What changed in this filing

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Item 1. Financial Statements

2026-07-31 compared with 2026-05-01 · 150 added, 91 removed, 608 unchanged (28% of the section changed)

3 unchanged sentences

(amounts in thousands, except share data)

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Real estate assets, net $ 24,938,444 $ 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, 211,197,111 and 211,155,322 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively

Common stock, $ 0.01 par value, 500,000,000 shares authorized, 211,273,076 and 211,155,322 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively

Additional paid-in capital 14,886,836 14,880,646

Accumulated other comprehensive income (loss) 314 ( 420 )

Accumulated other comprehensive loss ( 181 ) ( 420 )

Accumulated deficit ( 1,630,873 ) ( 1,449,172 )

9 unchanged sentences

(amounts in thousands, except share data)

For the Three Months Ended March 31,

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

2026 2025 2026 2025

Property rental $ 746,164 $ 721,004 $ 1,479,377 $ 1,425,384

7 unchanged sentences

Total expenses 481,968 466,784 970,442 933,812

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

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

Income from operations 392,184 373,970 759,737 762,700

21 unchanged sentences

(amounts in thousands)

For the Three Months Ended March 31,

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

2026 2025 2026 2025

Net income $ 275,879 $ 262,716 $ 528,299 $ 547,641

7 unchanged sentences

Condensed Consolidated Statements of Noncontrolling Interests and Equity

For the three and six months ended June 30, 2026

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

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

Issuance of common stock for share based compensation and taxes paid upon net settlement — — — 75,965 1 6,874 — — 6,875

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

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

Redemption of Operating Partnership units for cash — ( 3,904 ) — — — ( 2,095 ) — — ( 5,999 )

Repayment of receivable with Operating Partnership units pledged as collateral — 50,000 — — — — — — 50,000

Purchase of remaining equity interest in existing consolidated joint venture — — ( 4,916 ) — — ( 388 ) — — ( 5,304 )

Noncontrolling interest in consolidated joint ventures — — 1,272 — — — — — 1,272

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

Net income 674 11,706 28 — — — — 263,471 275,879

Other comprehensive loss — ( 25 ) — — — — ( 495 ) — ( 520 )

2 unchanged sentences

— — — — — — — ( 341,953 ) ( 341,953 )

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, 2026 $ 47,827 $ 859,864 $ 11,748 211,273,076 $ 2,113 $ 14,886,836 $ ( 181 ) $ ( 1,630,873 ) $ 14,177,334

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

1 unchanged sentence

Redemption of Operating Partnership units for cash ( 6,000 ) ( 4,984 ) — — — ( 2,671 ) — — ( 13,655 )

Repayment of receivable with Operating Partnership units pledged as collateral — 50,000 — — — — — — 50,000

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

Purchase of remaining equity interest in existing unconsolidated joint venture — — ( 4,916 ) — — ( 388 ) — — ( 5,304 )

Noncontrolling interest in consolidated joint ventures — — 2,035 — — — — — 2,035

4 unchanged sentences

— — — — — — — ( 684,706 ) ( 684,706 )

Balances at June 30, 2026 $ 47,827 $ 859,864 $ 11,748 211,273,076 $ 2,113 $ 14,886,836 $ ( 181 ) $ ( 1,630,873 ) $ 14,177,334

Extra Space Storage Inc.

Condensed Consolidated Statements of Noncontrolling Interests and Equity

For the three and six months ended June 30, 2025

(unaudited, amounts in thousands, except share data)

Noncontrolling Interest Extra Space Storage Inc.

Stockholders’ 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

Issuance of common stock for share based compensation and taxes paid upon net settlement — — — 65,301 1 7,044 — — 7,045

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

Redemption of Operating Partnership units for cash — ( 188 ) — — — ( 91 ) — — ( 279 )

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

Noncontrolling interest in consolidated joint ventures — — 681 — — — — — 681

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

Other comprehensive loss — ( 148 ) — — — — ( 3,001 ) — ( 3,149 )

Distributions to Operating Partnership units and other noncontrolling interests ( 723 ) ( 15,162 ) ( 46 ) — — — — — ( 15,931 )

Dividends paid on common stock at $ 1.62 per share

— — — — — — — ( 343,882 ) ( 343,882 )

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

Issuance of common stock for share based compensation and taxes paid upon net settlement — — — 139,814 1 7,444 — — 7,445

Redemption of Operating Partnership units for stock ( 22,265 ) ( 3,953 ) — 185,808 3 26,215 — — —

Redemption of Operating Partnership units for cash — ( 188 ) — — — ( 91 ) — — ( 279 )

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

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

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

Noncontrolling interest in consolidated joint ventures — — 406 — — — — — 406

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

Other comprehensive loss — ( 483 ) — — — — ( 9,603 ) — ( 10,086 )

Distributions to Operating Partnership units and other noncontrolling interests ( 1,446 ) ( 30,501 ) ( 63 ) — — — — — ( 32,010 )

Dividends paid on common stock at $ 3.24 per share

— — — — — — — ( 688,085 ) ( 688,085 )

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

See notes to unaudited condensed consolidated financial statements.

2 unchanged sentences

(amounts in thousands)

For the Three Months Ended March 31,

For the Six Months Ended June 30,

Cash flows from operating activities:

17 unchanged sentences

Acquisition of real estate assets and improvements ( 233,297 ) ( 464,517 )

Return of investment in unconsolidated real estate ventures — 200,000

Development and redevelopment of real estate assets ( 58,175 ) ( 79,560 )

9 unchanged sentences

Principal payments on secured and unsecured term loans, senior notes, revolving lines of credit and commercial paper ( 10,244,782 ) ( 6,974,943 )

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

Deferred financing costs ( 584 ) ( 13,373 )

11 unchanged sentences

(amounts in thousands)

For the Three Months Ended March 31,

For the Six Months Ended June 30,

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

36 unchanged sentences

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

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

At June 30, 2026, the Company had direct and indirect equity interests in 2,446 stores.

In addition, the Company managed 1,964 stores for third parties, bringing the total number of stores which it owns and/or manages to 4,410 .

These stores are located in 42 states and Washington, D.C.

The Company offers tenant reinsurance at its owned and managed stores that insures the value of goods in the storage units and also offers bridge loan financing to certain third-party self-storage owners for whom it manages properties.

The Company offers tenant reinsurance at its owned and managed stores that insures the value of goods in the storage units and also offers bridge loan financing to third-party self-storage owners primarily for whom it manages properties.

BASIS OF PRESENTATION

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

Operating results for the three and six months ended June 30, 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.

1 unchanged sentence

Recently Issued Accounting Standards

In November 2024, the FASB issued ASU No.

In November 2024, the Financial Accounting Standards Board (the “FASB”) issued ASU No.

2024-03 – “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)”.

19 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 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.

In conjunction with the fair value measurement guidance by 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 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.

However, as of June 30, 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 March 31, 2026, 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 June 30, 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 $ — $ 483 $ —

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.

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, 2026 or December 31, 2025.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

14 unchanged sentences

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.

As of June 30, 2026, the Company had six 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 March 31, 2026 and December 31, 2025 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 June 30, 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.

2 unchanged sentences

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

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Value Carrying

3 unchanged sentences

Fixed rate debt 10,652,080 10,814,373 10,967,415 10,966,511

EXTRA SPACE STORAGE INC.

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

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

ACQUISITIONS AND DISPOSITIONS

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

The following table shows the Company’s acquisitions of stores for the three and six months ended June 30, 2026 and 2025.

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

5 unchanged sentences

Q1 2026 1 12,360 — — — — 148 — 12,508

EXTRA SPACE STORAGE INC.

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

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

Total 2026 18 $ 99,164 $ — $ — $ — $ — $ 558 $ — $ 99,722

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

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

Total 2025 45 $ 278,813 $ 258,000 $ 18,950 $ ( 10,049 ) $ 140,238 $ 5,319 $ 5,878 $ 697,149

Disposition and Held for Sale Activity

6 unchanged sentences

Q1 2026 ending balance $ 20,719 $ — 4

Additions 7,561 — 2

Disposals — — —

Q2 2026 ending balance $ 28,280 $ — 6

2025 Activity

3 unchanged sentences

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

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.

Additions — — —

Disposals ( 9,440 ) 864 ( 1 )

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

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.

EXTRA SPACE STORAGE INC.

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

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

REAL ESTATE ASSETS

The components of real estate assets are summarized as follows:

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Land $ 5,153,148 $ 5,135,719

8 unchanged sentences

Real estate assets, net $ 24,938,444 $ 25,004,350

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:

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Goodwill $ 170,811 $ 170,811

16 unchanged sentences

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, 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.

1 unchanged sentence

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

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

those that reduce earnings per common share) are included.

The average share price for the three months ended June 30, 2026 and 2025 was $ 142.93 and $ 145.51 , respectively.

The average share price for the six months ended June 30, 2026 and 2025 was $ 141.96 and $ 148.53 , respectively.

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 March 31,

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

2026 2025 2026 2025

Equivalent Shares

(if converted) Equivalent Shares

(if converted)

4 unchanged sentences

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

For the Three Months Ended March 31,

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

2026 2025 2026 2025

Net income attributable to common stockholders $ 263,471 $ 249,731 $ 504,448 $ 520,606

6 unchanged sentences

Common OP Units 9,400,827 — 9,413,308 —

Series D Units — 202,124

Average number of common shares outstanding - diluted 220,362,955 211,940,903 220,343,045 211,895,586

9 unchanged sentences

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.

Equity in earnings and dividend income from these

EXTRA SPACE STORAGE INC.

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

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

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.

2 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

EXTRA SPACE STORAGE INC.

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

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.

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.

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)

March 31, December 31,

June 30, December 31,

PRISA Self Storage LLC 85 4 % 4 % $ 8,549 $ 8,736

35 unchanged sentences

Information about these balances is as follows:

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

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

Notes receivable - bridge loans 1,452,159 1,500,151

Notes receivable - bridge loans, net 1,445,278 1,500,151

Dividends and interest receivable 6,375 6,375

8 unchanged sentences

If the investment is not retired after six years , the preferred dividends increase annually.

The Company offers bridge loan financing to certain third-party self-storage owners for whom it manages properties.

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 March 31, 2026, 79 % of the notes held are mortgage receivables.

The Company offers bridge loan financing to third-party self-storage owners primarily for whom it manages properties.

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

As of June 30, 2026, 81 % 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 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.

During the six months ended June 30, 2026, the Company sold a total principal amount of $ 30,488 of its mortgage bridge loans receivable to third parties for par, closed on $ 153,908 in initial loan draws, and recorded $ 10,258 of draws for interest payments.

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

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.

As of June 30, 2026, none of the notes receivable are in nonaccrual status, and any notes receivable where the monthly payments are delinquent are less than 60 days past due and immaterial.

The allowance for potential credit losses is immaterial.

3 unchanged sentences

The components of term debt are summarized as follows:

Term Debt March 31, 2026 December 31, 2025

Term Debt June 30, 2026 December 31, 2025

Secured notes payable (1)

10 unchanged sentences

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 March 31, 2026:

The following table summarizes the scheduled maturities of term debt, excluding available extensions, at June 30, 2026:

2026 $ 1,313,554

9 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 March 31, 2026, there were $ 850,000 in issuances outstanding under the commercial paper program with a weighted-average maturity of 13 days.

At June 30, 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 March 31, 2026

As of June 30, 2026

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 March 31, 2026.

(2) Basis Rate as of June 30, 2026.

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

2 unchanged sentences

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 %.

As of June 30, 2026, the Company was in compliance with all of its financial covenants.

As of June 30, 2026, the Company’s percentage of fixed-rate debt to total debt was 78.5 %.

The weighted average interest rates of the Company’s fixed and variable-rate debt were 4.3 % and 4.6 %, respectively.

The combined weighted average interest rate was 4.3 %.

On July 1, 2026, the Company paid off $ 600,000 aggregate principal amount of unsecured senior notes that matured on July 1, 2026.

Additionally, on July 6, 2026, the Company completed an offering of $ 550,000 aggregate principal amount of unsecured senior notes that mature February 1, 2032.

The Company is exposed to certain risk arising from both its business operations and economic conditions.

9 unchanged sentences

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

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.

During the three and six months ended June 30, 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 $ 549 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 .

As of June 30, 2026, the Company held 5 active derivative financial instruments, which had a total current notional amount of $ 777,000 .

EXTRA SPACE STORAGE INC.

5 unchanged sentences

Derivatives designated as hedging instruments:

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Other assets $ 1,433 $ 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 March 31, Location of amounts reclassified from OCI into income Gain (loss) reclassified from OCI for the Three Months Ended March 31,

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,

Type 2026 2025 2026 2025

Swap Agreements $ 687 $ 21 Interest expense $ 1,207 $ 3,186

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,

Type 2026 2025 2026 2025

Swap Agreements $ 2,770 $ ( 3,445 ) Interest expense $ 2,527 $ 6,668

Credit-Risk-Related Contingent Features

2 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 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.

As of June 30, 2026, the Company had not posted any collateral related to these agreements.

If the Company had breached any of these provisions as of June 30, 2026, it could have been required to cash settle its obligations under these agreements at their termination value.

STOCKHOLDERS’ EQUITY

3 unchanged sentences

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 .

During the six months ended June 30, 2026, the Company repurchased 11,109 shares at an average price of $ 129.80 per share, paying a total of $ 1,442 .

As of June 30, 2026, the Company had remaining authorization to repurchase shares with an aggregate value up to $ 349,033 .

EXTRA SPACE STORAGE INC.

9 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 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.

At June 30, 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:

March 31, 2026 December 31, 2025

June 30, 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 March 31, 2026 and December 31, 2025, there were no outstanding Series A Units.

As of June 30, 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 March 31, 2026.

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, 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 March 31, 2026 and December 31, 2025, there were no outstanding Series C Units.

As of June 30, 2026 and December 31, 2025, there were no outstanding Series C Units.

EXTRA SPACE STORAGE INC.

4 unchanged sentences

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 $ 14,260 , which represents 570,395 Series D Units outstanding at March 31, 2026.

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 June 30, 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 three months ended March 31, 2026, 240,000 Series D Units were redeemed for $ 6,000 in cash.

During the six months ended June 30, 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 March 31, 2026.

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

As of 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 was also a holder of OP Units.

This note receivable originated in December 2024, bore interest at 10 % per annum and was settled in June 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 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.

As of June 30, 2026, the ten-day average closing price of the Company’s common stock was $ 146.53 and there were 9,379,076 OP Units outstanding.

Assuming that all of the OP Unit holders exercised their right to redeem all of their OP Units on June 30, 2026 and the Company elected to pay the OP Unit holders cash, the Company would have paid $ 1,374,316 in cash consideration to redeem the units.

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

For the Three Months Ended March 31,

For the Six Months Ended June 30,

OP Units redeemed for common stock — 41,978

13 unchanged sentences

Other Noncontrolling Interests

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

Other noncontrolling interests represent the ownership interest of partners in 11 consolidated joint ventures as of June 30, 2026.

There are a total of 15 stores in these consolidated joint ventures, 11 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 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.

Based on the facts and circumstances of each of the Company’s joint ventures, the Company determined that no joint venture qualified as a variable interest entity (“VIE”) as of June 30, 2026 in accordance with ASC 810, “Consolidation.”

SEGMENT INFORMATION

15 unchanged sentences

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

For the Three Months Ended March 31,

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

2026 2025 2026 2025

Self-Storage Operations $ 746,164 $ 721,004 $ 1,479,377 $ 1,425,384

13 unchanged sentences

Other segment items (2)

6,240 4,485 10,885 8,379

Total self-storage operations expenses 231,718 227,621 470,021 451,203

12 unchanged sentences

Depreciation and amortization expense ( 185,610 ) ( 177,266 ) ( 371,405 ) ( 357,622 )

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

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

Interest expense ( 146,720 ) ( 146,128 ) ( 294,019 ) ( 288,527 )

5 unchanged sentences

Net income $ 275,879 $ 262,716 $ 528,299 $ 547,641

(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.

(1) Amounts related to lease expense have been reclassified from Office expense to Property operating expense for the three and six months ended June 30, 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 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.

As of June 30, 2026, the Company was under agreement to acquire one store for a total purchase price of $ 14,200 , which is scheduled to close in 2026.

As of June 30, 2026, the Company was under agreement to originate $ 54,960 in bridge loans in 2026 and $ 31,300 in 2027.

As of June 30, 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.

6 unchanged sentences

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