Extra Space Storage is the largest self-storage REIT in the U.S., owning and/or operating 4,281 stores across 43 states as of year-end 2025, totaling roughly 330M square feet of net rentable space. The core business is renting enclosed storage units on month-to-month leases to residential and commercial customers. Residential customers are primarily driven by life events like moving or downsizing, while commercial customers tend to be small businesses storing inventory or equipment. Extra Space manages two key revenue levers — occupancy and rental rate — using nightly algorithmic repricing across every unit type at every store. The business is highly operationally leveraged; same-store occupancy averaged roughly 94% in 2025, meaning pricing power is the primary earnings driver. Beyond core rental income, Extra Space runs a tenant reinsurance segment, collecting premiums on storage insurance policies purchased by tenants, which generates high-margin recurring income. Extra Space also manages 1,856 stores for third-party owners, generating management fees while building an acquisition pipeline with minimal capital deployment. A bridge lending program (~$1.5B loan book) deepens relationships with private operators and has historically converted a portion of loan collateral into acquisitions. Extra Space grows through wholly-owned acquisitions, joint ventures, third-party management, and portfolio recycling. As a REIT, Extra Space distributes the majority of taxable income and funds growth through debt, credit facilities, and equity, carrying ~$12.3B in total debt at a weighted average rate of 4.4%.