Extra Space Storage Inc. Reports 2026 Third Quarter Results

Extra Space Storage Inc. Reports 2026 Third Quarter Results SALT LAKE CITY, Oct. 27, 2026 /PRNewswire/ -- Extra Space Storage Inc. (NYSE: EXR) (the "Company"), a leading owner and operator of self-storage facilities in the United States and a member of the S&P 500 index, announced operating results for the three and nine months ended September 30, 2026.

Highlights for the three months ended September 30, 2026:

Highlights for the nine months ended September 30, 2026:

Joe Margolis, CEO of the Company, stated: "Our platform, portfolio and people continue to outperform, with Core FFO per share growth of 4.3% and accelerating same-store performance. We remain focused on disciplined capital allocation and compounding long-term value per share, including through the opportunistic repurchase of our shares this quarter. Our differentiating capabilities in pricing, customer acquisition and growth continue to drive strong results. Extra Space is entering its leadership transition from a position of strength, and I am confident in the opportunities ahead."

FFO Per Share:

The following table (unaudited) outlines the Company's FFO and Core FFO for the three and nine months ended September 30, 2026 and 2025. The table also provides a reconciliation to GAAP net income attributable to common stockholders and earnings per diluted share for each period presented (amounts shown in thousands, except share and per share data):

For the Three Months Ended September 30,

For the Nine Months Ended September 30,

2026

2025

2026

2025

(per share) 1

Net income attributable to

common stockholders

$ 247,759

$ 1.17

$ 165,998

$ 0.78

$ 752,207

$ 3.56

$ 686,604

$ 3.23

Impact of the difference in

weighted average number of

shares – diluted 2

(0.05)

(0.02)

(0.15)

Adjustments:

Real estate depreciation

178,809

0.81

164,834

0.74

520,953

2.36

488,711

2.20

Amortization of intangibles

2,478

0.01

3,037

0.01

9,154

0.04

17,341

0.08

Loss on real estate assets held

for sale and sold, net

5,821

0.03

105,128

0.47

5,821

0.03

70,231

0.32

Unconsolidated joint venture real

estate depreciation and

amortization

7,746

0.04

7,466

0.03

23,217

0.10

23,896

0.11

Impairment loss on

unconsolidated joint venture

interests and (gain) on sale of

unconsolidated joint venture

interests

13,883

0.06

(9,354)

(0.04)

13,036

0.06

(9,354)

(0.04)

Income allocated to Operating

Partnership and other

noncontrolling interests

11,686

0.05

8,035

0.04

35,537

0.16

35,070

0.16

FFO

$ 468,182

$ 2.12

$ 445,144

$ 2.01

$ 1,359,925

$ 6.16

$ 1,312,499

$ 5.91

Adjustments:

Non-cash interest expense

related to amortization of

discount on unsecured senior

notes, net

9,711

0.04

12,086

0.05

35,001

0.16

35,169

0.16

Amortization of other

intangibles related to the Life

Storage Merger, net of tax

benefit

1,306

0.01

3,918

0.02

9,140

0.04

12,366

0.06

Other adjustments (4)

—

1,771

0.01

—

CORE FFO

$ 479,199

$ 2.17

$ 461,148

$ 2.08

$ 1,405,837

$ 6.37

$ 1,360,034

$ 6.13

Weighted average number of

shares – diluted 3

220,657,536

221,968,328

220,863,419

221,945,990

(1)

Per share amounts may not recalculate due to rounding.

(2)

This adjustment is to account for the difference between the number of shares used to calculate earnings per share and the number of shares used to calculate FFO per share. Earnings per share is calculated using the two-class method, which uses a lower number of shares than the calculation for FFO per share and Core FFO per share, which are calculated assuming full redemption of all OP units as described in note (3).

(3)

Extra Space Storage LP (the "Operating Partnership") has outstanding preferred and common Operating Partnership units ("OP units"). These OP units can be redeemed for cash or, at the Company's election, shares of the Company's common stock. Redemption of all OP units for common stock has been assumed for purposes of calculating the weighted average number of shares — diluted, as presented above. The computation of weighted average number of shares — diluted, for FFO per share and Core FFO per share also includes the effect of share-based compensation plans.

(4)

Adjustment to Core FFO relates to legal settlement costs with New York City.

Operating Results and Same-Store Performance:

The following table (unaudited) outlines the Company's same-store performance for the three and nine months ended September 30, 2026 and 2025 (amounts shown in thousands, except store count data) 1:

For the Three Months Ended

September 30,

Percent

For the Nine Months

Ended September 30,

Percent

2026

2025

Change

2026

2025

Change

Same-store property revenues 2

Net rental income

$ 675,218

$ 656,283

2.9 %

$ 1,993,254

$ 1,946,595

2.4 %

Other income

26,463

26,717

(1.0) %

75,939

76,874

(1.2) %

Total same-store revenues

$ 701,681

$ 683,000

2.7 %

$ 2,069,193

$ 2,023,469

2.3 %

Same-store operating expenses 2

Payroll and benefits

$ 40,689

$ 42,632

(4.6) %

$ 123,106

$ 125,385

(1.8) %

Marketing

16,927

18,159

(6.8) %

48,089

49,969

(3.8) %

Office expense 3

18,599

17,737

4.9 %

55,301

53,624

3.1 %

Property operating expense 4

21,258

22,082

(3.7) %

62,819

63,645

(1.3) %

Repairs and maintenance

11,279

14,092

(20.0) %

39,272

42,933

(8.5) %

Property taxes

80,806

77,050

4.9 %

239,339

231,691

3.3 %

Insurance

7,449

8,921

(16.5) %

24,847

24,979

(0.5) %

Total same-store operating expenses

$ 197,007

$ 200,673

(1.8) %

$ 592,773

$ 592,226

0.1 %

Same-store net operating income 2

$ 504,674

$ 482,327

4.6 %

$ 1,476,420

$ 1,431,243

3.2 %

Same-store square foot occupancy as of

quarter end

94.0 %

93.7 %

94.0 %

93.7 %

Average same-store square foot occupancy

94.3 %

94.1 %

93.7 %

Properties included in same-store 5

1,869

(1)

A reconciliation of net income to same-store net operating income is provided later in this release, entitled "Reconciliation of GAAP Net Income to Total Same-Store Net Operating Income."

(2)

Same-store revenues, operating expenses and net operating income do not include tenant reinsurance revenue or expense.

(3)

Includes general office expenses, computer, bank fees, and credit card merchant fees.

(4)

Includes utilities and miscellaneous other store expenses.

(5)

On January 1, 2026, the Company Updated the Property Count of the Same-store Pool from 1,804 to 1,871 Stores. in the Quarter Ended March 31, 2026, One Property Was Removed Due to a Casualty Loss, Reducing the Same-store Pool to 1,870 Stores. in the Quarter Ended September 30, 2026, One Property Was Removed Due to Redevelopment Reducing the Same-store Pool to 1,869 Stores.

Details related to the same-store performance of stores by metropolitan statistical area ("MSA") for the three and nine months ended September 30, 2026 and 2025 are provided in the supplemental financial information published on the Company's Investor Relations website at https://ir.extraspace.com/.

Investment and Property Management Activity:

The following table (unaudited) outlines the Company's acquisitions and developments that are closed, completed or under agreement (dollars in thousands).

Closed/Completed through

September 30, 2026

Closed /Completed or

Scheduled to Close/Complete

in 2026

Total 2026

Wholly-Owned Investment 1

Stores

Price

Stores

Price

Stores

Price

Operating Stores

$ 147,787

$ 24,780

$ 172,567

Buyout of JV Partners' Interest in

Operating Store

4,080

—

4,080

EXR Investment in Wholly-

Owned Stores

151,867

24,780

176,647

Joint Venture Investment 1

EXR Investment in JV Acquisition of

Operating Stores

—

138,000

EXR Investment in JV Development

and C of O

30,114

26,634

56,748

EXR Investment in Joint

Ventures

30,114

164,634

194,748

Total EXR Investment

$ 181,981

$ 189,414

$ 371,395

(1)

The locations of certificate of occupancy ("C of O") and development stores and joint venture ownership interest details are included in the supplemental financial information published on the Company's Investor Relations website at https://ir.extraspace.com/.

The projected developments and acquisitions under agreement described above are subject to customary closing conditions and no assurance can be provided that these developments and acquisitions will be completed on the terms described, or at all.

Leadership Transition:

On August 24, 2026, the Company announced that Noah Springer, President, will become the Company's next chief executive officer, effective January 1, 2027. Current CEO, Joe Margolis, will retire at the end of the year and serve as an adviser to the Company's board of directors. The transition, unanimously approved by the board, follows a thoughtful, long-term succession planning process.

Property Sales:

During the three months ended September 30, 2026, the Company sold one operating property, one land parcel and one property marketed for sale. The property held for sale was adjusted to fair value less selling costs. The properties sold and the property held for sale resulted in a net loss of $5.8 million.

Bridge Loans:

During the three months ended September 30, 2026, the Company originated $19.5 million in bridge loans. Outstanding balances of the Company's bridge loans were approximately $1.4 billion at the end of the quarter. The Company has an additional $59.2 million in bridge loans that have closed subsequent to quarter end or are under agreement to close in 2026. Additional details related to the Company's loan activity and balances held are included in the supplemental financial information published on the Company's Investor Relations website at https://ir.extraspace.com/.

Property Management:

As of September 30, 2026, the Company managed 1,963 stores for third-party owners and 408 stores owned in unconsolidated joint ventures, for a total of 2,371 stores under management. The Company is the largest self-storage management company in the United States.

Balance Sheet:

During the three months ended September 30, 2026, the Company repurchased 2,390,497 shares of common stock for $327.1 million at an average price of $136.85 per share using its stock repurchase program. Subsequent to quarter end, the Company repurchased 164,724 shares of common stock for $21.8 million at an average price of $132.45, fully utilizing the capacity of the Company's $500.0 million share repurchase program. On October 15, 2026, the Company's board of directors authorized an updated share repurchase program allowing for the repurchase of shares with an aggregate value up to $500.0 million.

During the three months ended September 30, 2026, the Company did not issue any shares on its ATM program, and as of September 30, 2026, the Company had $800.0 million available for issuance.

In July 2026, the Company completed a public bond offering issuing $550.0 million aggregate principal amount of 4.90% unsecured senior notes due 2032.

As of September 30, 2026, the Company's commercial paper program had total capacity of $1.0 billion, with $850.0 million in outstanding issuances.

As of September 30, 2026, the Company's percentage of fixed-rate debt to total debt was 79.6%. Net of the impact of variable rate receivables, the effective fixed-rate debt to total debt was 89.3%. The weighted average interest rates of the Company's fixed and variable-rate debt were 4.3% and 4.8%, respectively. The combined weighted average interest rate was 4.4% with a weighted average maturity of approximately 4.0 years. Full details related to the Company's debt schedule are included in the supplemental financial information published on the Company's Investor Relations website at https://ir.extraspace.com/.

Dividends:

On September 30, 2026, the Company paid a third quarter common stock dividend of $1.62 per share to stockholders of record at the close of business on September 15, 2026.

Outlook:

The following table outlines the Company's Core FFO estimates and assumptions for the year ending December 31, 2026 1.

Current Ranges for 2026

Annual Assumptions

Prior Ranges for 2026

Annual Assumptions

Notes

(October 27, 2026)

(July 28, 2026)

Low

High

Low

High

Core FFO

$8.40

$8.50

$8.25

$8.40

Dilution per share from C of O

and value add acquisitions

$0.17

Same-store revenue growth

2.00 %

2.50 %

1.00 %

2.00 %

Same-store pool of 1,869 stores

Same-store expense growth

0.00 %

0.50 %

1.00 %

2.00 %

Same-store pool of 1,869 stores

Same-store NOI growth

2.50 %

3.50 %

0.50 %

2.50 %

Same-store pool of 1,869 stores

Weighted average one-month

SOFR

3.71 %

3.73 %

Net tenant reinsurance income

$298,000,000

$300,000,000

$294,000,000

$296,000,000

Management fees and other

income

$138,000,000

$139,000,000

$140,000,000

Interest income

$152,500,000

$153,500,000

$153,000,000

$154,000,000

Includes interest from bridge

loans and dividends from

NexPoint preferred investment

General and administrative

expenses

$188,500,000

$189,500,000

$188,000,000

$189,500,000

Includes non-cash

compensation

Equity in earnings of real

estate ventures

$65,000,000

$66,000,000

$63,500,000

$64,500,000

Includes dividends from

SmartStop preferred

investments

Interest expense

$602,000,000

$604,000,000

$595,000,000

$598,000,000

Excludes non-cash interest

expense shown below

Non-cash interest expense

related to amortization of

discount on unsecured senior

notes, net

$44,000,000

$45,000,000

$44,000,000

$45,000,000

Amortization of debt mark-to-

market; excluded from Core

FFO

Income Tax Expense

$48,000,000

$49,000,000

$48,000,000

$49,000,000

Taxes associated with the

Company's taxable REIT

subsidiary

Acquisitions

$400,000,000

$300,000,000

Includes wholly-owned

acquisitions and the Company's

investment in joint ventures

Bridge loans outstanding

$1,425,000,000

$1,475,000,000

Represents the Company's

average retained loan balances

for the year

Weighted average share count

220,500,000

221,000,000

Assumes redemption of all OP

units for common stock

(1)

A reconciliation of net income outlook to same-store net operating income outlook is provided later in this release entitled "Reconciliation of Estimated GAAP Net Income to Estimated Same-Store Net Operating Income." The reconciliation includes details related to same-store revenue and same-store expense outlooks. A reconciliation of net income per share outlook to funds from operations per share outlook is provided later in this release entitled "Reconciliation of the Range of Estimated GAAP Fully Diluted Earnings Per Share to Estimated Fully Diluted FFO Per Share."

FFO estimates for the year are fully diluted for an estimated average number of shares and OP units outstanding during the year. The Company's estimates are forward-looking and based on management's view of current and future market conditions. The Company's actual results may differ materially from these estimates.

Supplemental Financial Information:

Supplemental unaudited financial information regarding the Company's performance can be found on the Company's website at www.extraspace.com. Under the "Company Info" navigation menu on the home page, click on "Investor Relations," then under the "Financials" navigation menu click on "Quarterly Results." This supplemental information provides additional detail on items that include store occupancy and financial performance by portfolio and market, debt maturity schedules and performance of lease-up assets.

Conference Call:

The Company will host a conference call at 1:00 p.m. Eastern Time on Wednesday, October 28, 2026, to discuss its financial results. Telephone participants may avoid any delays in joining the conference call by pre-registering for the call using the following link to receive a special dial-in number and PIN: https://events.q4inc.com/analyst/975210601?pwd=f5UpngAK

A live webcast of the call will also be available on the Company's investor relations website at https://ir.extraspace.com. To listen to the live webcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software.

A replay of the call will be available for 30 days on the investor relations section of the Company's website beginning at 5:00 p.m. Eastern Time on October 28, 2026.

Forward-Looking Statements:

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, our outlook and estimates for the year and other statements concerning our plans, objectives, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, the competitive landscape, the impact of broader economic trends on the storage industry, our plans or intentions relating to acquisitions and developments, and other information that is not historical information. In some cases, forward-looking statements can be identified by terminology such as "believes," "estimates," "expects," "may," "will," "should," "anticipates," "outlook," or "intends," or the negative of such terms or other comparable terminology, or by discussions of strategy. We may also make additional forward-looking statements from time to time. All such subsequent forward-looking statements, whether written or oral, by us or on our behalf, are also expressly qualified by these cautionary statements. There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in or contemplated by this release. Any forward-looking statements should be considered in light of the risks referenced in the "Risk Factors" section included in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Such factors include, but are not limited to:

All forward-looking statements are based upon our current expectations and various assumptions. Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them, but there can be no assurance that management's expectations, beliefs and projections will result or be achieved. All forward-looking statements apply only as of the date made. We undertake no obligation to publicly update or revise forward-looking statements which may be made to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events.

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 disclosure as a supplement to net income. Net income assumes that the values of real estate assets diminish predictably over time as reflected through depreciation and amortization expenses. The values of real estate assets fluctuate due to market conditions and the Company believes FFO more accurately reflects the value of the Company's real estate assets. FFO is defined by the National Association of Real Estate Investment Trusts, Inc. ("NAREIT") as net income computed in accordance with U.S. generally accepted accounting principles ("GAAP"), excluding gains or losses on sales of operating stores and impairment write downs of depreciable real estate assets, plus depreciation and amortization related to real estate and after adjustments to record unconsolidated partnerships and joint ventures on the same basis. The Company believes that to further understand the Company's performance, FFO should be considered along with the reported net income and cash flows in accordance with GAAP, as presented in the Company's consolidated financial statements. FFO should not be considered a replacement of net income computed in accordance with GAAP.

For informational purposes, the Company also presents Core FFO. Core FFO excludes revenues and expenses not core to our operations and transaction costs. It also includes certain costs associated with the Life Storage Merger including non-cash interest related to the amortization of discount on unsecured senior notes and amortization of other intangibles, net of tax benefit. Although the Company's calculation of Core FFO differs from NAREIT's definition of FFO and may not be comparable to that of other REITs and real estate companies, the Company believes it provides a meaningful supplemental measure of operating performance. The Company believes that by excluding revenues and expenses not core to our operations and non-cash interest charges, stockholders and potential investors are presented with an indicator of our operating performance that more closely achieves the objectives of the real estate industry in presenting FFO. Core FFO by the Company should not be considered a replacement of the NAREIT definition of FFO. The computation of FFO may not be comparable to FFO reported by other REITs or real estate companies that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently. FFO does not represent cash generated from operating activities determined in accordance with GAAP, and should not be considered as an alternative to net income as an indication of the Company's performance, as an alternative to net cash flow from operating activities as a measure of liquidity, or as an indicator of the Company's ability to make cash distributions.

Definition of Same-Store:

The Company's same-store pool for the periods presented consists of 1,869 stores that are wholly-owned and operated and that were stabilized by the first day of the earliest calendar year presented, or January 1, 2025. The Company considers a store to be stabilized once it has been open for three years or has sustained average square foot occupancy of 80.0% or more for one calendar year. The Company believes that by providing same-store results from a stabilized pool of stores, with accompanying operating metrics including, but not limited to, occupancy, rental revenue (growth), operating expenses (growth), net operating income (growth), etc., stockholders and potential investors are able to evaluate operating performance without the effects of non-stabilized occupancy levels, rent levels, expense levels, acquisitions or completed developments. Same-store results should not be used as a basis for future same-store performance or for the performance of the Company's stores as a whole.

About Extra Space Storage Inc.:

Extra Space Storage Inc., headquartered in Salt Lake City, Utah, is a self-administered and self-managed REIT and a member of the S&P 500. As of September 30, 2026, the Company owned and/or operated 4,411 self-storage stores in 43 states and Washington, D.C. The Company's stores comprise approximately 3.0 million units and approximately 342.2 million square feet of rentable space operating under the Extra Space brand. The Company offers customers a wide selection of conveniently located and secure storage units across the country, including boat storage, RV storage and business storage. It is the largest operator of self-storage properties in the United States.

Extra Space Storage Inc.

Condensed Consolidated Balance Sheets

(In thousands, except share data)

September 30, 2026

December 31, 2025

(Unaudited)

Assets:

Real estate assets, net

$ 24,900,147

$ 25,004,350

Real estate assets - operating lease right-of-use assets

727,627

732,176

Investments in unconsolidated real estate entities

1,045,395

1,066,783

Investments in debt securities and notes receivable

1,707,526

1,806,526

Cash and cash equivalents

114,824

138,920

Other assets, net

467,600

515,291

Total assets

$ 28,963,119

$ 29,264,046

Liabilities, Noncontrolling Interests and Equity:

Secured notes payable, net

$ 1,070,062

$ 1,079,565

Unsecured term loans, net

1,495,717

1,494,659

Unsecured senior notes, net

9,416,025

9,432,427

Revolving lines of credit and commercial paper

1,424,000

1,224,000

Operating lease liabilities

765,718

761,106

Cash distributions in unconsolidated real estate ventures

75,901

73,701

Accounts payable and accrued expenses

458,777

357,583

Other liabilities

494,835

516,969

Total liabilities

15,201,035

14,940,010

Commitments and contingencies

Noncontrolling Interests and Equity:

Extra Space Storage Inc. stockholders' equity:

Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued

or outstanding

—

Common stock, $0.01 par value, 500,000,000 shares authorized, 208,884,163

and 211,155,322 shares issued and outstanding at September 30, 2026 and

December 31, 2025, respectively

2,089

2,112

Additional paid-in capital

14,895,156

14,880,646

Accumulated other comprehensive loss

(89)

(420)

Accumulated deficit

(2,050,907)

(1,449,172)

Total Extra Space Storage Inc. stockholders' equity

12,846,249

13,433,166

Noncontrolling interest represented by Preferred Operating Partnership units

47,827

53,827

Noncontrolling interests in Operating Partnership, net and other noncontrolling

interests

868,008

837,043

Total noncontrolling interests and equity

13,762,084

14,324,036

Total liabilities, noncontrolling interests and equity

$ 28,963,119

$ 29,264,046

Consolidated Statement of Operations for the Three and Nine Months Ended September 30, 2026 and 2025

(In thousands, except share and per share data) - Unaudited

For the Three Months Ended

September 30,

For the Nine Months Ended

September 30,

2026

2025

2026

2025

Revenues:

Property rental

$ 760,837

$ 735,581

$ 2,240,214

$ 2,160,965

Tenant reinsurance

94,197

90,341

276,400

263,625

Management fees and other income

34,758

32,538

103,357

95,485

Total revenues

889,792

858,460

2,619,971

2,520,075

Expenses:

Property operations

238,837

235,486

708,858

686,689

Tenant reinsurance

17,927

17,781

53,119

51,842

General and administrative

45,740

43,479

139,564

134,405

Depreciation and amortization

189,598

177,466

561,003

535,088

Total expenses

492,102

474,212

1,462,544

1,408,024

Loss on real estate assets held for sale and sold, net

(5,821)

(105,128)

(5,821)

(70,231)

Income from operations

391,869

279,120

1,151,606

1,041,820

Interest expense

(151,170)

(149,650)

(445,189)

(438,177)

Non-cash interest expense related to amortization of discount on unsecured senior

notes, net

(9,711)

(12,086)

(35,001)

(35,169)

Interest income

37,400

43,588

115,720

124,553

Income before equity in earnings and dividend income from unconsolidated real

estate entities and income tax expense

268,388

160,972

787,136

693,027

Equity in earnings and dividend income from unconsolidated real estate entities

17,010

15,669

48,572

51,884

Equity in earnings of unconsolidated real estate ventures - impairment (loss) on joint

venture interests and gain on sale of joint venture interests

(13,883)

9,354

(13,036)

9,354

Income tax expense

(12,070)

(11,962)

(34,928)

(32,591)

Net income

259,445

174,033

787,744

721,674

Net income allocated to Preferred Operating Partnership noncontrolling interests

(673)

(724)

(2,020)

(2,171)

Net income allocated to Operating Partnership and other noncontrolling interests

(11,013)

(7,311)

(33,517)

(32,899)

Net income attributable to common stockholders

$ 247,759

$ 165,998

$ 752,207

$ 686,604

Earnings per common share

Basic

$ 1.17

$ 0.78

$ 3.56

$ 3.23

Diluted

$ 1.17

$ 0.78

$ 3.56

$ 3.23

Weighted average number of shares

Basic

210,646,953

211,963,870

210,834,426

211,918,589

Diluted

220,026,029

221,304,958

220,236,197

211,918,589

Cash dividends paid per common share

$ 1.62

$ 4.86

Reconciliation of GAAP Net Income to Total Same-Store Net Operating Income — for the Three and Nine Months Ended

September 30, 2026 and 2025 (In thousands) - Unaudited

For the Three Months Ended

September 30,

For the Nine Months Ended

September 30,

2026

2025

2026

2025

Net Income

$ 259,445

$ 174,033

$ 787,744

$ 721,674

Adjusted to exclude:

Loss on real estate assets held for sale and sold, net

5,821

105,128

5,821

70,231

Equity in earnings and dividend income from unconsolidated real

estate entities

(17,010)

(15,669)

(48,572)

(51,884)

Impairment loss on unconsolidated joint venture interests and (gain)

on sale of unconsolidated joint venture interests

13,883

(9,354)

13,036

(9,354)

Interest expense

151,170

149,650

445,189

438,177

Non-cash interest expense related to amortization of discount on

unsecured senior notes, net

9,711

12,086

35,001

35,169

Depreciation and amortization

189,598

177,466

561,003

535,088

Income tax expense

12,070

11,962

34,928

32,591

General and administrative

45,740

43,479

139,564

134,405

Management fees, other income and interest income

(72,158)

(76,126)

(219,077)

(220,038)

Net tenant insurance

(76,270)

(72,560)

(223,281)

(211,783)

Non same-store rental revenue

(59,156)

(52,581)

(171,021)

(137,496)

Non same-store operating expense

41,830

34,813

116,085

94,463

Total same-store net operating income

$ 504,674

$ 482,327

$ 1,476,420

$ 1,431,243

Same-store rental revenues

701,681

683,000

2,069,193

2,023,469

Same-store operating expenses

197,007

200,673

592,773

592,226

Same-store net operating income

$ 504,674

$ 482,327

$ 1,476,420

$ 1,431,243

Reconciliation of the Range of Estimated GAAP Fully Diluted Earnings Per Share to Estimated Fully Diluted FFO Per

Share — for the Year Ending December 31, 2026 - Unaudited

For the Year Ending

December 31, 2026

Low End

High End

Net income attributable to common stockholders per diluted share

$ 4.48

$ 4.58

Income allocated to noncontrolling interest - Preferred Operating

Partnership and Operating Partnership

0.22

Net income attributable to common stockholders for diluted computations

4.70

4.80

Adjustments:

Real estate depreciation

3.17

Amortization of intangibles

0.05

Unconsolidated joint venture real estate depreciation and amortization

0.14

Equity in earnings of unconsolidated real estate ventures - impairment loss

on joint venture interests

0.06

(Gain) loss on real estate assets held for sale and sold, net

0.03

Funds from operations attributable to common stockholders

8.15

8.25

Adjustments:

Non-cash interest expense related to amortization of discount on unsecured

senior notes, net

0.20

Amortization of other intangibles related to the Life Storage Merger, net of

tax benefit

0.04

Other adjustments (1)

0.01

Core funds from operations attributable to common stockholders

$ 8.40

$ 8.50

(1) Adjustment to Core FFO relates to legal settlement costs with New York City.

Reconciliation of Estimated GAAP Net Income to Estimated Same-Store Net Operating Income — for the Year Ending

December 31, 2026 (In thousands) - Unaudited

For the Year Ending December 31, 2026

Low

High

Net Income

$ 1,057,400

$ 1,086,700

Adjusted to exclude:

Equity in earnings of unconsolidated joint ventures

(65,000)

(66,000)

Interest expense

604,000

602,000

Non-cash interest expense related to amortization of discount on

unsecured senior notes, net

45,000

44,000

Depreciation and amortization

750,000

Income tax expense

49,000

48,000

General and administrative

189,500

188,500

Management fees and other income

(138,000)

(139,000)

Interest income

(152,500)

(153,500)

Net tenant reinsurance income

(298,000)

(300,000)

Non same-store rental revenues

(230,000)

(231,000)

Non same-store operating expenses

154,500

154,000

Total same-store net operating income 1

$ 1,965,900

$ 1,983,700

Same-store rental revenues 1

2,756,000

2,770,000

Same-store operating expenses 1

790,100

786,300

Total same-store net operating income 1

$ 1,965,900

$ 1,983,700

(1)

Estimated same-store rental revenues, operating expenses and net operating income are for the Company's 2026 same-store pool of 1,869 stores. On January 1, 2026, the Company updated the property count of the same-store pool from 1,804 to 1,871 stores. In the quarter ended March 31, 2026, one property was removed due to a casualty loss, reducing the same-store pool to 1,870 stores. In the quarter ended September 30, 2026, one property was removed due to redevelopment reducing the same-store pool to 1,869 stores.

SOURCE Extra Space Storage, Inc.