Core Insights - Extra Space Storage Inc. (EXR) reported first-quarter 2025 core funds from operations (FFO) per share of $2.00, exceeding the Zacks Consensus Estimate of $1.96, marking a 2% increase from the prior-year quarter [1] - Quarterly revenues reached $820 million, slightly below the Zacks Consensus Estimate of $823.4 million, but reflecting a year-over-year increase of 2.6% [1] Financial Performance - Same-store revenues increased by 0.3% year over year to $659.7 million, driven by a rise in net rental income, partially offset by other income [3] - Same-store operating expenses rose 4.2% year over year to $192.4 million, influenced by higher property operating expenses, repairs and maintenance, and property taxes [3] - Same-store net operating income (NOI) decreased by 1.2% year over year to $467.3 million [3] Occupancy and Interest Expenses - Same-store square-foot occupancy improved by 100 basis points year over year to 93.4% as of March 31, 2025, slightly below the estimate of 93.6% [4] - Interest expenses increased to $142.4 million from $132.9 million a year ago, surpassing the estimate of $139.7 million [4] Portfolio Activity - During the first quarter, Extra Space Storage acquired 12 operating stores for approximately $153.8 million and exchanged ownership interest in 17 properties from an existing joint venture [5] - The company added 113 stores (net increase of 100) to its third-party management platform, managing a total of 2,114 stores as of March 31, 2025 [6] Balance Sheet Position - As of March 31, 2025, Extra Space Storage had $119.6 million in cash and cash equivalents, down from $138.2 million at the end of 2024 [7] - The percentage of fixed-rate debt to total debt was 78.8%, with a combined weighted average interest rate of 4.4% and a weighted average maturity of around 4.5 years [7] Shareholder Actions - The company did not issue any shares under its at-the-market program during the first quarter and had $800 million available for issuance as of March 31, 2025 [8] - Subsequent to the quarter end, EXR repurchased 68,585 shares of common stock for $8.6 million at an average price of $125.60 per share [9] 2025 Guidance - Extra Space Storage reaffirmed its 2025 core FFO per share guidance in the range of $8.00 to $8.30, with the Zacks Consensus Estimate of $8.16 falling within this range [10] - The full-year guidance is based on an expected decline of 0.75% to 1.25% in same-store revenues and a 3.75% to 5.25% increase in same-store expenses [10]

Financial Data and Key Metrics Changes - The company reported a core FFO of $2 per share, representing a 2% year-over-year increase [5][12] - Same store occupancy ended the quarter at 93.4%, an improvement of 100 basis points from Q1 2024 [5][10] - Same store revenue growth was positive at 0.3% [5] Business Line Data and Key Metrics Changes - The company completed $153.8 million in wholly owned acquisitions, adding 12 high-quality stores to its portfolio [7] - The Management Plus platform added 113 stores gross, achieving a net addition of 100 properties, bringing the third-party managed portfolio to 1,675 stores [8] Market Data and Key Metrics Changes - Street rates improved from negative 9% in Q3 last year to negative 6% by year-end, with an average slightly negative in Q1, but flat by the end of the quarter [20][21] - Occupancy in April was reported at 93.7%, a slight increase from the end of Q1 [44] Company Strategy and Development Direction - The company maintains its 2025 guidance, citing the self-storage sector's historical resilience during economic downturns [9][10] - The diversified portfolio is positioned to optimize performance across various economic cycles [10][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of operational metrics, including high same store occupancy and stable delinquency rates [10] - There are concerns about interest rates and economic uncertainty, but the company remains optimistic about its growth channels [9][10] Other Important Information - The company executed two bond offerings totaling $850 million, maintaining a conservative leverage profile with almost 90% of debt at fixed rates [13][14] - The company anticipates continued pressure from property taxes and uncontrollable costs [15] Q&A Session Summary Question: What is driving the improvement in street rates? - Management noted that street rates improved from negative 9% to negative 6%, with a flat trend into April, indicating a positive outlook [20][21] Question: Why did the company not raise guidance despite strong performance? - Management stated that there has been no change in customer behavior and that their systems are set to maximize revenue without needing daily instructions [26][27] Question: Can you provide an update on the impact of former Life Storage assets? - The rebranded Life Storage stores are seeing improved rentals and occupancy, with a 10.4% increase in rentals compared to the previous period [30][31] Question: What is the expected impact of property taxes on expenses? - Management indicated that property taxes and property insurance are expected to remain high, but they are actively managing these costs [50][51] Question: How is the company approaching potential recession impacts? - Management expressed confidence in their systems to optimize performance during downturns, noting that self-storage tends to perform well even in economic challenges [116][102] Question: What is the outlook for acquisitions and joint ventures? - The company has two joint venture buyouts agreed upon, which are expected to be accretive and good uses of capital [97][98]

Financial Data and Key Metrics Changes - The company reported a core FFO of $2 per share, representing a 2% increase year over year [4][11] - Same store occupancy remained at historically high levels, ending the quarter at 93.4%, an improvement of 100 basis points from Q1 2024 [4][11] - Same store revenue growth was positive at 0.3% [4] - Same store NOI decreased by 1.2% compared to Q1 2024 due to a divergence between controllable and uncontrollable costs [12] Business Line Data and Key Metrics Changes - The company completed $153.8 million in wholly owned acquisitions, adding 12 high-quality stores to its portfolio [5] - The Management Plus platform added 113 stores gross, achieving a net addition of 100 properties, bringing the third-party managed portfolio to 1,675 stores [6] Market Data and Key Metrics Changes - The company noted that street rates improved from negative 9% in Q3 last year to negative 6% at year-end, with an average slightly negative in Q1 but flat by the end of the quarter [20] - Occupancy in April was reported at 93.7%, a slight increase from the end of Q1 [42] Company Strategy and Development Direction - The company maintains a diversified portfolio with exposure to various market stages, which helps mitigate volatility [8] - The multichannel approach to external growth, including wholly owned acquisitions, joint ventures, bridge lending, and third-party management, continues to provide opportunities for expansion [7] - The company is focused on maximizing FFO through proven operational strategies and maintaining its industry-leading platform [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the self-storage sector's resilience during economic downturns due to its need-based demand drivers [7] - The company has not seen any change in customer health or behavior to date, with high same store occupancy and stable delinquency rates [9] - Management acknowledged concerns about interest rates and economic uncertainty but remains optimistic about the company's ability to execute its diversified investment strategy [7][9] Other Important Information - The company executed two bond offerings totaling $850 million, demonstrating continued access to public debt markets [12] - The company anticipates continued pressure from property taxes and uncontrollable costs, but expects to manage these through operational efficiencies [12][14] Q&A Session Summary Question: What is driving the improvement in street rates? - Management noted that street rates improved from negative 9% to negative 6%, with a slight average negative in Q1 but flat by the end of the quarter [20] Question: What instructions are being given for the spring leasing season? - Management stated there has been no change in strategy, focusing on maximizing revenue through established systems and processes [25][26] Question: Can you provide an update on the performance of former Life Storage assets? - Management reported that rentals at former Life Storage stores are up 10.4%, with improvements in both organic and local search results [28][30] Question: What are the acquisition yields for the quarter? - Initial yields for acquisitions ranged from 2.3% to 6.5%, stabilizing in the upper 6% to 7% [35] Question: How is the company managing expenses? - Management indicated that controllable expenses were reduced by 1.9% year over year, while uncontrollable expenses increased by 8% due to property tax pressure [12][48] Question: What is the outlook for demand in various markets? - Management indicated that markets absorbing supply, such as Atlanta and some Florida markets, may face more difficulty compared to those with less supply [105] Question: How does the company view international expansion? - The company is open to international opportunities but requires that they be accretive and scalable [129]

Core Insights - Extra Space Storage (EXR) reported revenue of $820 million for Q1 2025, reflecting a 2.6% increase year-over-year, but a slight miss of 0.42% against the Zacks Consensus Estimate of $823.42 million [1] - Earnings per share (EPS) for the quarter was $2.00, up from $1.10 in the same quarter last year, exceeding the consensus estimate of $1.96 by 2.04% [1] Financial Performance Metrics - Same-store square foot occupancy was reported at 93.4%, slightly below the estimated 93.9% [4] - Property rental revenue reached $704.38 million, surpassing the average estimate of $702.06 million, with a year-over-year increase of 2.4% [4] - Management and franchise fees totaled $30.91 million, slightly below the average estimate of $31.32 million, marking a year-over-year increase of 2.5% [4] - Tenant insurance revenue was $84.71 million, compared to the average estimate of $85.58 million, reflecting a year-over-year change of 4.1% [4] - Same-store rental revenue was reported at $659.74 million, significantly exceeding the average estimate of $407.10 million, with a remarkable year-over-year increase of 59.1% [4] - Diluted net income per common share was $1.28, above the estimated $1.05 [4] Stock Performance - Over the past month, shares of Extra Space Storage have returned -4.4%, compared to a -0.8% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

分组1 - Extra Space Storage (EXR) reported quarterly funds from operations (FFO) of $2 per share, exceeding the Zacks Consensus Estimate of $1.96 per share, and showing an increase from $1.96 per share a year ago, resulting in an FFO surprise of 2.04% [1] - The company posted revenues of $820 million for the quarter ended March 2025, which was 0.42% below the Zacks Consensus Estimate, compared to $799.54 million in revenues from the same quarter last year [2] - Over the last four quarters, Extra Space Storage has surpassed consensus FFO estimates four times and topped consensus revenue estimates two times [2] 分组2 - The stock has lost approximately 5.1% since the beginning of the year, while the S&P 500 has declined by 6% [3] - The current consensus FFO estimate for the upcoming quarter is $2.06 on revenues of $838.16 million, and for the current fiscal year, it is $8.16 on revenues of $3.33 billion [7] - The Zacks Industry Rank for REIT and Equity Trust - Other is currently in the bottom 38% of over 250 Zacks industries, indicating potential challenges for the sector [8]

[Q1 2025 Performance Overview](index=1&type=section&id=Q1%202025%20Performance%20Overview) The company reported strong Q1 2025 performance, exceeding revenue expectations and growing Core FFO, while maintaining guidance [Highlights and CEO Commentary](index=1&type=section&id=Highlights%20and%20CEO%20Commentary) Extra Space Storage reported solid Q1 2025 results, exceeding revenue expectations and growing Core FFO per share to $2.00 - CEO Joe Margolis highlighted a solid first quarter, beating same-store revenue expectations and maintaining high occupancy, leading to FFO growth above internal projections, but due to economic uncertainty, the company is maintaining its same-store guidance[4](index=4&type=chunk) - The company expanded its portfolio by acquiring 12 operating stores for approximately **$153.8 million** and added a net of 100 stores to its third-party management platform[5](index=5&type=chunk) - A quarterly dividend of **$1.62 per share** was paid[5](index=5&type=chunk) Q1 2025 Key Performance Indicators | Metric | Value | YoY Change | | :--- | :--- | :--- | | Net Income per Diluted Share | $1.28 | +26.7% | | Core FFO per Diluted Share | $2.00 | +2.0% | | Same-Store Revenue | N/A | +0.3% | | Same-Store NOI | N/A | -1.2% | | Ending Same-Store Occupancy | 93.4% | +100 bps | [Financial Performance](index=2&type=section&id=Financial%20Performance) Q1 2025 financial performance saw increased FFO and Core FFO per share, with same-store NOI slightly declining due to higher expenses [Funds from Operations (FFO)](index=2&type=section&id=Funds%20from%20Operations%20%28FFO%29) For Q1 2025, FFO per diluted share increased to $1.93, and Core FFO rose 2.0% to $2.00 per diluted share - The increase in FFO was driven by higher net income, partially offset by a lower gain on real estate assets compared to adjustments in the prior year, with key adjustments including real estate depreciation of **$0.72 per share** and gain on real estate assets sold of **-$0.16 per share**[6](index=6&type=chunk) FFO and Core FFO Reconciliation (per diluted share) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net Income Attributable to Common Stockholders | $1.28 | $1.01 | | FFO | $1.93 | $1.87 | | Core FFO | $2.00 | $1.96 | [Same-Store Performance](index=3&type=section&id=Operating%20Results%20and%20Same-Store%20Performance) Q1 2025 same-store revenue increased by 0.3%, but a 4.2% rise in operating expenses led to a 1.2% decrease in Net Operating Income - The **4.2% increase** in same-store operating expenses was primarily driven by a **15.8% year-over-year increase** in property taxes[7](index=7&type=chunk) - Effective January 1, 2025, the company expanded its same-store pool from 1,071 to **1,829 stores**[8](index=8&type=chunk) Q1 2025 Same-Store Performance vs. Q1 2024 | Metric | Q1 2025 | Q1 2024 | % Change | | :--- | :--- | :--- | :--- | | Total Same-Store Revenues | $659.7M | $657.5M | 0.3% | | Total Same-Store Operating Expenses | $192.4M | $184.6M | 4.2% | | **Same-Store Net Operating Income** | **$467.3M** | **$472.9M** | **(1.2)%** | | Quarter-End Occupancy | 93.4% | 92.4% | +1.0% | [Business and Investment Activities](index=4&type=section&id=Business%20and%20Investment%20Activities) The company engaged in significant investment and property activities, expanded its management platform, and maintained a strong balance sheet [Investment and Property Activity](index=4&type=section&id=Investment%20and%20Property%20Activity) In Q1 2025, the company invested $178.3 million in acquisitions and joint ventures, while selling properties for a net gain of $35.8 million - The company has an additional **32 properties** scheduled to close or complete in 2025, representing a total planned investment of **$385.5 million**[11](index=11&type=chunk) - During the quarter, the company sold **11 operating properties** and three land parcels, resulting in a net gain of **$35.8 million**[16](index=16&type=chunk) - The company invested **$100.0 million** in convertible preferred stock of Strategic Storage Growth Trust III, Inc. with an **8.85% dividend rate**, and subsequent to the quarter, a **$200.0 million** preferred stock investment in SmartStop Self Storage REIT was repaid[13](index=13&type=chunk)[14](index=14&type=chunk) Q1 2025 Investment Summary (Closed/Completed) | Investment Type | Stores | EXR Investment | | :--- | :--- | :--- | | Wholly-Owned Operating Stores | 12 | $153.8M | | Joint Venture (Acquisition & Development) | 3 | $24.5M | | **Total EXR Investment** | **15** | **$178.3M** | [Property Management and Bridge Loans](index=4&type=section&id=Property%20Management%20and%20Bridge%20Loans) As of March 31, 2025, Extra Space Storage managed 2,114 stores, solidifying its position as the largest self-storage management company in the U.S - As of March 31, 2025, the company managed **1,675 stores** for third parties and **439 stores** in unconsolidated joint ventures, totaling **2,114 managed stores**, making it the largest self-storage management company in the U.S[18](index=18&type=chunk) - In Q1 2025, the company originated **$53.2 million** in bridge loans and sold **$27.7 million**, with the outstanding balance of bridge loans approximately **$1.4 billion** at quarter-end[17](index=17&type=chunk) [Balance Sheet and Capital Markets](index=5&type=section&id=Balance%20Sheet%20and%20Capital%20Markets) The company maintained a strong balance sheet with 78.8% of its debt at a fixed rate, issuing $850.0 million in new senior unsecured notes - The company did not issue any shares on its ATM program and did not repurchase any shares during Q1, however, subsequent to quarter end, it repurchased **68,585 shares** for **$8.6 million**[19](index=19&type=chunk)[20](index=20&type=chunk) - In January 2025, the company issued an additional **$350.0 million** of its **5.50% senior unsecured notes** due 2030, and in March 2025, it completed a **$500.0 million public bond offering** of **5.4% senior unsecured notes** due 2035[21](index=21&type=chunk) Debt Profile as of March 31, 2025 | Metric | Value | | :--- | :--- | | Fixed-Rate Debt to Total Debt | 78.8% | | Effective Fixed-Rate Debt to Total Debt | 89.5% | | Weighted Average Interest Rate (Combined) | 4.4% | | Weighted Average Maturity | ~4.5 years | [Dividends](index=5&type=section&id=Dividends) On March 31, 2025, the company paid its first quarter common stock dividend of $1.62 per share - The company paid a first quarter common stock dividend of **$1.62 per share** on March 31, 2025[24](index=24&type=chunk) [2025 Full-Year Outlook](index=6&type=section&id=Outlook) The company maintained its full-year 2025 guidance for Core FFO and same-store performance, updating key underlying assumptions [Full-Year 2025 Guidance](index=6&type=section&id=Full-Year%202025%20Guidance) The company maintained its full-year 2025 Core FFO per share guidance between $8.00 and $8.30, with unchanged same-store revenue and NOI growth expectations - The company's guidance for Core FFO, same-store revenue, expenses, and NOI growth remains unchanged from the previous guidance issued on February 25, 2025[25](index=25&type=chunk) - Key assumption changes from prior guidance include an increase in planned acquisitions from **$325 million to $600 million** and a decrease in expected equity in earnings of real estate ventures from **$89-90 million to $72-73 million**, partly due to JV buyouts[25](index=25&type=chunk) Full-Year 2025 Guidance (as of April 29, 2025) | Metric | Low Range | High Range | | :--- | :--- | :--- | | Core FFO per share | $8.00 | $8.30 | | Same-Store Revenue Growth | (0.75)% | 1.25% | | Same-Store Expense Growth | 3.75% | 5.25% | | Same-Store NOI Growth | (3.00)% | 0.25% | [Supplemental Information and Definitions](index=7&type=section&id=Supplemental%20Information%20and%20Definitions) This section provides details on the conference call, outlines forward-looking statement disclaimers, and defines key financial metrics [Conference Call and Forward-Looking Statements](index=7&type=section&id=Conference%20Call%20and%20Forward-Looking%20Statements) A conference call to discuss Q1 2025 financial results is scheduled for April 30, 2025, with the report containing forward-looking statements subject to various risks - A conference call to discuss Q1 2025 financial results is scheduled for **1:00 p.m. Eastern Time** on Wednesday, April 30, 2025[27](index=27&type=chunk) - The report includes forward-looking statements that are subject to risks and uncertainties, such as adverse economic changes, competition, and financing risks, with readers advised to consider the 'Risk Factors' in the company's Annual and Quarterly SEC filings[29](index=29&type=chunk)[33](index=33&type=chunk) [Definitions of Key Metrics](index=8&type=section&id=Definitions%20of%20Key%20Metrics) The company defines FFO per NAREIT standards, Core FFO as an adjusted metric, and the same-store pool as 1,829 stabilized properties - FFO is defined per NAREIT standards as net income excluding gains/losses from property sales and real estate depreciation, while Core FFO is a company-specific metric that further adjusts FFO to exclude non-core revenues and expenses, such as certain Life Storage Merger costs[31](index=31&type=chunk)[32](index=32&type=chunk) - The same-store pool for 2025 consists of **1,829 wholly-owned and operated stores** that were stabilized by the start of the earliest year presented, with a store considered stabilized after three years of operation or after maintaining **80% average occupancy** for one year[34](index=34&type=chunk) [Appendix: Financial Statements and Reconciliations](index=11&type=section&id=Appendix%3A%20Financial%20Statements%20and%20Reconciliations) The appendix presents condensed consolidated balance sheets, statements of operations, and detailed reconciliations of GAAP to non-GAAP metrics [Condensed Consolidated Balance Sheets](index=11&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2025, total assets increased slightly to $29.0 billion, with total liabilities rising to $14.2 billion Balance Sheet Summary (in billions) | Account | March 31, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Total Assets | $29.0 | $28.8 | | Total Liabilities | $14.2 | $14.0 | | Total Stockholders' Equity | $13.9 | $13.9 | [Condensed Consolidated Statement of Operations](index=12&type=section&id=Condensed%20Consolidated%20Statement%20of%20Operations) For Q1 2025, total revenues reached $820.0 million, with net income attributable to common stockholders significantly increasing to $270.9 million Statement of Operations Summary (in millions) | Account | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total Revenues | $820.0 | $799.5 | | Income from Operations | $388.7 | $335.8 | | Net Income Attributable to Common Stockholders | $270.9 | $213.1 | | Diluted EPS | $1.28 | $1.01 | [Financial Reconciliations](index=13&type=section&id=Financial%20Reconciliations) This section provides detailed reconciliations of GAAP measures to non-GAAP metrics for both the reported quarter and the full-year outlook - Provides a reconciliation of Q1 2025 GAAP Net Income of **$284.9 million** to Total Same-Store Net Operating Income of **$467.3 million**[40](index=40&type=chunk) - Reconciles the full-year 2025 estimated GAAP EPS range of **$4.48 - $4.78** to the estimated Core FFO per share range of **$8.00 - $8.30**[41](index=41&type=chunk) - Reconciles the full-year 2025 estimated GAAP Net Income range of **$1.03 billion - $1.11 billion** to the estimated Total Same-Store Net Operating Income range of **$1.87 billion - $1.94 billion**[42](index=42&type=chunk)

Core Insights - Extra Space Storage Inc. reported strong operating results for Q1 2025, exceeding same-store revenue expectations and maintaining high occupancy rates, while also growing capital-light ancillary businesses [3][8] - The company achieved a net income attributable to common stockholders of $270.9 million, or $1.28 per diluted share, a 26.7% increase from the previous year [8][40] - Funds from operations (FFO) were reported at $428.1 million, or $1.93 per diluted share, with Core FFO at $443.9 million, or $2.00 per diluted share, reflecting a 2.0% increase year-over-year [4][8] Financial Performance - Same-store property revenues increased by 0.3% to $659.7 million, while same-store net operating income (NOI) decreased by 1.2% to $467.3 million [7][9] - The company reported an ending same-store occupancy of 93.4%, up from 92.4% in the prior year [8][9] - Total revenues for the quarter were $820.0 million, compared to $799.5 million in Q1 2024 [40] Investment Activity - The company acquired 12 operating stores for approximately $153.8 million and engaged in joint ventures for additional acquisitions totaling $38.3 million [8][12] - During the quarter, Extra Space Storage originated $53.2 million in bridge loans and sold $27.7 million in mortgage bridge loans, with outstanding balances of approximately $1.4 billion [19][20] - The company managed a total of 2,114 stores, making it the largest self-storage management company in the U.S. [20] Balance Sheet and Capital Management - As of March 31, 2025, the company had total assets of approximately $29.0 billion and total liabilities of $14.2 billion [38][40] - The company did not issue any shares under its ATM program during the quarter and had $800.0 million available for issuance [21] - A quarterly dividend of $1.62 per share was paid to stockholders, consistent with the previous quarter [26] Outlook - The company maintained its Core FFO guidance for 2025, projecting a range of $8.00 to $8.30 per share, with same-store revenue growth expectations between -0.75% and 1.25% [27][28] - The company anticipates same-store expense growth of 3.75% to 5.25% for the year [28]

Core Viewpoint - Extra Space Storage (EXR) is expected to report a year-over-year increase in revenues and funds from operations (FFO) per share for Q1 2025, with results to be released on April 29 [1] Group 1: Financial Performance - In the last reported quarter, EXR delivered a surprise of 0.50% in core FFO per share, driven by higher revenues from increased occupancy, although lower same-store net operating income (NOI) negatively impacted results [2] - The Zacks Consensus Estimate for quarterly property rental revenues is $702.1 million, up from $688 million in the same period last year, while tenant insurance revenues are projected to rise to $85.6 million from $81.4 million [5] - The overall revenue estimate of $821.2 million suggests a 2.71% year-over-year increase, but interest expenses are expected to rise by 5.1% [6] Group 2: Market Dynamics - The self-storage asset category is characterized as need-based and recession-resilient, with low capital expenditure requirements and high operating margins, contributing to the company's growth [3] - EXR operates in a highly fragmented market with intense competition, which has led to a development boom in self-storage units, affecting its ability to raise rents and impacting earnings [4] Group 3: Analyst Sentiment - Analysts have revised the Zacks Consensus Estimate for core FFO per share downward by 1% to $1.97, although this still indicates a 0.51% increase compared to the previous year [7] - The current Earnings ESP for EXR is +0.05%, and it holds a Zacks Rank of 4 (Sell), indicating uncertainty regarding a potential surprise in core FFO per share [8]

The conference call will also be available on the Company's website under Investor Relations at www.extraspace.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software. Conference Call Playback: A replay of the webcast will be available on the Extra Space Storage Investor Relations website beginning April 30, 2025 at 5:00 p.m. ET, and will remain available for one year after the call. SALT ...

Today, we discuss the balance of opposites. Known in Chinese philosophy as yin and yang, the balance of opposite represents interconnected forces that form a whole, symbiotic system of codependent factors and influences. The entire ecosystem interacts and moves towards a long-termAnalyst’s Disclosure: I/we have a beneficial long position in the shares of EXR either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compen ...