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2020 Annual Report

Innovating for a better tomorrow

Sustainability

“Our sustainability initiatives are focused on a long-term perspective for our company, our customers, our employees and our world. We’re building Extra Space to be a strong, successful company for decades to come, and we’re proud of the innovations we are putting in place today to make our company and the world better tomorrow.”

At Extra Space, we invest in initiatives that are at the crossroads of what is good for our shareholders, for our people, for our customers, for our communities and for the environment. We believe in running a company that is built to last. We achieve this through our ongoing efforts to improve the sustainability of our operations by employing environmental, social and governance best practices and initiatives. Additional information about our sustainability initiatives and corporate governance can be found here.

We are proud to have been recently recognized for the efforts we have been making for the last decade by industry thought leaders like GRESB, SAM, Sustainalytics and Just Capital. Our record of improvement in these ratings shows our focus on becoming better and better each year.

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First self-storage company ever to be recognized
Nareit Logo ExtraSpace logo
First self-storage company ever to be recognized
 GRESB Public Discourse Level

GRESB Public Discourse Level

Score
Global Average: C
 GRESB Public Discourse Level

GRESB Real Estate Assessment

2020 Improvement

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  1. Environmental
  2. Environmental

    • 6.2% reduction in GhG Emissions (Scope 1&2 like for like pool)
    • 50% of REIT Owned Locations with Solar Panels
    • $20 million in solar investment in 2020
    • 111 new solar installations in 2020
    • 9.4% reduction in purchased electricity (like for like pool)
    • REIT store lighting fixtures updated to LED or T-8 Lighting Systems
    • 13.3% of Waste Diverted from Landfills to Recycling Centers
  3. Governance
  4. Governance

    • NAREIT “Leader in the Light” award 2021
    • Lead independent director of board and independent director lead Audit, Compensation and Nominating/Governance Committees.
    • Annual advisory vote to approve executive compensation
    • Separate Chairman and CEO
    • Stockholder ability to amend bylaws
    • 22% of our Board in Female
    • 2/3 of our directors are independent
    • Added one board seat and refreshed an additional Board seat in 2020
  5. Social
  6. Social Highlights

    • Glassdoor: 2020 Best Places to Work
    • Forbes: America’s Best Employers for Diversity 2020
    • Just Capital: Top 5 Most Just Real Estate Company
    • 85 engagement score on most recent employee survey
    • COVID-19 Immediate Response “Extra Safe, Extra Clean” and donated over 10,000 N95 masks and free storage space to first responders
    • Extra Space employees donated over 91,000 meals to Feeding America food bank
    • Utah Business: Best Companies to Work For 2020
    • Worksite Wellness Council: Utah Platinum Award for employee wellness efforts

Environmental

  • 6.2% reduction in GhG Emissions (Scope 1&2 like for like pool)
  • 50% of REIT Owned Locations with Solar Panels
  • $20 million in solar investment in 2020
  • 111 new solar installations in 2020
  • 9.4% reduction in purchased electricity (like for like pool)
  • REIT store lighting fixtures updated to LED or T-8 Lighting Systems
  • 13.3% of Waste Diverted from Landfills to Recycling Centers

Governance

  • NAREIT “Leader in the Light” award 2021
  • Lead independent director of board and independent director lead Audit, Compensation and Nominating/Governance Committees.
  • Annual advisory vote to approve executive compensation
  • Separate Chairman and CEO
  • Stockholder ability to amend bylaws
  • 22% of our Board in Female
  • 2/3 of our directors are independent
  • Added one Board seat and refreshed an additional Board seat in 2020

Social Highlights

  • Glassdoor: 2020 Best Places to Work
  • Forbes: America’s Best Employers for Diversity 2020
  • Just Capital: Top 5 Most Just Real Estate Company
  • 85 engagement score on most recent employee survey
  • COVID-19 Immediate Response “Extra Safe, Extra Clean” and donated over 10,000 N95 masks and free storage space to first responders
  • Extra Space employees donated over 91,000 meals to Feeding America food bank
  • Utah Business: Best Companies to Work For 2020
  • Worksite Wellness Council: Utah Platinum Award for employee wellness efforts

Solar

We’re celebrating our 10th year of solar installations at Extra Space! Over the last decade, we’ve been dedicated to our solar program, and we are seeing rewards for this effort. With half of our wholly-owned portfolio powered by solar, we’ve produced enough solar power to offset over 30 million pounds of coal burned or over 3 million gallons of gasoline consumed. Our solar efforts reduced our electricity while producing a great return, showing clearly how sustainability can be at the intersection of what’s good for the environment, the community and our shareholders.

COVID Response

Our mission of “helping customers to their better tomorrow” during life transitions hit even closer to home this year. Due to COVID-19, we saw new essential uses for storage as our team helped families make room for kids or grandparents moving back in together, helped individuals make room for a new work-from-home office, or in one specific example, helped a pulmonary nurse store her apartment as she moved from state to state to help on the frontlines of COVID-19. We are proud to help people as they navigate their life changes, in good times and in hard times.

Our COVID-19 response was focused on the safety of our employees and one million plus customers. Starting in early March, we quickly adjusted company procedures and policies as we committed to be “Extra Safe, Extra Clean”. These efforts included:

  • All stores and offices being restructured to support social distancing recommendations including installations of stanchions, plexiglass barriers and sanitation and mask stations.
  • New relief pay policies to support paid leave for employees exposed to COVID-19
  • New travel policies restricting travel
  • Work-from-home options for teams capable of working remotely including the majority of our call-center, division offices, and headquarters.
  • A new “contactless” renting process allowing customers to fully complete the leasing process over the phone or online through our new Rapid Rental technology.
  • New cleaning guidelines to enhance cleanliness at all facilities.

No employees were laid-off, were furloughed, or had pay rate decreases due to COVID-19. In addition to taking care of our team, we found ways to support the efforts to fight COVID-19 including donating over 10,000 N95 masks kept in our stores’ emergency supply kits to hospitals in the Northeast and providing free storage to hospitals and those fighting on the frontlines during this crisis.

People