in general economic conditions, the real estate industry and the markets in which we operate;
potential liability for uninsured losses and environmental contamination;
our ability to recover losses under our insurance policies;
the impact of the regulatory environment as well as national, state and local laws and regulations, including, without limitation, those governing real estate investment trusts ("REITs"), tenant reinsurance and other aspects of our business, which could adversely affect our results;
the effect of competition from new and existing stores or other storage alternatives, including increased or unanticipated competition for our properties, which could cause rents and occupancy rates to decline;
failure to close pending acquisitions and developments on expected terms, or at all;
risks associated with acquisitions, dispositions and development of properties, including increased development costs due to additional regulatory requirements related to climate change and other factors;
reductions in asset valuations and related impairment charges;
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;
impacts from any outbreak of highly infectious or contagious diseases, including reduced demand for self-storage space and ancillary products and services such as tenant reinsurance, and potential decreases in occupancy and rental rates and staffing levels, which could adversely affect our results;
economic uncertainty due to the impact of natural disasters, war or terrorism, which could adversely affect our business plan;
our lack of sole decision-making authority with respect to our joint venture investments;
disruptions in credit and financial markets and resulting difficulties in raising capital or obtaining credit at reasonable rates or at all, which could impede our ability to grow;
availability of financing and capital, the levels of debt that we maintain and our credit ratings;
changes in global financial markets and increases in interest rates;
the effect of recent or future changes to U.S. tax laws; and
the failure to maintain our REIT status for U.S. federal income tax purposes.

All forward-looking statements are based upon our current expectations and various assumptions. Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them, but there can be no assurance that management's expectations, beliefs and projections will result or be achieved. All forward-looking statements apply only as of the date made. We undertake no obligation to publicly update or revise forward-looking statements which may be made to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events.

Table of Contents

Page(s) Title

1-14 Press Release - Extra Space Storage Inc. Reports 2025 First Quarter Results

Key Highlights
Trailing Five Quarter Information
Summary Debt Maturity Schedule By Year for Consolidated Fixed- and Variable-Rate Debt
Detailed Debt Maturity Schedule and Enterprise Value
Debt Covenant Disclosure
Summary of Notes Receivable Activity and Balances
Store Portfolio Reporting Information
Same-Store Detail
MSA Performance Summary for Same-Store
MSA Performance Summary for All Stabilized Stores
Certificate of Occupancy Acquisitions / Development Stores Summary
Certificate of Occupancy / Development Stores Performance Summary
Reconciliation of Joint Venture Net Income to Equity in Earnings
Consolidated Store Data by State and Total Operated Store Data by State

Extra Space Storage Inc. PHONE (801) 365-4600

2795 East Cottonwood Parkway, Suite 300 Salt Lake City, Utah 84121 https://www.extraspace.com

FOR IMMEDIATE RELEASE

Extra Space Storage Inc. Reports 2025 First Quarter Results

SALT LAKE CITY, April 29, 2025 - Extra Space Storage Inc. (NYSE: EXR) (the "Company"), a leading owner and operator of self-storage facilities in the United States and a constituent of the S&P 500, announced operating results for the three months ended March 31, 2025.

Highlights for the three months ended March 31, 2025:

Achieved net income attributable to common stockholders of $1.28 per diluted share, representing a 26.7% increase compared to the same period in the prior year.
Achieved funds from operations attributable to common stockholders and unit holders ("FFO") of $1.93 per diluted share. FFO, excluding adjustments ("Core FFO"), was $2.00 per diluted share, representing a 2.0% increase compared to the same period in the prior year.
Same-store revenue increased by 0.3% and same-store net operating income ("NOI") decreased by (1.2)% compared to the same period in the prior year.
Reported ending same-store occupancy of 93.4% as of March 31, 2025, compared to 92.4% as of March 31, 2024.
Acquired 12 operating stores for a total cost of approximately $153.8 million. Acquired six additional properties by exchanging ownership interest in 17 properties from an existing joint venture.
In conjunction with joint venture partners, acquired two operating stores and completed the development of one store for a total cost of approximately $38.3 million, of which the Company invested $24.5 million.
Originated $53.2 million in mortgage and mezzanine bridge loans and sold $27.7 million in mortgage bridge loans.
Added 113 stores (100 stores net) to the Company's third-party management platform. As of March 31, 2025, the Company managed 1,675 stores for third parties and 439 stores in unconsolidated joint ventures, for a total of 2,114 managed stores.
Paid a quarterly dividend of $1.62 per share.

Joe Margolis, CEO of Extra Space Storage Inc., stated: "We had a solid first quarter, beating same store revenue expectations, maintaining historically high occupancy, and continuing to grow our capital light ancillary businesses. This led to FFO growth above our internal projections. Despite this level of performance, the recent economic uncertainty has caused us to maintain our same-store guidance. While the current environment is volatile and may lead to difficult economic times, our team, strategy, and systems have proven the ability to produce stable cash flow returns in similar conditions."

FFO Per Share:

The following table (unaudited) outlines the Company's FFO and Core FFO for the three months ended March 31, 2025 and 2024. The table also provides a reconciliation to GAAP net income attributable to common stockholders and earnings per diluted share for each period presented (amounts shown in thousands, except share and per share data):

For the Three Months Ended March 31, 2025 2024

(per share)1(per share)1

Net income attributable to common stockholders	$ 270,875		$ 1.28		$ 213,112		$ 1.01
Impact of the difference in weighted average number of shares - diluted2			(0.06)				(0.05)
Adjustments:
Real estate depreciation		159,170		0.72		154,372		0.70
Amortization of intangibles		11,079		0.05		29,284		0.12
Gain on real estate assets held for sale and sold, net		(35,761)		(0.16)		-		-
Unconsolidated joint venture real estate depreciation and amortization		8,689		0.04		7,840		0.04
Income allocated to Operating Partnership and other noncontrolling interests		14,050		0.06		10,962		0.05
FFO	$	428,102	$	1.93	$	415,570	$	1.87

Adjustments:

Non-cash interest expense related to amortization of discount on Life

Amortization of other intangibles related to the Life Storage Merger, net of tax benefit

4,531

0.02

7,440

0.04

Storage unsecured senior notes 11,313 0.05 10,705 0.05

CORE FFO $ 443,946 $ 2.00 $ 433,715 $ 1.96

Weighted average number of shares - diluted3 221,896,114 221,737,606

Per share amounts may not recalculate due to rounding.
The adjustment to account for the difference between the number of shares used to calculate earnings per share and the number of shares used to calculate FFO per share. Earnings per share is calculated using the two-class method, which uses a lower number of shares than the calculation for FFO per share and Core FFO per share, which are calculated assuming full redemption of all OP units as described in note (3).
Extra Space Storage LP (the "Operating Partnership") has outstanding preferred and common Operating Partnership units ("OP units"). These OP units can be redeemed for cash or, at the Company's election, shares of the Company's common stock. Redemption of all OP units for common stock has been assumed for purposes of calculating the weighted average number of shares - diluted, as presented above. The computation of weighted average number of shares - diluted, for FFO per share and Core FFO per share also includes the effect of share-based compensation plans.

Operating Results and Same-Store Performance:

The following table (unaudited) outlines the Company's same-store performance for the three months ended March 31, 2025 and 2024 (amounts shown in thousands, except store count data)1:

For the Three Months

Ended March 31, Percent

	2025	2024	Change
Same-store property revenues2
Net rental income	$ 635,798	$ 631,313	0.7%
Other income	23,938	26,210	(8.7)%
Total same-store revenues	$ 659,736	$ 657,523	0.3%

Same-store operating expenses2
Payroll and benefits	$ 40,220	$ 41,152	(2.3)%
Marketing	13,929	15,917	(12.5)%
Office expense3	20,305	20,873	(2.7)%
Property operating expense4	19,568	19,131	2.3%
Repairs and maintenance	15,207	14,574	4.3%
Property taxes	75,448	65,149	15.8%
Insurance	7,750	7,841	(1.2)%
Total same-store operating expenses	$ 192,427	$ 184,637	4.2%

Same-store net operating income2	$ 467,309	$ 472,886	(1.2)%

Same-store square foot occupancy as of quarter end	93.4%	92.4%

Average same-store square foot occupancy	93.3%	92.1%

Properties included in same-store5	1,829	1,829

A reconciliation of net income to same-store net operating income is provided later in this release, entitled "Reconciliation of GAAP Net Income to Total Same-Store Net Operating Income."
Same-store revenues, operating expenses and net operating income do not include tenant reinsurance revenue or expense.
Includes general office expenses, computer, bank fees, and credit card merchant fees.
Includes utilities and miscellaneous other store expenses.
On January 1, 2025, the Company updated the property count of the same-store pool from 1,071 to 1,829 stores.

Details related to the same-store performance of stores by metropolitan statistical area ("MSA") for the three months ended March 31, 2025 and 2024 are provided in the supplemental financial information published on the Company's Investor Relations website at https://ir.extraspace.com/.

Investment and Property Management Activity:

The following table (unaudited) outlines the Company's acquisitions and developments that are closed, completed or under agreement (dollars in thousands).

Wholly-Owned Investment1	Closed/Completed Closed/Completed Scheduled to Still through Subsequent to Close/Complete March 31, 2025 March 31, 2025 in 2025 Total 2025								To Close/Complete in 2026
Wholly-Owned Investment1	Stores	Price	Stores	Price	Stores	Price 3	Stores	Price	Stores	Price
Operating Stores2	12	$ 153,808	-	$ -	28	$338,500	40	$ 492,308	-	$ -
C of O and Development Stores1	-	-	-	-	-	-	-	-	-	-
EXR Investment in Wholly-Owned Stores	12	153,808	-	-	28	338,500	40	492,308	-	-

Joint Venture Investment1
EXR Investment in JV Acquisition of Operating Stores	2	12,385	-	-	-	-	2	12,385	-	-
EXR Investment in JV Development and C of O	1	12,138	-	-	4	47,007	5	59,145	2	26,634
EXR Investment in Joint Ventures	3	24,523	-	-	4	47,007	7	71,530	2	26,634
Total EXR Investment	15	$ 178,331	-	$ -	32	$385,507	47	$ 563,838	2	$ 26,634

The locations of C of O and development stores and joint venture ownership interest details are included in the supplemental financial information published on the Company's Investor Relations website at https://ir.extraspace.com/.
Includes the buyout of a partner's interest in one existing consolidated joint venture in the three months ended March 31, 2025.
Includes the buyout of the remaining ownership interest in two existing joint ventures, which own a total of 27 stores.

The projected developments and acquisitions under agreement described above are subject to customary closing conditions and no assurance can be provided that these developments and acquisitions will be completed on the terms described, or at all.

Other Investment Activity:

During the three months ended March 31, 2025, the Company invested $100.0 million in shares of convertible preferred stock of Strategic Storage Growth Trust III, Inc. ("SSGT"). The dividend rate for the convertible preferred stock is 8.85% per annum, and is subject to increase beginning in 2030. The preferred shares are generally not redeemable for five years, except in the case of a change of control or initial listing of SSGT.

Subsequent to quarter end the Company was repaid its $200.0 million convertible preferred stock investment in SmartStop Self Storage REIT, Inc. which had a dividend rate of 7.0% per annum. SmartStop Self Storage REIT, Inc. executed an initial public offering in April of 2025 and repaid the investment as part of the offering.

During the quarter, the Company exchanged its 25% ownership interest in 17 properties for its partner's 75% ownership interest in six properties in an existing joint venture formed in 2021. The Company now owns 100% of the six properties and its former partner now owns 100% of the 17 properties which the Company continues to manage. There are no remaining properties in this joint venture and these six properties are excluded from the table above.

Property Sales:

During the three months ended March 31, 2025, the Company sold 11 operating properties and three parcels of land resulting in a net gain of $35.8 million.

Bridge Loans:

During the three months ended March 31, 2025, the Company originated $53.2 million in bridge loans and sold bridge loans totaling $27.7 million. Outstanding balances of the Company's bridge loans were approximately $1.4 billion at the end of the quarter. The Company has an additional $192.7 million in bridge loans that have closed subsequent to quarter end or are under agreement to close in 2025 and 2026. Additional details related to the Company's loan activity and balances held are included in the supplemental financial information published on the Company's Investor Relations website at https://ir.extraspace.com/.

Property Management:

As of March 31, 2025, the Company managed 1,675 stores for third-party owners and 439 stores owned in unconsolidated joint ventures, for a total of 2,114 stores under management. The Company is the largest self-storage management company in the United States.

Balance Sheet:

During the three months ended March 31, 2025, the Company did not issue any shares on its ATM program, and as of

March 31, 2025, the Company had $800.0 million available for issuance. Likewise, the Company did not repurchase any shares of common stock using its stock repurchase program during the quarter, and as of March 31, 2025, the Company had authorization to purchase up to $500.0 million under the program.

Subsequent to quarter end, the Company repurchased 68,585 shares of common stock for $8.6 million at an average price of

$125.60 per share.

In January 2025, the Company re-opened an existing issuance of 5.50% senior unsecured notes due 2030 and issued an additional $350.0 million at a premium of 101.51% with an effective offer rate of 5.17%. The Company used the net proceeds to repay a $245.0 million unsecured note that matured in January 2025. In March 2025, the Company completed a public bond offering issuing $500.0 million aggregate principal amount of 5.4% senior unsecured notes due 2035.

As of March 31, 2025, the Company's commercial paper program had total capacity of $1.0 billion, with $580.0 million in outstanding issuances.

As of March 31, 2025, the Company's percentage of fixed-rate debt to total debt was 78.8%. Net of the impact of variable rate receivables, the effective fixed-rate debt to total debt was 89.5%. The weighted average interest rates of the Company's fixed and variable-rate debt were 4.2% and 5.3%, respectively. The combined weighted average interest rate was 4.4% with a weighted average maturity of approximately 4.5 years.

Dividends:

On March 31, 2025, the Company paid a first quarter common stock dividend of $1.62 per share to stockholders of record at the close of business on March 14, 2025.

Outlook:

The following table outlines the Company's current and prior quarter Core FFO estimates and assumptions for the year ending December 31, 20251.

Ranges for 2025 Annual Assumptions Ranges for 2025 Annual Assumptions Notes

(April 29, 2025) (February 25, 2025)

Low High Low High

Core FFO Dilution per share from C of O and value add acquisitions	$8.00 $0.22	$8.30 $0.22	$8.00 $0.22	$8.30 $0.22
Same-store revenue growth	(0.75)%	1.25%	(0.75)%	1.25%	Same-store pool of 1,829 stores
Same-store expense growth	3.75%	5.25%	3.75%	5.25%	Same-store pool of 1,829 stores
Same-store NOI growth	(3.00)%	0.25%	(3.00)%	0.25%	Same-store pool of 1,829 stores

Weighted average one-month SOFR	4.05%	4.05%	4.15%	4.15%

Net tenant reinsurance income	$269,000,000	$272,000,000	$268,000,000	$271,000,000
Management fees and other income	$125,000,000	$126,500,000	$125,000,000	$126,500,000
Interest income	$152,000,000	$153,500,000	$150,500,000	$152,000,000	Includes interest from bridge loans and dividends from NexPoint preferred investment
General and administrative expenses	$186,000,000	$188,000,000	$184,000,000	$186,000,000	Includes non-cash compensation
Average monthly cash balance	$40,000,000	$40,000,000	$45,000,000	$45,000,000
Equity in earnings of real estate ventures	$72,000,000	$73,000,000	$89,000,000	$90,000,000	Includes reduction in dividends from SmartStop preferred investments. Adjusted for JV buyouts with NOI now included in non-same store properties
Interest expense	$573,000,000	$578,000,000	$570,000,000	$575,000,000	Excludes non-cash interest expense shown below.
Non-cash interest expense related to amortization of discount on Life Storage unsecured senior notes	$46,000,000	$47,000,000	$46,000,000	$47,000,000	Amortization of LSI debt mark-to-market; excluded from Core FFO
Income Tax Expense	$38,000,000	$39,000,000	$38,000,000	$39,000,000	Taxes associated with the Company's taxable REIT subsidiary
Acquisitions	$600,000,000	$600,000,000	$325,000,000	$325,000,000	Includes wholly-owned acquisitions and the Company's investment in joint ventures
Bridge loans outstanding	$1,450,000,000	$1,450,000,000	$1,450,000,000	$1,450,000,000	Represents the Company's average retained loan balances for the year
Weighted average share count	222,200,000	222,200,000	222,200,000	222,200,000	Assumes redemption of all OP units for common stock

(1) A reconciliation of net income outlook to same-store net operating income outlook is provided later in this release entitled "Reconciliation of Estimated GAAP Net Income to Estimated Same-Store Net Operating Income." The reconciliation includes details related to same-store revenue and same-store expense outlooks. A reconciliation of net income per share outlook to funds from operations per share outlook is provided later in this release entitled "Reconciliation of the Range of Estimated GAAP Fully Diluted Earnings Per Share to Estimated Fully Diluted FFO Per Share."

FFO estimates for the year are fully diluted for an estimated average number of shares and OP units outstanding during the year. The Company's estimates are forward-looking and based on management's view of current and future market conditions. The Company's actual results may differ materially from these estimates.

Supplemental Financial Information:

Supplemental unaudited financial information regarding the Company's performance can be found on the Company's website at https://www.extraspace.com. Under the "Company Info" navigation menu on the home page, click on "Investor Relations," then under the "Financials" navigation menu click on "Quarterly Results." This supplemental information provides additional detail on items that include store occupancy and financial performance by portfolio and market, debt maturity schedules and performance of lease-up assets.

Conference Call:

The Company will host a conference call at 1:00 p.m. Eastern Time on Wednesday, April 30, 2025, to discuss its financial results. Telephone participants may avoid any delays in joining the conference call by pre-registering for the call using the following link to receive a special dial-in number and PIN:https://emportal.ink/3DPDVBn

A live webcast of the call will also be available on the Company's investor relations website at https://ir.extraspace.com. To listen to the live webcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software.

A replay of the call will be available for 30 days on the investor relations section of the Company's website beginning at 5:00 p.m. Eastern Time on April 30, 2025.

Forward-Looking Statements:

adverse changes in general economic conditions, the real estate industry and the markets in which we operate;
potential liability for uninsured losses and environmental contamination;
our ability to recover losses under our insurance policies;
the impact of the regulatory environment as well as national, state and local laws and regulations, including, without limitation, those governing real estate investment trusts ("REITs"), tenant reinsurance and other aspects of our business, which could adversely affect our results;
the effect of competition from new and existing stores or other storage alternatives, including increased or unanticipated competition for our properties, which could cause rents and occupancy rates to decline;
failure to close pending acquisitions and developments on expected terms, or at all;
risks associated with acquisitions, dispositions and development of properties, including increased development costs due to additional regulatory requirements related to climate change and other factors;
reductions in asset valuations and related impairment charges;
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;
impacts from any outbreak of highly infectious or contagious diseases, including reduced demand for self-storage space and ancillary products and services such as tenant reinsurance, and potential decreases in occupancy and rental rates and staffing levels, which could adversely affect our results;
economic uncertainty due to the impact of natural disasters, war or terrorism, which could adversely affect our business plan;
our lack of sole decision-making authority with respect to our joint venture investments;
disruptions in credit and financial markets and resulting difficulties in raising capital or obtaining credit at reasonable rates or at all, which could impede our ability to grow;
availability of financing and capital, the levels of debt that we maintain and our credit ratings;
changes in global financial markets and increases in interest rates;
the effect of recent or future changes to U.S. tax laws; and
the failure to maintain our REIT status for U.S. federal income tax purposes.

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 disclosure as a supplement to net income. Net income assumes that the values of real estate assets diminish predictably over time as reflected through depreciation and amortization expenses. The values of real estate assets fluctuate due to market conditions and the Company believes FFO more accurately reflects the value of the Company's real estate

assets. FFO is defined by the National Association of Real Estate Investment Trusts, Inc. ("NAREIT") as net income computed in accordance with U.S. generally accepted accounting principles ("GAAP"), excluding gains or losses on sales of operating stores and impairment write downs of depreciable real estate assets, plus depreciation and amortization related to real estate and after adjustments to record unconsolidated partnerships and joint ventures on the same basis. The Company believes that to further understand the Company's performance, FFO should be considered along with the reported net income and cash flows in accordance with GAAP, as presented in the Company's consolidated financial statements. FFO should not be considered a replacement of net income computed in accordance with GAAP.

For informational purposes, the Company also presents Core FFO. Core FFO excludes revenues and expenses not core to our operations and transaction costs. It also includes certain costs associated with the Life Storage Merger including transition costs, non-cash interest related to the amortization of discount on unsecured senior notes, amortization of other intangibles, net of tax benefit, and impairment of Life Storage trade name. Although the Company's calculation of Core FFO differs from NAREIT's definition of FFO and may not be comparable to that of other REITs and real estate companies, the Company believes it provides a meaningful supplemental measure of operating performance. The Company believes that by excluding revenues and expenses not core to our operations and non-cash interest charges, stockholders and potential investors are presented with an indicator of our operating performance that more closely achieves the objectives of the real estate industry in presenting FFO. Core FFO by the Company should not be considered a replacement of the NAREIT definition of FFO. The computation of FFO may not be comparable to FFO reported by other REITs or real estate companies that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently. FFO does not represent cash generated from operating activities determined in accordance with GAAP, and should not be considered as an alternative to net income as an indication of the Company's performance, as an alternative to net cash flow from operating activities as a measure of liquidity, or as an indicator of the Company's ability to make cash distributions.

Definition of Same-Store:

The Company's same-store pool for the periods presented consists of 1,829 stores that are wholly-owned and operated and that were stabilized by the first day of the earliest calendar year presented. The Company considers a store to be stabilized once it has been open for three years or has sustained average square foot occupancy of 80.0% or more for one calendar year. The 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 able to evaluate operating performance without the effects of non-stabilized occupancy levels, rent levels, expense levels, acquisitions or completed developments. Same-store results should not be used as a basis for future same-store performance or for the performance of the Company's stores as a whole. No modification has been made to the same-store pool to include any assets acquired from Life Storage.

About Extra Space Storage Inc.:

Extra Space Storage Inc., headquartered in Salt Lake City, Utah, is a self-administered and self-managed REIT and a member of the S&P 500. As of March 31, 2025, the Company owned and/or operated 4,099 self-storage stores in 43 states and Washington, D.C. The Company's stores comprise approximately 2.8 million units and approximately 315.0 million square feet of rentable space operating under the Extra Space brand. The Company offers customers a wide selection of conveniently located and secure storage units across the country, including boat storage, RV storage and business storage. It is the largest operator of self-storage properties in the United States.

###

For Information:

Jared Conley

Extra Space Storage Inc. (801) 365-1759

Extra Space Storage Inc. Condensed Consolidated Balance Sheets
(In thousands, except share data)
	March 31, 2025		December 31, 2024
	(Unaudited)
Assets:
Real estate assets, net	$ 24,683,924		$ 24,587,627
Real estate assets - operating lease right-of-use assets	685,393		689,803
Investments in unconsolidated real estate entities	1,320,849		1,332,338
Investments in debt securities and notes receivable	1,675,464		1,550,950
Cash and cash equivalents	119,559		138,222
Other assets, net	508,729		548,986
Total assets	$ 28,993,918		$ 28,847,926
Liabilities, Noncontrolling Interests and Equity:
Secured notes payable, net	$ 999,062		$ 1,010,541
Unsecured term loans, net	1,948,161		2,192,507
Unsecured senior notes, net	8,616,517		7,756,968
Revolving lines of credit and commercial paper	978,000		1,362,000
Operating lease liabilities	704,730		705,845
Cash distributions in unconsolidated real estate ventures	76,097		75,319
Accounts payable and accrued expenses	359,495		346,519
Other liabilities	533,353		538,865
Total liabilities	14,215,415		13,988,564
Commitments and contingencies
Noncontrolling Interests and Equity:
Extra Space Storage Inc. stockholders' equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued or outstanding	-	-
Common stock, $0.01 par value, 500,000,000 shares authorized, 212,225,353 and 211,995,510 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively	2,122	2,120
Additional paid-in capital	14,851,126	14,831,946
Accumulated other comprehensive income	6,204	12,806
Accumulated deficit	(972,665)	(899,337)
Total Extra Space Storage Inc. stockholders' equity	13,886,787	13,947,535
Noncontrolling interest represented by Preferred Operating Partnership units	53,827	76,092
Noncontrolling interests in Operating Partnership, net and other noncontrolling interests	837,889	835,735
Total noncontrolling interests and equity	14,778,503	14,859,362
Total liabilities, noncontrolling interests and equity	$ 28,993,918	$ 28,847,926

Consolidated Statement of Operations for the Three Months Ended March 31, 2025 and 2024 (In thousands, except share and per share data) - Unaudited

For the Three Months Ended March 31,

	2025	2024
Revenues:
Property rental	$ 704,380	$ 688,044
Tenant reinsurance	84,712	81,347
Management fees and other income	30,905	30,148
Total revenues	819,997	799,539
Expenses:
Property operations	223,582	204,518
Tenant reinsurance	17,116	18,505
General and administrative	45,974	43,722
Depreciation and amortization	180,356	196,966
Total expenses	467,028	463,711
Gain on real estate assets held for sale and sold, net	35,761	-
Income from operations	388,730	335,828
Interest expense	(142,399)	(132,887)
Non-cash interest expense related to amortization of discount on Life Storage unsecured senior notes	(11,313)	(10,705)
Interest income	38,967	23,573
Income before equity in earnings and dividend income from unconsolidated real estate entities and income tax expense	273,985	215,809
Equity in earnings and dividend income from unconsolidated real estate entities	19,931	15,007
Income tax expense	(8,991)	(6,742)
Net income	284,925	224,074
Net income allocated to Preferred Operating Partnership noncontrolling interests	(724)	(2,208)
Net income allocated to Operating Partnership and other noncontrolling interests	(13,326)	(8,754)
Net income attributable to common stockholders	$ 270,875	$ 213,112
Earnings per common share
Basic	$ 1.28	$ 1.01
Diluted	$ 1.28	$ 1.01
Weighted average number of shares
Basic	211,850,618	211,283,335
Diluted	212,052,742	220,018,777
Cash dividends paid per common share	$ 1.62	$ 1.62

Reconciliation of GAAP Net Income to Total Same-Store Net Operating Income - for the Three Months Ended March 31, 2025 and 2024 (In thousands) - Unaudited For the Three Months Ended

March 31,
		2025	2024
Net Income	$	284,925	$ 224,074
Adjusted to exclude:
Gain on real estate assets held for sale and sold, net		(35,761)	-
Equity in earnings and dividend income from unconsolidated real estate entities		(19,931)	(15,007)
Interest expense		142,399	132,887
Non-cash interest expense related to amortization of discount on Life Storage unsecured senior notes		11,313	10,705
Depreciation and amortization		180,356	196,966
Income tax expense		8,991	6,742
General and administrative		45,974	43,722
Management fees, other income and interest income		(69,872)	(53,721)
Net tenant insurance		(67,596)	(62,842)
Non same-store rental revenue		(44,644)	(30,521)
Non same-store operating expense		31,155	19,881
Total same-store net operating income $ 467,309 $ 472,886

Same-store rental revenues	659,736		657,523
Same-store operating expenses	192,427		184,637
Same-store net operating income	$ 467,309		$ 472,886

Reconciliation of the Range of Estimated GAAP Fully Diluted Earnings Per Share to Estimated Fully Diluted FFO Per Share - for the Year Ending December 31, 2025 - Unaudited

Net income attributable to common stockholders per diluted share $ 4.48 $ 4.78

For the Year Ending December 31, 2025 Low End High End

Income allocated to noncontrolling interest - Preferred Operating
Partnership and Operating Partnership	0.25	0.25
Net income attributable to common stockholders for diluted computations	4.73	5.03

Adjustments:
Real estate depreciation	2.70	2.70
Amortization of intangibles	0.27	0.27
Unconsolidated joint venture real estate depreciation and amortization	0.16	0.16
Gain on real estate transactions	(0.16)	(0.16)
Funds from operations attributable to common stockholders	7.70	8.00

Adjustments:
Non-cash interest expense related to amortization of discount on Life Storage unsecured senior notes 0.21 0.21
Amortization of other intangibles related to the Life Storage Merger, net of
tax benefit	0.09		0.09
Core funds from operations attributable to common stockholders	$ 8.00	$	8.30

Reconciliation of Estimated GAAP Net Income to Estimated Same-Store Net Operating Income - for the Year Ending December 31, 2025 (In thousands) - Unaudited For the Year Ending December 31, 2025

	Low	High

Net Income	$ 1,033,250	$ 1,113,500
Adjusted to exclude:
Equity in earnings of unconsolidated joint ventures	(72,000)	(73,000)
Interest expense	578,000	573,000
Non-cash interest expense related to amortization of discount on Life Storage unsecured senior notes	47,000	46,000
Depreciation and amortization	700,500	700,500
Income tax expense	39,000	38,000
General and administrative	188,000	186,000
Management fees and other income	(125,000)	(126,500)
Interest income	(152,000)	(153,500)
Net tenant reinsurance income	(269,000)	(272,000)
Non same-store rental revenues	(225,000)	(225,000)
Non same-store operating expenses	129,000	129,000
Total same-store net operating income1	$ 1,871,750	$ 1,936,000

Same-store rental revenues1	2,645,000	2,698,000
Same-store operating expenses1	773,250	762,000
Total same-store net operating income1	$ 1,871,750	$ 1,936,000

Estimated same-store rental revenues, operating expenses and net operating income are for the Company's 2025 same-store pool of 1,829 stores.

Key Highlights
As of March 31, 2025 (unaudited)
(Dollars and shares in thousands)
	COMMON STOCK EQUIVALENTS
		Quarter Weighted Average	Quarter Ending
Common Shares		212,103	212,225
Dilutive Options		-	-
Operating Partnership Units		9,370	9,380
Preferred B Operating Partnership Units (as if converted)		221	221
Preferred D Operating Partnership Units (as if converted)		202	134

Total Common Stock Equivalents 221,896 221,960

COVERAGE RATIOS

Quarter Ended Quarter Ended

March 31, 2025 March 31, 2024

Net income attributable to common stockholders				270,875	213,112
Adjustments:
Interest expense (includes non-cash interest)				153,712	143,592
Depreciation and amortization				180,356	196,966
Depreciation and amortization on unconsolidated joint ventures				8,689	7,840
Income allocated to Operating Partnership noncontrolling interests				14,050	10,962
Income tax expense				8,991	6,742
Gain on real estate assets held for sale				(35,761)	-
EBITDA				$ 600,912	$ 579,214

Interest expense (excluding non-cash interest expense)				$ 142,399	$ 132,887
Principal payments				4,484	4,191
Interest Coverage Ratio(1)				4.2	4.4
Fixed-Charge Coverage Ratio(2)				4.1	4.2
Net Debt to EBITDA Ratio(3)				5.3	4.9

			FFO PER SHARE
				Quarter Ended March 31, 2025	Quarter Ended March 31, 2024
FFO per share				$1.93	$1.87
Core FFO per share				$2.00	$1.96
2025 SAME-STORE ROLLING FIVE QUARTERS (1,829 STORES)
	Quarter Ended March 31, 2025	Quarter Ended December 31, 2024	Quarter Ended September 30, 2024	Quarter Ended June 30, 2024	Quarter Ended March 31, 2024
Revenues	$659,736	$666,666	$675,283	$665,705	$657,523
Expenses	192,427	187,819	185,914	176,179	184,637
NOI	$467,309	$478,847	$489,369	$489,526	$472,886
Ending Occupancy	93.4%	93.3%	93.6%	94.0%	92.4%
Average Occupancy	93.3%	93.6%	93.8%	93.6%	92.1%
Net Rent / Occupied Sq. Ft.(4)	$19.75	$19.87	$20.04	$19.83	$19.94
Average Move-In Rate	$109	$105	$114	$122	$110
Average Move-Out Rate	$166	$167	$165	$170	$172
Rentals	164,851	174,729	200,019	203,555	188,263
Vacates	160,875	178,813	210,976	175,330	173,424
STORE PORTFOLIO SNAPSHOT
Store Segment	# of Stores			Net Rentable Sq. Ft.	Total Units
Consolidated Stores	1,946			146,614,869	1,319,689
Net Lease Stores	39			2,787,038	28,455
Joint Venture Stores	439			34,290,083	322,700
Managed Stores	1,675			131,271,852	1,154,625
Total All Stores	4,099			314,963,842	2,825,469

Interest coverage ratio is EBITDA divided by total interest (excluding non-cash interest expense).
Fixed-charge coverage ratio is EBITDA divided by total interest and principal payments (excluding non-cash interest expense).
Net debt to EBITDA ratio is total debt less cash divided by EBITDA (annualized).
Net rent is annualized total rental revenue less discounts, bad debt and refunds.

Trailing Five Quarter Information
Consolidated Balance Sheet (unaudited)
(Dollars in thousands)			As of
	March 31, 2025	December 31, 2024	September 30, 2024	June 30, 2024	March 31, 2024
Assets:
Real estate assets, net	$ 24,683,924	$ 24,587,627	$ 24,385,492	$ 24,340,817	$ 24,494,676
Real estate assets - operating lease right of use assets	685,393	689,803	694,001	218,823	222,940
Investments in unconsolidated real estate entities	1,320,849	1,332,338	1,060,213	1,065,155	1,066,032
Investments in debt securities and notes receivable	1,675,464	1,550,950	1,338,619	1,442,681	1,058,506
Cash and cash equivalents	119,559	138,222	88,931	76,973	50,816
Other assets, net	508,729	548,986	495,861	617,631	587,147
Total assets	$ 28,993,918	$ 28,847,926	$ 28,063,117	$ 27,762,080	$ 27,480,117

Liabilities, Noncontrolling Interests and Equity:
Secured notes payable, net	$ 999,062	$ 1,010,541	$ 1,011,705	$ 1,265,981	$ 1,269,752
Unsecured term loans, net	1,948,161	2,192,507	2,194,894	2,252,872	2,251,714
Unsecured senior notes, net	8,616,517	7,756,968	7,437,231	7,028,452	7,016,085
Revolving lines of credit and commercial paper	978,000	1,362,000	884,000	948,000	620,000
Operating lease liabilities	704,730	705,845	706,491	229,035	232,682
Cash distributions in unconsolidated real estate ventures	76,097	75,319	74,173	73,133	71,988
Accounts payable and accrued expenses	359,495	346,519	388,757	381,941	338,027
Other liabilities	533,353	538,865	407,183	451,826	390,894
Total liabilities	14,215,415	13,988,564	13,104,434	12,631,240	12,191,142
Commitments and contingencies
Noncontrolling Interests and Equity:
Extra Space Storage Inc. stockholders' equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued or outstanding	-	-	-	-	-
Common stock, $0.01 par value, 500,000,000 shares authorized	2,122	2,120	2,120	2,120	2,117
Additional Paid-in capital	14,851,126	14,831,946	14,823,018	14,810,938	14,776,888
Accumulated other comprehensive income (loss)	6,204	12,806	3,340	27,241	28,191
Accumulated deficit	(972,665)	(899,338)	(817,865)	(667,668)	(510,680)
Total Extra Space Storage Inc. stockholders' equity	13,886,787	13,947,534	14,010,613	14,172,631	14,296,516
Noncontrolling interest represented by Preferred Operating Partnership units, net	53,827	76,092	191,306	191,306	218,824
Noncontrolling interests in Operating Partnership and Other noncontrolling interests	837,889	835,736	756,764	766,903	773,635

Total noncontrolling interests and equity 14,778,503 14,859,362 14,958,683 15,130,840 15,288,975

Total liabilities, noncontrolling interests and equity $ 28,993,918 $ 28,847,926 $ 28,063,117 $ 27,762,080 $ 27,480,117

Consolidated Statement of Operations (unaudited)

(Dollars in thousands)

Three Months Ended

March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024

Revenues:
Property rental	$ 704,380 $	707,234 $	710,874 $	697,100 $	688,044
Tenant reinsurance	84,712	83,695	84,048	83,705	81,347
Management fees	30,905	30,967	29,882	29,858	30,148
Total revenues 819,997 821,896 824,804 810,663 799,539
Expenses:
Property operations	223,582	221,111	209,035	196,902	204,518
Tenant reinsurance	17,116	18,240	17,510	19,631	18,505
Life Storage Merger transition costs	-	-	-	-	-
General and administrative	45,974	44,025	39,750	39,901	43,722
Depreciation and amortization	180,356	196,202	195,046	194,809	196,966

Total expenses 467,028 479,578 461,341 451,243 463,711

Gain (loss) on real estate assets held for sale 35,761 37,714 (8,961) (54,659) -

Impairment of trade name - - (51,763) - -

Income from operations	388,730	380,032	302,739	304,761	335,828
Interest expense	(142,399)	(138,479)	(142,855)	(137,133)	(132,887)
Non-cash interest expense related to amortization of discount on Life Storage unsecured senior notes	(11,313)	(11,157)	(11,005)	(10,853)	(10,705)
Interest income 38,967 34,676 34,947 31,226 23,573
Income before equity in earnings of unconsolidated real estate ventures and income tax expense	273,985	265,072	183,826	188,001	215,809
Equity in earnings of unconsolidated real estate ventures	19,931	18,764	16,246	17,255	15,007
Equity in earnings of unconsolidated real estate ventures -gain on sale of real estate assets	-	-	13,730	-	-
Income tax expense (8,991) (6,035) (10,857) (9,844) (6,742)
Net income	284,925	277,801	202,945	195,412	224,074
Net income allocated to Preferred Operating Partnership noncontrolling interests	(724)	(1,189)	(1,932)	(1,933)	(2,208)
Net income allocated to Operating Partnership and other noncontrolling interests	(13,326)	(14,125)	(7,803)	(7,607)	(8,754)

Net income attributable to common stockholders $ 270,875 $ 262,487 $ 193,210 $ 185,872 $ 213,112

Earnings per common share

Basic	$	1.28 $	1.24 $	0.91 $	0.88 $	1.01
Diluted	$ 1.28 $ 1.24 $ 0.91 $ 0.88 $ 1.01

Weighted average number of shares
Basic	211,850,618	211,737,843	211,698,436	211,584,155	211,283,335
Diluted	212,052,742	211,737,843	220,298,870	211,587,105	220,018,777
Cash dividends paid per common share	$ 1.62	$ 1.62	$ 1.62	$ 1.62	$ 1.62

Summary Debt Maturity Schedule by Year for Consolidated Fixed- and Variable-Rate Debt

Before and After Extensions

As of March 31, 2025 (unaudited)

(Dollars in thousands)

Maturity Schedule Before Extensions				Maturity Schedule After Extensions
		Wgt.				Wgt.
		Avg.	% of			Avg.	% of
2025 Maturities	Amount	Rate	Total	2025 Maturities	Amount	Rate	Total
Fixed-rate debt	$ 127,466	3.6%	1.0%	Fixed-rate debt	$ 127,466	3.6%	1.0%
Variable-rate debt	406,657	5.5%	3.2%	Variable-rate debt	80,965	5.5%	0.6%
Total debt:	$ 534,123	5.1%	4.2%	Total debt:	$ 208,431	4.4%	1.6%
2026 Maturities				2026 Maturities
Fixed-rate debt	$ 1,302,104	3.5%	10.2%	Fixed-rate debt	$ 1,302,104	3.5%	10.2%
Variable-rate debt	108,000	5.5%	0.8%	Variable-rate debt	100,000	5.3%	0.8%
Total debt:	$ 1,410,104	3.7%	11.0%	Total debt:	$ 1,402,104	3.7%	11.0%
2027 Maturities				2027 Maturities
Fixed-rate debt	$ 1,101,811	4.2%	8.6%	Fixed-rate debt	$ 1,101,811	4.2%	8.6%
Variable-rate debt (1)	1,177,864	5.2%	9.2%	Variable-rate debt	310,164	5.5%	2.4%
Total debt:	$ 2,279,675	4.8%	17.8%	Total debt:	$ 1,411,975	4.5%	11.0%
2028 Maturities				2028 Maturities
Fixed-rate debt	$ 1,132,000	5.3%	8.8%	Fixed-rate debt	$ 1,132,000	5.3%	8.8%
Variable-rate debt	495,500	5.3%	3.9%	Variable-rate debt (1)	1,696,892	5.3%	13.2%
Total debt:	$ 1,627,500	5.3%	12.7%	Total debt:	$ 2,828,892	5.3%	22.0%
2029 Maturities				2029 Maturities
Fixed-rate debt	$ 1,050,000	3.8%	8.2%	Fixed-rate debt	$ 1,050,000	3.8%	8.2%
Variable-rate debt	465,976	5.4%	3.6%	Variable-rate debt	465,976	5.4%	3.6%
Total debt:	$ 1,515,976	4.3%	11.8%	Total debt:	$ 1,515,976	4.3%	11.8%
2030 Maturities				2030 Maturities
Fixed-rate debt	$ 1,632,115	4.2%	12.7%	Fixed-rate debt	$ 1,632,115	4.2%	12.7%
Variable-rate debt	60,358	5.3%	0.5%	Variable-rate debt	60,358	5.3%	0.5%
Total debt:	$ 1,692,473	4.2%	13.2%	Total debt:	$ 1,692,473	4.2%	13.2%
2031 Maturities				2031 Maturities
Fixed-rate debt	$ 1,650,000	3.7%	12.9%	Fixed-rate debt	$ 1,650,000	3.7%	12.9%
Variable-rate debt	-	0.0%	0.0%	Variable-rate debt	-	0.0%	0.0%
Total debt:	$ 1,650,000	3.7%	12.9%	Total debt:	$ 1,650,000	3.7%	12.9%
2032 Maturities				2032 Maturities
Fixed-rate debt	$ 600,000	2.4%	4.7%	Fixed-rate debt	$ 600,000	2.4%	4.7%
Variable-rate debt	-	0.0%	0.0%	Variable-rate debt	-	0.0%	0.0%
Total debt:	$ 600,000	2.4%	4.7%	Total debt:	$ 600,000	2.4%	4.7%
2033 Maturities				2033 Maturities
Fixed-rate debt	$ -	0.0%	0.0%	Fixed-rate debt	$ -	0.0%	0.0%
Variable-rate debt	-	0.0%	0.0%	Variable-rate debt	-	0.0%	0.0%
Total debt:	$ -	0.0%	0.0%	Total debt:	$ -	0.0%	0.0%
2034+ Maturities				2034+ Maturities
Fixed-rate debt	$ 1,500,000	5.4%	11.7%	Fixed-rate debt	$ 1,500,000	5.4%	11.7%
Variable-rate debt	-	0.0%	0.0%	Variable-rate debt	-	0.0%	0.0%
Total debt:	$ 1,500,000	5.4%	11.7%	Total debt:	$ 1,500,000	5.4%	11.7%
Total				Total
Fixed-rate debt	$ 10,095,496	4.2%	78.8%	Fixed-rate debt	$ 10,095,496	4.2%	78.8%
Variable-rate debt	2,714,355	5.3%	21.2%	Variable-rate debt	2,714,355	5.3%	21.2%
Total debt:	$ 12,809,851	4.4%	100.0%	Total debt:	$ 12,809,851	4.4%	100.0%

Assumed maturity date for Commercial Paper same as the $2.0B Line of credit.

Detailed Debt Maturity Schedule and Enterprise Value

As of March 31, 2025 (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%	$ 72,317	Fixed	No	Bank Loan
June-2025 Notes payable - swapped to fixed	3.7%	55,149	Fixed	No	Bank Loan
October-2026 Notes payable	3.6%	122,104	Fixed	No	Bank Loan
April-2027 Notes payable	3.8%	11,811	Fixed	No	Bank Loan
May-2027 Notes payable - swapped to fixed	4.6%	40,000	Fixed	No	Bank Loan
February-2028 Notes payable - swapped to fixed	4.1%	32,000	Fixed	No	Bank Loan
February-2030 Notes payable	4.0%	7,115	Fixed	No	Bank Loan
Secured Fixed-rate subtotal	3.8%	$ 340,496
Wtd. Avg. Years to Maturity	1.3
Unsecured Fixed-rate debt:
June-2026 Unsecured term loan-swapped to fixed	2.1%	$ 175,000	Fixed	No	Facility Tranche 4
July-2026 Unsecured notes payable	3.5%	600,000	Fixed	No	Public Bond
October-2026 Unsecured term loan-swapped to fixed	4.2%	405,000	Fixed	No	Facility Tranche 2
January-2027 Unsecured term loan-swapped to fixed	5.0%	300,000	Fixed	No	Facility Tranche 1
August-2027 Unsecured notes payable	4.0%	300,000	Fixed	No	Private Bond
December-2027 Unsecured notes payable	3.9%	450,000	Fixed	No	Public Bond
April-2028 Unsecured notes payable	5.7%	800,000	Fixed	No	Public Bond
July-2028 Unsecured notes payable	4.4%	300,000	Fixed	No	Private Bond
April-2029 Unsecured notes payable	3.9%	400,000	Fixed	No	Public Bond
June-2029 Unsecured notes payable	4.0%	350,000	Fixed	No	Public Bond
October-2029 Unsecured notes payable	3.5%	300,000	Fixed	No	Private Bond
July-2030 Unsecured notes payable	5.5%	800,000	Fixed	No	Public Bond
August-2030 Unsecured notes payable	3.5%	325,000	Fixed	No	Private Bond
October-2030 Unsecured notes payable	3.5%	100,000	Fixed	No	Private Bond
October-2030 Unsecured notes payable	2.2%	400,000	Fixed	No	Public Bond
January-2031 Unsecured notes payable	5.9%	600,000	Fixed	No	Public Bond
June-2031 Unsecured notes payable	2.6%	450,000	Fixed	No	Public Bond
October-2031 Unsecured notes payable	2.4%	600,000	Fixed	No	Public Bond
March-2032 Unsecured notes payable	2.4%	600,000	Fixed	No	Public Bond
February-2034 Unsecured notes payable	5.4%	600,000	Fixed	No	Public Bond
January-2035 Unsecured notes payable	5.4%	400,000	Fixed	No	Public Bond
June-2035 Unsecured notes payable	5.4%	500,000	Fixed	No	Public Bond
Unsecured Fixed-rate subtotal	4.2%	$ 9,755,000
Wtd. Avg. Years to Maturity	5.1
Secured Variable-rate debt:
August-2025 Notes payable	5.5%	$ 80,965	SOFR plus 1.10	No	Bank Loan
September-2025 Notes payable	5.5%	94,300	SOFR plus 1.10	Yes - two years	Bank Loan
October-2025 Notes payable	5.5%	231,392	SOFR plus 1.10	Yes - three years	Bank Loan
July-2026 Line of credit - $140MM limit (1)	5.8%	8,000	SOFR plus 1.35	Yes - one year	LOC
February-2027 Notes payable	5.5%	45,672	SOFR plus 1.15	No	Bank Loan
May-2027 Notes payable	5.5%	9,288	SOFR plus 1.16	No	Bank Loan
June-2027 Notes payable	5.3%	52,904	SOFR plus 1.00	No	Bank Loan
February-2028 Notes payable	5.8%	20,500	SOFR plus 1.35	No	Bank Loan
December-2029 Notes payable	5.3%	65,976	SOFR plus 1.00	No	Bank Loan
September-2030 Notes payable	5.3%	60,358	SOFR plus 1.00	No	Bank Loan
Variable-rate subtotal (2)	5.5%	$ 669,355
Wtd. Avg. Years to Maturity	3.0
Unsecured Variable-rate debt:
June-2027 Commercial Paper (3)	4.7%	$ 580,000	Variable	No	Commercial Paper
June-2026 Unsecured term loan	5.3%	80,000	SOFR plus 0.95	No	Facility Tranche 4
October-2026 Unsecured term loan	5.3%	20,000	SOFR plus 0.95	No	Facility Tranche 2
January-2027 Unsecured term loan	5.4%	100,000	SOFR plus 0.95	No	Facility Tranche 1
June-2027 Line of credit - $2.0B limit (1)	5.3%	390,000	SOFR plus 0.875	Yes - two 6 month	Facility Revolver
January-2028 Unsecured term loan	5.3%	475,000	SOFR plus 0.95	No	Facility Tranche 6
July-2029 Unsecured term loan	5.4%	400,000	SOFR plus 0.95	No	Facility Tranche 7
Unsecured Variable-rate subtotal (2)	5.3%	$ 2,045,000
Wtd. Avg. Years to Maturity	2.9

Total fixed and variable debt (2)	4.4%	$ 12,809,851
Wtd. Avg. Years to Maturity	4.5
			Wtd. Avg. Years to
Market Capitalization & Enterprise Value	Amount	Wtd. Avg. Rate	Maturity(4)
Secured Debt	$ 1,009,851	4.9%	2.4
Unsecured Debt	11,800,000	4.4%	4.7
Total Debt	12,809,851	4.4%	4.5
Common Stock Value	32,949,354
Total Enterprise Value	$ 45,759,205
Common Stock Value = Common Stock Equivalents X $148.49 (stock price at quarter end)
Unencumbered Stores (5)	# of Stores	Trailing 12 Mo. NOI	Book Value
Stabilized Stores	1,679	$ 1,802,252
Newly Acquired Stores	71		$ 805,014
Lease Up Stores	4		$ 51,089

Investment Grade Ratings

Baa2 (stable)

BBB+ (stable)

Interest rate excludes annual facility fee of 0.15%.
Total Interest rate excludes annual facility fees.
Interest rate excludes annual facility fee of $18K. Assumed maturity date same as the $2.0B Line of credit.
Weighted Average Years to Maturity is calculated as if any extension options are exercised.
Unencumbered Stores, Stabilized Stores, & Newly Acquired Stores as defined by the company's credit facility. Trailing 12 Month NOI and Book Values shown as defined by the company's credit facility.

Debt Covenant Disclosure
As of March 31, 2025 (unaudited)
(Dollars in thousands)
Public Bond Covenants (1)
	Covenants	Actual
1. Limitation on Total Outstanding Debt	≤ 60%	37.4%
Total Outstanding Debt		$ 13,483,906
Total Assets (2)		$ 36,034,628
2. Limitation on Secured Debt	≤ 40%	4.3%
Secured Debt		$ 1,542,849
Total Assets (2)		$ 36,034,628
3. Debt Service Test	≥ 1.5x	4.3x
EBITDA		$ 2,432,693
Interest Expense		$ 567,083
4. Maintenance of Total Unencumbered Assets	≥ 150%	251.8%
Total Unencumbered Assets (2)		$ 30,065,371
Unsecured Debt		$ 11,941,058

Credit Facility Covenants (3)
	Covenants	Actual
1. Maximum Consolidated Leverage Ratio	≤ 60%	34.5%
Total Indebtedness		$ 13,483,906
Total Asset Value (4)		$ 39,116,113
2. Maximum Secured Indebtedness	≤ 40%	3.9%
Secured Indebtedness		$ 1,542,849
Total Asset Value (4)		$ 39,116,113
3. Minimum Fixed Charge Coverage Ratio	≥ 1.50x	3.8x
Adjusted EBITDA		$ 2,410,779
Fixed Charges		$ 628,955
4. Maximum Unencumbered Leverage Ratio	≤ 60%	38.4%
Unsecured Indebtedness		$ 11,941,058
Unencumbered Asset Value (4)		$ 31,136,145

For detailed descriptions of the covenant calculations for the Company's senior unsecured notes and definitions of capitalized terms please refer to the Prospectus Supplements filed with the Securities and Exchange Commission on May 5, 2021, September 14, 2021, and on March 23, 2022, and the notes and indenture incorporated therein by reference.
The capitalization rate as applied to Capitalized Property Value for purposes of calculating Total Assets and Total Unencumbered Assets is 6.75% for the Company's public bond covenants.
For detailed descriptions of the covenant calculations for the Company's credit facility and definitions of capitalized terms please refer to the Second Amended and Restated Credit Agreement filed with the Securities and Exchange Commission on September 25, 2021.
The Capitalization Rate as applied to property Net Operating Income for purposes of calculating Total Asset Value and Unencumbered Asset Value is 6.25% for the Company's credit facility covenants.

Summary of Notes Receivable Activity and Balances

As of March 31, 2025 (unaudited)

(Dollars in thousands)

Notes Receivable

Mortgage Notes Mezzanine Notes Receivable Receivable			Total Notes Receivable(2)
Notes Receivable Held as of December 31, 2024	$ 908,009	$ 336,538	$ 1,244,547
Add: Note Originations/Disbursements During Q1 2025(1)	171,567	10,958	182,525
(Less): Notes Receivable Sold/Paid Off During Q1 2025	(45,422)	(14,467)	(59,889)
Add: Other as of March 31, 2025(3)	1,711	195	1,906
Total Notes Receivable as of March 31, 2025	$ 1,035,865	$ 333,224	$ 1,369,089
Weighted Average Interest Rate	7.7%	11.7%	8.7%
Loans Receivable Scheduled to close in 2025 and 2026(4)	158,509	34,215	192,724
Total Loans Receivable Schedule to Close	$ 158,509	$ 34,215	$ 192,724

Balances reported may differ from amounts reported in Company's earnings release due to netting out interest reserves and unamortized loan fees.
"Investments in debt securities and notes receivable" as reported in the Company's balance sheet, includes the NexPoint Investment of $300 million, which has a weighted average interest rate of 8.5%
Includes line of credit, short-term loans, unamortized loan fees, and current interest receivable.

The notes receivable scheduled to close reported in the table above are subject to customary closing conditions and no assurance can be provided that these notes receivable will be closed in the time frames described, or at all.

$720,000

$680,000

$640,000

$600,000

$560,000

$520,000

$480,000

$440,000

$400,000

$360,000

$320,000

$280,000

$240,000

$200,000

$160,000

$120,000

$80,000

$40,000

Notes Receivable Maturity Schedule

(excluding extensions1)

		$152,135



		$528,102





$73,743
	$61,098
$216,626

	$187,563
					$31,772
					$127,086
			$4,310
				$29,740

(in 000's)

2025 2026 2027 2028 2029

Mortgage Loans

Mezzanine Loans

As of March 31, 2025, and assumes full contractual balance. Mortgage and Mezzanine notes receivable have two 1-year loan extensions. Extended maturities are not considered above, since it is assumed most loans will be paid at maturity.

Store Portfolio Reporting Information

For the Three Months Ended March 31, 2025 (unaudited)

(Dollars in thousands except for net rent per occupied square foot)

Stores with Historical Operational Data

2025	2024	% Change	2025	2024	% Change	2025	2024 % Change

$ 659,736	$ 657,523	0.3%	$ 192,427	$ 184,637	4.2%	$ 467,309 $	472,886 (1.2%)
14,732	14,936	(1.4%)	15,692	10,590	48.2%	(960)	4,346 (122.1%)

Average Occupancy Revenue Expenses NOI

Store Segment

2025

2024

2025

2024

Wholly-owned stores stabilized (4)

Same-store

1,829

138,041,249

$ 19.75

$ 19.94

93.3%

92.1%

Net Lease (5)

2,787,038

21.87

21.84

93.0%

94.1%

# of Stores

Net Rentable Sq. Ft.

Net Rent / Occupied Sq. Ft.(1)

for the Three Months Ended March 31,

for the Three Months Ended March 31,(2)

for the Three Months Ended March 31,(3)

for the Three Months Ended March 31,

Wholly-owned stores non-stabilized
Other non-stabilized (6)	31	2,596,371	$ 15.53	$ 17.69	84.1%	73.7%	$ 8,831	$ 8,792	0.4%	$ 3,208	$ 2,972	7.9%	$ 5,623	$ 5,820	(3.4%)
JV stores stabilized (4)
Prudential JVs	101	7,690,635	$ 22.75	$ 22.84	94.0%	93.9%	$ 42,396	$ 42,608	(0.5%)	$ 11,616	$ 12,111	(4.1%)	$ 30,780	$ 30,497	0.9%
Storage Portfolio JVs	104	7,810,477	18.03	18.35	93.8%	92.6%	34,468	34,759	(0.8%)	10,224	10,195	0.3%	24,244	24,564	(1.3%)
HHF-LSI JVs	129	10,123,515	18.84	18.65	92.3%	90.3%	46,445	45,817	1.4%	14,182	14,270	(0.6%)	32,263	31,547	2.3%
Other JVs	100	8,247,301	21.55	21.50	92.9%	90.5%	42,759	41,544	2.9%	13,735	13,037	5.4%	29,024	28,507	1.8%
JV stores non-stabilized
Other JVs	2	174,271	$ 13.82	$ 15.12	92.2%	52.4%	$ 579	$ 365	58.6%	$ 241	$ 247	(2.4%)	$ 338	$ 118	186.4%
Managed stores stabilized (4)
Managed Stabilized	961	75,359,540	$ 17.99	$ 17.69	92.3%	89.0%	$ 324,904	$ 308,090	5.5%	$ 86,583	$ 85,513	1.3%	$ 238,321	$ 222,577	7.1%
Managed stores non-stabilized
Managed non-stabilized	235	19,128,599	$ 12.98	$ 13.10	74.2%	45.1%	$ 48,975	$ 29,330	67.0%	$ 20,256	$ 18,101	11.9%	$ 28,719	$ 11,229	155.8%

Total Stabilized Stores with Historical Data	3,263	250,059,755	$ 19.31	$ 19.34	93.0%	91.1%	1,165,440	1,145,277	1.8%	344,459	330,353	4.3%	820,981	814,924	0.7%

Total Non-Stabilized Stores with Historical Data	268	21,899,241	$ 13.32	$ 13.97	75.5%	48.7%	$ 58,385	$ 38,487	51.7%	$ 23,705	$ 21,320	11.2%	$ 34,680	$ 17,167	102.0%

Total All Stores with Historical Data	3,531	271,958,996	$ 18.91	$ 19.11	91.6%	87.8%	$ 1,223,825	$ 1,183,764	3.4%	$ 368,164	$ 351,673	4.7%	$ 855,661	$ 832,091	2.8%

Prior Year and Current Year Store Additions(7)

# of Stores		Net Rentable Sq. Ft.	Net Rent / Occupied Sq. Ft.(1)	Average Occupancy for the Three Months Ended March 31,		Revenue for the Three Months Ended March 31,(2)		Expenses for the Three Months Ended March 31,(3)			NOI for the Three Months Ended March 31,
Store Segment	2025			2025	2024	2025	2024	% Change	2025	2024	% Change	2025	2024	% Change

2024 Wholly-owned Acquisitions	66	4,620,172	$ 11.82	84.4%	73.1%	$ 12,310	$ 239	5050.6%	$ 5,713	$ 249	2194.4%	$ 6,597 $	(10)	66070.0%
2025 Wholly-owned Acquisitions	20	1,357,077		83.6%		1,361			1,494			(133)

2024 New Joint Venture Stores	1	68,269	$ 2.83	51.7%	0.0% $		33	$ - $ 78		$ - $ (45) $			-
2025 New Joint Venture Stores	2	175,615		26.7%			28	99		(71)

2024 New Managed Stores	366	28,271,384	$ 11.05	65.6%	36.5% $		54,976	$ 3,046	1704.9%	$ 27,120	$ 4,029	573.1%	$ 27,856 $	(983)	2933.8%
2025 New Managed Stores	113	8,512,329		56.7%			10,672			5,787			4,885

Net rent is annualized total rental revenue less discounts, bad debt and refunds.
Revenues do not include tenant reinsurance income.
Expenses do not include management fees, casualty loss, or tenant reinsurance expense.
A store is considered stabilized when it is either over three years old or has maintained an average 80% occupancy for one year as measured on January 1.
Twelve additional Net Lease stores were added in Q3 2024 that were previously managed by EXR.
Includes stores that are in initial lease-up and any stores that have been removed from the Same-Store Pool due to significant change in units due to casualty, expansion, or re-development.
The data shown on these stores is as of the date of acquisition for wholly-owned stores and is as of the date EXR took over management of the store for new joint venture and new managed stores. Included in the number of wholly-owned acquisitions are stores where EXR acquired all the membership interests held by affiliates if any.

Same-Store Detail (unaudited) Excluding Tenant Insurance (Dollars in thousands)

2025 Same-Store Pool (1,829 Stores) For the Three Months Ended March 31, 2025 2024 $ Variance % Variance Property revenues					2024 Same-Store Pool (1,057 Stores) For the Three Months Ended March 31, 2025 2024 % Variance			2023 Same-Store Pool (896 Stores) For the Three Months Ended March 31, 2025 2024 % Variance
Net rental income	$ 635,798	$ 631,313	$ 4,485	0.7%	$ 391,232	$ 391,115	0.0%	$ 363,325	$ 364,712	(0.4%)
Other operating income	23,938	26,210	(2,272)	(8.7%)	14,421	15,610	(7.6%)	12,969	14,096	(8.0%)
Total operating revenues	$ 659,736	$ 657,523	$ 2,213	0.3%	$ 405,653	$ 406,725	(0.3%)	$ 376,294	$ 378,808	(0.7%)
Operating expenses
Payroll and benefits	$ 40,220	$ 41,152	$ (932)	(2.3%)	$ 23,788	$ 24,021	(1.0%)	$ 21,809	$ 22,358	(2.5%)
Marketing	13,929	15,917	(1,988)	(12.5%)	8,175	8,675	(5.8%)	7,345	7,693	(4.5%)
Office expense(1)	20,305	20,873	(568)	(2.7%)	12,935	13,195	(2.0%)	11,890	12,169	(2.3%)
Property operating expense(2)	19,568	19,131	437	2.3%	10,716	10,076	6.4%	9,658	9,130	5.8%
Repairs and maintenance	15,207	14,574	633	4.3%	8,213	7,340	11.9%	7,251	6,600	9.9%
Property taxes	75,448	65,149	10,299	15.8%	43,163	37,471	15.2%	39,553	34,411	14.9%
Insurance	7,750	7,841	(91)	(1.2%)	4,613	5,144	(10.3%)	4,185	4,681	(10.6%)
Total operating expenses	$ 192,427	$ 184,637	$ 7,790	4.2%	$ 111,603	$ 105,922	5.4%	$ 101,691	$ 97,042	4.8%
Net operating income	$ 467,309	$ 472,886	$ (5,577)	(1.2%)	$ 294,050	$ 300,803	(2.2%)	$ 274,603	$ 281,766	(2.5%)
Ending Occupancy	93.4%	92.4%			93.7%	93.2%		93.8%	93.8%
Average Occupancy	93.3%	92.1%			93.6%	93.1%		93.9%	93.7%

Includes general office expenses, computer, bank fees, and credit card merchant fees.
Includes utilities and miscellaneous other store expenses.

MSA (1)Performance Summary for Same-Store

For the Three Months Ended March 31, 2025 (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					for the Three Months Ended				for the Three Months Ended
	Stores	Sq. Ft.	Sq. Ft.(2)		March 31,			March 31,(3)					March 31,(4)					March 31,
MSA					2025	2024		2025		2024	% Change		2025		2024	% Change		2025		2024	% Change
New York-Northern New Jersey-Long Island, NY-NJ-PA	129	9,999,748	$	28.48	93.5%	92.4%	$	68,642	$	68,867	(0.3%)	$	19,372	$	18,591	4.2%	$	49,270	$	50,276	(2.0%)
Los Angeles-Riverside-Orange County, CA	121	9,727,962		28.20	94.1%	92.4%		66,078		65,825	0.4%		15,995		15,772	1.4%		50,083		50,053	0.1%
Atlanta, GA	103	7,990,519		16.25	92.6%	91.9%		31,740		33,443	(5.1%)		9,902		8,770	12.9%		21,838		24,673	(11.5%)
Dallas-Fort Worth, TX	87	6,850,707		17.15	93.1%	93.8%		28,430		28,848	(1.4%)		7,821		7,786	0.4%		20,609		21,062	(2.2%)
Chicago-Gary-Kenosha, IL-IN-WI	77	6,230,848		20.52	93.2%	92.4%		30,742		29,988	2.5%		13,080		10,101	29.5%		17,662		19,887	(11.2%)
Washington-Baltimore, DC-MD-VA-WV	70	5,478,930		23.47	93.8%	93.3%		31,291		30,296	3.3%		8,526		7,930	7.5%		22,765		22,366	1.8%
Boston-Worcester-Lawrence, MA-NH-ME-CT	69	4,619,301		24.81	93.5%	93.1%		27,610		27,269	1.3%		8,643		8,198	5.4%		18,967		19,071	(0.5%)
Tampa-St. Petersburg-Clearwater, FL	65	4,426,610		19.24	93.8%	90.5%		20,729		19,725	5.1%		6,500		6,138	5.9%		14,229		13,587	4.7%
Houston-Galveston-Brazoria, TX	61	5,203,989		16.19	93.0%	92.6%		20,379		19,927	2.3%		6,371		5,821	9.4%		14,008		14,106	(0.7%)
Indianapolis, IN	50	2,384,075		11.92	90.8%	89.0%		6,847		6,791	0.8%		2,317		1,971	17.6%		4,530		4,820	(6.0%)
Miami-Fort Lauderdale, FL	46	3,801,129		27.16	93.8%	92.8%		25,073		24,603	1.9%		7,252		6,785	6.9%		17,821		17,818	0.0%
Louisville, KY-IN	44	1,727,612		11.59	91.8%	89.0%		4,872		4,763	2.3%		1,655		1,395	18.6%		3,217		3,368	(4.5%)
San Francisco-Oakland-San Jose, CA	41	3,254,819		34.74	94.7%	94.3%		27,429		26,808	2.3%		5,862		5,994	(2.2%)		21,567		20,814	3.6%
Phoenix-Mesa, AZ	40	2,947,883		16.91	94.0%	92.6%		12,211		12,352	(1.1%)		2,670		2,825	(5.5%)		9,541		9,527	0.1%
Austin-San Marcos, TX	39	3,491,170		16.02	92.6%	91.1%		13,366		13,774	(3.0%)		4,628		4,518	2.4%		8,738		9,256	(5.6%)
Las Vegas, NV-AZ	32	2,848,055		16.01	93.1%	93.4%		11,131		11,287	(1.4%)		2,375		2,457	(3.3%)		8,756		8,830	(0.8%)
Philadelphia-Wilmington-Atlantic City, PA-DE-NJ	32	2,492,800		19.40	93.3%	90.6%		11,710		12,032	(2.7%)		3,857		3,433	12.4%		7,853		8,599	(8.7%)
Orlando, FL	32	2,323,057		16.73	93.1%	91.7%		9,437		9,495	(0.6%)		2,873		2,876	(0.1%)		6,564		6,619	(0.8%)
Norfolk-Virginia Beach-Newport News, VA-NC	30	2,626,676		16.65	93.3%	91.0%		10,698		10,690	0.1%		2,787		2,833	(1.6%)		7,911		7,857	0.7%
St. Louis, MO-IL	29	2,295,104		14.30	93.3%	89.5%		7,994		7,791	2.6%		3,088		2,952	4.6%		4,906		4,839	1.4%
San Antonio, TX	28	2,087,924		15.27	92.7%	90.4%		7,727		7,836	(1.4%)		2,740		2,844	(3.7%)		4,987		4,992	(0.1%)
Sacramento-Yolo, CA	27	2,443,103		18.89	94.4%	92.9%		11,226		11,212	0.1%		3,208		3,041	5.5%		8,018		8,171	(1.9%)
Charlotte-Concord-Gastonia, NC-SC	26	1,858,623		17.15	93.3%	92.3%		7,790		7,551	3.2%		1,793		1,957	(8.4%)		5,997		5,594	7.2%
Denver-Boulder-Greeley, CO	20	1,398,807		17.95	90.4%	89.1%		5,899		5,828	1.2%		2,434		3,972	(38.7%)		3,465		1,856	86.7%
West Palm Beach-Boca Raton, FL	19	1,475,544		19.91	94.2%	93.4%		7,136		7,156	(0.3%)		2,135		2,132	0.1%		5,001		5,024	(0.5%)
Hartford, CT	19	1,261,026		19.35	92.6%	92.6%		5,900		5,786	2.0%		2,197		2,169	1.3%		3,703		3,617	2.4%
Columbus, OH	19	1,059,815		13.21	92.5%	90.7%		3,399		3,381	0.5%		1,183		694	70.5%		2,216		2,687	(17.5%)
Charleston-North Charleston, SC	18	1,306,408		18.73	93.5%	93.6%		5,928		5,747	3.1%		1,632		1,735	(5.9%)		4,296		4,012	7.1%
Richmond-Petersburg, VA	17	1,420,058		18.22	95.3%	93.8%		6,436		6,263	2.8%		1,472		1,381	6.6%		4,964		4,882	1.7%
Cincinnati-Northern Kentucky, OH-KY	17	1,382,630		13.64	95.1%	93.6%		4,721		4,744	(0.5%)		1,157		971	19.2%		3,564		3,773	(5.5%)
Jacksonville-St. Marys-Palatka, FL-GA	16	1,198,062		16.39	94.1%	92.6%		4,827		4,931	(2.1%)		1,533		1,490	2.9%		3,294		3,441	(4.3%)
Champaign-Urbana, IL	16	528,706		8.21	85.7%	78.3%		983		964	2.0%		382		351	8.8%		601		613	(2.0%)
Buffalo-Niagara Falls, NY	15	1,329,330		15.83	93.0%	88.1%		5,076		4,951	2.5%		1,745		1,621	7.6%		3,331		3,330	0.0%
Cleveland-Akron, OH	15	1,089,931		13.85	93.3%	91.0%		3,685		3,672	0.4%		1,344		1,442	(6.8%)		2,341		2,230	5.0%
Fort Myers-Cape Coral, FL	14	1,001,777		15.35	92.4%	89.0%		3,687		4,115	(10.4%)		1,260		1,218	3.4%		2,427		2,897	(16.2%)
Raleigh-Durham-Chapel Hill, NC	13	898,510		15.93	94.7%	92.5%		3,509		3,320	5.7%		1,006		983	2.3%		2,503		2,337	7.1%
Memphis, TN-AR-MS	12	1,051,030		11.56	92.6%	92.4%		3,013		3,235	(6.9%)		994		899	10.6%		2,019		2,336	(13.6%)
Seattle-Tacoma-Bremerton, WA	12	941,951		21.31	94.5%	90.3%		4,931		4,714	4.6%		1,460		1,622	(10.0%)		3,471		3,092	12.3%
Pensacola-Ferry Bass-Brent, FL	11	931,117		12.86	93.5%	91.1%		2,941		3,079	(4.5%)		868		873	(0.6%)		2,073		2,206	(6.0%)
San Diego, CA	11	876,286		27.56	93.0%	93.2%		5,775		5,664	2.0%		1,332		1,311	1.6%		4,443		4,353	2.1%
Huntsville, AL	11	873,619		10.18	91.5%	88.9%		2,111		2,248	(6.1%)		630		528	19.3%		1,481		1,720	(13.9%)
Sarasota-Bradenton, FL	10	773,476		16.32	93.4%	88.7%		3,044		3,181	(4.3%)		1,001		936	6.9%		2,043		2,245	(9.0%)
Hawaii, HI	10	697,357		44.76	93.4%	93.3%		7,468		7,579	(1.5%)		1,763		1,652	6.7%		5,705		5,927	(3.7%)
Portland-Salem, OR-WA	10	695,821		20.17	96.0%	95.6%		3,480		3,341	4.2%		829		843	(1.7%)		2,651		2,498	6.1%
Other MSAs	246	18,739,344		15.94	93.4%	92.3%		72,635		72,451	0.3%		20,755		20,826	(0.3%)		51,880		51,625	0.5%
TOTALS	1,829	138,041,249	$	19.75	93.3%	92.1%	$	659,736	$	657,523	0.3%	$	192,427	$	184,637	4.2% $		467,309	$	472,886	(1.2%)

MSAs (Metropolitan Statistical Areas) as defined by the U.S. Census Bureau. List includes MSAs where the Company has ten or more stores.
Net rent is annualized total rental revenue less discounts, bad debt and refunds.
Revenues do not include tenant reinsurance income.
Expenses do not include management fees, casualty loss, or tenant reinsurance expense.

MSA (1)Performance Summary for All Stabilized (2)Stores For the Three Months Ended March 31, 2025 (unaudited) (Dollars in thousands except for net rent per occupied square foot)

# of Stores		Net Rentable Sq. Ft.	Net Rent / Occupied Sq. Ft.(3)	Average Occupancy for the Three Months Ended March 31,		Revenue for the Three Months Ended March 31,(4)		Expenses for the Three Months Ended March 31,(5)			NOI for the Three Months Ended March 31,
MSA				2025	2024	2025	2024	% Change	2025	2024	% Change	2025	2024	% Change
New York-Northern New Jersey-Long Island, NY-NJ-PA	260	20,134,520	$ 27.55	92.8%	90.6%	$ 133,431	$ 130,098	2.6%	$ 41,831	$ 39,739	5.3%	$ 91,600	$ 90,359	1.4%
Los Angeles-Riverside-Orange County, CA	221	18,957,995	26.27	93.6%	91.8%	119,533	118,117	1.2%	29,250	27,799	5.2%	90,283	90,318	(0.0%)
Atlanta, GA	151	11,974,491	16.33	92.1%	90.5%	47,694	49,886	(4.4%)	14,923	13,528	10.3%	32,771	36,358	(9.9%)
Washington-Baltimore, DC-MD-VA-WV	147	11,326,067	22.99	94.0%	91.6%	63,494	60,119	5.6%	16,146	15,657	3.1%	47,348	44,462	6.5%
Dallas-Fort Worth, TX	146	11,524,811	16.31	92.8%	92.4%	45,381	46,024	(1.4%)	12,480	12,368	0.9%	32,901	33,656	(2.2%)
Chicago-Gary-Kenosha, IL-IN-WI	121	9,603,763	19.95	93.0%	91.7%	46,138	44,812	3.0%	18,856	15,788	19.4%	27,282	29,024	(6.0%)
Boston-Worcester-Lawrence, MA-NH-ME-CT	115	7,577,666	23.56	93.2%	91.0%	42,887	41,388	3.6%	13,663	13,026	4.9%	29,224	28,362	3.0%
Houston-Galveston-Brazoria, TX	111	9,680,257	15.38	92.5%	92.0%	35,886	34,671	3.5%	11,209	10,259	9.3%	24,677	24,412	1.1%
Tampa-St. Petersburg-Clearwater, FL	109	7,704,908	18.75	93.1%	90.7%	34,968	33,198	5.3%	10,993	10,071	9.2%	23,975	23,127	3.7%
Miami-Fort Lauderdale, FL	95	7,938,108	25.59	93.4%	91.9%	49,220	47,989	2.6%	14,595	14,108	3.5%	34,625	33,881	2.2%
Phoenix-Mesa, AZ	87	6,893,765	17.64	93.4%	91.1%	29,406	29,345	0.2%	6,385	6,608	(3.4%)	23,021	22,737	1.2%
Philadelphia-Wilmington-Atlantic City, PA-DE-NJ	83	6,209,892	18.54	93.2%	90.4%	27,848	28,067	(0.8%)	8,506	8,022	6.0%	19,342	20,045	(3.5%)
San Francisco-Oakland-San Jose, CA	67	5,189,778	32.60	94.6%	93.5%	40,942	39,752	3.0%	8,991	9,085	(1.0%)	31,951	30,667	4.2%
Austin-San Marcos, TX	63	5,369,834	15.94	92.2%	88.6%	20,465	20,639	(0.8%)	7,551	7,276	3.8%	12,914	13,363	(3.4%)
Orlando, FL	59	4,386,694	17.15	93.2%	90.4%	18,258	18,242	0.1%	6,027	5,655	6.6%	12,231	12,587	(2.8%)
Indianapolis, IN	59	2,995,099	12.72	91.3%	89.1%	9,203	9,053	1.7%	2,956	2,591	14.1%	6,247	6,462	(3.3%)
Denver-Boulder-Greeley, CO	52	3,840,745	18.10	91.9%	90.8%	16,606	16,145	2.9%	6,332	7,644	(17.2%)	10,274	8,501	20.9%
Louisville, KY-IN	52	2,346,279	11.54	92.7%	90.2%	6,626	6,428	3.1%	2,270	1,962	15.7%	4,356	4,466	(2.5%)
Las Vegas, NV-AZ	49	4,530,466	15.34	93.0%	93.7%	16,957	17,239	(1.6%)	3,559	3,742	(4.9%)	13,398	13,497	(0.7%)
St. Louis, MO-IL	49	3,787,066	14.30	92.4%	89.2%	13,120	12,754	2.9%	4,936	4,838	2.0%	8,184	7,916	3.4%
Sacramento-Yolo, CA	42	3,604,664	18.29	94.3%	92.4%	16,066	15,810	1.6%	4,487	4,428	1.3%	11,579	11,382	1.7%
Norfolk-Virginia Beach-Newport News, VA-NC	40	3,217,353	16.49	93.2%	90.9%	12,985	12,880	0.8%	3,366	3,385	(0.6%)	9,619	9,495	1.3%
Charlotte-Concord-Gastonia, NC-SC	40	2,937,806	16.82	92.3%	91.6%	11,980	11,464	4.5%	3,094	3,090	0.1%	8,886	8,374	6.1%
San Antonio, TX	38	3,028,835	14.61	92.4%	90.4%	10,696	10,862	(1.5%)	3,631	3,771	(3.7%)	7,065	7,091	(0.4%)
Salt Lake City-Ogden, UT	32	2,488,128	14.59	93.7%	92.4%	8,801	8,485	3.7%	2,067	2,235	(7.5%)	6,734	6,250	7.7%
Albuquerque, NM	31	2,100,432	16.37	94.7%	93.8%	8,455	7,956	6.3%	1,894	1,985	(4.6%)	6,561	5,971	9.9%
West Palm Beach-Boca Raton, FL	28	2,185,627	20.06	94.1%	93.1%	10,634	10,730	(0.9%)	3,054	3,092	(1.2%)	7,580	7,638	(0.8%)
Memphis, TN-AR-MS	26	2,018,516	12.61	92.0%	91.5%	6,236	6,743	(7.5%)	1,939	1,812	7.0%	4,297	4,931	(12.9%)
Richmond-Petersburg, VA	26	2,017,041	18.22	94.9%	93.0%	9,080	8,766	3.6%	1,968	1,912	2.9%	7,112	6,854	3.8%
Hartford, CT	26	1,802,890	18.79	92.8%	92.9%	8,192	8,074	1.5%	2,916	2,832	3.0%	5,276	5,242	0.6%
Jacksonville-St. Marys-Palatka, FL-GA	25	1,814,497	15.98	93.6%	92.0%	7,098	7,159	(0.9%)	2,216	2,153	2.9%	4,882	5,006	(2.5%)
Raleigh-Durham-Chapel Hill, NC	25	1,792,529	16.65	95.0%	92.4%	7,369	6,949	6.0%	2,226	1,799	23.7%	5,143	5,150	(0.1%)
Charleston-North Charleston, SC	24	1,821,257	19.41	93.9%	93.7%	8,566	8,400	2.0%	2,279	2,240	1.7%	6,287	6,160	2.1%
Columbus, OH	24	1,387,003	13.24	93.0%	91.4%	4,475	4,454	0.5%	1,542	1,056	46.0%	2,933	3,398	(13.7%)
Minneapolis-St. Paul-Bloomington, MN-WI	23	1,767,242	15.59	93.0%	90.1%	6,599	6,121	7.8%	2,933	2,760	6.3%	3,666	3,361	9.1%
Portland-Salem, OR-WA	21	1,520,053	19.50	96.0%	93.2%	7,363	6,904	6.6%	1,709	1,742	(1.9%)	5,654	5,162	9.5%
Oklahoma City, OK	21	1,471,244	13.06	92.9%	90.3%	4,643	4,475	3.8%	1,267	1,320	(4.0%)	3,376	3,155	7.0%
San Diego, CA	20	1,716,513	26.45	92.8%	92.3%	10,791	10,788	0.0%	2,904	2,864	1.4%	7,887	7,924	(0.5%)
Sarasota-Bradenton, FL	20	1,490,680	17.48	93.1%	87.6%	6,263	6,338	(1.2%)	1,920	1,817	5.7%	4,343	4,521	(3.9%)
Champaign-Urbana, IL	20	814,562	9.16	86.6%	80.9%	1,690	1,646	2.7%	655	655	0.0%	1,035	991	4.4%
Cincinnati-Northern Kentucky, OH-KY	19	1,482,660	13.79	94.7%	92.9%	5,107	5,070	0.7%	1,278	1,088	17.5%	3,829	3,982	(3.8%)
Buffalo-Niagara Falls, NY	18	1,530,883	15.56	92.8%	86.4%	5,745	5,483	4.8%	2,115	2,048	3.3%	3,630	3,435	5.7%
Seattle-Tacoma-Bremerton, WA	18	1,387,653	20.68	93.0%	90.2%	6,945	6,652	4.4%	2,033	2,194	(7.3%)	4,912	4,458	10.2%
Fort Myers-Cape Coral, FL	18	1,329,980	15.65	91.6%	88.8%	4,959	5,556	(10.7%)	1,598	1,539	3.8%	3,361	4,017	(16.3%)
Cleveland-Akron, OH	18	1,291,850	13.68	93.1%	89.8%	4,319	4,242	1.8%	1,565	1,640	(4.6%)	2,754	2,602	5.8%
Milwaukee-Racine-Waukesha	17	1,570,962	13.42	88.3%	88.0%	4,937	4,786	3.2%	1,991	2,003	(0.6%)	2,946	2,783	5.9%
Nashville, TN	17	1,292,338	19.16	93.6%	89.1%	6,047	5,660	6.8%	1,541	1,622	(5.0%)	4,506	4,038	11.6%
Providence-New Bedford-Fall River, RI-MA	17	1,152,300	18.88	92.1%	90.3%	5,209	5,310	(1.9%)	1,832	1,697	8.0%	3,377	3,613	(6.5%)
Hawaii, HI	17	1,100,773	42.05	93.3%	93.6%	11,059	11,085	(0.2%)	4,255	3,808	11.7%	6,804	7,277	(6.5%)
Pensacola-Ferry Bass-Brent, FL	16	1,289,433	12.79	93.3%	89.6%	4,029	4,124	(2.3%)	1,165	1,181	(1.4%)	2,864	2,943	(2.7%)
New Orleans, LA	16	1,277,996	16.04	94.0%	87.6%	5,041	4,680	7.7%	1,302	1,633	(20.3%)	3,739	3,047	22.7%
Greenville-Anderson-Mauldin, SC	16	1,180,878	13.99	90.4%	93.9%	3,939	3,775	4.3%	1,324	1,084	22.1%	2,615	2,691	(2.8%)
Columbia, SC	16	1,110,298	14.17	95.2%	94.3%	3,933	3,793	3.7%	1,747	1,160	50.6%	2,186	2,633	(17.0%)
Other MSAs	392	30,092,675	14.92	92.5%	90.4%	108,126	106,091	1.9%	31,187	30,942	0.8%	76,939	75,149	2.4%
TOTALS	3,263	250,059,755	$ 19.31	93.0%	91.1%	$ 1,165,440	$ 1,145,277	1.8%	$ 344,459	$ 330,353	4.3%	$ 820,981	$ 814,924	0.7%

MSAs (Metropolitan Statistical Areas) as defined by the U.S. Census Bureau. List includes MSAs where the Company has fifteen or more stores.
A store is considered stabilized when it is either over three years old or has maintained 80% occupancy for one year.
Net rent is annualized total rental revenue less discounts, bad debt and refunds.
Revenues do not include tenant reinsurance income.
Expenses do not include management fees, casualty loss, or tenant reinsurance expense

Certificate of Occupancy Acquisitions / Development Stores Summary (unaudited)

(Dollars in thousands)

Certificate of Occupancy / Development Stores - Under Agreement as of March 31, 2025

Purchase

Price /

Land +

Estimated

Construction

Store Location

Type

Opening

NRSF

Cost

in Progress

EXR Ownership

2025 Projected Openings

Bonita Springs, FL

Development

2Q 2025

75,000

$ 14,400

$ 12,713

Joint Venture (97%)

Clearwater, FL

C of O

2Q 2025

44,050

9,750

Joint Venture (30%)

Daytona Beach, FL

Development

3Q 2025

122,765

15,135

6,708

Joint Venture (95%)

Las Vegas, NV

Development

3Q 2025

80,650

16,565

5,898

Joint Venture (95%)

Total 2025

322,465

$ 55,850

$ 25,319

2026 Projected Openings

Austin, TX	Development	1Q 2026	78,975	$ 15,498	$ 3,716	Joint Venture (90%)
Waldorf, MD	Development	1Q 2026	83,680	16,914	1,080	Joint Venture (75%)
Total 2026		2	162,655	$ 32,412	$ 4,796

Certificate of Occupancy / Development Stores Performance Summary

For the Three Months Ended March 31, 2025 (unaudited)

(Dollars in thousands)

Date Opened		EXR % Ownership	Purchase Price	Net Rentable Sq. Ft.	Occupancy at March 31,		Revenue for the Three Months Ended March 31,		Expenses for the Three Months Ended March 31,		NOI for the Three Months Ended March 31,
					2025	2024	2025	2024	2025	2024	2025	2024
Clinton Township, MI	1Q 2022	100.0%	13,200	101,450	93.1%	88.4%	314	277	132	199	182	78
Spring Hill, FL	1Q 2022	100.0%	11,730	67,959	93.7%	81.7%	210	183	82	104	128	79
Rio Rancho, NM	1Q 2022	100.0%	6,200	64,745	92.4%	91.8%	179	155	44	63	135	92
New Braunfels, TX	1Q 2022	100.0%	12,750	67,700	94.8%	88.7%	263	238	97	78	166	160
Deland, FL	2Q 2022	100.0%	11,000	72,534	93.1%	86.6%	303	264	73	87	230	177
Neptune City, NJ	2Q 2022	100.0%	11,742	66,055	95.4%	76.2%	270	246	122	127	148	119
El Cajon, CA (1)	2Q 2022	100.0%	3,095	54,996	93.6%	72.5%	269	205	137	173	132	32
Simi Valley, CA	3Q 2022	100.0%	14,431	86,848	95.3%	90.8%	492	414	120	168	372	246
Winter Garden, FL(2)	4Q 2022	100.0%	10,644	107,418	94.0%	91.8%	361	299	119	115	242	184
Gainesville, GA	1Q 2023	100.0%	13,073	71,250	85.4%	87.6%	203	161	60	69	143	92
Osprey, FL	2Q 2023	100.0%	15,374	68,746	92.3%	77.8%	201	124	94	85	107	39
Tallahassee, FL	2Q 2023	100.0%	12,786	72,430	85.8%	38.7%	141	85	81	62	60	23
Minneapolis, MN	3Q 2023	50.0%	14,000	91,414	92.0%	35.8%	205	61	92	107	113	(46)
Lithonia, GA	4Q 2023	100.0%	11,600	70,159	90.6%	32.6%	171	37	85	58	86	(21)
Palm Coast, FL	4Q 2023	100.0%	13,473	68,877	86.5%	39.1%	192	47	81	74	111	(27)
Vero Beach, FL	4Q 2023	100.0%	16,258	54,489	92.3%	26.1%	150	23	61	68	89	(45)
Conyers, GA	4Q 2023	100.0%	16,000	70,940	83.3%	32.2%	191	23	61	59	130	(36)
Tucson, AZ	1Q 2024	95.0%	20,415	145,511	94.0%	47.6%	236	11	77	53	159	(42)
Indianapolis, IN	1Q 2024	100.0%	13,016	82,349	70.3%	3.8%	103	1	66	35	37	(34)
Bartlett, IL	1Q 2024	100.0%	9,923	79,129	89.2%	1.9%	139	-	57	6	82	(6)
Zephyrhills, FL	2Q 2024	100.0%	12,448	67,665	69.5%	0.0%	110	-	99	-	11	-
Kansas City, MO	2Q 2024	95.0%	14,256	80,185	88.1%	0.0%	106	-	103	-	3	-
Pembroke, MA (1)	2Q 2024	98.0%	14,400	73,244	70.6%	0.0%	143	-	98	-	45	-
St. Augustine, FL	3Q 2024	95.0%	11,817	75,906	56.0%	0.0%	103	-	98	-	5	-
Zephyrhills, FL	3Q 2024	95.0%	10,799	72,658	81.4%	0.0%	117	-	123	-	(6)	-
Sebring, FL	3Q 2024	100.0%	11,966	75,500	69.4%	0.0%	105	-	98	-	7	-
Vista, CA	3Q 2024	100.0%	20,200	103,264	85.8%	0.0%	162	-	147	-	15	-
Henderson, NV	4Q 2024	95.0%	17,171	93,700	80.6%	0.0%	83	-	117	-	(34)	-
Port Orange, FL	4Q 2024	95.0%	14,473	90,011	40.2%	0.0%	46	-	125	-	(79)	-
Mableton, GA	4Q 2024	10.0%	13,200	68,269	65.8%	0.0%	35	-	71	-	(36)	-
Charlotte, NC	1Q 2025	90.0%	13,486	87,657	40.3%	0.0%	26	-	64	-	(38)	-
Clearwater, FL	1Q 2025	30.0%	9,750	57,189	11.0%	0.0%	6	-	54	-	(48)	-
Total Projects	32		$ 414,676	2,510,247			$ 5,635	$ 2,854	$ 2,938	$ 1,790	$ 2,697	$ 1,064

Store is subject to a ground lease.
EXR bought out partner's interest in Q1 2025

Reconciliation of Joint Venture Net Income to Equity in Earnings

For the Three Months Ended March 31, 2025 (unaudited) (Dollars in thousands)

EXR

EXR Equity

EXR

Preferred

Total EXR

EXR Pro-

Joint Venture Name

# of Stores

Equity Ownership

Promote Hurdle

EXR

Promote(1)

EXR into Promote

in Earnings(2)

Promoted Interest(3)

Equity Return

Equity in

Earnings NOI(4)

Net Income (Loss)

rata Share

of Debt Total Debt

Extra Space Northern Properties Six		10	10.0%	10.0%	35.0%	Yes(5)	$ 224	$ 189	$ -	$ 413	$ 3,124	$ 2,239	$ 3,550	$ 35,500
ESS PRISA LLC		85	4.0%	-	-	NA	771	-	-	771	24,373	19,481	-	-
ESS VRS LLC		16	45.0%	9.0%	54.0%	Yes	965	202	-	1,167	3,912	2,240	51,796	115,000
Storage Portfolio I LLC		24	34.0%	7.0%	49.0%	Yes	995	166	-	1,161	6,887	3,108	77,814	229,000
Storage Portfolio II JV, LLC		36	10.0%	7.0%	30.0%	Yes	255	249	-	504	6,805	2,552	19,440	194,400
Storage Portfolio III JV LLC		5	10.0%	6.0%	30.0%	Yes	81	39	-	120	1,201	806	-	-
Storage Portfolio IV JV LLC		32	10.0%	6.0%	30.0%	No	341	-	-	341	6,362	3,414	-	-
Storage Portfolio V JV LLC		7	10.0%	6.0%	30.0%	No	26	-	-	26	821	255	-	-
HHF1-HHF2 JVs		59	49.0%	7%-9%	59.0%	No	4,583	-	-	4,583	16,708	10,387	120,050	245,000
HHF Other JVs		70	20%-35%	-	-	NA	272	-	-	272	13,335	1,471	102,219	402,121
ESS-NYFL JV LP		11	16.0%	7.5%	24.0%	Yes	148	9	-	157	3,848	934	24,000	150,000
CA-TIVS		16	55.0%	7.5%	60.0%	Yes	896	29	-	925	3,578	1,629	59,400	108,000
ARA JV		12	10.0%	6.0%	30.0%	No	90	-	-	90	2,057	903	-	-
Other JVs		56	10%-50%	Varies	Varies		888	-	-	888	15,828	6,426	62,139	162,470
Adjustment for Sold JVs							615	-	-	615	-	-	-	-
SmartStop Preferred Dividend									7,898	7,898	-	-	-	-
	TOTALS (6)	439					$ 11,150	$ 883	$ 7,898	$ 19,931	$ 108,839	$ 55,845	$ 520,408	$ 1,641,491

Note: The tables above provide information on EXR's participation in cash flow promotes and does not address promoted interests which may be realized upon capital events.

Includes pro-rata equity ownership share and maximum potential promoted interest.
Includes any additional amortization which represents excess purchase price paid by EXR that is amortized over 40 years and reduces the equity in earnings to EXR.
EXR interest above pro-rata share.
Revenues and expenses do not include tenant reinsurance income. Management fees are included as an expense in NOI calculation.
Currently in promote at 25% but can achieve 35% promoted interest above an additional hurdle.
Totals do not include the consolidated JV stores.

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Disclaimer

Extra Space Storage Inc. published this content on April 29, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 30, 2025 at 01:27 UTC.

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Jun. 13	JPMorgan Adjusts Price Target on Extra Space Storage to $162 From $160	MT
Jun. 09	Evercore ISI Adjusts Price Target on Extra Space Storage to $148 From $149, Maintains In Line Rating	MT

JPMorgan Adjusts Price Target on Extra Space Storage to $162 From $160	Jun. 13	MT
Evercore ISI Adjusts Price Target on Extra Space Storage to $148 From $149, Maintains In Line Rating	Jun. 09	MT
Mizuho Adjusts Price Target on Extra Space Storage to $153 From $141, Maintains Outperform Rating	May. 28	MT
Jefferies Adjusts Price Target on Extra Space Storage to $169 From $161, Maintains Buy Rating	May. 20	MT
Extra Space Storage Names Jeff Norman CFO as Scott Stubbs Announces Retirement	May. 19	MT
Extra Space Storage Announces CFO Changes	May. 19	CI
Extra Space Storage Announces Executive Changes	May. 19	CI
Barclays Adjusts Price Target on Extra Space Storage to $178 From $181, Maintains Overweight Rating	May. 16	MT
Scotiabank Adjusts Extra Space Storage Price Target to $166 From $149, Maintains Sector Outperform Rating	May. 12	MT
Goldman Sachs Adjusts Price Target on Extra Space Storage to $169 From $174	May. 05	MT
Tranche Update on Extra Space Storage Inc.'s Equity Buyback Plan announced on February 27, 2024.	May. 02	CI
Evercore ISI Adjusts Extra Space Storage Price Target to $149 From $144	May. 01	MT
RBC Trims Price Target on Extra Space Storage to $160 From $163, Keeps Sector Perform Rating	May. 01	MT
Extra Space Storage Inc., Q1 2025 Earnings Call, Apr 30, 2025	Apr. 30
Extra Space Storage reports upbeat first-quarter results amid high occupancy rates	Apr. 29	RE
Extra Space Storage Q1 Core FFO, Revenue Rise; 2025 Guidance Reaffirmed	Apr. 29	MT
Earnings Flash (EXR) Extra Space Storage Reports Q1 Revenue $820M, vs. FactSet Est of $807.5M	Apr. 29	MT
Earnings Flash (EXR) Extra Space Storage Posts Q1 FFO $2.00, vs. FactSet Est of $1.98	Apr. 29	MT
Extra Space Storage Inc. Reports Earnings Results for the First Quarter Ended March 31, 2025	Apr. 29	CI
Deutsche Bank Adjusts Price Target on Extra Space Storage to $150 From $157	Apr. 24	MT
Evercore ISI Adjusts Extra Space Storage's PT to $144 From $158, Keeps In Line Rating	Apr. 14	MT
Jefferies Adjusts Price Target on Extra Space Storage to $161 From $180	Apr. 11	MT
Tariff Battle Escalates	Apr. 09
Mizuho Initiates Extra Space Storage at Outperform With $141 Price Target	Apr. 09	MT
Scotiabank Upgrades Extra Space Storage to Sector Outperform From Sector Perform, Adjusts PT to $149 From $165	Apr. 09	MT

Extra Space Storage Inc.

Equities

EXR

US30225T1025

Specialized REITs

Extra Space Storage : First Quarter 2025 Q1 2025 Supplemental Financial Information

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