Extra Space Storage Inc.
For the period ended Dec 31, 2025. Filed Apr 1, 2026.
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What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
Dec 31, 2025 · Filed Apr 1, 2026
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934 (Amendment No. )
Filed by the Registrant x
Filed by a Party other than the Registrant o
Check the appropriate box:
| o | Preliminary Proxy Statement |
|---|---|
| o | Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
| x | Definitive Proxy Statement |
| o | Definitive Additional Materials |
| o | Soliciting Material Pursuant to §240.14a-12 |
Extra Space Storage Inc.
(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check all boxes that apply):
| x | No fee required |
|---|---|
| o | Fee paid previously with preliminary materials |
| o | Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11 |
April 1, 2026
Dear Fellow Stockholder:
On behalf of the board of directors and officers of Extra Space Storage Inc., we are pleased to invite you to the 2026 Annual Meeting of Stockholders of Extra Space Storage Inc., which will be held virtually on May 14, 2026 at 9:00 a.m. Mountain Time.
In 2025, we delivered positive FFO per share growth and maintained positive same-store revenue growth despite facing the headwinds of a difficult supply cycle – a testament to our operational resilience and the strength of our diversified portfolio and storage related businesses. Existing customer behavior also remained strong in 2025. We have experienced low levels of vacates and bad debt, while being able to improve new and existing customer rental rates. These are not temporary wins. They are evidence that our customer acquisition and service, revenue management and data analytics platforms, refined over years and enhanced with machine learning, are converting improving market conditions into tangible performance.
As we enter 2026, we are increasingly confident in our long-term growth potential. Our large and diverse portfolio provides Extra Space data and scale advantages. 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. Using sophisticated data-driven pricing and promotions, we strive to capture maximum value from every customer interaction. We are thoughtfully integrating artificial intelligence and machine learning where it delivers tangible benefits, whether enhancing operational efficiency, sharpening execution, or elevating the customer experience. These are not experiments but data-driven decisions based on years of testing that position us as the sector's strongest operator.
Our strong execution is possible due to the depth and quality of talent across Extra Space Storage. Our executive team brings deep tenure and a proven track record, while our focus on attracting, developing, and retaining diverse talent ensures we are building tomorrow's leaders today. We have thrived across cycles, through booms and downturns, supply waves and supply droughts, rising and falling interest rates and cap rates. Our disciplined yet opportunistic approach to capital allocation has consistently driven value creation. As we look ahead, we are optimistic: the operational momentum we built in 2025, combined with declining new supply and our platform's proven strengths, positions us to unlock sustained growth and lasting shareholder value.
This year we are again furnishing proxy materials and voting instructions to our stockholders through mail and over the internet, as allowed by the Securities and Exchange Commission. On or about April 1, 2026, we intend to provide access to our digital proxy materials and to mail the Notice Regarding the Availability of Proxy Materials. Some stockholders may, if they have previously requested, receive paper copies by mail. We believe that this notice and access process expedites stockholders' receipt of proxy materials, while lowering costs of delivery and reducing the environmental impact of our annual meeting.
Your vote is important. Even if you plan to attend the meeting virtually, we urge you to vote your shares electronically through the internet or, if you have requested and received a paper copy of the proxy statement, by completing, signing and returning the paper proxy card enclosed with the proxy statement according to the instructions.
Thank you for your continued support, interest and investment in Extra Space Storage Inc.
Warmest regards,
| Kenneth M. Woolley, | Joseph D. Margolis, |
|---|---|
| Chairman | Chief Executive Officer |
TABLE OF CONTENTS
| Proxy Summary | 1 |
|---|---|
| Information About the Board of Directors and Its Committees | 6 |
| The Board of Directors and Certain Governance Matters | 11 |
| Leadership Structure, Risk Oversight and Committees of the Board | 16 |
| Director Compensation | 22 |
| Executive Officers | 23 |
| Executive Compensation | 24 |
| Security Ownership of Directors and Officers | 42 |
| Matters That May be Brought Before the Annual Meeting | 43 |
| Item 1. Election of Directors | 43 |
| Item 2. Ratification of the Engagement of Ernst & Young LLP as the Company’s Independent Registered Public Accounting Firm for 2026 | 43 |
| Item 3. Advisory Vote to Approve the Compensation of the Company's Named Executive Officers | 44 |
| Other Matters | 46 |
| Appendix A — Reconciliation of Non-GAAP Financial Measures | 49 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.