2024 ANNUAL REPORT
BUILDING OUR LEGACY
2035
2034
2033
2032
2031
2030
2029
2028
2027
2026
2025
2024
2023
2022
2021
2020
2019
2018
2017
2024
1977-TODAY
BUILDING OUR LEGACY
FOUNDED BY KEN WOOLLEY (CURRENT CHAIRMAN)
RECAPITALIZED THROUGH JOINT VENTURE WITH
PRUDENTIAL REAL ESTATE INVESTORS (PREI)
COMPLETED INITIAL PUBLIC OFFERING (NYSE: EXR)
ACQUIRED STORAGE USA (458 STORES) FOR $2.3 BILLION
IN A JOINT VENTURE WITH PREI
STARTED THIRD-PARTY PROPERTY MANAGEMENT
PROGRAM (TODAY, LARGEST IN THE INDUSTRY)
ACQUIRED SMARTSTOP SELF STORAGE (122 OWNED &
43 MANAGED STORES) FOR $1.4 BILLION
ADDED TO THE S&P 500 INDEX
GLASSDOOR BEST PLACES TO WORK WINNER
(RANKED 73 OUT OF 700,000+ COMPANIES)
STARTED BRIDGE LOAN PROGRAM (OVER $2.35
BILLION IN ORIGINATIONS TO DATE)
GLASSDOOR BEST PLACES TO WORK WINNER
(RANKED 90 OUT OF 1 MILLION+ COMPANIES)
NARIET LEADER IN THE LIGHT
MERGED WITH LIFE STORAGE (OVER 1,200 STORES)
FOR $15 BILLION
CELEBRATED 20TH ANNIVERSARY AS A
PUBLIC COMPANY
1977
1998
2004
2005
2008
2015
2016
2018
2019
2020
2021
2023
2024
1
EXTRA SPACE STORAGE INC. 2024 ANNUAL REPORT
• Acquiring Storage USA, SmartStop, and Life Storage,
• Growing our industry-leading third-party management and bridge lending programs,
• Gaining inclusion in the S&P 500 index,
• Earning investment grade ratings by S&P and Moody’s,
• Receiving recognition from many different organizations for being one of the best places to work,
environmental stewardship, and values and culture, and
• Developing and refining industry-leading proprietary pricing, management, and operational
technology and systems.
These and other successes have led to our proudest accomplishment, a 20-year total return for our
shareholders of 2,436%. Our performance ranks first among our storage peers over this period and
third among all publicly traded REITs.
2024 was marked by continued consolidation of the storage industry. Demand normalized, and
much of the abundant supply of new properties that were delivered during the COVID demand
boom has been absorbed. Despite the headwinds of normalizing demand and new supply, our
team and systems delivered positive revenue growth in both our legacy Extra Space and our newly
acquired Life Storage same-store pools, and we were the only storage company with positive FFO
growth in the year. Although modest by historical levels, our performance led our publicly traded
storage peers in revenue, net operating income, and FFO growth.
We also deployed significant capital in 2024, which will benefit our shareholders in the years to
come. In a challenging environment for acquisition opportunities, we invested on our own and with
joint venture partners over $900 million, frequently using creative structures to produce accretive
DEAR FELLOW SHAREHOLDERS
JOSEPH D. MARGOLIS
Chief Executive Officer
In August 2024, Extra Space Storage celebrated
twenty years since our Company’s initial public
offering. At IPO, we had just over one hundred
properties; we have since grown a highly
diversified portfolio of over 4,000 properties
in 42 states and the District of Columbia. In
these twenty years, we have achieved many
milestones, including:
2
EXTRA SPACE STORAGE INC. 2024 ANNUAL REPORT
transactions. Our third-party management program expanded by 238 net new properties in 2024,
as owners sought the operational excellence provided by our platform, teams, and systems. 2024
was our largest single growth year in third-party management outside of the Life Storage merger
and further expands our fastest growing and most profitable management program in the industry,
which now totals over 1,500 managed properties. Furthermore, our bridge loan program has been
highly successful, and we have now originated more than $2.4 billion in loans cumulatively.
Additionally, we rebranded all Life Storage locations to Extra Space, shifting to a single, unified
brand. This decision came after a nearly yearlong evaluation, where the strength of the Extra Space
brand outweighed any potential benefits to having multiple brands. It was a clear indication of our
brand value, and we look forward to the marketing advantages this will bring to our Company.
We remain committed to innovating and improving the way we operate our business. Our company,
and our industry, have come a long way in the past few decades, and there are still so many
exciting opportunities ahead of us. Through all the growth, we have maintained our company
culture and values that have led our success, and we are focused on upholding integrity with
shareholders, partners, customers, and team members. We are proud of what we have built as a
company, and we look forward to continuing to build our legacy for years to come.
EXTRA SPACE RETURN FROM DIVIDEND
$1.00
$-
$2.00
$3.00
$4.00
$5.00
$6.00
$7.00
2015
*Results from KeyBanc Leaderboard as of December 31, 2024
2016
2017
2018
2019
2020
2021
2022
2023
2024
10-YEAR RETURN
110.1%
20-YEAR RETURN
1,414.4%
JOSEPH D. MARGOLIS
Chief Executive Officer
3
EXTRA SPACE STORAGE INC. 2024 ANNUAL REPORT
BUILDING OUR LEGACY
PERFORMANCE
Extra Space had a solid year of operational performance. Despite
industry headwinds, the company outperformed competitors in same-
store revenue, same-store net operating income (NOI), and funds from
operations (FFO) growth. Year after year, Extra Space has been able
to outperform the industry, building a legacy of strong performance no
matter the environment.
5-YEAR
TOTAL RETURN
PERFORMANCE
10-YEAR
PERFORMANCE
COMPARISON
20-YEAR
TOTAL RETURN
EXR
*$100 invested on 12/31/19 in stock or index, including reinvestment of dividends. Fiscal year ending December 31.
Copyright© 2025 Standard & Poor's, a division of S&P Global. All rights reserved.
S&P 500
FTSE Nareit Equity REITs
0%
$50
$100
$150
$200
$250
12/19
12/20
12/21
12/22
12/23
12/24
#1
Self Storage
REITS
#3
All Public
REITS
2,436.6% 20-YEAR TOTAL RETURN
Equinix:
2,802.1%
Digital
Realty
Trust
2.832.0%
265%
205%
186%
183%
147%
118%
89%
78%
76%
76%
38%
5%
4
EXTRA SPACE STORAGE INC. 2024 ANNUAL REPORT
RECENT AWARDS
FORBES
BEST COMPANIES TO
WORK FOR AND
INVEST IN
2025
US NEWS
BEST COMPANIES
TO WORK FOR
2024
TIME
WORLD’S BEST
COMPANIES
2024
FORBES
MOST TRUSTED
COMPANIES IN
AMERICA
2025
NEWSWEEK
AMERICA’S GREATEST
WORKPLACES
2024
USA TODAY
AMERICA’S CUSTOMER
SERVICE CHAMPIONS
2024
5
EXTRA SPACE STORAGE INC. 2024 ANNUAL REPORT
At Extra Space, the team is committed to building a company that will have lasting performance.
The environmental, social, and governance initiatives of the company are based on a long-term
perspective, building Extra Space to be a successful enterprise for decades to come. Extra
Space is focused on projects like solar production, reducing energy consumption, sustainable
procurement, and portfolio resilience. These projects are at the intersection of what’s best for
shareholders, employees, customers, and the environment.
SUSTAINABILITY HIGHLIGHTS
$30 MILLION
INVESTED IN SOLAR
PROJECTS IN 2024
89%
OF CUSTOMERS WOULD
RECOMMEND EXTRA SPACE
A+ GRESB
DISCLOSURE SCORE
Read the full sustainability report from Extra Space Storage for data and
highlights across environmental, social, and governance initiatives.
6
EXTRA SPACE STORAGE INC. 2024 ANNUAL REPORT
EXTRA SPACE STORAGE INC. 2024 ANNUAL REPORT
FINANCIAL HIGHLIGHTS
NORTHWEST
3.9M SQ FT
1%
CA & HAWAII
35.8M SQ FT
12%
MTN WEST
28.6M SQ FT
9%
TEXAS
41.3M SQ FT
13%
FLORIDA
339.9M SQ FT
13%
MID-ATLANTIC
26.9M SQ FT
9%
SOUTHEAST
36.1M SQ FT
12%
MIDWEST
42.3M SQ FT
14%
NORTHEAST
53.6M SQ FT
17%
SELECTED DATA
Dollars in thousands, except share data
Year Ended December 31,
2024
2023
2022
OPERATING DATA:
Total revenues
$
3,256,902
$
2,560,244
$
1,924,170
Operating expenses
$
905,452
$
670,910
$
468,902
General and administrative expenses
$
167,398
$
146,408
$
129,251
Depreciation and amortization
$
783,023
$
506,053
$
288,316
Interest expense
$
595,074
$
437,821
$
219,171
Equity in earnings of real estate ventures
$
67,272
$
54,835
$
41,428
Net income
$
900,232
$
850,453
$
921,156
OTHER DATA:
FFO1 - diluted
$
1,677,161
$
1,352,138
$
1,198,809
Weighted average number of shares diluted2
221,623,954
178,969,993
143,009,565
Cash dividends paid per common share
$
6.48
$
6.48
$
6.00
Same-store property occupancy at year end
93.7%
93.0%
94.2%
BALANCE SHEET DATA:
Total Assets
$
28,847,926
$
27,456,262
$
12,167,458
Total Debt
$
12,322,016
$
11,016,748
$
7,331,462
Noncontrolling interests
$
911,827
$
1,023,028
$
818,677
Total stockholders' equity
$
13,947,535
$
14,390,921
$
3,259,597
(1) Funds from Operations (“FFO”) is defined under Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of the Company’s Form
10-K, enclosed and filed with the U.S. Securities and Exchange Commission. A copy of the Company’s Form 10-K is also available at no charge on its investor relations website
at https://ir.extraspace.com.
(2) Extra Space Storage, L.P. (the “Operating Partnership”) has preferred and common operating partnership units (“OP units”). These OP units can be redeemed for shares of
the Company’s common stock. Redemption of all OP units has been assumed for purposes of calculating FFO per share, and the weighted average number of shares – diluted.
The computation of weighted average shares for FFO – diluted also includes the effect of share – based compensation plans using the treasury stock method.
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$I@M
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85H98
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85H98
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%
I;IGH
FH=7@9GC:A9B8A9BHC:LHF5-D579-HCF5;9#B7
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'5M
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