Climate Change Data

Environmental Metrics

ESG Focus Areas

• Environmental
• Social
• Governance

Environmental Achievements

• Invested $19.8M in solar in 2022
• LED lighting retrofits in 2022
• 55% of REIT owned stores have solar power
• 85% less carbon emission compared to real estate average
• 81% less water consumption compared to real estate average
• 71% less waste production compared to real estate average

Social Achievements

• Employee engagement score 79%
• 4.3/5 rating on Glassdoor
• 30% racially/gender diverse directors
• Donated 520,000 meals to Feeding America food banks

Governance Achievements

• Highest cybersecurity standards with annual expert third-party audits
• 9/10 directors independent

Climate Goals & Targets

Environmental Challenges

• Concerns regarding inflation and recession
• Pandemic tailwinds for self-storage subsided

Mitigation Strategies

• Need-based sector, geographically diverse portfolio, and unique ownership strategy allow us to operate and grow efficiently
• Strengthening balance sheet, diversifying sources of capital, and maintaining and building a talented, diverse team

Supply Chain Management

Climate-Related Risks & Opportunities

Physical Risks

• Consequences from climate change, natural disasters

Transition Risks

• Changes in legislation and regulation on climate change

Reporting Standards

Frameworks Used: GRESB

Third-party Assurance: Sustainalytics

Awards & Recognition

• NAREIT’s Leader in the Light Award (3 consecutive years)

Environmental Metrics

ESG Focus Areas

• Environmental
• Social
• Governance

Environmental Achievements

• 33% of the company’s wholly-owned properties powered by solar energy, offsetting emissions equivalent to 207 million pounds of coal.
• 74 GRESB score
• $24M in solar investment in 2023
• 46.3 GWhs solar production in 2023
• 80% less carbon emissions than the real estate sector average

Social Achievements

• 79 employee engagement score
• 91% overall customer satisfaction
• DEI “Space for Everyone” scholarship program

Governance Achievements

• 90% of our board members are independent
• Highest cybersecurity standards with annual expert third-party audits
• NAREIT CARE (Communications and Reporting Excellence) Award Winner 2023

Climate Goals & Targets

Environmental Challenges

• Uncertainty around interest rates, cap rates, sector demand, and the possibility of a recession.
• Continuing risks and costs in connection with integrating the Life Storage business.

Mitigation Strategies

• Geographically diverse portfolio, unique ownership strategy and sophisticated operating platform.
• Significant management attention and resources to integrating the operations of Extra Space and Life Storage.
• Cost savings anticipated to result from the Life Storage transaction.

Supply Chain Management

Climate-Related Risks & Opportunities

Physical Risks

• extreme weather, changes in precipitation and temperature, increases in wild fire risk and rising sea levels

Transition Risks

• changes in federal, state and local legislation and regulation on climate change

Opportunities

• significantly expanded the solar opportunity pipeline

Reporting Standards

Frameworks Used: GRESB

Awards & Recognition

• NAREIT CARE (Communications and Reporting Excellence) Award Winner 2023
• Newsweek America's Greatest Workplaces for Diversity 2024