Extra Space Storage Inc

The following is a summary that highlights information contained elsewhere in this proxy statement. This summary does not contain all the information you should consider, and you are urged to read the entire proxy statement carefully before voting.

Meeting Information

Proposals & Voting Recommendations

2024 Business Highlights

During 2024, we were the only publically traded self-storage REIT that delivered positive FFO growth, which was driven by our accretive storage investments, expense control, profitable joint ventures and third party management and an optimized balance sheet.

Sustainability

At Extra Space, we believe that part of doing well is acting as good corporate citizens and running a company that is built to last. With a focus on the future, we plan to benefit our stockholders today and over the long term. We do so by taking care of our customers, our employees, and our real estate holdings and by reducing our overall impact on the environment. We believe that our environmental, social and governance initiatives are consistent with our obligation to maximize stockholder value. In an effort to communicate better with our stockholders and be transparent about our sustainability practices, the Company has published a sustainability report, which can be found at https://ir.extraspace.com/sustainability.

Environmental

As a public real estate investment trust ("REIT") and owner and manager of real estate, we are not only stewards of our stockholders’ capital, but also of the environment. As stewards, we seek to reduce our carbon impact, with positive returns on initiatives. We do this through energy-saving initiatives such as installing solar panels, installing motion activated systems to turn lights on and off automatically, replacing older fixtures with modern energy-saving fixtures and bulbs, and retrofitting HVAC to higher efficiency systems. We also sell products made with recycled materials.

Environmental highlights for 2024 include the following:

•Highly rated by the Global Real Estate Sustainability Benchmark (GRESB), with an "A" public disclosure score

•Completed solar installation projects at 128 of our stores, investing $30.1 million

•Over 800 REIT owned stores have solar panel systems

•Completed LED lighting retrofit projects at 332 of our stores, investing $3.3 million

•Invested $12.9 million in HVAC retrofits to higher efficiency heating and cooling systems

Social Responsibility

Our greatest asset is our people. We strongly believe in training and retaining talented employees from all backgrounds and having management at all levels engage with our employees, our customers, our board and other stakeholders. At Extra Space, we believe that as we take care of our employees, they will take care of our customers and our facilities. We do so by focusing on employee engagement, inclusion, safety and wellness.

Social highlights for 2024 include the following:

•Chosen as one of U.S. News Best Companies to Work for,2024

•Sponsored paid volunteer hours by our employees, benefiting both local and national nonprofit organizations

•Named as one of Time Magazine's "Best Midsize Company" and "World's Best Companies"

•Named by Newsweek on their "Greatest Workplaces and Best Workplace for Mental Wellbeing" lists

•Continued investing in training, development and career planning programs for employees that enables Extra Space to attract and retain top talent

•Focused on embedding our company values--Integrity, Excellence, Innovation, Teamwork and Passion-in all our programs and ensure they guide the way we work, interact with customers and behave in communities

•Expanded participation in our Employee Resource Groups and focused on providing career planning resources and community-based mentorships

•Awarded "There's Space for Everyone" scholarships to eight college students

•Ranked on Forbes "Most Trusted Companies in America" list

•Published EEO-1 data regarding employee demographics

Governance

We are committed to strong corporate governance to promote the long-term interests of our stockholders, strengthen management accountability and help maintain public trust in Extra Space. We encourage open communication and positive working relationships among the members of our board. Our directors have access to, and regularly meet with, senior management and other employees. We actively seek input from our stockholders through our stockholder engagement programs and regular meetings with management. The Corporate Governance section below describes our governance framework which includes the following highlights:

Board Expertise and Composition

We are asking stockholders to elect ten directors to serve for a one-year term that will expire at the Company’s 2026 annual meeting. Each director nominee is elected annually by the affirmative vote of at least a majority of the stockholders present in person or represented by proxy and entitled to vote for the election of directors.

Our director nominees bring a balance of experience and perspective. We believe that our board’s expertise allows the board to effectively oversee management to ensure that the interests of the board of directors and management align with the interests of our stockholders.

(1) Excluding Extra Space Storage Inc.

All our directors have risk management experience and are financially literate. In addition to the diversity of our directors' skills sets set forth above, our nominees for director come from a wide range of backgrounds and experience, including manufacturing, real estate, technology, financial services, and government, which we believe allows our board of directors to better serve our stockholders, customers and employees.

Executive Compensation Highlights

We are requesting your non-binding vote to approve the compensation of our named executive officers (“NEOs”) as described in the "Executive Compensation" section of this proxy statement. The goals for our executive compensation program are to (i) attract, retain and motivate effective executive officers, (ii) align the interests of our executive officers with the interests of the Company and our stockholders and (iii) align market competitive compensation with our short-term and long-term performance. At the Company’s 2024 Annual Meeting of Stockholders, an advisory vote was held to approve executive compensation, thereby affording stockholders the opportunity to cast a vote on the compensation programs for our named executive officers. The result of this vote indicated 97% approval of the compensation paid to our named executive officers.

Executive Compensation

We believe that our 2024 executive compensation was aligned with the Company's strong performance during a strong year. The following is a summary of the key components of the 2024 compensation program for our NEOs. The majority of compensation of our NEOs is performance related to ensure that our executive officers are closely aligned with maximizing stockholder value, as reflected in the charts below. Ninety-three percent of our CEO’s compensation and 86% of our other NEOs’ compensation is variable depending on meeting or exceeding certain goals or targets or based on total shareholder return of the Company.