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2021 ANNUAL REPORT

SUSTAINABILITY


SUSTAINABILITY

Extra Space is dedicated to implementing Environmental, Social, and Governance best practices because they enable us to maintain performance in an everchanging world. These sustainability initiatives are based on a long-term perspective for our company; we are building Extra Space Storage to be a strong, successful enterprise for decades to come. Learn more about our initiatives in our Annual Sustainability Report, including details about solar power, diversity and inclusion, portfolio resilience, and corporate governance initiatives.

Strong ESG policies and practices benefit shareholders, communities, employees, customers, and the environment. We are committed to being good stewards of the planet along with being good stewards of our shareholders' capital.

We are proud to have been recognized for our sustainability efforts by thought leaders, including GRESB, S&P Global SAM, and Sustainalytics. Our record for improvement in our benchmark ratings shows our focus on becoming better and better each year, and we are proud to be the only storage company to receive NAREIT’s Leader in the Light Award recognizing our efforts.



LOW CONSUMPTION AND EMISSIONS INTENSITY

Relative to Other Asset Classes1

  1. Real Estate Sector Average data from Urban Land Institute, Greenprint Performance Report, Volume 12, and includes multifamily, office, industrial, retail sectors (hospitality, which was previously included was removed in Volume 12). Extra Space Storage intensity data is for all properties managed during 2021.
  2. Extra Space Storage energy consuption reported net of solar energy produced and consumed on site within the portfolio.

ENVIRONMENTAL
SOCIAL
GOVERNANCE

ENVIRONMENTAL HIGHLIGHTS

  • 14.8% reduction in Greenhouse Gas (GhG) emissions per square foot (Scope 1&2)
  • 53% of REIT Owned Locations with Solar Panels
  • $17.7 Million in solar investment in 2021
  • 5.7% reduction in energy use per square foot (net of solar production)
  • Saved over 15 million sheets of paper through digital lease initiative (program to date)
  • 60% increase in waste diverted to recycling centers rather than to landfills
  • 100% of REIT Store Lighting fixtures updated to efficient LED or T-8 Lighting systems
ENVIRONMENTAL
ENVIRONMENTAL
HIGHLIGHTS
  • GhG Emissions
  • XX% of REIT Owned Locations with Solar Panels
  • $$$ Million in solar investment in 2021
  • XX million net rentable square feet powered by renewable energy
  • Electricity Reduction
  • Waste Diverted
  • Water Use Reduction
  • REIT Store Lighting fixtures updated to efficient LED or T-8 Lighting systems
SOCIAL
SOCIAL
HIGHLIGHTS
  • ## engagement score
  • Launched Diversity and Inclusion Employee Resource Groups
  • Salt Lake Tribune: Best Places to Work
  • Forbes: Best Mid-size Employer
  • Just Capital: Most Just Real Estate Companies
  • Extra Space Employees donate 500,000 meals to Feeding America food banks
  • Partnership with “Ticket to Dream” charity supporting foster kids
GOVERNANCE
GOVERNANCE
HIGHLIGHTS
  • NAREIT "Leader in the Light" award 2021
  • Lead independent director of board and independent director lead Audit, Compensation and Nominating/Governance Committees
  • Annual advisory vote to approve executive compensation
  • Separate Chairman and CEO
  • Stockholder ability to amend bylaws
  • 22% of our Board in Female
  • 2/3 of our directors are independent

COVID-19 ON-GOING RESPONSE

As concerns about COVID-19 continued into 2021, we stayed vigilant in our efforts to keep employees and customers safe. This meant continuing our “Extra Safe, Extra Clean” policies from 2020, our contactless rental options for customers, and our multiple employee support benefits.

It also included some of the following new initiatives:

  • Paid time off for employees to get vaccinated
  • Employee bonuses for COVID-19 vaccinations
  • More permanent work-from-home options for call-center employees