SUMMARY
This document is in two parts. The first part is this prospectus supplement, which describes the specific terms of this offering. The
second part, which is the accompanying prospectus, gives more general information, some of which may not apply to this offering. If the description of this offering varies between the prospectus supplement and the accompanying prospectus, you should
rely on the information contained in, or incorporated by reference into, this prospectus supplement.
This summary may not contain
all the information that you should consider before investing in our securities. Before making an investment decision, you should read the entire prospectus supplement and the accompanying prospectus and the documents incorporated by reference
herein and therein carefully, including the Risk Factors section in our Annual Report on Form 10-K for the year ended December 31, 2023, our subsequent Quarterly Reports on Form 10-Q and our other filings under the Securities Exchange Act of 1934, as amended (the Exchange Act), that are incorporated herein by reference. Unless the context indicates otherwise, references in this
prospectus supplement to Extra Space Storage Inc., Extra Space, we, our and us refer to Extra Space Storage Inc. and its consolidated subsidiaries, including Extra Space Storage LP, our
operating partnership. References to OP units include common operating partnership units and preferred operating partnership units of Extra Space Storage LP.
Overview
We are a fully
integrated, self-administered and self-managed real estate investment trust (REIT), formed as a Maryland corporation on April 30, 2004, to own, operate, manage, acquire, develop and redevelop self-storage properties
(stores). We closed our initial public offering on August 17, 2004. Our common stock is traded on the New York Stock Exchange under the symbol EXR.
We were formed to continue the business of Extra Space Storage LLC and its subsidiaries, which had engaged in the self-storage business since
1977. As of September 30, 2024, we owned or had ownership interests in 2,401 operating stores. Of these stores, 1,934 were wholly-owned, seven were in consolidated joint ventures, and 460 were in unconsolidated joint ventures. In addition, as
of September 30, 2024, we managed an additional 1,461 stores for third parties bringing the total number of stores which we owned and/or managed to 3,862. These stores are located in 42 states and Washington, D.C.
We operate in two distinct segments: (1) self-storage operations; and (2) tenant reinsurance. Our self-storage operations activities
include rental operations of wholly-owned stores and self-storage units. Tenant reinsurance activities include the reinsurance of risks relating to the loss of goods stored by tenants in our stores.
Substantially all of our business is conducted through our operating partnership. Our primary assets are general partner and limited partner
interests in our operating partnership. This structure is commonly referred to as an umbrella partnership REIT (UPREIT). Between our general partner and limited partner interests, we held a 95.6% majority ownership interest in our
operating partnership as of September 30, 2024. We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the Code). To the extent we continue to qualify as a REIT, we will not be subject to U.S.
federal tax, with certain exceptions, on our net taxable income that is distributed to our stockholders.
Our primary business objectives
are to maximize cash flow available for distribution to our stockholders and to achieve sustainable long-term growth in cash flow per share in order to maximize long-term stockholder value both at acceptable levels of risk. We continue to evaluate a
range of growth initiatives and opportunities.
Our principal corporate offices are located at 2795 East Cottonwood Parkway, Suite 300,
Salt Lake City, Utah 84121, and our telephone number is (801) 365-4600. We maintain a website that contains information about us at www.extraspace.com. The information included on our website is not, and
should not be considered, a part of this prospectus supplement or the accompanying prospectus.