Extra Space Storage : KeyBanc Self Storage Investor Forum

COMPANY PRESENTATION

January 2022

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, favorable 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, 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;
• failure to close pending acquisitions and developments on expected terms, or at all;
• the effect of competition from new and existing stores or other storage alternatives, which could cause rents and occupancy rates to decline;
• potential liability for uninsured losses and environmental contamination;
• 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;
• 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;
• increases in interest rates;
• reductions in asset valuations and related impairment charges;
• our lack of sole decision-making authority with respect to our joint venture investments;
• the effect of recent changes to U.S. tax laws
• the failure to maintain our REIT status for U.S. federal income tax purposes; and
• economic uncertainty due to the impact of war or terrorism, which could adversely affect our business plan.

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.

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* All metrics presented for the quarter ended September 30, 2021, with the exception of External Growth Investment, which reflects the full year ending December 31, 2020.

EXTRA SPACE STORAGE TIMELINE

WHY INVEST IN EXTRA SPACE (EXR)?

AN ATTRACTIVE	OPERATIONAL	DISCIPLINED	SOLID BALANCE	STRONG
SECTOR	EXCELLENCE	GROWTH	SHEET	PARTNERSHIPS
Need-based,	Enhanced value of	Consistent growth of	Appropriately	Creating growth
recession resilient	existing and newly	our geographically	leveraged balance	opportunities through
asset class with high	acquired self-storage	diverse portfolio	sheet consisting of	Joint Venture and
operating margins and	facilities, through best-	through accretive	diversified capital	third-party
low cap-ex	in-class customer	acquisitions, mutually	sources to provide	management
requirements,	acquisition, revenue	beneficial joint-venture	access to the	relationships. Our
resulting in high FAD.	management and	partnerships, and	cheapest sources of	partnerships provide
The granularity of	customer service	third-party	funds in different	capital, additional
asset and tenant base	platforms.	management services	economic climates.	income streams,
reduces volatility and		in a highly fragmented		leveraged returns and
risk.		sector.		future acquisition
				opportunities.