18 unchanged sentences
Self-Storage Operations
−Removed: We own, operate, manage, provide lending to, acquire, develop and redevelop self-storage properties (“stores”).
+Added: We own, operate, manage, provide lending for, acquire, develop and redevelop self-storage properties (“stores”).
We operate and manage our business by evaluating the operating performance of the properties for our entire portfolio which includes wholly-owned stores, stores in which we have a partial ownership interest and managed stores.
11 unchanged sentences
This program helps us increase our management business, create additional potential future acquisition opportunities, and strengthen our relationships with partners, all while generating interest and fee income.
−Removed: We generally originate mortgage loans and mezzanine loans with the option to sell a portion of the mortgage loans to third parties, while retaining our interests in the mezzanine loans.
+Added: We generally originate mortgage loans and mezzanine loans with the option to sell a portion of the mortgage loans to third parties,
+Added: while retaining our interests in the mezzanine loans.
As of December 31, 2025, the total balance of bridge loans receivable was $1.5 billion.
We have made investments in preferred stock of other self-storage companies.
−Removed: These investments benefit us by providing dividend income, creating additional potential future acquisition opportunities through relationships with the companies in which we invest, or increasing our management business.
+Added: These investments benefit us by providing dividend income, creating additional potential future acquisition opportunities through relationships with the companies in which we invest, and/or increasing our management business.
Operating Segments
12 unchanged sentences
We seek to maximize revenue by responding to changing market conditions through our advanced technology systems’ ability to provide real-time, interactive rental rate and discount management.
−Removed: We have implemented one of the most dynamic online marketing programs in the industry, which we believe will attract more customers to our stores at a lower net cost compared with our competitors.
+Added: We have implemented one of the most dynamic online marketing programs in the industry, which we believe will attract more customers to our stores and deliver strong returns on investment.
We continually analyze our portfolio to look for long-term value-enhancing opportunities.
−Removed: We proactively redevelop properties to add units or modify existing unit mix to better meet the demand in a given market and to maximize revenue.
+Added: We proactively redevelop properties to add units or modify the existing unit mix to better meet the demand in a given market and to maximize revenue.
We also redevelop properties to extend their useful life, increase visual appeal, enhance security and improve brand consistency across the portfolio.
+Added: We periodically review our portfolio to identify stores for disposal that no longer align with our strategic, geographic, or performance criteria.
+Added: This disciplined approach to dispositions allows us to optimize portfolio quality and redeploy capital into markets and assets that better support our long‑term growth objectives.
Acquire self-storage stores
10 unchanged sentences
Financing of Our Long-Term Growth Strategies
−Removed: As a REIT, we are required to distribute at least 90% of our REIT taxable income to our stockholders.
+Added: As a REIT, we are required to distribute annually at least 90% of our REIT taxable income to our stockholders.
Consequently, we require access to additional sources of capital to fund our growth.
22 unchanged sentences
Sale of Properties - We have not historically sold a high volume of stores, as we generally believe we are able to optimize the cash flow from stores through continued operations.
−Removed: However, we may sell more stores or interests in stores in the future in response to changing economic, financial or investment conditions.
+Added: However, we may sell more stores or interests in stores in the future in response to changing economic, financial, market or investment conditions.
+Added: For the year ended December 31, 2025, we sold 37 stores for $305.8 million.
For the year ended December 31, 2024 we sold six stores for $102.5 million.
−Removed: For the year ended December 31, 2023, we did not sell any stores.
Industry & Competition
6 unchanged sentences
Self-storage provides a convenient way for individuals and businesses to store their possessions due to life changes, or simply because of a need for storage space.
−Removed: The mix of residential tenants using a store is determined by a store’s local demographics and often includes people who are experiencing life changes such as downsizing their living space or others who are not yet settled into a permanent residence.
+Added: The mix of residential tenants using a store is determined by a store’s local demographics and often includes people who are experiencing life changes such as downsizing their living space or others who
+Added: are not yet settled into a permanent residence.
Items that tenants place in self-storage may include furniture, household items and appliances.
6 unchanged sentences
Historically, our highest level of occupancy has been at the end of July, while our lowest level of occupancy has been in late February and early March.
−Removed: The self-storage industry is a mature industry with average occupancies that are typically at or above 90%.
+Added: The self-storage industry is a mature industry with average occupancies that are typically around 90%.
Our average occupancy for our same-store pool for 2025 was 93.7%.
−Removed: The self-storage industry is characterized by fragmented ownership, where the largest companies in the industry own a fraction of the operating stores.
+Added: The self-storage industry is characterized by fragmented ownership, where the largest companies in the industry own a minority of the operating stores.
The remainder of the industry is characterized by numerous small, local operators.
−Removed: The scarcity of capital available to small operators for acquisitions and expansions, internet marketing, call centers, and the potential for savings through economies of scale are factors that are leading to consolidation in the industry.
+Added: The relative scarcity of capital available to small operators for acquisitions and expansions, internet marketing, call centers, and the potential for savings through economies of scale are factors that are leading to consolidation in the industry.
We believe that, as a result of this trend, significant growth opportunities exist for operators with proven management systems and sufficient capital resources to grow through acquisitions and/or third-party management platforms.
2 unchanged sentences
Competitive bidding practices have been commonplace between both public and private entities, and this will likely continue.
−Removed: Generally, stores are subject to various laws, ordinances and regulations, including regulations relating to lien sale rights and procedures and the Americans with Disabilities Act of 1990.
−Removed: Changes in any of these laws or regulations, as well as changes in laws, such as the Comprehensive Environmental Response and Compensation Liability Act, which increases the potential liability for environmental conditions or circumstances existing or created by tenants or others on stores, or laws affecting development, construction, operation, limitations on rent increases due to state of emergency or similar orders, upkeep, safety and taxation may result in significant unanticipated expenditures, loss of stores or other impairments to operations, which would adversely affect our financial position, results of operations or cash flows.
+Added: Generally, stores are subject to various laws, ordinances and regulations, including regulations relating to lien sale rights and procedures and the Americans with Disabilities Act of 1990 (the “ADA”).
+Added: Changes in any of these laws or regulations, as well as changes in laws affecting construction, development, operation, limitations on rent increases due to state of emergency or similar orders, disclosures regarding fees and rental increases, safety and taxation may result in significant impairments to operations, unanticipated expenditures, or loss of stores, which would adversely affect our financial position, results of operations or cash flows.
In addition, noncompliance with any of these laws, ordinances or regulations could result in the imposition of fines or an award of damages to private litigants and also could require substantial capital expenditures to ensure compliance.
+Added: For example, in response to wildfires in 2018, 2019, and early 2025 and floods in 2023, the State of California and some localities in California adopted temporary regulations that imposed certain limits on the rents we could charge at certain of our facilities and the extent to which we could increase rents to existing tenants.
+Added: Similar restrictions could be imposed in the future in response to significant events, and these restrictions could adversely impact our operations.
Insurance activities are subject to state insurance laws and regulations as determined by the particular insurance commissioner for each state in accordance with the McCarran-Ferguson Act and are subject to the Gramm-Leach-Bliley Act and the privacy regulations promulgated by the Federal Trade Commission pursuant thereto.
4 unchanged sentences
At Extra Space, our culture is driven by our belief that our people are a key driver in our success.
−Removed: We believe that if we focus on attracting, developing, and retaining diverse top talent at all levels of the organization, our employees will take care of our customers and drive growth for our shareholders.
+Added: We believe that if we focus on attracting, developing, and retaining top talent with varied backgrounds and skill sets at all levels of the organization, our employees will take care of our customers and drive growth for our shareholders.
As of December 31, 2025, we had 8,393 employees and believe our relationship with our employees is good.
7 unchanged sentences
Training and Development
−Removed: In order to attract and retain diverse top talent, we believe strongly that development is a continuous journey throughout the employee's career.
−Removed: We provide formal development programs which are available to employees who are ready for an intense structured experience.
+Added: We believe strongly that development is a continuous journey throughout an employee ’ s career.
+Added: We provide formal development programs, which are available to employees who are ready for an intense structured experience, that help us to attract and retain top talent with varied backgrounds and skill sets .
In 2025, we invested in training and development for our employees, which included leadership training, communication training, individual development plans, site manager training and mentorship programs.
4 unchanged sentences
• Inclusion is central to our values and culture at Extra Space.
−Removed: We believe that excellence and innovation stem from diverse perspectives, integrity is upheld through equitable practices, and optimal teamwork thrives in an inclusive environment.
+Added: We believe that excellence and innovation stem from varied perspectives, integrity is upheld through equitable practices, and optimal teamwork thrives in an inclusive environment.
We strive to ensure every employee feels engaged and empowered to bring their whole selves to work, fueling their passion and commitment to our shared goals.
−Removed: We believe that our emphasis on training and development, employee safety, employee health and well-being, and a commitment to our values leads to an increase in employee engagement and positions us to attract and retain top diverse talent.
+Added: We believe that our emphasis on training and development, employee safety, employee health and well-being, and a commitment to our values lead to an increase in employee engagement and positions us to attract and retain top talent with varied backgrounds and skill sets.
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.