AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Evidence
Competition in the local markets in which many of our stores are located is significant and has affected our occupancy levels, rental rates and operating expenses.
Competition: realized local effects on occupancy, rental rates and operating expenses; 10-K filed 2026-02-20. · Filed 20/02/2026
Development of self-storage facilities has increased in recent years, which has intensified competition, and we expect it will continue to do so as newly developed facilities are opened.
Competition: increased development and intensified competition; 10-K filed 2026-02-20. · Filed 20/02/2026
We operate in competitive markets, often where consumers have multiple stores from which to choose.
Competitive markets and consumer alternatives; 10-Q filed 2026-07-31. · Filed 31/07/2026
In addition, we managed an additional 1,964 stores for third parties, bringing the total number of stores which we own and/or manage to 4,410.
Operating scope: third-party management and total owned/managed stores; 10-Q filed 2026-07-31. · Filed 31/07/2026
The clustering of assets around population centers enables us to reduce our operating costs through economies of scale.
Management assertion: clustering economies of scale; 10-Q filed 2026-07-31. · Filed 31/07/2026
Developed by our management team, these systems enable us to analyze, set and adjust rental rates daily across our portfolio in order to respond to changing market conditions.
Management description: daily rental-rate adjustment systems; 10-Q filed 2026-07-31. · Filed 31/07/2026
We leverage our data in our digital marketing infrastructure to efficiently drive customers to our website, call center, and stores, while our revenue management systems use data from millions of rental transactions to continuously evolve pricing to optimize conversion.
Management description: marketing and pricing systems using rental transaction data; proxy filed 2026-04-01. · Filed 01/04/2026
As of June 30, 2026, approximately 2,580,000 tenants were leasing storage units at the operating stores that we own and/or manage, primarily on a month-to-month basis, providing the flexibility to increase rental rates over time as market conditions permit.
June 30, 2026 tenant count, monthly agreements and market-conditioned repricing flexibility; 10-Q filed 2026-07-31. · Filed 31/07/2026
Existing tenants generally receive rate increases at least annually, for which no direct correlation has been drawn to our vacancy trends.
Management observation: existing-tenant annual increases and vacancy trends; 10-Q filed 2026-07-31. · Filed 31/07/2026
For same-store properties as of June 30, 2026, the average length of stay for tenants who had vacated was approximately 16.8 months.
Same-store completed tenant stays as of June 30, 2026; 10-Q filed 2026-07-31. · Filed 31/07/2026
For the Year Ended December 31,
Same-store portfolio
2025
2024
Average annual rent per occupied square foot, net of discounts and bad debt
$
19.91
$
19.99
New leases average annual rent per square foot
$
13.16
$
12.60
Average discounts as a percentage of rental revenues
2.1
%
1.9
%
2025/2024 same-store occupied rents, new-lease rents and discounts; 10-K filed 2026-02-20. · Filed 20/02/2026
For the Year Ended December 31,
Percent
2025
2024
Change
Same-store rental revenues
Net rental income
$
2,549,537
$
2,540,782
0.3%
Other operating income
99,277
104,752
(5.2)%
Total same-store rental revenues
2,648,814
2,645,534
0.1%
Same-store operating expenses
Payroll and benefits
164,241
158,699
3.5%
Marketing
63,166
60,059
5.2%
Office expense
80,381
80,565
(0.2)%
Property operating expense
69,649
69,108
0.8%
Repairs and maintenance
55,391
51,742
7.1%
Property taxes
298,563
277,569
7.6%
Insurance
32,626
30,586
6.7%
Total same-store operating expenses
764,017
728,328
4.9%
Same-store net operating income
$
1,884,797
$
1,917,206
(1.7)%
2025/2024 same-store revenue, operating expenses and NOI; 10-K filed 2026-02-20. · Filed 20/02/2026
For the Three Months Ended June 30,
For the Six Months Ended June 30,
Same-store portfolio
2026
2025
2026
2025
Average annual rent per occupied square foot, net of discounts and bad debt
$
19.95
$
19.50
$
19.94
$
19.52
New leases average annual rent per square foot
$
14.02
$
14.12
$
13.19
$
13.09
Average discounts as a percentage of rental revenues
2.0
%
2.0
%
1.9
%
1.9
%
Second-quarter and first-half 2026/2025 same-store rent and discount measures; 10-Q filed 2026-07-31. · Filed 31/07/2026
For the Three Months Ended June 30,
Percent
For the Six Months Ended June 30,
Percent
2026
2025
Change
2026
2025
Change
Same-store rental revenues
Net rental income
$
664,926
$
648,617
2.5
%
$
1,319,291
$
1,291,611
2.1
%
Other operating income
25,266
25,644
(1.5)
%
49,510
50,200
(1.4)
%
Total same-store rental revenues
690,192
674,261
2.4
%
1,368,801
1,341,811
2.0
%
Same-store operating expenses
Payroll and benefits
40,786
41,744
(2.3)
%
82,471
82,816
(0.4)
%
Marketing
16,720
17,524
(4.6)
%
31,187
31,838
(2.0)
%
Office expense
18,518
18,016
2.8
%
36,728
35,915
2.3
%
Property operating expense
17,476
18,847
(7.3)
%
41,576
41,577
—
%
Repairs and maintenance
11,289
13,362
(15.5)
%
28,003
28,856
(3.0)
%
Property taxes
80,818
77,526
4.2
%
158,609
154,716
2.5
%
Insurance
8,507
8,141
4.5
%
17,409
16,069
8.3
%
Total same-store operating expenses
194,114
195,160
(0.5)
%
395,983
391,787
1.1
%
Same-store net operating income
$
496,078
$
479,101
3.5
%
$
972,818
$
950,024
2.4
%
Same-store square foot occupancy as of period end
94.2%
94.4%
94.2%
94.4%
Average same-store square foot occupancy
94.0%
94.1%
93.4%
93.6%
Properties included in same-store
1,870
1,870
1,870
1,870
Second-quarter and first-half 2026/2025 same-store operating results, occupancy and 1,870-property pool; 10-Q filed 2026-07-31. · Filed 31/07/2026
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
Adjusted to exclude:
(Gain) loss on real estate assets held for sale and sold, net
—
864
—
(34,897)
Equity in earnings and dividend income from unconsolidated real estate entities
(15,802)
(16,284)
(31,562)
(36,215)
Equity in earnings of unconsolidated real estate ventures - gain on sale of a joint venture interest
(640)
—
(847)
—
Interest expense
146,720
146,128
294,019
288,527
Non-cash interest expense related to amortization of discount on unsecured senior notes, net
12,735
11,770
25,290
23,083
Depreciation and amortization
185,610
177,266
371,405
357,622
Income tax expense
12,069
11,638
22,858
20,629
General and administrative
47,315
44,952
93,824
90,926
Management fees, other income and interest income
(73,681)
(74,040)
(146,919)
(143,912)
Net tenant insurance
(75,759)
(71,627)
(147,011)
(139,223)
Non same-store rental revenue
(55,972)
(46,743)
(110,576)
(83,573)
Non same-store operating expense
37,604
32,461
74,038
59,416
Total same-store net operating income
$
496,078
$
479,101
$
972,818
$
950,024
Same-store rental revenues
$
690,192
$
674,261
$
1,368,801
$
1,341,811
Same-store operating expenses
194,114
195,160
395,983
391,787
Same-store net operating income
$
496,078
$
479,101
$
972,818
$
950,024
GAAP net income reconciliation to same-store NOI for second-quarter and first-half 2026/2025; 10-Q filed 2026-07-31. · Filed 31/07/2026
9
Extra Space Storage Inc.
Condensed Consolidated Statements of Cash Flows
(amounts in thousands)
(unaudited)
For the Six Months Ended June 30,
2026
2025
Cash flows from operating activities:
Net income
$
528,299
$
547,641
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
371,405
357,622
Amortization of deferred financing costs
6,467
5,651
Non-cash lease expense
6,164
6,447
Non-cash interest expense related to amortization of discount on unsecured senior notes, net
25,290
23,083
Compensation expense related to share-based awards
16,443
15,679
Accrual of interest income added to principal of debt securities and notes receivable
(16,391)
(16,421)
Equity in earnings of unconsolidated real estate ventures - gain on sale of a joint venture interest
(847)
—
Gain on real estate assets held for sale and sold, net
—
(34,897)
Distributions in excess of earnings from unconsolidated real estate ventures
13,115
17,910
Changes in operating assets and liabilities:
Other assets
17,370
27,003
Accounts payable and accrued expenses
79,897
77,529
Other liabilities
29,054
(1,981)
Net cash provided by operating activities
1,076,266
1,025,265
Cash flows from investing activities:
Unaudited consolidated operating cash flows, amounts in thousands, six months ended June 30, 2026/2025; 10-Q filed 2026-07-31. · Filed 31/07/2026
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)
Proceeds from sale of real estate assets
13,393
133,206
Investment in unconsolidated real estate entities
(7,523)
(113,285)
Issuance of notes receivable
(204,833)
(360,406)
Payments received on notes receivable
292,382
46,338
Proceeds from sale of notes receivable
30,488
32,371
Purchase of equipment and fixtures
(8,206)
(8,402)
Net cash used in investing activities
(175,771)
(614,255)
Cash flows from financing activities:
Consolidated investing cash flows, six months ended June 30, 2026/2025; 10-Q filed 2026-07-31; amounts in thousands in cash-flow statement. · Filed 31/07/2026
Proceeds from secured and unsecured term loans, senior notes, revolving lines of credit and commercial paper
10,630,770
7,290,431
Principal payments on secured and unsecured term loans, senior notes, revolving lines of credit and commercial paper
(10,244,782)
(6,974,943)
Deferred financing costs
(584)
(13,373)
Repurchase of common stock
(1,443)
(8,615)
Redemption of Operating Partnership units for cash
(7,655)
(279)
Redemption of Preferred OP units for cash
(6,000)
—
Dividends paid on common stock
(684,706)
(688,085)
Distributions to noncontrolling interests, net of contributions
(29,357)
(30,761)
Net cash used in financing activities
(343,757)
(425,625)
Net change in cash, cash equivalents, and restricted cash
556,738
(14,615)
Cash, cash equivalents, and restricted cash, beginning of the period
143,180
143,303
Cash, cash equivalents, and restricted cash, end of the period
$
699,918
$
128,688
Consolidated financing cash flows, distributions and combined cash/restricted cash, first-half 2026/2025; 10-Q filed 2026-07-31; amounts in thousands. · Filed 31/07/2026
June 30, 2026
December 31, 2025
(unaudited)
Assets:
Real estate assets, net
$
24,938,444
$
25,004,350
Real estate assets - operating lease right-of-use assets
732,490
732,176
Investments in unconsolidated real estate entities
1,065,012
1,066,783
Investments in debt securities and notes receivable
1,751,653
1,806,526
Cash and cash equivalents
695,171
138,920
Other assets, net
477,723
515,291
Total assets
$
29,660,493
$
29,264,046
Liabilities, Noncontrolling Interests and Equity:
Secured notes payable, net
$
1,073,327
$
1,079,565
Unsecured term loans, net
1,495,365
1,494,659
Unsecured senior notes, net
9,460,928
9,432,427
Revolving lines of credit and commercial paper
1,617,000
1,224,000
Operating lease liabilities
767,584
761,106
Cash distributions in unconsolidated real estate ventures
75,185
73,701
Accounts payable and accrued expenses
445,144
357,583
Other liabilities
548,626
516,969
Total liabilities
15,483,159
14,940,010
Commitments and contingencies
Noncontrolling Interests and Equity:
Consolidated balance sheet at June 30, 2026 and December 31, 2025; 10-Q filed 2026-07-31; amounts in thousands. · Filed 31/07/2026
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, 211,273,076 and 211,155,322 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively
2,113
2,112
Additional paid-in capital
14,886,836
14,880,646
Accumulated other comprehensive loss
(181)
(420)
Accumulated deficit
(1,630,873)
(1,449,172)
Total Extra Space Storage Inc.
Common shares outstanding at June 30, 2026 and December 31, 2025; 10-Q filed 2026-07-31. · Filed 31/07/2026
Amounts in thousands, except store and share data, unless otherwise stated
Notes unit convention: thousands except store/share data unless otherwise stated; 10-Q filed 2026-07-31. · Filed 31/07/2026
No shares have been sold under the current “at the market” equity program.
Stockholders' equity: no sales under current ATM program; 10-Q filed 2026-07-31. · Filed 31/07/2026
During the year ended December 31, 2025, 1,158,244 shares were repurchased at an average price of $129.10 per share, paying a total of $149.5 million.
Actual 2025 common-stock repurchases, shares, price and total expenditure; 10-K filed 2026-02-20. · Filed 20/02/2026
For the Year Ended December 31,
2025
2024
2023
Cash flows from operating activities:
Net income
$
1,022,538
$
900,232
$
850,453
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
715,177
783,023
506,053
Amortization of deferred financing costs
11,930
16,673
18,949
Non-cash interest expense related to amortization of discount on unsecured senior notes, net
47,519
43,720
18,786
Non-cash lease expense
12,888
3,224
1,964
Accrual of interest income added to principal of debt securities and notes receivable
(32,554)
(31,367)
(37,907)
Compensation expense related to share-based awards
35,537
28,991
26,484
Loss on real estate assets held for sale and sold, net
76,310
25,906
—
Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets and sale of a joint venture interest
(54,521)
(13,730)
—
Impairment of Life Storage trade name
—
51,763
—
Distributions from unconsolidated real estate ventures
29,224
30,745
20,060
Changes in operating assets and liabilities:
Other assets
21,151
(15,464)
(34,471)
Accounts payable and accrued expenses
7,296
964
35,031
Other liabilities
(42,302)
62,750
(2,928)
Net cash provided by operating activities
1,850,193
1,887,430
1,402,474
Cash flows from investing activities:
2025/2024/2023 operating cash-flow reconciliation including property-sale losses; 10-K filed 2026-02-20. · Filed 20/02/2026
Additionally, we do not anticipate that our internally generated cash flow will be adequate to repay our existing indebtedness upon maturity and, therefore, we expect to repay our indebtedness through refinancings and equity and/or debt offerings.
Liquidity: expected dependence on refinancing and securities offerings at debt maturity; 10-K filed 2026-02-20. · Filed 20/02/2026
Our debt agreements, including our credit agreement governing the revolving credit facility and term loans and the indentures governing our public traded notes, contain various financial and other covenants that we and our operating partnership must comply with including total debt to asset ratios, secured debt to total asset ratios, adjusted EBITDA to fixed charged ratios and minimum ratios of unencumbered assets to unsecured debt which we must maintain.
Debt agreements: leverage, fixed-charge and unencumbered-asset covenant requirements; 10-K filed 2026-02-20. · Filed 20/02/2026
As of March 31, 2026, the Company’s percentage of fixed-rate debt to total debt was 82.5%.
Debt mix at March 31, 2026: fixed-rate percentage; earnings release filed 2026-04-28. · Filed 28/04/2026
The weighted average interest rates of the Company’s fixed and variable-rate debt were 4.2% and 4.6%, respectively.
Fixed- and variable-rate debt weighted average interest rates at March 31, 2026; earnings release filed 2026-04-28. · Filed 28/04/2026
weighted average maturity of approximately 4.3 years.
Debt weighted average maturity in March 31, 2026 balance-sheet discussion; earnings release filed 2026-04-28. · Filed 28/04/2026
For the Three Months Ended June 30,
For the Six Months Ended June 30,
2026
2025
2026
2025
Revenues
Self-Storage Operations
$
746,164
$
721,004
$
1,479,377
$
1,425,384
Tenant Reinsurance
93,084
88,572
182,203
173,284
Total segment revenues
$
839,248
$
809,576
$
1,661,580
$
1,598,668
Operating expenses
Self-Storage Operations:
Payroll and benefits
$
44,590
$
45,153
$
90,132
$
88,899
Marketing
18,227
18,897
33,985
34,047
Office expense (1)
19,916
19,115
39,510
37,968
Property operating expense (1)
34,168
34,565
75,275
71,931
Repairs and maintenance
12,208
14,282
30,176
30,539
Property taxes
87,035
82,359
171,010
162,243
Insurance
9,334
8,765
19,048
17,197
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
Tenant Reinsurance:
Tenant reinsurance expense and other segment items (3)
$
17,325
$
16,945
$
35,192
$
34,061
Total segment operating expenses
$
249,043
$
244,566
$
505,213
$
485,264
Net operating income
Self-Storage Operations
$
514,446
$
493,383
$
1,009,356
$
974,181
Tenant Reinsurance
75,759
71,627
147,011
139,223
Total segment net operating income:
$
590,205
$
565,010
$
1,156,367
$
1,113,404
Other components of net income:
Management fees and other income
34,904
32,042
68,599
62,947
General and administrative expense
(47,315)
(44,952)
(93,824)
(90,926)
Depreciation and amortization expense
(185,610)
(177,266)
(371,405)
(357,622)
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)
Non-cash interest expense related to amortization of discount on unsecured senior notes, net
(12,735)
(11,770)
(25,290)
(23,083)
Interest income
38,777
41,998
78,320
80,965
Equity in earnings and dividend income from unconsolidated real estate entities
15,802
16,284
31,562
36,215
Equity in earnings of unconsolidated real estate ventures - gain on sale of a joint venture interest
640
—
847
—
Income tax expense
(12,069)
(11,638)
(22,858)
(20,629)
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 and six months ended June 30, 2025 for comparability.
Second-quarter and first-half 2026/2025 segment results, ancillary income, interest expense and consolidated net income; 10-Q filed 2026-07-31. · Filed 31/07/2026
Tenant reinsurance activities include the reinsurance of risks relating to the loss of goods stored by tenants in the stores operated by the Company.
Operating scope: tenant reinsurance covers stored-goods loss risks; 10-Q filed 2026-07-31. · Filed 31/07/2026
For the Three Months Ended June 30,
For the Six Months Ended June 30,
2026
2025
2026
2025
(per share)1
(per share)1
(per share)1
(per share)1
Net income attributable to common stockholders
$
263,471
$
1.25
$
249,731
$
1.18
$
504,448
$
2.39
$
520,606
$
2.45
Impact of the difference in weighted average number of shares – diluted2
(0.06)
(0.05)
(0.11)
(0.10)
Adjustments:
Real estate depreciation
171,249
0.77
164,707
0.74
342,144
1.55
323,877
1.46
Amortization of intangibles
2,953
0.01
3,225
0.01
6,676
0.03
14,304
0.07
(Gain) loss on real estate assets held for sale and sold, net
—
—
864
—
—
—
(34,897)
(0.16)
Unconsolidated joint venture real estate depreciation and amortization
7,864
0.04
7,741
0.04
15,471
0.07
16,430
0.07
Equity in earnings of unconsolidated joint venture gain on sale of a joint venture interest
(640)
—
—
—
(847)
—
—
—
Income allocated to Operating Partnership and other noncontrolling interests
12,408
0.06
12,985
0.06
23,851
0.11
27,035
0.12
FFO
$
457,305
$
2.07
$
439,253
$
1.98
$
891,743
$
4.04
$
867,355
$
3.91
Adjustments:
Non-cash interest expense related to amortization of discount on unsecured senior notes, net
12,735
0.05
11,770
0.05
25,290
0.10
23,083
0.10
Amortization of other intangibles related to the Life Storage Merger, net of tax benefit
3,917
0.02
3,917
0.02
7,834
0.04
8,448
0.04
Other adjustments (4)
1,771
0.01
—
—
1,771
0.01
—
—
CORE FFO
$
475,728
$
2.15
$
454,940
$
2.05
$
926,638
$
4.19
$
898,886
$
4.05
Weighted average number of shares – diluted3
221,002,914
221,971,567
220,968,158
221,934,254
(1)Per share amounts may not recalculate due to rounding.
Actual second-quarter and first-half 2026/2025 GAAP EPS, FFO and Core FFO reconciliation and diluted share counts; earnings release filed 2026-07-28. · Filed 28/07/2026
The table also provides a reconciliation to GAAP net income attributable to common stockholders and earnings per diluted share for each period presented (amounts shown in thousands, except share and per share data):
FFO reconciliation unit convention: thousands except share and per-share data; earnings release filed 2026-07-28. · Filed 28/07/2026
(“NAREIT”) as net income computed in accordance with GAAP excluding gains or losses on sales of operating stores and impairment write downs of depreciable real estate assets, plus depreciation and amortization and after adjustments to record unconsolidated partnerships and joint ventures on the same basis.
NAREIT FFO definition and GAAP exclusions; proxy filed 2026-04-01. · Filed 01/04/2026
Earnings per share is calculated using the two-class method, which uses a lower number of shares than the calculation for FFO per share and Core FFO per share, which are calculated assuming full redemption of all OP units as described in note (3).
EPS versus FFO/Core FFO denominator methodology; earnings release filed 2026-07-28. · Filed 28/07/2026
Redemption of all OP units for common stock has been assumed for purposes of calculating the weighted average number of shares — diluted, as presented above.
FFO diluted denominator assumes redemption of all OP units into common stock; earnings release filed 2026-07-28. · Filed 28/07/2026
The computation of weighted average number of shares — diluted, for FFO per share and Core FFO per share also includes the effect of share-based compensation plans.
FFO/Core FFO diluted denominator includes share-based compensation effects; earnings release filed 2026-07-28. · Filed 28/07/2026
(4)Adjustment to Core FFO relates to legal settlement costs with New York City.
Core FFO other-adjustment footnote: New York City legal settlement costs; earnings release filed 2026-07-28. · Filed 28/07/2026
•Purchased 18 operating stores and acquired the ownership interest of our joint venture partner in one consolidated joint venture for a total cost of $103.2 million.
Completed first-half 2026 operating-store acquisitions and consolidated JV partner buyout; earnings release filed 2026-07-28. · Filed 28/07/2026
•In conjunction with joint venture partners, completed the development of one store for a total cost of approximately $15.1 million, of which the Company invested $14.4 million.
Completed first-half 2026 JV development and EXR investment; earnings release filed 2026-07-28. · Filed 28/07/2026
•Originated $146.1 million in mortgage and mezzanine bridge loans and sold $30.8 million in mortgage bridge loans.
First-half 2026 mortgage/mezzanine bridge-loan originations and mortgage bridge-loan sales; earnings release filed 2026-07-28. · Filed 28/07/2026
•Added 151 stores (108 stores net) to the Company's third-party management platform.
Actual first-half 2026 gross and net third-party management additions; earnings release filed 2026-07-28. · Filed 28/07/2026
In February 2026, the Compensation and Human Capital Committee determined our performance relative to the performance metrics for the 2023 PSUs and approved the vesting of such awards at 35.5% of target.
February 2026 approval of completed 2023 PSU performance vesting at 35.5% of target; proxy filed 2026-04-01. · Filed 01/04/2026
Claw-backs to Recoup Compensation In compliance with the SEC's adoption of final rules related to claw-backs under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") and the corresponding NYSE listing standards, we have adopted a policy (the "Claw-back Policy") that provides that for each covered executive, including each NEO, the Company is entitled to recover any incentive-based compensation (cash or equity) received by the covered executive based on the achievement of financial reporting measurements during the three completed fiscal years immediately before the date the restatement determination is made, to the extent that the amount of the annual or long-term incentive compensation is greater than what the covered executive would have received based on the restated financial results.
Adopted executive incentive compensation claw-back policy and recovery terms; proxy filed 2026-04-01. · Filed 01/04/2026
PERFORMANCE-BASED PSUs
The remaining 75% of the long-term incentive awards to the CEO and 60% to the other NEOs was awarded in the form of PSUs that vest after a three-year performance period.
Actual 2025 PSU award mix and three-year performance period; proxy filed 2026-04-01. · Filed 01/04/2026
For the awards granted in 2025, the three-year performance period will end on December 31, 2027.
2025 PSU performance period ends December 31, 2027; proxy filed 2026-04-01. · Filed 01/04/2026
The combined annual incentive payout approved by the Compensation and Human Capital Committee for 2025 was 98.25%.
Approved 2025 combined annual incentive payout; proxy filed 2026-04-01. · Filed 01/04/2026
(4) Amounts also include 400,000 shares that were pledged as collateral on two loans.
Beneficial ownership footnote: 400,000 pledged shares; proxy filed 2026-04-01. · Filed 01/04/2026
The board also determined that all members of the Audit Committee, the Compensation and Human Capital Committee and the Nominating, Governance and Corporate Responsibility Committee are independent in accordance with NYSE and Securities and Exchange Commission ("SEC") rules.
Board determination of independence of all audit, compensation and nominating/governance committee members; proxy filed 2026-04-01. · Filed 01/04/2026
Our board of directors has separated the positions of Chairman of the board and CEO.
Actual separation of chairman and CEO roles; proxy filed 2026-04-01. · Filed 01/04/2026
The policy provides that related party transactions are reviewed by our Audit Committee or another independent body of the board of directors, such as the independent and disinterested members of the board of directors.
Independent review policy for related-party transactions; proxy filed 2026-04-01. · Filed 01/04/2026
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 20, 2026 expressed an unqualified opinion thereon.
Auditor's unqualified opinion on internal control over financial reporting as of December 31, 2025; report dated/filed 2026-02-20. · Filed 20/02/2026
(NYSE: EXR) (the “Company”) today announced that Noah Springer, President, will become the Company’s next chief executive officer, effective January 1, 2027.
Announced CEO succession effective January 1, 2027; announcement source dated/filed 2026-08-24. · Filed 24/08/2026
Margolis will continue to serve as CEO through December 31, 2026, continuing to work closely with Springer and the Board to ensure a smooth leadership transition.
Margolis continues as CEO through December 31, 2026 during transition; announcement source dated/filed 2026-08-24. · Filed 24/08/2026
As of June 30, 2026
Revolving Lines of Credit and Commercial Paper
Amount Drawn
Capacity
Interest Rate
Maturity
Basis Rate (1)
Secured credit line
$
—
$
140,000
4.93%
7/1/2029
SOFR plus 1.25%
Unsecured credit line (2)
767,000
3,000,000
4.46%
8/21/2029
SOFR plus 0.775%
Commercial paper
850,000
1,000,000
4.06% (3)
Various
$
1,617,000
$
4,140,000
(1) Daily Simple Secured Overnight Financing Rate (“SOFR”) for credit lines.
filing-2, revolving credit facilities and commercial paper, June 30, 2026 · Filed 31/07/2026
At June 30, 2026, there were $850,000 in issuances outstanding under the commercial paper program with a weighted-average maturity of 13 days.
filing-2, commercial paper outstanding and weighted-average maturity, June 30, 2026 · Filed 31/07/2026
At any point in time, we expect to maintain available commitments under our credit facility in an amount at least equal to the amount of commercial paper notes outstanding.
filing-2, credit facility commitments supporting commercial paper · Filed 31/07/2026
