UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number: 001-32269 EXTRA SPACE STORAGE INC. (Exact name of registrant as specified in its charter) Maryland 20-1076777 (State or other jurisdic ...

Financial Data and Key Metrics Changes - The company reported a Core FFO growth of 2.5% in Q4 2025 and 1.1% for the full year, despite challenging operating conditions [5] - Same-store revenue growth returned to positive at 0.4% in Q4 2025, compared to only two markets achieving this in Q4 2024 [5] - Same-store NOI growth was 0.1% for the quarter, with operating expenses increasing only 1.1% [9][10] Business Line Data and Key Metrics Changes - The company strategically repurchased approximately $141 million of common shares and closed on 27 operating stores for $305 million, totaling 69 stores for $826 million for the year [6] - The company added 379 stores and 281 net new stores to its managed portfolio, bringing the total to 1,856 stores [7] Market Data and Key Metrics Changes - In Q4 2025, 16 of the top 20 markets experienced positive year-over-year move-in rates, contributing to revenue growth [5] - As of mid-February 2026, occupancy was at 92.5%, down 40 basis points year-over-year, while rates for new customers increased slightly over 6% [20] Company Strategy and Development Direction - The company aims to capitalize on improving market fundamentals and expects gradual performance acceleration in 2026 [8] - The focus remains on a diversified external growth platform, with most acquisitions expected to be in joint venture formats to enhance returns [30] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the recovery in storage fundamentals, with guidance for 2026 same-store revenue ranging from -0.5% to +1.5% [11] - The company does not anticipate significant changes in the housing market or pricing restrictions in Los Angeles County affecting operations [11] Other Important Information - The company maintains a strong balance sheet with 93% of total debt at fixed rates and a weighted average interest rate of 4.3% [10] - Management highlighted the importance of job growth and supply dynamics as key drivers for the storage industry [43] Q&A Session Summary Question: Same-store revenue guidance and expectations - Management indicated that the midpoint of guidance implies generally flat same-store revenue growth, with potential for acceleration or deceleration based on market conditions [16][18] Question: Trends in street rates - Management confirmed that trends observed in Q4 2025 continued into early 2026, with positive signals in occupancy and new customer rates [20] Question: Expense guidance and confidence - Management attributed lower expense growth expectations to normalizing property taxes and improved efficiencies in other areas [25][28] Question: Acquisition volume guidance - Management clarified that most acquisitions in 2026 will be in joint venture formats to enhance returns, leading to a lower guidance number compared to previous years [30] Question: Regulatory environment impact - Management noted that recent regulatory changes in California have not significantly affected leasing activity, and they remain prepared to address potential regulatory challenges [41][51] Question: Discounting strategy and promotional environment - Management explained that their discounting strategy is channel-based and will remain unchanged unless data indicates a need for adjustment [64] Question: Use of AI in operations - Management discussed the integration of AI in pricing models and marketing strategies, emphasizing its potential to enhance operational efficiency [67] Question: Future of store managers - Management affirmed the importance of store managers in customer interactions and asset management, indicating no plans to eliminate these roles [96][98]

Financial Data and Key Metrics Changes - The company reported a positive Core FFO growth of 2.5% in Q4 2025 and 1.1% for the full year, despite challenging operating conditions [5] - Same-store revenue growth returned to positive at 0.4% in Q4 2025, compared to only two markets achieving this in Q4 2024 [5] - Same-store NOI growth was 0.1% for the quarter, with operating expenses increasing only 1.1% [9][10] Business Line Data and Key Metrics Changes - The company strategically repurchased approximately $141 million of common shares and closed on 27 operating stores for $305 million, totaling 69 stores for $826 million for the year [6] - The managed portfolio grew to 1,856 stores, with 379 stores added and 281 net new stores for the year [7] Market Data and Key Metrics Changes - In Q4, 16 of the top 20 markets experienced positive year-over-year move-in rates, contributing to revenue growth [5] - As of mid-February 2026, occupancy was at 92.5%, down 40 basis points year-over-year, while rates for new customers increased slightly over 6% [20] Company Strategy and Development Direction - The company aims to capitalize on improving market fundamentals and expects gradual performance acceleration in 2026 [8] - The strategy includes a focus on joint ventures for acquisitions to enhance returns and maintain a conservative balance sheet [30] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the recovery in storage fundamentals, with guidance for same-store revenue growth in 2026 ranging from -0.5% to +1.5% [11] - The company does not anticipate significant changes in the housing market or pricing restrictions in Los Angeles County impacting their outlook [11] Other Important Information - The company has a strong balance sheet with 93% of total debt at fixed rates and a weighted average interest rate of 4.3% [10] - Management highlighted the importance of job growth and supply dynamics as key drivers for the storage industry [44] Q&A Session Summary Question: Same-store revenue guidance and trends - Management indicated that the midpoint of guidance implies generally flat same-store revenue growth, with potential for both acceleration and deceleration depending on market conditions [16][17] Question: Update on street rate trends - Management confirmed that trends from Q4 continued into early 2026, with positive signals in occupancy and new customer rates [20] Question: Confidence in lower expense guidance - Management attributed lower expense guidance to normalizing property taxes and improved efficiencies in other areas [26][28] Question: Acquisition volume guidance - The company expects most acquisitions in 2026 to be in joint venture formats to enhance returns, with flexibility to adjust guidance based on market opportunities [30] Question: Impact of regulatory changes in California - Management noted that recent legislation did not significantly affect leasing activity, as their disclosure practices were already robust [42] Question: Interplay between rate and occupancy - Management clarified that pricing decisions are made dynamically based on occupancy and market conditions, rather than a fixed strategy [50] Question: ECRI strategy and customer behavior - Management did not disclose specifics on ECRI contributions but indicated that it remains a competitive advantage [82] Question: Supply expectations and market exposure - Management expects a modest reduction in new store deliveries, particularly in oversupplied markets, based on internal and external data sources [88][89]

Financial Data and Key Metrics Changes - The company reported a Core FFO growth of 2.5% in Q4 2025 and 1.1% for the full year, despite challenging operating conditions [5] - Same-store revenue growth returned to positive at 0.4% in Q4 2025, compared to only two markets achieving this in Q4 2024 [5] - Same-store NOI growth was 0.1% for the quarter, with operating expenses increasing by only 1.1% [9][10] Business Line Data and Key Metrics Changes - The company strategically repurchased approximately $141 million of common shares and closed on 27 operating stores for $305 million, totaling 69 stores for $826 million for the year [6] - The managed portfolio grew to 1,856 stores, with 379 stores added in 2025 [7] Market Data and Key Metrics Changes - In Q4 2025, 16 of the top 20 markets experienced positive year-over-year move-in rates, contributing to revenue growth [5] - As of mid-February 2026, occupancy was at 92.5%, down 40 basis points year-over-year, while rates for new customers increased slightly over 6% [19] Company Strategy and Development Direction - The company aims to gradually accelerate performance as market fundamentals improve through 2026, with a focus on maintaining a flexible and conservative balance sheet [11] - The guidance for 2026 reflects a slow recovery in storage fundamentals, with same-store revenue expected to range from -0.5% to +1.5% [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the positioning going into 2026, citing improvements in new customer move-in rates and same-store revenue [8] - The company does not anticipate significant changes in the housing market or pricing restrictions in Los Angeles County affecting their outlook [11] Other Important Information - The company has a low leverage balance sheet, with 93% of total debt at fixed rates and a weighted average interest rate of 4.3% [10] - The company is actively using AI and machine learning to enhance operational efficiency and marketing strategies [66][67] Q&A Session Summary Question: Same-store revenue guidance interpretation - Management clarified that the midpoint of guidance implies generally flat same-store revenue growth, with potential for acceleration or deceleration based on market trends [15][16] Question: Trends in street rates - Management reported that trends observed in Q4 2025 continued into early 2026, with occupancy and rates showing positive signals [19] Question: Confidence in lower expense guidance - Management attributed lower expense guidance to normalizing property taxes and improved efficiencies in other expense categories [24][25] Question: Acquisition volume guidance - The company expects most acquisitions in 2026 to be in joint venture formats, which may lower capital requirements while enhancing returns [27][28] Question: Transition of street rates to same-store NOI - Management noted that it takes time for new rates to impact same-store NOI due to customer churn rates [34][36] Question: Regulatory environment impact - Management indicated that recent regulatory changes in California have not significantly affected leasing activity [40][41] Question: Job growth as a demand driver - Management highlighted job growth as a key factor for self-storage performance, particularly in Sun Belt markets [42] Question: Discounting strategy - The company employs a channel-based discounting strategy, with selective discounts offered based on occupancy and unit type [63] Question: AI and operational efficiencies - Management discussed the use of AI for both external marketing and internal operations, indicating a focus on leveraging technology for efficiency [66][67] Question: Supply expectations - Management expects a continued incremental reduction in new store deliveries, particularly in oversupplied markets [85][86]

Key Takeaways EXR posted Q4 core FFO of $2.08, beating estimates, as revenues rose 4.3% year over year.Same-store NOI edged up 0.1% despite a 70-basis-point drop in occupancy to 92.6%.Extra Space Storage sees 2026 core FFO of $8.05-$8.35 on flat to negative same-store NOI growth.Extra Space Storage Inc. (EXR) reported fourth-quarter 2025 core funds from operations (FFO) per share of $2.08, surpassing the Zacks Consensus Estimate of $2.03. The figure increased 2.05% from the prior-year quarter.The results re ...

Financial Performance - For the quarter ended December 2025, Extra Space Storage (EXR) reported revenue of $857.47 million, up 4.3% year-over-year [1] - EPS for the quarter was $2.08, compared to $1.24 in the same quarter last year, indicating significant growth [1] - The reported revenue exceeded the Zacks Consensus Estimate of $851.03 million by 0.76%, and the EPS also surpassed the consensus estimate of $2.03 by 2.29% [1] Key Metrics - Same-store square foot occupancy was reported at 92.6%, slightly below the estimated 93.1% [4] - Property rental revenues were $734.23 million, exceeding the average estimate of $731.87 million, reflecting a year-over-year increase of 3.8% [4] - Management fees and other income reached $33.99 million, surpassing the average estimate of $32.09 million, with a year-over-year growth of 9.8% [4] - Tenant reinsurance revenues were $89.25 million, above the average estimate of $88.44 million, marking a 6.6% increase year-over-year [4] - Same-store rental revenues were $664.23 million, slightly below the estimated $665.27 million, but showed a remarkable year-over-year increase of 59.7% [4] - Net income per diluted share was $1.36, exceeding the average estimate of $1.13 [4] - Equity in earnings and dividend income from unconsolidated real estate entities was $16.93 million, slightly above the average estimate of $16.79 million [4] - Net operating income for same-store properties was $475.9 million, surpassing the estimated $473.41 million [4] Stock Performance - Shares of Extra Space Storage have returned -0.2% over the past month, compared to a -0.8% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Core Viewpoint - Extra Space Storage (EXR) reported quarterly funds from operations (FFO) of $2.08 per share, exceeding the Zacks Consensus Estimate of $2.03 per share, and showing an increase from $2.03 per share a year ago [1][2] Financial Performance - The FFO surprise for the quarter was +2.29%, with the company surpassing consensus FFO estimates three times over the last four quarters [2] - Revenues for the quarter ended December 2025 were $857.47 million, surpassing the Zacks Consensus Estimate by 0.76%, compared to $821.9 million in the same quarter last year [3] Stock Performance - Extra Space Storage shares have increased by approximately 11.5% since the beginning of the year, while the S&P 500 has gained 0.5% [4] Future Outlook - The current consensus FFO estimate for the upcoming quarter is $2.02 on revenues of $849.89 million, and for the current fiscal year, it is $8.25 on revenues of $3.44 billion [8] - The estimate revisions trend for Extra Space Storage was unfavorable prior to the earnings release, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [7] Industry Context - The REIT and Equity Trust - Other industry is currently ranked in the bottom 32% of over 250 Zacks industries, suggesting that the outlook for the industry can significantly impact stock performance [9]

Exhibit 99.1 Extra Space Storage Inc. PHONE (801) 365-4600 2795 East Cottonwood Parkway, Suite 300 Salt Lake City, Utah 84121 www.extraspace.com FOR IMMEDIATE RELEASE Extra Space Storage Inc. Reports 2025 Fourth Quarter and Year-End Results SALT LAKE CITY, February 19, 2026 — Extra Space Storage Inc. (NYSE: EXR) (the "Company"), a leading owner and operator of self-storage facilities in the United States and a member of the S&P 500 index, announced operating results for the three months and year ended Decem ...

Core Insights - Extra Space Storage Inc. reported steady financial results for Q4 and the full year of 2025, highlighting a focus on occupancy and revenue growth despite slight declines in same-store metrics [1][2]. Financial Performance - For Q4 2025, the company paid a dividend of $1.62 per share and achieved net income of $287.4 million, or $1.36 per diluted share, a 9.7% increase from Q4 2024 [1][2]. - Funds from operations (FFO) for Q4 were $440.3 million, translating to $1.99 per diluted share, while Core FFO was $460.8 million, or $2.08 per diluted share, marking a 2.5% increase year-over-year [1][2]. - For the full year 2025, net income attributable to common stockholders was $974.0 million, or $4.59 per diluted share, a 13.9% increase from 2024 [1][2]. Operational Highlights - The company added 379 stores to its third-party management platform in 2025, bringing the total managed stores to 2,263 [1][2]. - Same-store revenue increased by 0.1% for the year, while same-store net operating income (NOI) decreased by 1.7% compared to 2024 [1][2]. - As of December 31, 2025, same-store occupancy was reported at 92.6%, down from 93.3% in the previous year [1][2]. Investment Activities - In 2025, the company originated $409.4 million in mortgage and mezzanine bridge loans and sold $122.1 million in mortgage bridge loans [1][2]. - The company acquired 41 operating stores for a total cost of $483.6 million during the year [1][2]. - The company also repurchased 1,158,244 shares of common stock for $149.5 million at an average price of $129.10 per share [1][2]. Outlook for 2026 - The company anticipates Core FFO for 2026 to range between $8.05 and $8.35 per share, with same-store revenue growth projected between -0.5% and 1.5% [2][5]. - Management expects customer rates to strengthen and new supply to moderate, positioning the portfolio for improved results in the coming year [1][2].

分组1 - Industrial Logistics Properties Trust (ILPT) reported quarterly funds from operations (FFO) of $0.29 per share, exceeding the Zacks Consensus Estimate of $0.28 per share, and showing an increase from $0.13 per share a year ago, resulting in an FFO surprise of +3.57% [1] - The company posted revenues of $113.91 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 1.35%, and an increase from $110.52 million in the previous year [2] - The stock has underperformed the market with a loss of about 0.4% since the beginning of the year, compared to the S&P 500's zero return [3] 分组2 - The current consensus FFO estimate for the coming quarter is $0.30 on revenues of $111.79 million, and for the current fiscal year, it is $1.14 on revenues of $446.67 million [7] - The Zacks Industry Rank for REIT and Equity Trust - Other is currently in the bottom 32% of over 250 Zacks industries, indicating potential challenges for the sector [8] - The estimate revisions trend for ILPT was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, suggesting it is expected to perform in line with the market in the near future [6]