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Extra Space Storage Inc. Consolidated Balance Sheets (dollars in thousands, except share data) Assets: Real estate assets, net Investments in unconsolidated real estate ventures

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Extra Space Storage Inc. Consolidated Balance Sheets (dollars in thousands, except share data) Assets: Real estate assets, net Investments in unconsolidated real estate ventures Cash and cash equivalents Restricted cash Receivables from related parties and affiliated real estate joint ventures Other assets, net Total assets Liabilities, Noncontrolling Interests and Equity: Notes payable, net Exchangeable senior notes, net Notes payable to trusts, net Revolving lines of credit Accounts payable and accrued expenses Other liabilities Total liabilities Commitments and contingencies Noncontrolling Interests and Equity: Extra Space Storage Inc. stockholders' equity: December 31, 2017 December 31, 2016 $ 7,132,431 $ 6,770,447 70,091 79,570 55,683 43,858 30,361 13,884 2,847 16,611 163,724 167,076 $ 7,455,137 $ 7,091,446 $ 3,738,497 $ 3,213,588 604,276 610,314 117,444 117,321 94,000 365,000 96,087 101,388 81,026 87,669 4,731,330 4,495,280 Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued or outstanding Common stock, $0.01 par value, 500,000,000 shares authorized, 126,007,091 and 125,881,460 shares issued and outstanding at December 31, 2017 and December 31, 2016, respectively Additional paid-in capital Accumulated other comprehensive income Accumulated deficit Total Extra Space Storage Inc. stockholders' equity Noncontrolling interest represented by Preferred Operating Partnership units, net of $120,230 notes receivable Noncontrolling interests in Operating Partnership Other noncontrolling interests 1,260 2,569,485 1,259 2,566,120 33,290 16,770 (253,284) (339,257) 2,350,751 2,244,892 159,636 147,920 213,301 203,354 119 Total noncontrolling interests and equity 2,723,807 2,596,166 Total liabilities, noncontrolling interests and equity 7,455,137 $ 7,091,446 See accompanying notes. 35 Extra Space Storage Inc. Consolidated Statements of Operations (dollars in thousands, except share data) 2017 For the Year Ended December 31, 2016 2015 Revenues: Property rental Tenant reinsurance Management fees and other income Total revenues Expenses: $ 967,229 98,401 39,379 $ 864,742 $ 87,291 39,842 1,105,009 991,875 676,138 71,971 34,161 782,270 Property operations 271,974 250,005 203,965 Tenant reinsurance 19,173 15,555 13,033 Acquisition related costs and other 12,111 69,401 General and administrative 78,961 81,806 67,758 Depreciation and amortization 193,296 182,560 133,457 Total expenses 563,404 542,037 487,614 Income from operations 541,605 449,838 294,656 Gain (loss) on real estate transactions, earnout from prior acquisitions and impairment of real estate 112,789 8,465 Interest expense (153,511) (133,479) 1,501 (95,682) Non-cash interest expense related to amortization of discount on equity component of exchangeable senior notes (5,103) (4,980) (3,310) Interest income 3,801 6,148 3,461 Interest income on note receivable from Preferred Operating Partnership unit holder 2,935 4,850 4,850 Income before equity in earnings of unconsolidated real estate ventures and income tax expense 502,516 330,842 205,476 Equity in earnings of unconsolidated real estate ventures 15,331 12,895 12,351 Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets and purchase of joint venture partners' interests 69,199 2,857 Income tax expense Net income (3,625) (15,847) (11,148) 514,222 397,089 209,536 Net income allocated to Preferred Operating Partnership noncontrolling interests Net income allocated to Operating Partnership and other noncontrolling interests Net income attributable to common stockholders (14,989) (14,700) (11,718) (20,220) (16,262) (8,344) $ 479,013 $ 366,127 $ 189,474 Earnings per common share Basic Diluted Weighted average number of shares Basic Diluted Net income Other comprehensive income (loss): $ $ 3.79 $ 3.76 $ 2.92 $ 1.58 2.91 $ 1.56 125,967,831 134,155,771 125,087,554 125,948,076 119,816,743 126,918,869 See accompanying notes. 36 Extra Space Storage Inc. Consolidated Statements of Comprehensive Income (amounts in thousands) Change in fair value of interest rate swaps Total comprehensive income Less: comprehensive income attributable to noncontrolling interests Comprehensive income attributable to common stockholders See accompanying notes 37 2017 For the Year Ended December 31, 2016 2015 $ 514,222 S 397,089 $ 209,536 17,308 531,530 24,598 (4,929) 421,687 204,607 35,997 32,438 20,001 $ 495,533 S 389,249 $ 184,606 Extra Space Storage Inc. Consolidated Statements of Cash Flows (amounts in thousands) 2017 For the Year Ended December 31, 2016 2015 Cash flows from operating activities: Net income S 514,222 $ 397,089 S 209,536 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization Amortization of deferred financing costs 193,296 12,289 182,560 12,922 133,457 7,779 Non-cash interest expense related to amortization of discount on equity component of exchangeable senior notes 5,103 4,980 3,310 Non-cash interest expense related to amortization of premium on notes payable (872) (2,409) Compensation expense related to stock-based awards 9,561 8,045 6,055 Gain on sale of real estate assets and purchase of joint venture partners' interests Gain on real estate transactions, earnout from prior acquisition and impairment of real estate (69,199) (2,857) (112,789) (8,465) (1,501) Distributions from unconsolidated real estate ventures in excess of earnings 4,567 3,534 4,531 Changes in operating assets and liabilities: Receivables from related parties and affiliated real estate joint ventures Other assets Accounts payable and accrued expenses Other liabilities Net cash provided by operating activities 1,966 1,367 (1,436) (14,694) (2,981) (1,172) (10,515) 10,075 108 (5,631) 208 11,928 597,375 539,263 367,329 Cash flows from investing activities: Acquisition of real estate assets Development and redevelopment of real estate assets (653,185) (31,746) (1,086,523) (23,279) (349,897) Acquisition of SmartStop, net of cash acquired (26,931) (1,200,853) Proceeds from sale of real estate assets, investments in real estate ventures and other assets Change in restricted cash 312,165 (16,477) 60,813 Investment in unconsolidated real estate ventures (17,944) 16,854 (28,241) 800 1,282 (3,434) Return of investment in unconsolidated real estate ventures 581 16,953 Purchase/issuance of notes receivable Principal payments received from notes receivable 44,869 (26,429) 42,785 45,080 (84,331) Purchase of equipment and fixtures Net cash used in investing activities Cash flows from financing activities: (7,819) (369,556) (4,968) (1,032,035) (7,380) (1,625,664) Proceeds from the sale of common stock, net of offering costs 123,424 446,877 Proceeds from notes payable and revolving lines of credit 1,325,623 Principal payments on notes payable and revolving lines of credit (1,088,679) 1,900,357 (1,122,442) 2,121,802 (1,313,570) Deferred financing costs (6,967) (17,486) (9,779) Net proceeds from the issuance of 2015 exchangeable senior notes Repurchase of exchangeable senior notes. (19,916) Net proceeds from exercise of stock options 1,266 Proceeds from termination of interest rate cap (22,195) 1,444 1,650 563,500 (227,212) 1,542 Purchase of interest rate cap (2,884) Payment of earnout from prior acquisition Redemption of Operating Partnership units held by noncontrolling interests (2,510) (4,600) (506) Contributions from noncontrolling interests. 201 Dividends paid on common stock Distributions to noncontrolling interests Net cash provided by (used in) financing activities Net increase (decrease) in cash and cash equivalents Cash and cash equivalents, beginning of the period Cash and cash equivalents, end of the period Supplemental schedule of cash flow information Interest paid (393,040) (367,818) (31,972) (215,994) 11,825 43,858 (30,997) 460,831 (269,302) (24,503) 1,286,471 (31,941) 28,136 55,683 $ 75,799 43,858 47,663 75,799 S 136,202 S 122,265 $ 89,507

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