EXRExtra Space Storage

The following table presents a reconciliation the calculation of same-store net operating income to net income as presented on our consolidated statements of operations FFO for the periods years indicated:For the Year Ended December 31, 2025 2024 2023 Net Income income attributable to common stockholders $ 900,232 973,999 $ 850,453 Adjusted to exclude: 854,681 $ 803,198 Adjustments: Real estate depreciation 655,452 618,189 418,149 Amortization of intangibles 20,316 113,886 59,295 Loss on real estate assets held for sale and sold, net 76,310 25,906 — Equity in earnings and dividend income from unconsolidated Unconsolidated joint venture real estate entities (67,272) (54,835) Equity in earnings of unconsolidated real estate ventures - depreciation and amortization 32,748 32,678 24,400 Unconsolidated joint venture gain on sale of real estate assets and sale of a joint venture interest (54,521) (13,730) — Interest expense 551,354 419,035 Non-cash interest expense related Distributions paid on Series A Preferred Operating Partnership units — — (159) Income allocated to amortization of discount on Life Storage unsecured senior notes 43,720 18,786 Depreciation Operating Partnership noncontrolling interests 48,539 45,551 47,255 Funds from operations attributable to common stockholders and amortization 783,023 506,053 Income tax expense 33,478 21,559 Life Storage Merger transition costs — 66,732 General and administrative 167,398 146,408 Impairment of Life Storage trade name 51,763 — Management fees, other income and interest income (245,277) (186,843) Net tenant insurance (258,909) (176,806) Non same-store rental revenue (1,137,497) (560,874) Non same-store operating expense 399,517 203,109 Total same-store net operating income unit holders $ 1,233,706 1,752,843 $ 1,252,777 1,677,161 $ 1,352,138

Qualification as a REIT involves the application of highly technical and complex Internal Revenue Code provisions for which there are only limited judicial and administrative interpretations. The complexity of these provisions and of the applicable Treasury regulations that have been promulgated under the Internal Revenue Code is greater in the case of a REIT that, like us, holds its assets through a partnership. The determination of various factual matters and circumstances not entirely within our control may affect our ability to qualify as a REIT. In order to qualify as a REIT, we must satisfy a number of requirements, including requirements regarding the composition of our assets, the sources of our gross income and the owners of our stock. Our ability to satisfy the asset tests depends upon our analysis of the fair market value of our assets, some of which are not susceptible to precise determination, and for which we will not obtain independent appraisals. Our ability to satisfy the income tests depends on the sources and amounts of our gross income, which we may not be able to control. Also, we must make distributions to stockholders aggregating annually at least 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding net capital gains, and we will be subject to U.S. federal corporate income tax to the extent we distribute for any year less than 100% of our REIT taxable income, determined without regard to the dividends paid deduction and including net capital gains.

In December 2023, the FASB issued ASU No. 2023-09 – “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. Disclosures.” The amended guidance focuses on providing more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. Pursuant to this ASU, the footnotes to the Company's Company’s consolidated financial statements may include incremental disclosures related to income taxes. This The Company has adopted this standard is effective for annual periods beginning after December 15, 2024, therefore, compliance with this ASU will be required beginning with the Company's annual report on Form 10-K for the year ending as of December 31, 2025, with early adoption permitted. The Company expects 2025. Refer to adopt this ASU note 16 for its annual report on Form 10-K further discussion of the Company’s accounting for the year ending December 31, 2025, income taxes and is continuing to research the impact of this amended guidance, however, does not expect this standard to have a material impact on its consolidated financial statements. related disclosures.

As of December 31, 2024, 2025, the Company was under agreement to acquire eight stores one store at a total purchase price of $81,533. Acquisitions of all eight stores are $12,500, which is scheduled to close in 2025. 2026.