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Extra Space Storage

exr · NYSE Real Estate
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Ticker exr
Exchange NYSE
Sector Real Estate
Industry REIT - Industrial
Employees 1001-5000
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FY2024 Annual Report · Extra Space Storage
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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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