What changed in this filing

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Item 1. Financial Statements

2026-05-01 compared with 2025-10-31 · 143 added, 265 removed, 556 unchanged (42% of the section changed)

3 unchanged sentences

(amounts in thousands, except share data)

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Real estate assets, net $ 24,926,765 $ 25,004,350

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, 212,247,389 and 211,995,510 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively

Common stock, $ 0.01 par value, 500,000,000 shares authorized, 211,197,111 and 211,155,322 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively

Additional paid-in capital 14,882,445 14,880,646

Accumulated other comprehensive income 1,338 12,806

Accumulated other comprehensive income (loss) 314 ( 420 )

Accumulated deficit ( 1,552,391 ) ( 1,449,172 )

9 unchanged sentences

(amounts in thousands, except share data)

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

2025 2024 2025 2024

For the Three Months Ended March 31,

Property rental $ 733,213 $ 704,380

7 unchanged sentences

Total expenses 488,474 467,028

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 )

Gain on real estate assets held for sale and sold, net — 35,761

Income from operations 367,553 388,730

4 unchanged sentences

Equity in earnings and dividend income from unconsolidated real estate entities 15,760 19,931

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

Equity in earnings of unconsolidated real estate ventures - gain on sale of a joint venture interest 207 —

Income tax expense ( 10,789 ) ( 8,991 )

14 unchanged sentences

(amounts in thousands)

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

2025 2024 2025 2024

For the Three Months Ended March 31,

Net income $ 252,420 $ 284,925

7 unchanged sentences

Condensed Consolidated Statements of Noncontrolling Interests and Equity

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 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 cash — ( 736 ) — — — ( 438 ) — — ( 1,174 )

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

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

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

Distributions to Operating Partnership units and other noncontrolling interests ( 724 ) ( 15,131 ) ( 57 ) — — — — — ( 15,912 )

Dividends paid on common stock at $ 1.62 per share

— — — — — — — ( 343,845 ) ( 343,845 )

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

1 unchanged sentence

Redemption of Operating Partnership units for stock ( 22,265 ) ( 1,085 ) — 155,330 2 23,348 — — —

Redemption of Operating Partnership units for cash — ( 924 ) — — — ( 529 ) — — ( 1,453 )

Issuance of Operating Partnership units in conjunction with acquisitions — 5,878 — — — — — — 5,878

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

Purchase of remaining equity interest in existing unconsolidated joint venture — — ( 1,426 ) — — ( 4,568 ) — — ( 5,994 )

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

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

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

Distributions to Operating Partnership units and other noncontrolling interests ( 2,171 ) ( 45,631 ) ( 146 ) — — — — — ( 47,948 )

Dividends paid on common stock at $ 4.86 per share

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

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 nine months ended September 30, 2024

(unaudited, amounts in thousands, except share data)

Noncontrolling Interest Extra Space Storage Inc.

Stockholders’ Equity

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

Offering costs associated with shelf registration — — — — — ( 28 ) — — ( 28 )

Redemption of Operating Partnership units for stock — ( 3,884 ) — 43,879 — 3,884 — — —

Purchase of remaining equity interest in existing consolidated joint venture — — — — — ( 4,568 ) — — ( 4,568 )

Noncontrolling interest in consolidated joint ventures — — ( 275 ) — — — — — ( 275 )

Net income 1,932 7,800 3 — — — — 193,210 202,945

Net income (loss) 723 13,335 ( 8 ) — — — — 270,875 284,925

Other comprehensive loss — ( 335 ) — — — — ( 6,602 ) — ( 6,937 )

2 unchanged sentences

— — — — — — — ( 344,203 ) ( 344,203 )

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 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 December 31, 2025 $ 53,827 $ 822,869 $ 14,174 211,155,322 $ 2,112 $ 14,880,646 $ ( 420 ) $ ( 1,449,172 ) $ 14,324,036

Issuance of common stock for share based compensation, exercise of options and taxes paid upon net settlement — — — 178,944 2 14,417 — — 14,419

Issuance of common stock, net of offering costs — — — 2,310 — 365 — — 365

Offering costs associated with shelf registration — — — — — ( 522 ) — — ( 522 )

Redemption of Operating Partnership units for stock ( 31,054 ) ( 27,321 ) — 521,685 5 58,370 — — —

Issuance of common stock for share based compensation and taxes paid upon net settlement — — — 52,898 — 2,375 — — 2,375

Redemption of Operating Partnership units for cash ( 6,000 ) ( 1,080 ) — — — ( 576 ) — — ( 7,656 )

Repurchase of common stock — — — ( 11,109 ) — — — ( 1,443 ) ( 1,443 )

Noncontrolling interest in consolidated joint ventures — — 763 — — — — — 763

Net income 673 10,740 30 — — — — 240,977 252,420

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

Other comprehensive income — 30 — — — — 734 — 764

Distributions to Operating Partnership units and other noncontrolling interests ( 673 ) ( 15,263 ) ( 68 ) — — — — — ( 16,004 )

1 unchanged sentence

— — — — — — — ( 342,753 ) ( 342,753 )

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 March 31, 2026 $ 47,827 $ 817,296 $ 14,899 211,197,111 $ 2,112 $ 14,882,445 $ 314 $ ( 1,552,391 ) $ 14,212,502

See notes to unaudited condensed consolidated financial statements.

2 unchanged sentences

(amounts in thousands)

For the Nine Months Ended September 30,

For the Three Months Ended March 31,

Cash flows from operating activities:

7 unchanged sentences

Accrual of interest income added to principal of debt securities and notes receivable ( 7,710 ) ( 8,273 )

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

Equity in earnings of unconsolidated real estate ventures - gain on sale of a joint venture interest ( 207 ) —

Gain on real estate assets held for sale and sold, net — ( 35,761 )

Distributions in excess of earnings from unconsolidated real estate ventures 3,332 9,192

Changes in operating assets and liabilities:

8 unchanged sentences

Investment in unconsolidated real estate entities ( 5,563 ) ( 102,397 )

Return of investment in unconsolidated real estate ventures 231,130 12,999

Issuance of notes receivable ( 14,590 ) ( 182,079 )

4 unchanged sentences

Cash flows from financing activities:

Proceeds from unsecured term loans, senior notes, revolving lines of credit and commercial paper 11,436,343 5,542,362

Principal payments on unsecured term loans, senior notes, revolving lines of credit and commercial paper ( 12,780,602 ) ( 6,062,896 )

Proceeds from secured and unsecured term loans, senior notes, revolving lines of credit and commercial paper 4,173,770 3,979,431

Principal payments on secured and unsecured term loans, senior notes, revolving lines of credit and commercial paper ( 4,248,783 ) ( 4,615,810 )

Proceeds from issuance of public bonds, net — 850,000

Deferred financing costs ( 48 ) ( 13,528 )

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

Proceeds from share issuances — 365

Repurchase of common stock ( 1,443 ) —

Redemption of Operating Partnership units for cash ( 1,656 ) —

Offering costs associated with shelf registration — ( 522 )

Redemption of Preferred OP units for cash ( 6,000 ) —

Dividends paid on common stock ( 342,753 ) ( 344,203 )

1 unchanged sentence

Net cash used in financing activities $ ( 442,129 ) ( 159,621 )

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

Net change in cash, cash equivalents, and restricted cash 225 ( 20,255 )

Cash, cash equivalents, and restricted cash, beginning of the period $ 143,180 $ 143,303

Cash, cash equivalents, and restricted cash, end of the period $ 143,405 $ 123,048

Extra Space Storage Inc.

1 unchanged sentence

(amounts in thousands)

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

For the Three Months Ended March 31,

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

8 unchanged sentences

Interest paid $ 161,182 $ 116,751

Income taxes paid 33,275 30,635

Supplemental schedule of noncash investing and financing activities:

2 unchanged sentences

Common stock and paid-in capital — $ 22,265

Acquisition and establishment of operating lease right of use assets and lease liabilities

Remeasurement of lease right of use assets and lease liabilities

Real estate assets - operating lease right-of-use assets $ 10,525 $ —

Operating lease liabilities ( 10,525 ) —

Real estate assets, net $ ( 4,586 ) $ —

Other liabilities $ 4,586 $ —

Acquisitions of real estate assets

2 unchanged sentences

Value of investment in consolidated real estate ventures — ( 105,471 )

Net liabilities assumed ( 635 ) —

Net debt assumed — ( 635 )

Accrued construction costs and capital expenditures

6 unchanged sentences

Extra Space Storage Inc.

(the “Company”) is a fully integrated, self-administered and self-managed REIT, formed as a Maryland corporation on April 30, 2004, to own, operate, manage, acquire, develop and redevelop self-storage properties (“stores”) located throughout the United States.

(the “Company”) is a fully integrated, self-administered and self-managed real estate investment trust (“REIT”), formed as a Maryland corporation on April 30, 2004, to own, operate, manage, acquire, develop and redevelop self-storage properties (“stores”) and provide lending to owners of stores located throughout the United States.

The Company was formed to continue the business of Extra Space Storage LLC and its subsidiaries, which had engaged in the self-storage business since 1977.

3 unchanged sentences

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

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

At March 31, 2026, the Company had direct and indirect equity interests in 2,428 stores.

In addition, the Company managed 1,916 stores for third parties, bringing the total number of stores which it owns and/or manages to 4,344 .

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

Operating results for the three months ended March 31, 2026 are not necessarily indicative of results that may be expected for the year ending December 31, 2026.

The condensed consolidated balance sheet as of December 31, 2025 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.

For further information refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the Securities and Exchange Commission.

For further information refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the Securities and Exchange Commission (the “SEC”).

Recently Issued Accounting Standards

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No.

2023-07 – “Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures” .

The amended guidance requires the disclosure of incremental segment information, including significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and a reconciliation of segment profit or loss to net income.

The title and position of the CODM must also be disclosed, along with how the CODM uses the reported measures to assess segment performance and to allocate resources.

Pursuant to this ASU, the footnotes to the Company’s condensed consolidated financial statements include incremental disclosures related to its two reportable segments:

(1) self-storage operations and (2) tenant reinsurance.

The Company has adopted this standard as of December 31, 2024.

Refer to note 15 for further discussion of the Company’s reportable segments.

In December 2023, the FASB issued ASU No.

2023-09 – “Income Taxes (Topic 740):

Improvements to Income Tax Disclosures” .

The amended guidance focuses on providing more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information.

Pursuant to this ASU, the footnotes to the Company’s consolidated financial statements may include incremental disclosures related to income taxes.

This standard is effective for annual periods beginning after December 15, 2024;

therefore, compliance with this ASU will be required beginning with the Company’s annual report on Form 10-K for the year ending December 31, 2025, with early adoption permitted.

The Company expects to adopt this ASU for its annual report on Form 10-K for the year ending December 31, 2025, is continuing to research the impact of this amended guidance, and does not expect this standard to have a material impact on its consolidated financial statements.

EXTRA SPACE STORAGE INC.

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

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

In November 2024, the FASB issued ASU No.

6 unchanged sentences

The guidance may be applied prospectively or retrospectively, and early adoption is permitted.

The Company is currently evaluating the impact of this ASU on its consolidated financial statements.

Although the adoption is not expected to have a significant impact on the Company's financial statements, it is expected to result in incremental disclosures within the notes to the financial statements.

FAIR VALUE DISCLOSURES

Derivative Financial Instruments

Currently, the Company uses interest rate swaps to manage its interest rate risk.

The Company uses interest rate swaps to manage its interest rate risk.

The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative.

This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves.

This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable

EXTRA SPACE STORAGE INC.

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

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

market-based inputs, including interest rate curves.

The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts.

2 unchanged sentences

In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees.

In conjunction with the FASB’s fair value measurement guidance, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio.

In conjunction with the fair value measurement guidance by the Financial Accounting Standards Board (the “FASB”), the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio.

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 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.

However, as of March 31, 2026, 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 September 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 March 31, 2026, 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 $ — $ 1,183 $ —

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.

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

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

The Company did not have any significant assets or liabilities that are re-measured on a recurring basis using significant unobservable inputs as of March 31, 2026 or December 31, 2025.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

1 unchanged sentence

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

The Company focuses on stores where occupancy and/or rental income have decreased by a significant amount.

For these stores, the Company determines whether the decrease is temporary or permanent, and whether the store will likely recover the lost occupancy and/or revenue in the short term.

In addition, the Company reviews stores in the lease-up stage and compares actual operating results to original projections.

The Company focuses on stores that do not have positive net operating cash flows.

For these stores, the Company determines whether the decrease is temporary or permanent, and whether the store will likely generate positive net operating cash flows in the short term.

When the Company determines that an event that may indicate impairment has occurred, the Company compares the carrying value of the related long-lived assets to the undiscounted future net operating cash flows attributable to the assets.

4 unchanged sentences

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

The operations of assets held for sale or sold during the

EXTRA SPACE STORAGE INC.

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

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

period are presented as part of normal operations.

As of March 31, 2026, the Company had four 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.

7 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 September 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 March 31, 2026 and December 31, 2025 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.

1 unchanged sentence

The discount rates used approximated current market rates for loans, or groups of loans, with similar maturities and credit quality.

EXTRA SPACE STORAGE INC.

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

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

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

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Value Carrying

4 unchanged sentences

ACQUISITIONS AND DISPOSITIONS

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

The following table shows the Company’s acquisitions of stores for the three months ended March 31, 2026 and 2025.

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

1 unchanged sentence

Clarifying the Definition of a Business .”

Period Number of Stores Cash Paid Loans Assumed Fair Value Adjustment of Debt Assumed Investments in Real Estate Ventures Net Liabilities/ (Assets) Assumed Value of Equity Issued Real estate assets

Q3 2025 1 $ 12,945 $ — $ — $ — $ ( 30 ) $ — $ 12,915

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

Q3 2024 11 $ 158,237 $ — $ — $ 959 $ 1,431 $ — $ 160,627

Period Number of Stores Cash Paid Loans Assumed Bridge Loan Payoff Fair Value Adjustment of Debt Assumed Investments in Real Estate Ventures Net Liabilities/ (Assets) Assumed Value of Equity Issued Total

Real Estate Assets

Q1 2026 1 $ 12,360 $ — $ — $ — $ — $ 148 $ — $ 12,508

Q1 2025 17 $ 117,075 $ — $ 18,950 $ — $ 105,471 $ 847 $ 5,878 $ 248,221

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

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.

The Company now owns 100 % of the 27 properties that were held in the two joint ventures.

On March 31, 2025, the Company closed on the transfer and distribution of membership interests in its PR II EXR JV LLC joint venture.

The Company exchanged its 25 % ownership interest in 17 properties for its partner’s 75 % ownership interest in six properties.

The portfolio consisted of 23 properties;

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.

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

Disposition and Held for Sale Activity

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

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

4 unchanged sentences

Q1 2026 ending balance $ 20,719 $ — 4

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

2025 Activity

Q1 2024 ending balance $ — $ — —

Additions 51,933 54,659 7

Disposals — — —

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

Q1 2025 beginning balance $ 103,756 $ — 13

Additions 8,019 3,759 3

1 unchanged sentence

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

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.

The net gain for the three months ended March 31, 2025 is shown on the Company’s condensed consolidated statements of operations as gain on real estate assets held for sale and sold, net.

Assets held for sale are included in real estate assets, net, as well as in the self-storage operations segment of the Company’s segment information.

REAL ESTATE ASSETS

The components of real estate assets are summarized as follows:

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Land $ 5,134,879 $ 5,135,719

8 unchanged sentences

Real estate assets, net $ 24,926,765 $ 25,004,350

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.

2 unchanged sentences

The components of other assets are summarized as follows:

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Goodwill $ 170,811 $ 170,811

1 unchanged sentence

Prepaid expenses and deposits 91,480 102,656

Other intangible assets, net 16,552 32,206

Fair value of interest rate swaps 5,327 15,733

Equipment and fixtures, net 61,950 65,154

Deferred line of credit financing costs, net 14,490 15,335

Other intangible assets, net 6,635 11,593

Restricted cash 4,419 4,260

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

Fair value of interest rate swaps 2,712 3,362

$ 467,877 $ 515,291

EARNINGS PER COMMON SHARE

6 unchanged sentences

In computing the dilutive effect of convertible securities, net income is adjusted to add back any changes in earnings in the period associated with the convertible security.

The numerator also is adjusted for the effects of any other non-discretionary changes in income or loss that would result from the assumed conversion of those potential common shares.

The numerator is also adjusted for the effects of any other non-discretionary changes in income or loss that would result from the assumed conversion of those potential common shares.

In computing diluted earnings per common share, only potential common shares that are dilutive (i.e.

those that reduce earnings per common share) are included.

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 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.

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, 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 March 31, 2026 and 2025 was $ 140.96 and $ 151.64 , respectively.

EXTRA SPACE STORAGE INC.

2 unchanged sentences

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 September 30, For the Nine Months Ended September 30,

2025 2024 2025 2024

For the Three Months Ended March 31,

Equivalent Shares

(if converted) Equivalent Shares

(if converted)

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

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

2025 2024 2025 2024

For the Three Months Ended March 31,

Net income attributable to common stockholders $ 240,977 $ 270,875

Earnings and dividends allocated to participating securities ( 425 ) ( 416 )

Earnings for basic computations 165,568 192,818 685,309 591,053

Net income for basic computations 240,552 270,459

Income allocated to noncontrolling interest - Preferred OP Units and OP Units 10,739 220

3 unchanged sentences

Common OP Units 9,425,925 —

Shares related to dilutive stock options — 2,778 — 3,199

Series D Units — 202,124

Average number of common shares outstanding - diluted 220,322,872 212,052,742

3 unchanged sentences

INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES

Investments in unconsolidated real estate entities and cash distributions in unconsolidated real estate ventures represent the Company’s interest in preferred stock of SmartStop Self Storage REIT, Inc.

(“SmartStop”), Strategic Storage Trust VI, Inc.

Investments in unconsolidated real estate entities and cash distributions in unconsolidated real estate ventures represent the Company’s interest in preferred stock of Strategic Storage Trust VI, Inc.

and Strategic Storage Growth Trust III, Inc.

(collectively, “Strategic Storage”), affiliates of SmartStop, and the Company’s noncontrolling interest in real estate joint ventures.

The Company accounts for its investments in SmartStop and Strategic Storage preferred stock, which do not have a readily determinable fair value, at the transaction price less impairment, if any.

(collectively, “Strategic Storage”), affiliates of SmartStop Self Storage REIT, Inc., and the Company’s noncontrolling interest in real estate joint ventures.

The Company accounts for its investments in Strategic Storage preferred stock, which do not have a readily determinable fair value, at the transaction price less impairment, if any.

The Company accounts for its investments in joint ventures using the equity method of accounting.

The Company initially records these investments at cost and subsequently adjusts for cash contributions, distributions and net equity in income or loss, which is allocated in accordance with the provisions of the applicable partnership or joint venture agreement.

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

In these joint ventures, the Company and the joint venture partner generally receive a preferred return on their invested capital.

9 unchanged sentences

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

September 30, December 31,

March 31, December 31,

PRISA Self Storage LLC 85 4 % 4 % $ 8,716 $ 8,736

4 unchanged sentences

Storage Portfolio I LLC 24 34 % 49 % ( 44,829 ) ( 44,537 )

ESS CA-TIVS JV LP (3)

— 55 % 55 %- 65 %

HF2 Sovran HHF Storage Holdings II LLC 22 49 % 49 %- 59 %

2 unchanged sentences

HF6 191 V Life Storage Holdings LLC 17 20 % 20 % 9,178 9,525

PR II EXR JV LLC (4)

— 25 % 25 % — 105,909

VRS Self Storage, LLC 16 45 % 54 % ( 18,623 ) ( 18,576 )

2 unchanged sentences

300,165 295,205

286,028 314,852

Strategic Storage Growth Trust III, Inc.

4 unchanged sentences

n/a n/a n/a 150,000 150,000

SmartStop Self Storage REIT, Inc.

Preferred Stock (7)

n/a n/a n/a — 200,000

Net Investments in and Cash distributions in unconsolidated real estate entities 408 $ 995,314 $ 993,082

3 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.

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

The Company now owns 100 % of the 27 properties that were held in the two joint ventures.

(4) On March 31, 2025, the Company closed on the transfer and distribution of membership interests in its PR II EXR JV LLC joint venture.

The Company exchanged its 25 % ownership interest in 17 properties for its partner’s 75 % ownership interest in six properties.

The portfolio consisted of 23 properties;

therefore, the Company now owns 100 % of the six properties, and its partner now owns 100 % of the 17 properties.

(5) On February 4, 2025, the Company invested $ 100,000 in shares of newly issued convertible preferred stock of Strategic Storage Growth Trust III, Inc., an affiliate of SmartStop.

The dividend rate for the preferred shares is 8.85 % per annum, subject to increase after five years .

(2) On February 4, 2025, the Company invested $ 100,000 in shares of convertible preferred stock with a dividend rate of 8.85 % per annum, subject to increase after five years .

The preferred shares are generally not redeemable for five years , except in the case of a change of control or initial listing, and are redeemable thereafter subject to a redemption premium.

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.

(3) In May 2023, the Company invested $ 150,000 in shares of convertible preferred stock with a dividend rate of 8.35 % per annum, subject to increase after five years .

The preferred shares are generally not redeemable for three years .

EXTRA SPACE STORAGE INC.

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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.

with a dividend rate of 8.35 % per annum, subject to increase after five years .

The preferred shares are generally not redeemable for three years , except in the case of a change of control or initial listing of Strategic Storage.

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.

(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.

On April 4, 2025, the Company was repaid its $ 200,000 preferred equity investment in SmartStop.

INVESTMENTS IN DEBT SECURITIES AND NOTES RECEIVABLE

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Information about these balances is as follows:

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

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

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

As of March 31, 2026, 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 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.

During the three months ended March 31, 2026, the Company sold a total principal amount of $ 29,335 of its mortgage bridge loans receivable to third parties for par, closed on $ 8,955 in initial loan draws, and recorded $ 6,400 of draws for interest payments.

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

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.

As of March 31, 2026, 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, with one exception that is in forbearance.

The allowance for potential credit losses is immaterial.

3 unchanged sentences

The components of term debt are summarized as follows:

Term Debt September 30, 2025 December 31, 2024

Term Debt March 31, 2026 December 31, 2025

Secured notes payable (1)

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(1) The loans are collateralized by mortgages on real estate assets and the assignment of rents.

(2) Unsecured senior notes from the Life Storage Merger were recorded at fair value, resulting in a discount of $ 293,134 to be amortized over the term of the debt.

(2) Unsecured senior notes from the Company’s merger with Life Storage were recorded at fair value, resulting in a discount of $ 293,134 to be amortized over the term of the debt.

Also includes net premium from bond offerings of $ 13,853 offset by discount from assumed debt of $ 15,018 .

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

2025 $ 231,392

The following table summarizes the scheduled maturities of term debt, excluding available extensions, at March 31, 2026:

2026 $ 1,314,124

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Thereafter 21,200

On November 20, 2024, the Company established a commercial paper note program.

Under the terms of the program, the Company may issue up to $ 1,000,000 of unsecured commercial paper notes that bear interest at variable rates and have varying maturities (generally 30 days or less, with a maximum of 397 days).

The Company has established a commercial paper note program and may issue up to $ 1,000,000 of unsecured commercial paper notes that bear interest at variable rates and have varying maturities (generally 30 days or less, with a maximum of 397 days).

The commercial paper notes are issued under customary terms in the commercial paper market and are issued at a discount from par or, alternatively, can be issued at par and bear varying interest rates on a fixed or floating basis.

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

At March 31, 2026, there were $ 850,000 in issuances outstanding under the commercial paper program with a weighted-average maturity of 13 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 September 30, 2025

As of March 31, 2026

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

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

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

(2) Basis Rate as of March 31, 2026.

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, 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 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 Company's unsecured debt is not secured by any assets of the Company and is subject to certain financial covenants.

As of March 31, 2026, the Company was in compliance with all of its financial covenants.

As of March 31, 2026, the Company’s percentage of fixed-rate debt to total debt was 82.5 %.

The weighted average interest rates of the Company’s fixed and variable-rate debt were 4.2 % and 4.6 %, respectively.

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

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.

During the three months ended March 31, 2026 and 2025, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt.

In the next 12 months, the Company estimates that $ 1,126 will be reclassified as a decrease to interest expense.

As of March 31, 2026, the Company held 7 active derivative financial instruments, which had a total current notional amount of $ 952,000 .

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:

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Other assets $ 2,712 $ 3,362

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 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 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,

Gain (loss) recognized in OCI for the Three Months Ended March 31, Location of amounts reclassified from OCI into income Gain (loss) reclassified from OCI for the Three Months Ended March 31,

Type 2026 2025 2026 2025

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 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.

As of March 31, 2026, the Company had not posted any collateral related to these agreements.

If the Company had breached any of these provisions as of March 31, 2026, it could have been required to cash settle its obligations under these agreements at their termination value.

STOCKHOLDERS’ EQUITY

On April 15, 2024, the Company filed its $ 800,000 “at the market” equity program with the SEC using a shelf registration statement on Form S-3, and entered into an equity distribution agreement with nine sales agents.

No shares have been sold under the current “at the market” equity program.

On November 13, 2023, the Company’s board of directors authorized a share repurchase program allowing for the repurchase of shares with an aggregate value up to $ 500,000 .

During the year ended December 31, 2025, the Company repurchased 1,158,244 shares at an average price of $ 129.10 per share, paying a total of $ 149,525 .

During the three months ended March 31, 2026, the Company repurchased 11,109 shares at an average price of $ 129.80 per share, paying a total of $ 1,442 .

As of March 31, 2026, the Company had remaining authorization to repurchase shares with an aggregate value up to $ 349,033 .

EXTRA SPACE STORAGE INC.

1 unchanged sentence

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

STOCKHOLDERS’ EQUITY

On April 15, 2024, the Company filed its $ 800,000 “at the market” equity program with the Securities and Exchange Commission using a shelf registration statement on Form S-3, and entered into an equity distribution agreement with nine sales agents.

No shares have been sold under the current “at the market” equity program, and no shares were sold under the previous “at the market” equity program, which spanned from August 9, 2021 through April 14, 2024.

On November 13, 2023, the Company’s board of directors authorized a share repurchase program allowing for the repurchase of shares with an aggregate value up to $ 500,000 .

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

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

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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 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.

At March 31, 2026 and December 31, 2025, 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:

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

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 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

As of March 31, 2026 and December 31, 2025, there were no outstanding Series A Units.

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 September 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 March 31, 2026.

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

As of March 31, 2026 and December 31, 2025, 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

Series D Redeemable Preferred Units

1 unchanged sentence

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

The Series D Units have a liquidation value of $ 25.00 per unit, for a fixed liquidation value of $ 20,260 , which represents 810,395 Series D Units.

The Series D Units have a liquidation value of $ 25.00 per unit, for a fixed liquidation value of $ 14,260 , which represents 570,395 Series D Units outstanding at March 31, 2026.

Holders of the Series D Units receive distributions at an annual rate between 4.0 % and 5.0 %.

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

During the three months ended March 31, 2026, 240,000 Series D Units were redeemed for $ 6,000 in cash.

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 September 30, 2025.

Between its general partner and limited partner interests, the Company held a 95.6 % ownership interest in the Operating Partnership as of March 31, 2026.

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 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.

As of March 31, 2026 and December 31, 2025, 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 June 30, 2026.

The noncontrolling interest in the Operating Partnership represents OP Units that are not owned by the Company.

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 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.

As of March 31, 2026, the ten-day average closing price of the Company’s common stock was $ 131.31 and there were 9,421,211 OP Units outstanding.

Assuming that all of the OP Unit holders exercised their right to redeem all of their OP Units on March 31, 2026 and the Company elected to pay the OP Unit holders cash, the Company would have paid $ 1,237,099 in cash consideration to redeem the units.

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

For the Nine Months Ended September 30,

For the Three Months Ended March 31,

OP Units redeemed for common stock — 11,500

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 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.

Other noncontrolling interests represent the ownership interest of partners in 12 consolidated joint ventures as of March 31, 2026.

There are a total of 16 stores in these consolidated joint ventures, 12 of which are operating and four 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 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.

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 March 31, 2026 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

1 unchanged sentence

The Company’s CODM is its Executive Committee (“EC”), which uses net operating income (“NOI”) to assess the performance of the business for the Company’s reportable operating segments.

The EC is comprised of the Chief Executive Officer, Chief Financial Officer, Chief Investment Officer, Chief Digital Officer, Chief Strategy and Partnership Officer, Chief Operations Officer, and Chief Legal Officer.

The EC is comprised of the Chief Executive Officer, President, Chief Financial Officer, Chief Investment Officer, Chief Digital Officer, Chief Operations Officer, and Chief Legal Officer.

The Company’s segments are comprised of two reportable segments:

11 unchanged sentences

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

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

2025 2024 2025 2024

For the Three Months Ended March 31,

Self-Storage Operations $ 733,213 $ 704,380

6 unchanged sentences

Office expense (1)

19,594 18,854

Property operating expense (1)

41,107 37,365

Repairs and maintenance 17,968 16,257

2 unchanged sentences

Other segment items (2)

4,272 4,002 12,651 11,739

Total self-storage operations expenses 238,303 223,582

12 unchanged sentences

Depreciation and amortization expense ( 185,795 ) ( 180,356 )

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

Gain on real estate assets held for sale and sold, net — 35,761

Interest expense ( 147,299 ) ( 142,399 )

2 unchanged sentences

Equity in earnings and dividend income from unconsolidated real estate entities 15,760 19,931

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 )

Equity in earnings of unconsolidated real estate ventures - gain on sale of a joint venture interest 207 —

Income tax expense ( 10,789 ) ( 8,991 )

Net income $ 252,420 $ 284,925

(1) Amounts related to lease expense have been reclassified from Office expense to Property operating expense for the three months ended March 31, 2025 for comparability.

(2) Other segment items for the Self-Storage Operations segment include miscellaneous items such as legal and professional fees, capital expenditures, taxes, and casualty losses.

4 unchanged sentences

COMMITMENTS AND CONTINGENCIES

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.

As of March 31, 2026, the Company was under agreement to originate $ 70,710 in bridge loans in 2026 and $ 31,300 in 2027.

As of March 31, 2026, 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