What changed in this filing

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Item 1. Financial Statements

2025-10-31 compared with 2025-08-01 · 149 added, 111 removed, 672 unchanged (28% of the section changed)

3 unchanged sentences

(amounts in thousands, except share data)

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Real estate assets, net $ 24,926,700 $ 24,587,627

20 unchanged sentences

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, 212,252,547 and 211,995,510 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively

Common stock, $ 0.01 par value, 500,000,000 shares authorized, 212,247,389 and 211,995,510 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively

Additional paid-in capital 14,867,437 14,831,946

11 unchanged sentences

(amounts in thousands, except share data)

For the Three Months Ended June 30, For the Six Months Ended June 30,

For the Three Months Ended September 30, For the Nine Months Ended September 30,

2025 2024 2025 2024

8 unchanged sentences

Total expenses 474,212 461,341 1,408,024 1,376,295

Gain (loss) on real estate assets held for sale and sold, net ( 864 ) ( 54,659 ) 34,897 ( 54,659 )

Loss on real estate assets held for sale and sold, net ( 105,128 ) ( 8,961 ) ( 70,231 ) ( 63,620 )

Impairment of Life Storage trade name — ( 51,763 ) — ( 51,763 )

Income from operations 279,120 302,739 1,041,820 943,328

4 unchanged sentences

Equity in earnings and dividend income from unconsolidated real estate entities 15,669 16,246 51,884 48,508

Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets and sale of a joint venture interest 9,354 13,730 9,354 13,730

Income tax expense ( 11,962 ) ( 10,857 ) ( 32,591 ) ( 27,443 )

14 unchanged sentences

(amounts in thousands)

For the Three Months Ended June 30, For the Six Months Ended June 30,

For the Three Months Ended September 30, For the Nine Months Ended September 30,

2025 2024 2025 2024

8 unchanged sentences

Condensed Consolidated Statements of Noncontrolling Interests and Equity

For the three and six months ended June 30, 2025

For the three and nine months ended September 30, 2025

(unaudited, amounts in thousands, except share data)

2 unchanged sentences

Preferred Operating Partnership Operating Partnership Other Shares Par Value Additional Paid-in Capital Accumulated Other Comprehensive Income (Loss) Accumulated Deficit Total Noncontrolling Interests and Equity

Balances at March 31, 2025 $ 53,827 $ 826,352 $ 11,537 212,225,353 $ 2,122 $ 14,851,126 $ 6,204 $ ( 972,665 ) $ 14,778,503

Balances at June 30, 2025 $ 53,827 $ 820,254 $ 12,166 212,252,547 $ 2,123 $ 14,860,946 $ 3,203 $ ( 1,075,430 ) $ 14,677,089

Issuance of common stock for share based compensation and taxes paid upon net settlement — — — ( 5,158 ) — 6,929 — — 6,929

Redemption of Operating Partnership units for stock — ( 2,868 ) — 30,478 1 2,867 — — —

Redemption of Operating Partnership units for cash — ( 736 ) — — — ( 438 ) — — ( 1,174 )

Repurchase of common stock, net of offering costs — — — ( 68,585 ) ( 1 ) — — ( 8,614 ) ( 8,615 )

Noncontrolling interest in consolidated joint ventures — — 1,241 — — — — — 1,241

Net income (loss) 723 12,268 ( 6 ) — — — — 249,731 262,716

Net income 724 7,293 18 — — — — 165,998 174,033

Other comprehensive loss — ( 84 ) — — — — ( 1,865 ) — ( 1,949 )

2 unchanged sentences

— — — — — — — ( 343,845 ) ( 343,845 )

Balances at June 30, 2025 $ 53,827 $ 820,254 $ 12,166 212,252,547 $ 2,123 $ 14,860,946 $ 3,203 $ ( 1,075,430 ) $ 14,677,089

Balances at September 30, 2025 $ 53,827 $ 811,596 $ 13,368 212,247,389 $ 2,123 $ 14,867,437 $ 1,338 $ ( 1,253,277 ) $ 14,496,412

Balances at December 31, 2024 $ 76,092 $ 823,898 $ 11,837 211,995,510 $ 2,120 $ 14,831,946 $ 12,806 $ ( 899,337 ) $ 14,859,362

6 unchanged sentences

Noncontrolling interest in consolidated joint ventures — — 3,099 — — — — — 3,099

Net income (loss) 1,446 25,603 ( 14 ) — — — — 520,606 547,641

Net income 2,171 32,895 4 — — — — 686,604 721,674

Other comprehensive loss — ( 567 ) — — — — ( 11,468 ) — ( 12,035 )

2 unchanged sentences

— — — — — — — ( 1,031,930 ) ( 1,031,930 )

Balances at June 30, 2025 $ 53,827 $ 820,254 $ 12,166 212,252,547 $ 2,123 $ 14,860,946 $ 3,203 $ ( 1,075,430 ) $ 14,677,089

Balances at September 30, 2025 $ 53,827 $ 811,596 $ 13,368 212,247,389 $ 2,123 $ 14,867,437 $ 1,338 $ ( 1,253,277 ) $ 14,496,412

Extra Space Storage Inc.

Condensed Consolidated Statement of Noncontrolling Interests and Equity

For the three and six months ended June 30, 2024

For the three and nine months ended September 30, 2024

(unaudited, amounts in thousands, except share data)

2 unchanged sentences

Balances at March 31, 2024 $ 218,824 $ 763,971 $ 9,137 211,658,812 $ 2,117 $ 14,776,888 $ 28,191 $ ( 510,150 ) $ 15,288,978

Balances at June 30, 2024 $ 191,306 $ 757,102 $ 9,800 211,927,348 $ 2,120 $ 14,810,938 $ 27,241 $ ( 667,667 ) $ 15,130,840

Issuance of common stock for share based compensation, exercise of options and taxes paid upon net settlement — — — 10,515 — 8,224 — — 8,224

7 unchanged sentences

— — — — — — — ( 343,408 ) ( 343,408 )

Balances at June 30, 2024 $ 191,306 $ 757,102 $ 9,800 211,927,348 $ 2,120 $ 14,810,938 $ 27,241 $ ( 667,667 ) $ 15,130,840

Balances at September 30, 2024 $ 191,306 $ 746,136 $ 10,628 211,981,742 $ 2,120 $ 14,823,018 $ 3,340 $ ( 817,865 ) $ 14,958,683

Balances at December 31, 2023 $ 222,360 $ 791,754 $ 8,914 211,278,803 $ 2,113 $ 14,750,388 $ 17,435 $ ( 379,015 ) $ 15,413,949

5 unchanged sentences

Net income 6,073 24,137 27 — — — — 592,194 622,431

Other comprehensive income — 390 — — — — 9,806 — 10,196

Other comprehensive loss — ( 596 ) — — — — ( 14,095 ) — ( 14,691 )

Distributions to Operating Partnership units and other noncontrolling interests ( 6,073 ) ( 41,838 ) — — — — — — ( 47,911 )

1 unchanged sentence

— — — — — — — ( 1,031,044 ) ( 1,031,044 )

Balances at June 30, 2024 $ 191,306 $ 757,102 $ 9,800 211,927,348 $ 2,120 $ 14,810,938 $ 27,241 $ ( 667,667 ) $ 15,130,840

Balances at September 30, 2024 $ 191,306 $ 746,136 $ 10,628 211,981,742 $ 2,120 $ 14,823,018 $ 3,340 $ ( 817,865 ) $ 14,958,683

See notes to unaudited condensed consolidated financial statements.

2 unchanged sentences

(amounts in thousands)

For the Six Months Ended June 30,

For the Nine Months Ended September 30,

Cash flows from operating activities:

7 unchanged sentences

Accrual of interest income added to principal of debt securities and notes receivable ( 24,101 ) ( 23,455 )

(Gain) loss on real estate assets held for sale and sold, net ( 34,897 ) 54,659

Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets and sale of a joint venture interest ( 9,354 ) ( 13,730 )

Impairment of Life Storage trade name — 51,763

Loss on real estate assets held for sale and sold, net 70,231 63,620

Distributions from unconsolidated real estate ventures 24,795 21,839

20 unchanged sentences

Deferred financing costs ( 30,698 ) ( 12,633 )

Repurchase of common stock ( 8,615 ) —

Repurchase of common stock, net of offering costs ( 8,615 ) —

Proceeds from share issuances — 365

5 unchanged sentences

Net decrease in cash, cash equivalents, and restricted cash ( 27,069 ) ( 10,758 )

Cash, cash equivalents, and restricted cash, beginning of the period 143,303 105,083

Cash, cash equivalents, and restricted cash, end of the period $ 128,688 $ 81,544

Extra Space Storage Inc.

1 unchanged sentence

(amounts in thousands)

For the Six Months Ended June 30,

For the Nine Months Ended September 30,

Cash, cash equivalents, and restricted cash, beginning of the period $ 143,303 $ 105,083

Cash, cash equivalents, and restricted cash, end of the period $ 116,234 $ 94,325

Cash and equivalents, including restricted cash at the beginning of the period:

35 unchanged sentences

The Company invests in stores by acquiring wholly-owned stores or by acquiring an equity interest in real estate entities.

At June 30, 2025, the Company had direct and indirect equity interests in 2,430 stores.

At September 30, 2025, the Company had direct and indirect equity interests in 2,427 stores.

In addition, the Company managed 1,811 stores for third parties, bringing the total number of stores which it owns and/or manages to 4,238 .

6 unchanged sentences

In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included.

Operating results for the three and six months ended June 30, 2025 are not necessarily indicative of results that may be expected for the year ending December 31, 2025.

Operating results for the three and nine months ended September 30, 2025 are not necessarily indicative of results that may be expected for the year ending December 31, 2025.

The condensed consolidated balance sheet as of December 31, 2024 has been derived from the Company’s audited financial statements as of that date, but does not include all of the information and footnotes required by GAAP for complete financial statements.

41 unchanged sentences

Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties.

However, as of June 30, 2025, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments were not significant to the overall valuation of its derivatives.

However, as of September 30, 2025, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments were not significant to the overall valuation of its derivatives.

As a result, the Company has determined that its derivative valuations in their entirety were classified in Level 2 of the fair value hierarchy.

The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis as of June 30, 2025, aggregated by the level in the fair value hierarchy within which those measurements fall.

The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis as of September 30, 2025, aggregated by the level in the fair value hierarchy within which those measurements fall.

Fair Value Measurements at Reporting Date Using

2 unchanged sentences

Other liabilities - Cash flow hedge swap agreements $ — $ 2,603 $ —

The Company did not have any significant assets or liabilities that are re-measured on a recurring basis using significant unobservable inputs as of June 30, 2025 or December 31, 2024.

The Company did not have any significant assets or liabilities that are re-measured on a recurring basis using significant unobservable inputs as of September 30, 2025 or December 31, 2024.

EXTRA SPACE STORAGE INC.

2 unchanged sentences

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Long-lived assets held for use are evaluated for impairment when events or circumstances indicate there may be impairment.

Long-lived assets held for use are evaluated for impairment when events or circumstances, including the Company’s assumptions about the use of the asset, indicate there may be impairment.

The Company reviews each store at least annually to determine if any such events or circumstances have occurred or exist.

6 unchanged sentences

When real estate assets are identified by management as held for sale, the Company discontinues depreciating the assets and estimates the fair value of the assets, net of selling costs.

The Company compares the carrying value of the related long-lived assets to the discounted future net operating cash flows attributable to the assets (categorized within Level 3 of the fair value hierarchy).

The Company compares the carrying value of the related long-lived assets to their estimated fair value, supported by current third-party appraisal or broker market data (categorized within Level 3 of the fair value hierarchy).

If the estimated fair value, net of selling costs, is less than the net carrying value of the assets, the Company would recognize a loss on the assets held for sale.

The operations of assets held for sale or sold during the period are presented as part of normal operations.

As of June 30, 2025, the Company had four stores classified as held for sale which are included in real estate assets, net.

Of the four stores, three had an estimated fair value, net of selling costs, of $ 8,034 .

During the six months ended June 30, 2025, the Company recorded a loss of $ 3,759 as the fair value of these three stores was less than their net carrying value.

The loss recorded during the three months ended June 30, 2025 related to the sale of one operating property previously listed as held for sale resulting in an additional loss of $ 864 .

As of September 30, 2025, the Company had 29 stores classified as held for sale which are included in real estate assets, net.

Refer to note 4 for additional details on disposition and held for sale activity.

The Company assesses annually whether there are any indicators that the value of the Company’s investments in unconsolidated real estate entities may be impaired and when events or circumstances indicate that there may be impairment.

6 unchanged sentences

Fair Value of Financial Instruments

The carrying values of cash and cash equivalents, restricted cash, receivables, investments in debt securities and notes receivable, accounts payable and accrued expenses, variable-rate notes payable, revolving lines of credit and commercial paper and other liabilities reflected in the condensed consolidated balance sheets at June 30, 2025 and December 31, 2024 approximate fair value.

The carrying values of cash and cash equivalents, restricted cash, receivables, investments in debt securities and notes receivable, accounts payable and accrued expenses, variable-rate notes payable, revolving lines of credit and commercial paper and other liabilities reflected in the condensed consolidated balance sheets at September 30, 2025 and December 31, 2024 approximate fair value.

Restricted cash is comprised of funds deposited with financial institutions located throughout the United States and the Cayman Islands, primarily relating to operating cash reserve for the Company’s captive insurance subsidiary and earnest money deposits on potential acquisitions.

5 unchanged sentences

The fair values of the Company’s fixed-rate assets and liabilities were as follows for the periods indicated:

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Value Carrying

4 unchanged sentences

ACQUISITIONS AND DISPOSITIONS

The following table shows the Company’s acquisitions of stores for the three and six months ended June 30, 2025 and 2024.

The following table shows the Company’s acquisitions of stores for the three and nine months ended September 30, 2025 and 2024.

The table excludes purchases of raw land and improvements made to existing assets.

4 unchanged sentences

Q2 2025 28 161,738 258,000 ( 10,049 ) 34,767 4,472 — 448,928

Q1 2025 17 136,025 — — 105,471 847 5,878 248,221

Total 2025 46 $ 310,708 $ 258,000 $ ( 10,049 ) $ 140,238 $ 5,289 $ 5,878 $ 710,064

1 unchanged sentence

Q2 2024 3 27,644 — — — 97 — 27,741

Q1 2024 6 35,084 — — — 171 — 35,255

Total 2024 20 $ 220,965 $ — $ — $ 959 $ 1,699 $ — $ 223,623

On April 30, 2025, the Company acquired all of our partners’ membership interests in the ESS-NYFL JV LP and ESS CA-TIVS JV LP joint ventures.

On April 30, 2025, the Company acquired all of its partners’ membership interests in the ESS-NYFL JV LP and ESS CA-TIVS JV LP joint ventures.

The total value of the real estate was recorded at $ 436,797 , which included $ 258,000 of assumed debt.

4 unchanged sentences

therefore, the Company now owns 100 % of the six properties, and its partner now owns 100 % of the 17 properties, which the Company will continue to manage.

The Company completed the sale of one previously held for sale store during the three months ended June 30, 2025 for approximately $ 8,900 , resulting in a loss of $ 864 .

For the six months ended June 30, 2025, the Company completed the sale of 12 previously held for sale stores for approximately $ 133,755 , resulting in a gain of $ 38,656 .

This amount is shown net of $ 3,759 in losses related to the sale of three land parcels and three properties listed for sale during the six months ended June 30, 2025, where the estimated fair value, net of selling costs, was less than the net carrying value of the assets.

The net gain is shown on the Company’s condensed consolidated statements of operations for the six months ended June 30, 2025, presented as gain (loss) on real estate assets held for sale and sold, net.

Disposition and Held for Sale Activity

The following table presents the Company’s disposition and held for sale activity for the periods indicated:

EXTRA SPACE STORAGE INC.

1 unchanged sentence

Amounts in thousands, except store and share data, unless otherwise stated

Carrying Value of Assets Held for Sale (Gain) / Loss Recognized Number of Stores

2025 Activity

Q1 2025 beginning balance $ 103,756 $ — 13

Additions 8,019 3,759 3

Disposals ( 83,537 ) ( 39,520 ) ( 11 )

Q1 2025 ending balance $ 28,238 $ ( 35,761 ) 5

Additions — — —

Disposals ( 9,440 ) 864 ( 1 )

Q2 2025 ending balance $ 18,798 $ ( 34,897 ) 4

Additions 175,289 105,128 25

Disposals — — —

Q3 2025 ending balance $ 194,087 $ 70,231 29

2024 Activity

Q1 2024 ending balance $ — $ — —

Additions 51,933 54,659 7

Disposals — — —

Q2 2024 ending balance $ 51,933 $ 54,659 7

Additions 83,442 8,990 11

Disposals ( 3,845 ) ( 29 ) ( 1 )

Q3 2024 ending balance $ 131,530 $ 63,620 17

The net losses are shown on the Company’s condensed consolidated statements of operations for the three and nine months ended September 30, 2025 as loss on real estate assets held for sale and sold, net.

REAL ESTATE ASSETS

The components of real estate assets are summarized as follows:

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Land $ 5,099,022 $ 4,994,642

9 unchanged sentences

Real estate assets held for sale included in real estate assets, net $ 194,087 $ 103,756

Assets held for sale are included in the self-storage operations segment of the Company’s segment information.

EXTRA SPACE STORAGE INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

Amounts in thousands, except store and share data, unless otherwise stated

The components of other assets are summarized as follows:

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Goodwill $ 170,811 $ 170,811

7 unchanged sentences

Other assets, net $ 547,172 $ 548,986

EXTRA SPACE STORAGE INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

Amounts in thousands, except store and share data, unless otherwise stated

EARNINGS PER COMMON SHARE

10 unchanged sentences

For the purposes of computing the diluted impact of the potential exchange of the Preferred OP Units for common shares upon redemption, where the Company has the option to redeem in cash or shares and where the Company has stated the intent and ability to settle the redemption in shares, the Company divided the total liquidation value of the Preferred OP Units by the average share price for the period presented.

The average share price for the three months ended June 30, 2025 and 2024 was $ 145.51 and $ 145.78 , respectively.

The average share price for the six months ended June 30, 2025 and 2024 was $ 148.53 and $ 145.79 , respectively.

The average share price for the three months ended September 30, 2025 and 2024 was $ 143.62 and $ 168.78 , respectively.

The average share price for the nine months ended September 30, 2025 and 2024 was $ 146.84 and $ 153.61 , respectively.

EXTRA SPACE STORAGE INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

Amounts in thousands, except store and share data, unless otherwise stated

The following table presents the number of weighted OP Units and Preferred OP Units, and the potential common shares that were excluded from the computation of earnings per share as their effect would have been anti-dilutive:

For the Three Months Ended June 30, For the Six Months Ended June 30,

For the Three Months Ended September 30, For the Nine Months Ended September 30,

2025 2024 2025 2024

Equivalent Shares (if converted) Equivalent Shares (if converted) Equivalent Shares (if converted) Equivalent Shares (if converted)

Equivalent Shares

(if converted) Equivalent Shares

(if converted)

Common OP Units — — 9,357,864 —

2 unchanged sentences

374,795 1,133,472 9,747,768 1,330,456

EXTRA SPACE STORAGE INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

Amounts in thousands, except store and share data, unless otherwise stated

The computation of earnings per common share is as follows for the periods presented:

For the Three Months Ended June 30, For the Six Months Ended June 30,

For the Three Months Ended September 30, For the Nine Months Ended September 30,

2025 2024 2025 2024

24 unchanged sentences

The net equity of certain joint ventures is less than zero because distributions have exceeded the Company’s investment in and share of income from these joint ventures.

This is generally the result of financing distributions, capital events or operating distributions that are usually greater than net income, as net income includes non-cash charges for depreciation and amortization while distributions do not.

This is generally the

EXTRA SPACE STORAGE INC.

1 unchanged sentence

Amounts in thousands, except store and share data, unless otherwise stated

result of financing distributions, capital events or operating distributions that are usually greater than net income, as net income includes non-cash charges for depreciation and amortization while distributions do not.

Net investments in unconsolidated real estate entities and cash distributions in unconsolidated real estate ventures consist of the following:

Number of Stores Equity Ownership % Excess Profit % (1)

June 30, December 31,

September 30, December 31,

PRISA Self Storage LLC 85 4 % 4 % $ 8,795 $ 8,967

31 unchanged sentences

(1) Includes pro-rata equity ownership share and promoted interest.

(2) On July 8, 2025, the Company sold its membership interest in the Life Storage Spacemax LLC joint venture, which held six properties.

The sale resulted in a net gain of $ 9,354 , which has been included on the equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets and sale of a joint venture interest line on the Company’s condensed consolidated statements of operations.

(3) On April 30, 2025, the Company acquired all of its partners’ membership interests in the ESS-NYFL JV LP and ESS CA-TIVS JV LP joint ventures.

9 unchanged sentences

Dividend income from this investment is included on the equity in earnings and dividend income from unconsolidated real estate entities line on the Company’s condensed consolidated statements of operations.

EXTRA SPACE STORAGE INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

Amounts in thousands, except store and share data, unless otherwise stated

(6) In May 2023, the Company invested $ 150,000 in shares of convertible preferred stock of Strategic Storage Trust VI, Inc.

2 unchanged sentences

Dividend income from this investment is included on the equity in earnings and dividend income from unconsolidated real estate entities on the Company’s condensed consolidated statements of operations.

EXTRA SPACE STORAGE INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

Amounts in thousands, except store and share data, unless otherwise stated

(7) In October 2019, the Company invested $ 200,000 in shares of convertible preferred stock of SmartStop with a dividend rate of 7.00 % per annum as of October 2024.

6 unchanged sentences

Information about these balances is as follows:

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Debt securities - preferred stock $ 300,000 $ 300,000

12 unchanged sentences

These notes receivable consist of mortgage loans receivable, which are collateralized by self-storage properties that the Company manages, and mezzanine loans receivable, which are secured by equity interest pledges.

As of June 30, 2025, 79 % of the notes held are mortgage receivables.

As of September 30, 2025, 79 % of the notes held are mortgage receivables.

The Company may sell a portion of the mortgage receivables.

These notes receivable typically have a term of three years with two one-year extensions and have variable interest rates.

During the six months ended June 30, 2025, the Company sold a total principal amount of $ 32,371 of its mortgage bridge loans receivable to third parties for par, closed on $ 210,829 in initial loan draws, and recorded $ 24,480 of draws for interest payments.

During the nine months ended September 30, 2025, the Company sold a total principal amount of $ 98,372 of its mortgage bridge loans receivable to third parties for par, closed on $ 328,241 in initial loan draws, and recorded $ 34,452 of draws for interest payments.

The bridge loans typically have a loan to value ratio between 70 % and 80 % at origination.

As of June 30, 2025, none of the notes receivable are in past-due or nonaccrual status, and the allowance for potential credit losses is immaterial.

As of September 30, 2025, none of the notes receivable are in nonaccrual status, and any notes receivable where the monthly payments are delinquent are immaterial and less than 90 days past due.

The allowance for potential credit losses is immaterial.

EXTRA SPACE STORAGE INC.

2 unchanged sentences

The components of term debt are summarized as follows:

Term Debt June 30, 2025 December 31, 2024

Term Debt September 30, 2025 December 31, 2024

Secured notes payable (1)

10 unchanged sentences

Also includes net premium from bond offerings of $ 13,853 offset by discount from assumed debt of $ 10,049 .

The following table summarizes the scheduled maturities of term debt, excluding available extensions, at June 30, 2025:

2025 $ 405,592

The following table summarizes the scheduled maturities of term debt, excluding available extensions, at September 30, 2025:

2025 $ 231,392

11 unchanged sentences

Outstanding commercial paper notes have been included in revolving lines of credit and commercial paper on the Company’s condensed consolidated balance sheets.

At June 30, 2025, there were $ 700,000 in issuances outstanding under the commercial paper program with a weighted-average maturity of 19 days.

At September 30, 2025, there were $ 540,000 in issuances outstanding under the commercial paper program with a weighted-average maturity of 24 days.

EXTRA SPACE STORAGE INC.

3 unchanged sentences

The following table presents information on the Company’s lines of credit and commercial paper for the periods indicated:

As of June 30, 2025

As of September 30, 2025

Revolving Lines of Credit and Commercial Paper Amount Drawn Capacity Interest Rate Maturity Basis Rate (1)

5 unchanged sentences

(1) Daily Simple Secured Overnight Financing Rate (“SOFR”) for credit lines.

(2) Basis Rate as of June 30, 2025.

(2) Basis Rate as of September 30, 2025.

Rate is subject to change based on the Company’s investment grade rating.

1 unchanged sentence

Therefore, interest rate shown in the table above is a weighted average interest rate.

On August 21, 2024, the Company entered into Amendment 1 to the Third Amended and Restated Credit Agreement (the “Credit Agreement”).

On August 21, 2025, the Company entered into the Fourth Amended and Restated Credit Agreement (the “Credit Agreement”), which increased the commitment under the revolving credit facility to $ 3,000,000 , extended the maturity of the credit facility to August 2029, and reduced the interest rate by 10 basis points.

In connection with the amendment, the Company also paid off term loans within the credit facility in the amount of $ 655,000 and increased other term loans within the credit facility by $ 200,000 .

The Credit Agreement is guaranteed by the Company and is not secured by any assets of the Company.

The Company’s unsecured debt is subject to certain financial covenants.

As of June 30, 2025, the Company was in compliance with all of its financial covenants.

As of June 30, 2025, the Company’s percentage of fixed-rate debt to total debt was 77.6 %.

As of September 30, 2025, the Company was in compliance with all of its financial covenants.

As of September 30, 2025, the Company’s percentage of fixed-rate debt to total debt was 83.8 %.

The weighted average interest rates of the Company’s fixed and variable-rate debt were 4.2 % and 5.2 %, respectively.

11 unchanged sentences

A portion of these changes is excluded from accumulated other comprehensive income as it is allocated to noncontrolling interests.

During the three and six months ended June 30, 2025 and 2024, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt.

During the three and nine months ended September 30, 2025 and 2024, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt.

In the coming 12 months, the Company estimates that $ 3,389 will be reclassified as an increase to interest income.

The Company held 10 active derivative financial instruments, which had a total current notional amount of $ 952,000 as of June 30, 2025 and one forward-starting derivative financial instrument with an effective date of July 14, 2025 and initial notional amount of $ 80,000 .

EXTRA SPACE STORAGE INC.

1 unchanged sentence

Amounts in thousands, except store and share data, unless otherwise stated

September 30, 2025, the Company held 10 active derivative financial instruments, which had a total current notional amount of $ 952,000 .

Fair Values of Derivative Instruments

2 unchanged sentences

Derivatives designated as hedging instruments:

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Other assets $ 5,327 $ 15,733

3 unchanged sentences

No tax effect has been presented as the derivative instruments are held by the Company:

Gain (loss) recognized in OCI for the Three Months Ended June 30, Location of amounts reclassified from OCI into income Gain (loss) reclassified from OCI for the Three Months Ended June 30,

Gain (loss) recognized in OCI for the Three Months Ended September 30, Location of amounts reclassified from OCI into income Gain (loss) reclassified from OCI for the Three Months Ended September 30,

Type 2025 2024 2025 2024

Swap Agreements $ 874 $ ( 17,931 ) Interest expense $ 2,822 $ 6,965

Gain (loss) recognized in OCI for the Six Months Ended June 30, Location of amounts reclassified from OCI into income Gain (loss) reclassified from OCI for the Six Months Ended June 30,

Gain (loss) recognized in OCI for the Nine Months Ended September 30, Location of amounts reclassified from OCI into income Gain (loss) reclassified from OCI for the Nine Months Ended September 30,

Type 2025 2024 2025 2024

4 unchanged sentences

Failure to comply with the loan covenant provisions would result in the Company being in default on any derivative instrument obligations covered by the agreement.

As of June 30, 2025, the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk related to these agreements, was immaterial.

As of June 30, 2025, the Company had not posted any collateral related to these agreements.

If the Company had breached any of these provisions as of June 30, 2025, it could have been required to cash settle its obligations under these agreements at their termination value.

As of September 30, 2025, the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk related to these agreements, was immaterial.

As of September 30, 2025, the Company had not posted any collateral related to these agreements.

If the Company had breached any of these provisions as of September 30, 2025, it could have been required to cash settle its obligations under these agreements at their termination value.

EXTRA SPACE STORAGE INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

Amounts in thousands, except store and share data, unless otherwise stated

STOCKHOLDERS’ EQUITY

3 unchanged sentences

During the year ended December 31, 2024, no shares were repurchased.

During the six months ended June 30, 2025, the Company repurchased 68,585 shares at an average price of $ 125.62 per share, paying a total of $ 8,615 .

As of June 30, 2025, the Company had remaining authorization to repurchase shares with an aggregate value up to $ 491,385 .

EXTRA SPACE STORAGE INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

Amounts in thousands, except store and share data, unless otherwise stated

During the nine months ended September 30, 2025, the Company repurchased 68,585 shares at an average price of $ 125.62 per share, paying a total of $ 8,615 .

As of September 30, 2025, the Company had remaining authorization to repurchase shares with an aggregate value up to $ 491,385 .

NONCONTROLLING INTEREST REPRESENTED BY PREFERRED OPERATING PARTNERSHIP UNITS

6 unchanged sentences

Any noncontrolling interests that fail to qualify as permanent equity will be reclassified as temporary equity and adjusted to the greater of (1) the carrying amount, or (2) its redemption value as of the end of the period in which the determination is made.

At June 30, 2025 and December 31, 2024, the noncontrolling interests represented by the Preferred OP Units qualified for classification as permanent equity on the Company’s condensed consolidated balance sheets.

At September 30, 2025 and December 31, 2024, the noncontrolling interests represented by the Preferred OP Units qualified for classification as permanent equity on the Company’s condensed consolidated balance sheets.

The partnership agreement of the Operating Partnership (as amended, the “Partnership Agreement”) provides for the designation and issuance of the OP Units.

The balances for each of the specific Preferred OP Units as presented in the Statements of Noncontrolling Interests and Equity as of the periods indicated are as follows:

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Series B Units $ 33,567 $ 33,567

4 unchanged sentences

The Series A Units have priority over all other partnership interests of the Operating Partnership with respect to distributions and liquidation.

As of June 30, 2025 and December 31, 2024, there were no outstanding Series A Units.

As of September 30, 2025 and December 31, 2024, there were no outstanding Series A Units.

EXTRA SPACE STORAGE INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

Amounts in thousands, except store and share data, unless otherwise stated

Series B Redeemable Preferred Units

2 unchanged sentences

The Series B Units were issued in 2013 and 2014.

The Series B Units have a liquidation value of $ 25.00 per unit for a fixed liquidation value of $ 33,567 which represents 1,342,727 Series B Units outstanding at June 30, 2025.

The Series B Units have a liquidation value of $ 25.00 per unit for a fixed liquidation value of $ 33,567 which represents 1,342,727 Series B Units outstanding at September 30, 2025.

Holders of the Series B Units receive distributions at an annual rate of 6.0 %.

4 unchanged sentences

The Series C Units ranked junior to the Series A Units, on parity with the Series B Units and Series D Units, and senior to all other partnership interests of the Operating Partnership with respect to distributions and liquidation.

As of June 30, 2025 and December 31, 2024, there were no outstanding Series C Units.

EXTRA SPACE STORAGE INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

Amounts in thousands, except store and share data, unless otherwise stated

As of September 30, 2025 and December 31, 2024, there were no outstanding Series C Units.

Series D Redeemable Preferred Units

6 unchanged sentences

In addition, certain of the Series D Units are exchangeable for OP Units at the option of the holder until the tenth anniversary of the date of issuance, with the number of OP Units to be issued equal to $ 25.00 per Series D Unit, divided by the value of a share of common stock as of the exchange date.

During the six months ended June 30, 2025, 890,594 Series D Units were redeemed for 143,830 shares of common stock.

During the nine months ended September 30, 2025, 890,594 Series D Units were redeemed for 143,830 shares of common stock.

NONCONTROLLING INTEREST IN OPERATING PARTNERSHIP AND OTHER NONCONTROLLING INTERESTS

1 unchanged sentence

The Company’s interest in its stores is held through the Operating Partnership.

Between its general partner and limited partner interests, the Company held a 95.6 % ownership interest in the Operating Partnership as of June 30, 2025.

Between its general partner and limited partner interests, the Company held a 95.6 % ownership interest in the Operating Partnership as of September 30, 2025.

The remaining ownership interests in the Operating Partnership (including Preferred OP Units) of 4.4 % are held by certain former owners of assets acquired by the Operating Partnership.

As of June 30, 2025 and December 31, 2024, the noncontrolling interest in the Operating Partnership is shown on the balance sheet net of a note receivable of $ 50,000 because a borrower under the note receivable is also a holder of OP Units.

As of September 30, 2025 and December 31, 2024, the noncontrolling interest in the Operating Partnership is shown on the balance sheet net of a note receivable of $ 50,000 because a borrower under the note receivable is also a holder of OP Units.

This note receivable originated in December 2024, bears interest at 10 % per annum and matures on December 30, 2025.

1 unchanged sentence

OP Units are redeemable at the option of the holder, which redemption may be satisfied at the Company’s option in cash, based upon the fair market value of an equivalent number of shares of the Company’s common stock (based on the ten-day average trading price) at the time of the redemption, or shares of the Company’s common stock on a one -for-one basis, subject to anti-dilution adjustments provided in the Partnership Agreement.

As of June 30, 2025, the ten-day average closing price of the Company’s common stock was $ 147.13 and there were 9,347,849 OP Units outstanding.

Assuming that all of the OP Unit holders exercised their right to redeem all of their OP Units on June 30, 2025 and the Company elected to pay the OP Unit holders cash, the Company would have paid $ 1,375,349 in cash consideration to redeem the units.

As of September 30, 2025, the ten-day average closing price of the Company’s common stock was $ 139.99 and there were 9,339,849 OP Units outstanding.

Assuming that all of the OP Unit

EXTRA SPACE STORAGE INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

Amounts in thousands, except store and share data, unless otherwise stated

holders exercised their right to redeem all of their OP Units on September 30, 2025 and the Company elected to pay the OP Unit holders cash, the Company would have paid $ 1,307,485 in cash consideration to redeem the units.

OP Unit activity is summarized as follows for the periods presented:

For the Six Months Ended June 30,

For the Nine Months Ended September 30,

OP Units redeemed for common stock 41,978 308,024

6 unchanged sentences

If noncontrolling interests are determined to be redeemable, they are to be carried at their redemption value as of the balance sheet date and reported as temporary equity.

EXTRA SPACE STORAGE INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

Amounts in thousands, except store and share data, unless otherwise stated

The Company has evaluated the terms of the OP Units and classifies the noncontrolling interest represented by the OP Units as stockholders’ equity in the accompanying condensed consolidated balance sheets.

2 unchanged sentences

Other Noncontrolling Interests

Other noncontrolling interests represent the ownership interest of partners in ten consolidated joint ventures as of June 30, 2025.

There are a total of 15 stores in these consolidated joint ventures, 11 of which are operating and four of which are under development.

Other noncontrolling interests represent the ownership interest of partners in 12 consolidated joint ventures as of September 30, 2025.

There are a total of 16 stores in these consolidated joint ventures, 11 of which are operating and five of which are under development.

The voting interests of the partners are 25.0 % or less.

Based on the facts and circumstances of each of the Company’s joint ventures, the Company has determined that one of the joint ventures at June 30, 2025 was a variable interest entity (“VIE”) in accordance with ASC 810, “Consolidation.” The Company has consolidated that joint venture as it was determined that the Company has the power to direct the activities of the joint venture and is the primary beneficiary of the joint venture.

Based on the facts and circumstances of each of the Company’s joint ventures, the Company has determined that one of the joint ventures at September 30, 2025 was a variable interest entity (“VIE”) in accordance with ASC 810, “Consolidation.” The Company has consolidated that joint venture as it was determined that the Company has the power to direct the activities of the joint venture and is the primary beneficiary of the joint venture.

SEGMENT INFORMATION

15 unchanged sentences

Financial information for the Company’s business segments is set forth below:

For the Three Months Ended June 30, For the Six Months Ended June 30,

For the Three Months Ended September 30, For the Nine Months Ended September 30,

2025 2024 2025 2024

27 unchanged sentences

Depreciation and amortization expense ( 177,466 ) ( 195,046 ) ( 535,088 ) ( 586,821 )

Gain (loss) on real estate assets held for sale and sold, net ( 864 ) ( 54,659 ) 34,897 ( 54,659 )

Loss on real estate assets held for sale and sold, net ( 105,128 ) ( 8,961 ) ( 70,231 ) ( 63,620 )

Interest expense ( 149,650 ) ( 142,855 ) ( 438,177 ) ( 412,875 )

2 unchanged sentences

Equity in earnings and dividend income from unconsolidated real estate entities 15,669 16,246 51,884 48,508

Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets and sale of a joint venture interest 9,354 13,730 9,354 13,730

Impairment of Life Storage trade name — ( 51,763 ) — ( 51,763 )

Income tax expense ( 11,962 ) ( 10,857 ) ( 32,591 ) ( 27,443 )

6 unchanged sentences

COMMITMENTS AND CONTINGENCIES

As of June 30, 2025, the Company was under agreement to originate $ 151,760 in bridge loans in 2025 and $ 20,900 in 2026.

As of June 30, 2025, the Company was involved in various legal proceedings and was subject to various claims and complaints arising in the ordinary course of business.

As of September 30, 2025, the Company was under agreement to acquire 25 stores at a total purchase price of $ 261,778 .

Acquisitions of all 25 stores are scheduled to close in 2025.

As of September 30, 2025, the Company was under agreement to originate $ 27,500 in bridge loans in 2025 and $ 52,200 in 2026 and thereafter.

As of September 30, 2025, the Company was involved in various legal proceedings and was subject to various claims and complaints arising in the ordinary course of business.

Because litigation is inherently unpredictable, the outcome of these matters cannot presently be determined with any degree of certainty.

5 unchanged sentences

However, changes in applicable environmental laws and regulations, the uses and conditions of properties in the vicinity of the Company’s properties, the activities of its tenants and other environmental conditions of which the Company is unaware with respect to its properties could result in future material environmental liabilities.

SUBSEQUENT EVENTS

On October 29, 2025, the Company closed on the acquisition of 13 properties located in Arizona, Nevada and Utah.

The Company acquired 11 of the properties on a wholly-owned basis for $ 118,250 , with the remaining two properties entering joint ventures where the Company’s investment totaled $ 2,455 .

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements