1977-today
2024 Annual Report

Building OUR Legacy

ceo letter

JOSEPH D. MARGOLIS,
CHIEF EXECUTIVE OFFICER

HIGHLIGHTS

4,000+

STORES

2,437%

20-Year Shareholder Return

#1 Storage REIT for Core FFO Growth in 2024

Our experiences have provided us with a road map for the future. We will cling to the core values that led to our success over the last twenty years - prioritizing integrity with our shareholders, partners, customers, and teammates and working together with passion to excel and innovate in new ways that will create value for our Company and create the foundations for future growth.

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TIMELine

HIGHLIGHTS

1977

Company Founded

2004

IPO (NYSE: EXR)

2025

Grown to 4000+ Stores

Performance

HIGHLIGHTS

#1 Storage REIT for NOI Performance in 2024

$33.0

Billion Market Cap

1,414.4%

20-year Dividend Growth

Extra Space had a solid year of operational performance, even with industry headwinds, allowing the company to outperform competitors in same-store revenue, same-store net operating income (NOI), and funds from operations (FFO) growth. Year after year, Extra Space is able to outperform expectations, building a legacy of strong performance no matter the environment.

Learn more about our 5-year performance, 10-year performance, 20-year performance and our consistent dividend growth.

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PortfoLio

HIGHLIGHTS

4,000+

Stores

308 Million

Rentable Square Feet

93.7%

Occupancy

Extra Space is a leading self storage provider operating in 42 states + DC, with over 4,000 properties. While the size and location of its facilities vary, customers can always expect a consistent experience—exceptional customer service, well-maintained properties, and secure facilities. The company offers a wide variety of storage solutions, including climate-controlled units, drive-up access, vehicle storage for cars, RVs, and boats, as well as business storage options and more.

The Extra Space portfolio is built for stability. No single property represents more than 1% of the portfolio's value, and no individual metro market contributes more than 15% of revenue. With operations in 98 of the 100 largest metro areas in the U.S., the company is positioned to maintain steady performance, unaffected by external factors in any specific market or region.

Extra Space has a comprehensive redevelopment program focused on expansions, rebuilds, and rebranding. This initiative helps keep Extra Space properties competitive and ensures the continued quality of its portfolio. Properties are consistently assessed for opportunities to redevelop, with the goal of enhancing operating income. In 2024, the company invested $66 million in redevelopment efforts.

Growth

HIGHLIGHTS

425

Total New Stores

500+

Third-Party or JV Partners

$2.4 Billion

of Bridge Loans Funded

Extra Space Storage has built a strong legacy of growth. In addition to traditional acquisitions, the company has a variety of growth avenues including the third-party management platform and bridge loan program. Extra Space continues to find ways to have accretive growth, innovatively and efficiently, across economic cycles.

Learn more about Extra Space's growth in 2024, our partnership programs, and our bridge lending program.

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Platform

HIGHLIGHTS

2.4

Million Customers

23.2 million

Web Visits

1.7 Million

New Rentals

Extra Space's platform continues to lead the industry by attracting potential customers, converting leads into rentals, and maximizing revenue. Through a dynamic digital marketing strategy, Extra Space targets high-quality prospects and guides them to lease at a property with a low acquisition cost. The team's expertise in SEO, pay-per-click advertising, web optimization, and brand management drives customers to Extra Space. Customers can rent a unit online, by phone or by chat with one of over 250 call center team members, or in-person with a store associate. The experience is seamless, thanks to an integrated omnichannel approach that meets customers where they are and provides the experience they desire.

EXTRASPACE.COM

Extra Space uses a proprietary revenue management system to drive pricing, continually refined through testing and optimization. As the largest self storage company, Extra Space leads the industry in data science, leveraging customer, market, and historical data to inform pricing, discounts, and advertising strategies. These strategies are tailored to each market, property, and unit type, with real-time updates based on new information.

Extra Space Storage's AI strategy focuses on enhancing digital presence, improving store performance, and optimizing operational efficiency. Early adoption and consistent investment in AI technologies are prioritized to position Extra Space as an industry innovator. The company plans to integrate AI across customer service automation, employee self-service, and in sales process across web and the call center.

Key initiatives for 2025 include implementing natural language search on the website, developing AI-powered chatbots, and creating intelligent virtual agents for the call center. These projects are designed to improve customer experience, increase conversion rates, and streamline operations.

Extra Space is recognized as a technology leader in the industry, including in the area of cybersecurity. The company has a dedicated team of professionals who monitor cybersecurity risks around the clock and lead the enterprise-wide strategy, policies, and processes. Using a defense-in-depth approach, we employ multiple redundant measures to address potential security risks and outline actions for responding to vulnerabilities or control failures. To further protect against threats, we leverage both internal resources and external partnerships offering services like penetration testing, incident response, and third-party assessments. We also use a mix of proprietary and commercial solutions to proactively manage and mitigate IT threats. Extra Space has not experienced a material cybersecurity breach.

People

HIGHLIGHTS

8,000+

Employees

75%

Engagement Score

4.4 out of 5

Glassdoor Rating

Extra Space strives to be the top employer in the self storage industry, prioritizing the employee experience because Extra Space leadership believes that having the best people leads to the best results. The company focuses on building a diverse and talented workforce by investing in training, development, and career planning, ensuring long-term success for years to come.

The leadership team at Extra Space has an average tenure of 21 years, with succession planning emphasized at every management level. The company is known for its strong leadership, and employees consistently praise the management style for its transparency, mentorship, and integrity.

MANAGEMENT BIOS

Ask any employee what makes Extra Space uniquely successful, and they'll point to the company's culture and five company values. The Extra Space values — Integrity, Excellence, Innovation, Teamwork, and Passion — are at the center of everything the team does. The values guide the way Extra Space teams work, interact with customers, and behave in communities. The culture compass is a guide that gives direction for employees.

Extra Space Storage's mission is to help people build a better tomorrow. This vision is realized through an inclusive culture that values and celebrates the unique attributes and characteristics of each employee. The Extra Space team strives to create a workplace where everyone is treated fairly, supported, listened to, and able to contribute authentically. With a focus on clear communication, transparent business practices, and unwavering commitment to the company's values, the team aims to strengthen its culture and foster an environment where employees can grow both professionally and personally while providing exceptional customer service.

Sustainability

HIGHLIGHTS

A+

GRESB Disclosure Score

$30 Million

Invested in Solar Projects in 2024

89% of customers

WOULD RECOMMEND EXTRA SPACE

The Extra Space team is dedicated to building a company that ensures long-term performance by being responsible stewards of both shareholders' capital and the environment.

As a self storage business, which inherently consumes lower resources than most real estate asset classes, Extra Space has prioritized reducing its carbon footprint year over year. The company has lowered its GHG emissions intensity through initiatives such as installing solar panels on properties, upgrading to energy-efficient lighting systems, and improving HVAC systems. These efforts demonstrate that sustainability not only benefits the environment and local communities but also delivers positive returns for shareholders.

IR SUSTAINABILITY

Extra Space is invested in the future of its employees, customers, and the communities in which it operates. The company's leadership is dedicated to the growth and development of its team members. With a highly trained workforce, they are confident that employees are equipped to make the best decisions for customers. The team works diligently to care for and appreciate customers, while ensuring they remain informed. In 2024, Extra Space Storage was recognized by Forbes as one of the "Most Trusted Companies in America," a testament to the integrity upheld by the team every day.

The company's success is closely tied to the well-being of the communities where it operates. Extra Space encourages employees to actively engage with their local communities. To support this, the company offers programs that empower team members to give back through volunteer time off, donation matching, and community-focused employee engagement initiatives.

IR SUSTAINABILITY

Extra Space is dedicated to maintaining strong corporate governance that supports the long-term interests of its shareholders, enhances management accountability, and upholds public trust in the company. Further details about the Extra Space Board of Directors and its policies can be found here.

The company has developed a resiliency strategy to manage climate-related risks and opportunities. Both physical and transition risks are assessed, and resiliency measures are integrated into acquisition and development projects. The Nominating, Governance, and Corporate Responsibility Committee of the Extra Space Board of Directors has direct oversight of the company's sustainability efforts.

IR SUSTAINABILITY