Extra Space Storage Inc · NYSE:EXR
Extra Space Storage — Investor Presentation (December 2025)
43 slides from Extra Space Storage's investor presentation, December 2025
Slide 1: Company Presentation December 2025
COMPANY PRESENTATION DECEMBER 2025
Slide 2: Safe Harbor: Forward-Looking Statements
Forward-Looking Statements: SAFE HARBOR 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,
Slide 3: Presentation Overview
PRESENTATION OVERVIEW ▪ Company Overview ▪ Why Self Storage ▪ Why Extra Space ▪ Current Performance ▪ Future Outlook ▪ Appendix
Slide 4: Company Overview
COMPANY OVERVIEW 4,238 326 Million+ S&P 500 Properties Sq Ft of Rentable Space Member Since 2015 GROWTH 94.1% 168.3% Q3 2025 Same-Store 10-Year Total Average Occupancy Shareholder Return BALANCE SHEET $31.7 Billion 5.2x Moody’s Baa2 Equity Market Cap Net Debt to EBITDA S&P Global BBB+ As of Septembe
Slide 5: Recent Awards
RECENT AWARDS AMERICA’S AMERICA’S BEST CUSTOMER TOP 25 BEST BEST COMPANIES GREATEST MIDSIZE SERVICE COMPANIES TO WORK FOR (FORBES) (US NEWS) WORKPLACES COMPANIES CHAMPIONS (NEWSWEEK) (TIME) (USA TODAY) MOST TRUSTED AMERICA’S BEST WORLD’S BEST COMPANIES IN OF THE BEST COMPANIES (NEWSWEEK) AMERICA (TI
Slide 6: Why Self Storage?
WHY SELF STORAGE? RESILIENT & STEADY DIVERSIFIED CONSOLIDATION CONSISTENT GROWING CASH FLOWS CUSTOMER OPPORTUNITY RETURNS DEMAND & ASSET BASE Need-based, recession High operating margins, No material customer Highly-fragmented industry, Top 2 performing REIT sector resilient asset class with the abi
Slide 7: Steady Demand Growth
STEADY DEMAND GROWTH Percentage of U.S. Households Utilizing Storage (as a Percentage of Total Households) 12.6% 9.4% 10.6% 9.0% 5.5% 4.1% 2.7% 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 *Sources: Mini-Storage Messenger – 2023 Self Storage Almanac,
Slide 8: Resilient Revenue Growth
RESILIENT REVENUE GROWTH Same-store Revenue Growth for EXR and Storage Sector (Year-Over-Year) 17.4% Extra Space Storage 13.8% 13.7% 13.2% Sector Average Excluding EXR 9.3% 7.5% 6.6% 6.6% 7.4%6.8% 6.7% 7.0% 6.9% 6.4% 5.4% 4.9% 5.0% 5.1% 4.6% 4.1% 3.8% 3.9% 3.7% 4.1% 3.5% 3.1% 3.1%3.5% 2.4% 1.6%2.6%
Slide 9: Opportunity for Consolidation
OPPORTUNITY FOR CONSOLIDATION U.S. Market Share by Square Footage Non-REIT Non-Institutional ~20% 14.4% Quality Properties 11.2% 4.9% Non-REIT Institutional ~42% 3.9% Quality Properties 3.1% 0.7% *REIT data from public filings as of September 30, 2025. U-Haul and total U.S. storage square footage pe
Slide 10: Among the Highest 20-Year REIT Returns
AMONG THE HIGHEST 20-YEAR REIT RETURNS 3000% 2000% #1 SELF STORAGE REIT #3 ALL PUBLIC REITS 1000% 0% Data Centers Self Storage Manufactured Malls Triple Net Healthcare Multifamily Timber Shopping Housing Centers Price Dividends Total Return *Results from KeyBanc Leaderboard as of December 31, 2024
Slide 11: Why EXR?
WHY EXR? TENURED MANAGEMENT TEAM Executive team has average tenure of 20 years with Extra Space Storage and a strong track record of execution. SOLID BALANCE SHEET S&P Global: BBB+ Stable & Moody’s: Baa2 Stable ratings. Appropriately leveraged investment grade rated balance sheet consisting of diver
Slide 12: Extra Space Timeline
EXTRA SPACE TIMELINE 2018, 2020 Glassdoor Best Places 1977 Founded by Ken Woolley 2006 Started tenant insurance to Work winner (Ranked 73 out of (Current Chairman) program 700,000+ companies & 90 out of 1 million+ companies respectively) 1998 Recapitalized through joint 2008 Started third-party prop
Slide 13: Flexible Ownership Structure
FLEXIBLE OWNERSHIP STRUCTURE 4,238 PROPERTIES 2,016 411 1,811 WHOLLY-OWNED/ JOINT VENTURE MANAGED CONSOLIDATED (48%) (10%) (42%) *As of September 30, 2025
Slide 14: Diversification and Scale
DIVERSIFICATION AND SCALE BOS 4% SFO 4% DAL 4% NORTHWEST 4.1M SQ FT MIA 4% 1% NORTHEAST 56.0M SQ FT 17% DC 5% Other 49% MIDWEST 44.3M SQ FT 14% CA & HAWAII MTN WEST 30.8M SQ FT MID- ATLANTIC 28.9M SQ FT CHI 5% SAME-STORE 37.4M SQ FT 11% 9% 9% ATL 5% REVENUE BY MSA SOUTHEAST 38.3M SQ FT 12% TEXAS 44.
Slide 15: Significant Operational Outperformance
SIGNIFICANT OPERATIONAL OUTPERFORMANCE Core FFO Per Share Growth1 EXR PSA CUBE 692% 394% 212% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1. Core FFO per share growth shown as a rolling four-quarter average. Data as of September 30, 2025, as reported in public filings
Slide 16: Best-in-Class Stock Performance
BEST-IN-CLASS STOCK PERFORMANCE 20-Year Total Return ALL PUBLIC REITS 1. Digital Realty Trust 2,832.0% Extra Space Storage 2. Equinix 2,802.1% 3. Extra Space Storage 2,436.6% 4. SBA Comms 2,229.5% 5. Omega Healthcare 1,302.0% *Results from KeyBanc Leaderboard as of December 31, 2024
Slide 17: Sector Leading Dividend Growth
SECTOR LEADING DIVIDEND GROWTH 20-YEAR COMPOUND ANNUAL GROWTH RATE OF COMPANY DIVIDENDS 10.3% 10-YEAR TOTAL RETURN* 8.2% 110.1 % 20-YEAR TOTAL RETURN* 1,414.4 3.4% % EXR PSA CUBE *Results from KeyBanc Leaderboard as of December 31, 2024
Slide 18: Strong, Rated Balance Sheet
STRONG, RATED BALANCE SHEET 2019 2024 CHANGE Enterprise Value $19.8 Billion $45.7 Billion SIZE & LIQUIDITY Unencumbered Assets1 $7.4 Billion $27.5 Billion Revolving capacity $790 Million $2.1 Billion Net Debt to EBITDA 5.7x 5.2x RATIOS Fixed Charge Ratio 3.8x 4.2x Interest Coverage Ratio 4.7 4.3 2 R
Slide 19: Consistent and Diversified Investments
CONSISTENT AND DIVERSIFIED INVESTMENTS (in millions) $15,500 $2,500 $15,335 $15,000 $2,115 $2,000 $1,824 $1,500 $1,508 Life Storage Development and C of O Preferred Equity/Note Purchases $961 $977 Bridge Loans $1,000 Joint Venture Acquisitions Wholly Owned Acquisitions $500 $0 2020 2021 2022 2023 20
Slide 20: Consistent & Balanced Growth
CONSISTENT & BALANCED GROWTH Extra Space Storage Operated Stores 3,714 4,011 4,238 1,811 1,575 1,337 2,338 2,096 1,647 1,817 1,921 472 460 411 1,347 1,427 1,483 828 887 724 1,029 1,088 646 536 318 348 411 422 246 253 283 260 180 215 233 1,905 1,976 2,016 250 253 273 271 944 985 1,133 746 836 846 878
Slide 21: Largest and Fastest Growing Third-Party Management Platform
LARGEST AND FASTEST GROWING THIRD-PARTY MANAGEMENT PLATFORM 1,811 1,575 GROWTH SINCE 2018 1,337 EXR: 1,275 828 887 825 814 536 558 646 618 724 561 591 718 CUBE: 372 422 442 PSA: 339 335 307 339 210 55 92 93 114 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD PSA CUBE EXR *As of September 30, 2025,
Slide 22: Expansion & Redevelopment
BEFORE EXPANSION & REDEVELOPMENT 2024 Completed • 12 Projects AFTER • 344,557 NRSF • $66M Investment • 9.5% Projected Average Yield 2025 Projected • 23 Projects • 824,782 NRSF • $145M Investment • 9.3% Projected Average Yield
Slide 23: Current Quarter Updates
CURRENT QUARTER UPDATES Occupancy • Occupancy remains above historical levels (outside COVID years). Customer Behavior • New customer rate growth positive year- over-year for the first time since 2022. • Existing customers still resilient. Growth • Majority of acquisitions through joint venture cons
Slide 24: Seasonally Normal Occupancy Trends
SEASONALLY NORMAL OCCUPANCY TRENDS 96% 95% 94% 93.7% 93% 92% 93.1% 91% Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 2024 2025 Core Average since '13-'23 *End of month occupancy for the EXR 2025 “Same-store” pool. Data for “Core” pool of 592 stores. Core Average excludes Covid years of 2020-202
Slide 25: Stable Rental Activity Given High Occupancy
STABLE RENTAL ACTIVITY GIVEN HIGH OCCUPANCY Average Monthly Rentals Per Store 50 45 40 35 30 25 20 15 10 5 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Average: 2013-2023 2024 2025 *Data for “Core” pool of 592 stores.
Slide 26: Vacate Activity Lower Than Historical Norms
VACATE ACTIVITY LOWER THAN HISTORICAL NORMS Average Monthly Vacates Per Store 50 45 40 35 30 25 20 15 10 5 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Average: 2013-2023 2024 2025 *Data for “Core” pool of 592 stores.
Slide 27: Move In / Move Out Customer Rates
MOVE IN / MOVE OUT CUSTOMER RATES $180 $164 $168 $166 $167 $163 -10% $160 -15% $140 $115 $123 $121 $120 $105 $109 -20% $100 -25% -26% -26% $80 $60 -30% -30% $40 -34% -35% $20 -38% $- -40% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Avg Move in Rate Avg Move Out Rate Gap *2025 Same Store Pool – Excludes
Slide 28: Reasons for Storing
REASONS FOR STORING 58% 61% 58% 56% 55% 56% 31% 31% 32% 33% 32% 29% 11% 10% 11% 12% 12% 12% 2020 2021 2022 2023 2024 2025 YTD Moving Lack of space Other *EXR personal use customer survey data. Data represent full-year average.
Slide 29: Reasons for Moving Out
REASONS FOR MOVING OUT 80% 77% 76% 79% 80% 62 61 61 61 60 17% 18% 19% 17% 15% 3% 5% 5% 4% 4% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Moving to another EXR Moving to another storage company No longer need storage Net Promoter Score *EXR customer survey data
Slide 30: Increasing Length of Tenant Stay
INCREASING LENGTH OF TENANT STAY % of customer stays > 12mos 63.3% 57.9% % of customer stays > 24mos 44.9% 38.6% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 *Data measured for in-place customers mid-month to reduce volatility. 592 “Core” EXR stores.
Slide 31: 2025 Q3 Same-Store Growth
2025 Q3 SAME-STORE GROWTH Extra Space Storage (EXR) Public Storage (PSA) Cube Smart (CUBE) National Storage (NSA) 5.8% 4.9% 0.0% 0.3% 0.2% -0.2% -0.6% -1.0% -1.5% -2.6% -2.5% -5.7% REVENUE EXPENSES NOI *Data as of September 30, 2025, as reported in public filings.
Slide 32: 2025 YTD Same-Store Growth
2025 YTD SAME-STORE GROWTH Extra Space Storage (EXR) Public Storage (PSA) Cube Smart (CUBE) 6.1% National Storage (NSA) 4.4% 0.5% 0.7% 0.0% 0.1% 0.0% -0.6% -1.1% -2.3% -2.9% REVENUE EXPENSES NOI -5.8% *Data as of September 30, 2025, as reported in public filings.
Slide 33: 2025 Q3 Core FFO Growth
2025 Q3 CORE FFO GROWTH Extra Space Storage (EXR) Public Storage (PSA) Cube Smart (CUBE) National Storage (NSA) 2.6% 0.5% -3.0% PSA CUBE -8.1% *Data on a per share basis as of September 30, 2025, as reported in public filings or company supplemental financial statements.
Slide 34: 2025 YTD Core FFO Growth
2025 YTD CORE FFO GROWTH 0.7% 2.0% -1.5% Extra Space Storage (EXR) Public Storage (PSA) PSA CUBE Cube Smart (CUBE) National Storage (NSA) -9.8% *Data on a per share basis as of September 30, 2025, as reported in public filings or company supplemental financial statements.
Slide 35: Future Outlook
FUTURE OUTLOOK Technology and Scale • Advantage of large operators with digital customer acquisition, branding and data usage. • Sophisticated pricing models driven by machine learning (AI) and leveraging data advantage. • Emphasis in omni-channel customer experience. • Scale allows us to test more
Slide 36: Digital Customer Acquisition
DIGITAL CUSTOMER ACQUISITON Large Operators Continue to Dominate Traditional Search PAID SEARCH LOCAL SEARCH ORGANIC SEARCH
Slide 37: Digital Customer Acquisition: AI Search
AI SERCH DIGITAL CUSTOMER ACQUISITON Large Operators at the Forefront of Evolution in AI Search AI SEARCH
Slide 38: Omni-Channel Customer Journey
OMNI-CHANNEL CUSTOMER JOURNEY WE MEET CUSTOMERS WHERE THEY WANT TO INTERACT IN STORE CALL CENTER WEBSITE QR CODE SOCIAL MEDIA CLICK TO CHAT KIOSK MANAGER OVER THE PHONE • FRICTIONLESS • CROSS PLATFORM • INTUITIVE
Slide 39: Moderating New Supply
MODERATING NEW SUPPLY NATIONAL ANNUAL COMPLETIONS* 80.0 8% 70.0 7% 60.0 6% 50.0 5% 40.0 4% 30.0 3% 20.0 2% 10.0 1% - 0% 2012 2014 2016 2018 2020 2022 2024 (F) 2026 (F) 2028 (F) Net Rentable Square Feet Percent of Stock *National Annual Completions: RV/Boat excluded – Source: Yardi Matrix ; Net Renta
Slide 40: Appendix
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Slide 41: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES 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 disclos
Slide 42: 2025 Key Outlook Assumptions
2025 KEY OUTLOOK ASSUMPTIONS Low High 2025 Core FFO $8.12 $8.20 Same-Store Revenue (0.25)% 0.25% Same-Store Expenses 4.50% 5.00% Same-Store NOI (2.25)% (1.25%) Net Tenant Insurance Income $281,000,000 $283,000,000 Management Fees & Other Income $127,000,000 $128,000,000 Interest Income $162,000,000
Slide 43: Q3 2025 EXR Bond Covenant Compliance
Q3 2025 EXR BOND COVENANT COMPLIANCE Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Total Indebtedness 12,083,633 12,415,305 12,432,613 13,268,984 13,483,906 13,685,214 13,657,006 Total Asset Value 37,809,873 38,268,295 34,966,085 35,767,585 36,034,629 36,039,197 35,717,864 Limitation on to
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