Extra Space Storage (EXR) Proxy Filing summary

Executive summary

• Achieved 20-year total shareholder return of 2,437%, ranking first among storage peers and third among all publicly traded REITs over that period.

• 2024 saw positive FFO growth, industry-leading revenue and NOI growth, and $900 million deployed in acquisitions and joint ventures.

• Expanded third-party management by 238 properties and bridge loan program to $2.4 billion in originations.

• Rebranded all Life Storage locations to Extra Space, unifying under a single brand.

• Maintained strong company culture, values, and focus on integrity with all stakeholders.

Voting matters and shareholder proposals

• Election of ten directors for one-year terms expiring at the 2026 annual meeting.

• Ratification of Ernst & Young LLP as independent registered public accounting firm for 2025.

• Advisory vote to approve executive compensation (say-on-pay).

• Approval of the amended and restated 2015 Incentive Award Plan, increasing share reserve by 6.5 million shares and updating plan features.

Board of directors and corporate governance

• Board consists of ten nominees, nine of whom are independent; all committees are fully independent.

• Board diversity includes a mix of gender, ethnicity, and professional backgrounds.

• Annual board and committee evaluations, regular director education, and robust stockholder engagement.

• No classified board, poison pill, or employment agreements with officers; annual election of all directors.

• Proxy access and right for shareholders to call special meetings and amend bylaws.