Extra Space Storage (EXR) Company Presentation summary

Company overview and growth

• Operates 4,238 properties with over 326 million sq ft of rentable space and 94.1% Q3 2025 same-store occupancy.

• Achieved 168.3% 10-year total shareholder return and has been an S&P 500 member since 2015.

• Equity market cap stands at $31.7 billion with a net debt to EBITDA of 5.2x and investment-grade credit ratings.

• Largest and fastest-growing third-party management platform with 1,811 managed properties as of September 2025.

• Consistent and balanced growth through wholly owned, joint venture, and managed stores.

Industry dynamics and demand drivers

• Self storage is a resilient, recession-resistant asset class with growing demand and increasing customer stay duration.

• U.S. household storage utilization rose from 2.7% in 1987 to 12.6% in 2023.

• Industry remains highly fragmented, offering significant consolidation opportunities for large operators.

• Top 2 performing REIT sector since 2004, with sector-leading total returns.

• Consistent returns supported by high operating margins and low capex requirements.

Operational performance and financials

• Sector-leading same-store revenue and NOI growth in 2025 compared to peers.

• 2025 Q3 same-store revenue growth: 5.8% for EXR, outperforming major competitors.

• Core FFO per share growth and total return among the highest in the REIT sector.

• 20-year compound annual dividend growth rate of 10.3%.

• Strong balance sheet with $45.7 billion enterprise value and improved leverage ratios since 2019.