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.

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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.

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 processes across the 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.

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.

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.

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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.

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