Extra Space Storage — Jul 28, 2026 release

Current Ranges for 2026 Annual Assumptions Prior Ranges for 2026 Annual Assumptions Notes (July 28, 2026) (April 28, 2026) Low High Low High Core FFO $8.25 $8.40 $8.05 $8.35 Dilution per share from C of O and value add acquisitions $0.17 $0.17 $0.18 $0.18 Same-store revenue growth 1.00% 2.00% (0.50)% 1.50% Same-store pool of 1,870 stores Same-store expense growth 1.00% 2.00% 2.00% 3.50% Same-store pool of 1,870 stores Same-store NOI growth 0.50% 2.50% (2.25)% 1.25% Same-store pool of 1,870 stores Weighted average one-month SOFR 3.73% 3.73% 3.65% 3.65% Net tenant reinsurance income $294,000,000 $296,000,000 $289,000,000 $292,000,000 Management fees and other income $139,000,000 $140,000,000 $140,000,000 $141,500,000 Interest income $153,000,000 $154,000,000 $149,500,000 $151,000,000 Includes interest from bridge loans and dividends from NexPoint preferred investment General and administrative expenses $188,000,000 $189,500,000 $190,500,000 $192,500,000 Includes non-cash compensation Equity in earnings of real estate ventures $63,500,000 $64,500,000 $63,500,000 $64,500,000 Includes dividends from SmartStop preferred investments Interest expense $595,000,000 $598,000,000 $592,000,000 $597,000,000 Excludes non-cash interest expense shown below Non-cash interest expense related to amortization of discount on unsecured senior notes, net $44,000,000 $45,000,000 $42,000,000 $43,000,000 Amortization of debt mark-to-market; excluded from Core FFO Income Tax Expense $48,000,000 $49,000,000 $47,000,000 $48,000,000 Taxes associated with the Company's taxable REIT subsidiary Acquisitions $300,000,000 $300,000,000 $200,000,000 $200,000,000 Includes wholly-owned acquisitions and the Company's investment in joint ventures Bridge loans outstanding $1,475,000,000 $1,475,000,000 $1,475,000,000 $1,475,000,000 Represents the Company's average retained loan balances for the year Weighted average share count 221,000,000 221,000,000 221,100,000 221,100,000 Assumes redemption of all OP units for common stock (1) A reconciliation of net income outlook to same-store net operating income outlook is provided later in this release entitled "Reconciliation of Estimated GAAP Net Income to Estimated Same-Store Net Operating Income." The reconciliation includes details related to same-store revenue and same-store expense outlooks. A reconciliation of net income per share outlook to funds from operations per share outlook is provided later in this release entitled "Reconciliation of the Range of Estimated GAAP Fully Diluted Earnings Per Share to Estimated Fully Diluted FFO Per Share." FFO estimates for the year are fully diluted for an estimated average number of shares and OP units outstanding during the year. The Company’s estimates are forward-looking and based on management’s view of current an