Extra Space Storage (EXR) 8-K Other Events

Exhibit 99.3

UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS

Introduction

On April 2, 2023, EXR Parent, Extra Space OP, Extra Space Merger Sub and Extra Space OP Merger Sub entered into a Merger Agreement with LSI and Life Storage OP, pursuant to which, subject to the terms and conditions set forth in the Merger Agreement (i) Extra Space Merger Sub will merge with and into LSI, with LSI continuing as the surviving entity and a wholly owned subsidiary of EXR Parent, (ii) immediately after the parent merger effective time, the LLC Conversions (as defined in the Merger Agreement) will be effected, (iii) immediately after the LLC Conversions, EXR Parent will contribute to Extra Space OP all of the outstanding equity interests of the surviving entity in the parent merger in exchange for the issuance by Extra Space OP to EXR Parent or its applicable subsidiaries of newly issued partnership units in Extra Space OP and (iv) thereafter, Extra Space OP Merger Sub will merge with and into Life Storage OP, with Life Storage OP surviving the Mergers and becoming a wholly owned subsidiary of Extra Space OP. A copy of the Merger Agreement has been filed as an exhibit to the registration statement of which this prospectus forms a part. We encourage you to read the Merger Agreement carefully.

Under the terms of the Merger Agreement, at the parent merger effective time, each issued and outstanding share of LSI common stock as of immediately prior to the parent merger will be automatically converted into the right to receive 0.895 of a newly issued share of EXR Parent common stock, without interest, plus the right, if any, to receive cash in lieu of fractional shares of EXR Parent common stock into which such shares of LSI common stock would have been converted pursuant to the Merger Agreement. At the partnership merger effective time, each issued and outstanding Life Storage OP common unit held by a limited partner of Life Storage OP, other than LSI or any wholly owned subsidiary of LSI, as of immediately prior to the partnership merger effective time will automatically be converted into 0.895 of a newly issued Extra Space OP common unit. The 0.895 exchange ratio is fixed and will not be adjusted to reflect changes in the stock prices of EXR Parent common stock or LSI common stock prior to closing. Changes in the price of EXR Parent common stock prior to the Mergers will affect the market value of the merger consideration that LSI stockholders and Life Storage OP unitholders will be entitled to receive upon the closing of the Mergers. Subject to the approval by the stockholders of EXR Parent and the stockholders of LSI and the other closing conditions described in the Merger Agreement, the Mergers are expected to be consummated in the second half of 2023.

Based on current information, it is expected that former LSI stockholders will own approximately 35% and current EXR Parent stockholders will own approximately 65% of the issued and outstanding Combined Company common stock after consummation of the Mergers.

Pro Forma Information

The following Unaudited Pro Forma Condensed Combined Financial Statements combine the historical consolidated financial statements of EXR Parent and LSI, including a Pro Forma Balance Sheet and Pro Forma Statements of Income, which we refer to as the “Pro Forma Financial Statements.”

The accompanying Pro Forma Balance Sheet as of March 31, 2023 has been prepared as if the Mergers had occurred as of March 31, 2023. The accompanying Pro Forma Statements of Income for the three months ended March 31, 2023 and the year ended December 31, 2022 have been prepared as if the Mergers had occurred as of January 1, 2022, the beginning of the earliest period presented.

During the period from January 1, 2022 to March 31, 2023, EXR Parent and LSI acquired and disposed of various real estate assets. None of the assets acquired and disposed of by the respective companies during this period, individually or in the aggregate, or acquisitions and dispositions considered probable of closing as of the date of this Prospectus, exceeded the significance level that requires the presentation of pro forma financial information pursuant to Regulation S-X, Article 11. As such, the following Pro Forma Statements of Income for

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the three months ended March 31, 2023 and the year ended December 31, 2022 do not include pro forma adjustments to present the impact of these insignificant acquisitions and dispositions as if they occurred on January 1, 2022.

Pro forma adjustments, and the assumptions on which they are based, are described in the accompanying Notes to Pro Forma Financial Statements, which are referred to in this section as the accompanying notes.

The pro forma adjustments and the purchase price allocation as presented are based on estimates and certain information that is currently available. The Pro Forma Financial Statements have been prepared based upon the preliminary conclusion that the Mergers are accounted for as an asset acquisition under ASC 805-50 as substantially all of the fair value of the gross assets acquired was concentrated in a group of similar identifiable assets, and therefore, the Mergers were not considered a business combination. Under the asset acquisition method of accounting, the assets of LSI as of the effective date of the Mergers will be measured by Extra Space following a cost accumulation and allocation model under which the cost of the acquisition is allocated on a relative fair value basis to the net assets acquired. The process of valuing the net assets of LSI, as well as evaluating accounting policies for conformity, is preliminary in nature and subject to change. The actual value of the shares of EXR Parent common stock to be issued in exchange for shares of LSI common stock and Life Storage OP common units in connection with the Mergers will depend on the market price of shares of EXR Parent common stock on the closing date of the Mergers, and therefore, the actual purchase price will fluctuate with the market price of EXR Parent common stock until the Mergers are consummated. As a result, the final purchase price could differ significantly from the current estimate, which could materially impact the unaudited pro forma condensed combined financial information. The total consideration and assignment of fair values to LSI’s assets and liabilities has not been finalized and are subject to change and the actual amounts at the time the Mergers are completed could vary materially from the Pro Forma Financial Statements.

The Pro Forma Financial Statements have been prepared in accordance with the rules and regulations of the SEC. All significant adjustments that can be factually supported, are directly attributable to the Mergers and are expected to have a continuing impact within the SEC regulations covering the preparation of the Pro Forma Financial Statements, have been made. The Pro Forma Financial Statements are presented for illustrative purposes only and are not necessarily indicative of the combined operating results or financial position that would have occurred if such transactions had been consummated on the dates and in accordance with the assumptions described herein, nor are they necessarily indicative of future operating results or financial position. We expect that the Mergers will create significant corporate general and administrative as well as property operating cost savings. There can be no assurance that we will be successful in achieving these anticipated cost savings. Therefore, the Pro Forma Financial Statements included herein do not give effect to any synergies, potential cost reductions or other operating efficiencies that we expect to result from the Mergers based on management’s plans or intent after the Mergers.

You are urged to read the Pro Forma Financial Statements below together with EXR Parent’s and LSI’s publicly available historical consolidated financial statements and accompanying notes.

Merger Consideration

For purposes of the Pro Forma Financial Statements, Extra Space estimates that the Mergers will be completed for $14.7 billion through the issuance of equity based on the value of EXR Parent common stock and Extra Space OP common units issued of $11.4 billion, the assumption and/or repayment of debt of $3.1 billion and transaction costs. The aggregate equity consideration consists of shares of EXR Parent common stock and

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Extra Space OP common units issued in exchange for shares of LSI common stock and Life Storage OP common units and is calculated as follows (in thousands, except per share amounts):

Number of shares of EXR Parent common stock and Extra Space OP common units to be issued upon conversion of shares of LSI common stock and Life Storage OP common units at March 31, 2023(1)	$	77,802
Multiplied by price of EXR Parent common stock on May 30, 2023(2)	$	146.17
Estimated fair value of shares of EXR Parent common stock and Extra Space OP common units to be issued	$	11,372,318
Estimated transaction costs(3)		161,400
Estimated aggregate consideration	$	11,533,718

(1) LSI stockholders and Life Storage OP unitholders will receive 0.895 of a newly issued share of EXR Parent common stock or 0.895 of a new Extra Space OP common unit, respectively, for each share of LSI common stock or Life Storage OP common unit, respectively, that they own as of immediately prior to consummation of the Mergers. Shares related to the acceleration of unvested LSI equity awards under LSI’s equity incentive plans that become fully vested at closing are included in the estimated shares to be issued.

(2) The estimated purchase price is based on the closing price of EXR Parent common stock on May 30, 2023. Pursuant to accounting rules, the final purchase price will be based on the price of the EXR Parent common stock as of the closing date, and therefore, will be different from the amount shown above. Based on a sensitivity analysis, a change in the EXR Parent common stock price of 10% would result in an approximate $1.1 billion change in the estimated aggregate consideration.

(3) For purposes of the Pro Forma Financial Statements, estimated transaction costs for the Mergers were included in the estimated aggregate consideration. These estimated transaction costs are expected to be approximately $161 million and include the direct costs incurred in acquiring the real estate assets. These costs will be capitalized by Extra Space.

The Pro Forma Financial Statements included herein do not give effect to any synergies, potential cost reductions or other operating efficiencies that we expect to result from the Mergers based on management’s plans or intent after the Mergers.

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EXTRA SPACE STORAGE INC.

UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET

March 31, 2023

(In thousands)

	Historical (A)						Transaction Accounting Adjustments					Pro Forma Combined
	Extra Space Storage			Life Storage
Assets:
Real estate assets, net	$	9,991,446		$	6,982,808		$	7,520,530		(B	)	$	24,494,784
Real estate assets—operating lease right-of-use assets		226,483			17,052			13,950		(C	)		257,485
Investments in unconsolidated real estate entities		600,617			276,436			65,620		(D	)		942,673
Investments in debt securities and notes receivable		863,913			—			—					863,913
Cash and cash equivalents		47,951			32,765			—					80,716
Other assets, net		402,259			67,493			89,902		(E	)		559,654
Total assets	$	12,132,669		$	7,376,554		$	7,690,002				$	27,199,225
Liabilities, Noncontrolling Interests and Equity:
Debt	$	7,237,298		$	2,785,046		$	(278,524	)	(F	)	$	9,743,820
Revolving lines of credit		94,500			619,000			—					713,500
Operating lease liabilities		234,255			16,893			—					251,148
Cash distributions in unconsolidated real estate ventures		68,284			—			—					68,284
Accounts payable and accrued expenses		178,156			119,516			—					297,672
Other liabilities		287,475			34,530			—					322,005
Total liabilities	$	8,099,968		$	3,574,985		$	(278,524	)			$	11,396,429
Commitments and contingencies
Noncontrolling Interests and Equity:
Stockholders’ equity:
Common stock		1,350			851			(73	)	(G	)		2,128
Additional paid-in capital		3,376,458			3,884,890			7,648,051		(G	)		14,909,399
Accumulated other comprehensive income (loss)		35,081			(2,978	)		2,978		(G	)		35,081
Accumulated deficit		(159,556	)		(317,570	)		317,570		(G	)		(159,556	)
Total stockholders’ equity	$	3,253,333		$	3,565,193		$	7,968,526				$	14,787,052
Noncontrolling interests		779,368			236,376			—					1,015,744
Total noncontrolling interests and equity	$	4,032,701		$	3,801,569		$	7,968,526				$	15,802,796
Total liabilities, noncontrolling interests and equity	$	12,132,669		$	7,376,554		$	7,690,002				$	27,199,225

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EXTRA SPACE STORAGE INC.

UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENTS OF INCOME

For the three months ended March 31, 2023

(In thousands, except share and per share data)

	Historical (A)						Transaction Accounting Adjustments					Pro Forma Combined
	Extra Space Storage			Life Storage
Revenues:
Property rental	$	433,962		$	240,483			—					674,445
Tenant reinsurance		47,704			20,291			—					67,995
Management fees and other income		21,384			12,828			—					34,212
Total revenues		503,050			273,602			—					776,652
Expenses:
Property operations		117,166			74,743			—		(H	)		191,909
Tenant reinsurance		9,089			9,220			—		(H	)		18,309
General and administrative		34,763			26,887			—		(H	)		61,650
Depreciation and amortization		78,490			47,769			62,492		(I	)		188,751
Total expenses		239,508			158,619			62,492					460,619
Gain on sale of non-real estate assets		—			913			—					913
Income from operations		263,542			115,896			(62,492	)				316,946
Interest expense		(80,099	)		(33,113	)		(14,831	)	(J	)		(128,043	)
Interest income		19,438			12			—					19,450
Income before equity in earnings and dividend income from unconsolidated real estate entities and income tax expense		202,881			82,795			(77,323	)				208,353
Equity in earnings and dividend income from unconsolidated real estate entities		10,305			1,629			(308	)	(K	)		11,626
Income tax expense		(4,308	)		(1,158	)		—					(5,466	)
Net income		208,878			83,266			(77,631	)				214,513
Net income allocated to noncontrolling interests		(12,574	)		(1,658	)		1,546		(L	)		(12,686	)
Net income attributable to common stockholders	$	196,304		$	81,608		$	(76,085	)			$	201,827
Earnings per common share
Basic	$	1.46		$	0.96							$	0.96
Diluted	$	1.46		$	0.96							$	0.96
Weighted average number of shares
Basic		134,511,273			84,935,860								210,641,382		(M	)
Diluted		142,940,384			85,378,412								220,742,519		(M	)

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EXTRA SPACE STORAGE INC.

UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENTS OF INCOME

For the year ended December 31, 2022

(In thousands, except share and per share data)

	Historical (A)							Transaction Accounting Adjustments					Pro Forma Combined
	Extra Space Storage			Life Storage
Revenues:
Property rental	$	1,654,735		$	917,143		��		—				$	2,571,878
Tenant reinsurance		185,531			73,805				—					259,336
Management fees and other income		83,904			47,218				—					131,122
Total revenues		1,924,170			1,038,166				—					2,962,336
Expenses:
Property operations		435,342			279,470				—		(H	)		714,812
Tenant reinsurance		33,560			29,280				—		(H	)		62,840
Transaction related costs		1,548			—				—					1,548
General and administrative		129,251			75,050				—		(H	)		204,301
Depreciation and amortization		288,316			192,902				248,142		(I	)		729,360
Total expenses		888,017			576,702				248,142					1,712,861
Gain on real estate transactions		14,249			—				—					14,249
Gain on sale of non-real estate assets		—			7,385				—					7,385
Income from operations		1,050,402			468,849				(248,142	)				1,271,109
Interest expense		(219,171	)		(109,240	)			(59,325	)	(J	)		(387,736	)
Interest income		69,422			32				—					69,454
Income before equity in earnings and dividend income from unconsolidated real estate entities and income tax expense		900,653			359,641				(307,467	)				952,827
Equity in earnings and dividend income from unconsolidated real estate entities		41,428			9,235				(1,233	)	(K	)		49,430
Equity in earnings of unconsolidated real estate ventures—gain on sale of real estate assets		—			1,572				—					1,572
Income tax expense		(20,925	)		(3,986	)			—					(24,911	)
Net income		921,156			366,462				(308,700	)				978,918
Net income allocated to noncontrolling interests		(60,468	)		(8,334	)			7,020		(L	)		(61,782	)
Net income attributable to common stockholders	$	860,688		$	358,128			$	(301,680	)			$	917,136
Earnings per common share
Basic	$	6.41		$	4.25								$	4.36
Diluted	$	6.41		$	4.22								$	4.35
Weighted average number of shares
Basic		134,050,815			84,322,043									210,180,924		(M	)
Diluted		141,681,388			84,884,168									219,483,523		(M	)

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Notes to the Pro Forma Financial Statements

(1) Basis of Presentation

As described above, the preliminary conclusion is that the Mergers will be accounted for as an asset acquisition in accordance with GAAP. Under the asset acquisition method of accounting, the assets of LSI as of the effective date of the Mergers will be measured by EXR Parent following a cost accumulation and allocation model under which the cost of the acquisition is allocated on a relative fair value basis to the net assets acquired.

The unaudited pro forma condensed combined balance sheet as of March 31, 2023, assumes that the Mergers occurred on January 1, 2023. The unaudited pro forma condensed combined statements of operations for the three months ended March 31, 2023 and the year ended December 31, 2022 give pro forma effect to the Mergers as if completed on January 1, 2022.

(2) Preliminary Purchase Price Allocation

The following preliminary allocation of the purchase price of LSI is based on the preliminary estimate of the fair value of the tangible and intangible assets and liabilities of LSI at March 31, 2023. During the preparation of these unaudited pro forma condensed combined financial statements, EXR Parent did not become aware of any material differences between accounting policies of EXR Parent and LSI, except for certain reclassifications necessary to conform to EXR Parent’s financial presentation, and accordingly, these unaudited pro forma condensed combined financial statements do not assume any material differences in accounting policies between EXR Parent and LSI. The final determination of the allocation of the purchase price will be based on the fair value of such assets and liabilities as of the actual consummation date of the mergers and will be completed after the mergers are consummated. As such, the final determination of the purchase price may be significantly different from the preliminary estimates used in the Pro Forma Financial Statements.

The estimated purchase price of LSI of $11.5 billion (as calculated in the manner described above) is allocated to the tangible and intangible assets acquired and assumed liabilities based on the following preliminary basis at March 31, 2023 (dollar amounts in thousands):

Investments in real estate properties, net	$	14,503,338
Investments in real estate – right of use assets		31,002
Investments in and advancements to unconsolidated entities		342,056
Cash and other assets, including intangible assets		190,160
Debt		(3,125,522	)
Accounts payable, accrued expenses and other liabilities, including lease intangible liabilities		(170,940	)
Noncontrolling interests		(236,376	)
Total estimated purchase price, including transaction costs	$	11,533,718

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(3) Historical Financial Statements

(A) In order to conform to the current EXR Parent presentation, we condensed and reclassified certain amounts presented in the historical financial statements of LSI, as follows:

Balance Sheet

• Real estate assets, net, as presented includes LSI’s historical balance of Investment in storage facilities, net. It has been further adjusted to include in-place customer leases, which has been historically classified within Other assets, as follows (in thousands):

	March 31, 2023
Investment in storage facilities, net (historical)	$	6,980,649
Add: in-place customer leases		2,159
Real estate assets, net as presented	$	6,982,808

• LSI’s historical balance of Other assets has been adjusted to exclude in-place customer leases, as mentioned above, as well as to exclude lease ROU assets, which have been reported separately on the pro forma financials in line with EXR Parent’s presentation. The balance has also been adjusted to include some historically separately presented items, including Accounts receivable, Receivable from unconsolidated joint ventures, Prepaid expenses, and Trade name. These changes are as follows (in thousands):

	March 31, 2023
Other assets, net (historical)	$	31,963
Less: in-place customer leases		(2,159	)
Less: Operating Lease ROU Assets, as presented		(17,052	)
Add: Accounts receivable		23,281
Add: Receivable from unconsolidated joint ventures		795
Add: Prepaid expenses		14,165
Add: Trade name		16,500
Other assets, net as presented	$	67,493

Statements of Operations

• LSI’s historical presentation of Property operations and maintenance, presented as Property operations at EXR Parent, has been adjusted to include Real estate tax amounts which are presented separately on LSI’s historical financials, as follows (in thousands):

	For the Three Months Ended March 31, 2023		For the Year Ended December 31, 2022
Property operations and maintenance (historical)	$	47,306	$	179,760
Add: Real estate taxes		27,437		99,710
Property operations, as presented	$	74,743	$	279,470

• LSI’s historical financial statements do not present Income tax expense as a separate line item. Rather, these amounts have been historically grouped into General and administrative expenses and Gain on sale of non-real estate assets. As such, to comply with Extra Space’s presentation of Income tax

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expenses, the applicable income tax amounts included in both of these expense categories have been allocated to Income tax expense, as follows (in thousands):

	For the Three Months Ended March 31, 2023			For the Year Ended December 31, 2022
General and administrative (historical)	$	27,818		$	77,201
Less: Income tax portion of G&A		(931	)		(2,151	)
General and administrative, as presented	$	26,887		$	75,050
Gain on sale of non-real estate assets (historical)		686			5,550
Add: Income tax portion of Gain on sale of non-real estate assets		227			1,835
Gain on sale of non-real estate assets, as presented	$	913		$	7,385
Income tax expense historically categorized as G&A	$	931		$	2,151
Income tax expense historically categorized as Gain on sale of non-real estate assets:		227			1,835
Income tax expense, as presented	$	1,158		$	3,986

(4) LSI Transaction Accounting Adjustments

Adjustments for Pro Forma Condensed Combined Balance Sheet

(B) LSI’s real estate assets have been adjusted to their estimated fair value at March 31, 2023. We estimated the fair value of each property generally by applying a capitalization rate to the estimated net operating income and adding a portfolio premium to the property based on the relative fair value of the property in comparison to the total portfolio. We determined the capitalization rates that were appropriate by market, based on recent appraisals, transactions or other market data. The fair value of land is generally based on relevant market data, such as a comparison of the subject site to similar parcels that have recently been sold or are currently being offered on the market for sale. As part of the valuation, LSI’s historical accumulated depreciation balance has been eliminated. The remainder of the adjustment can be attributed to capitalized transaction costs expected to be incurred, all of which have been allocated to Real estate assets, net.

(C) Adjustments to LSI’s historical balance of Real estate assets – operating lease right-of-use assets are as follows (in thousands):

Elimination of lease right-of-use assets	$	(17,052	)
Recognition of value of acquired lease right-of-use assets(1)		31,002
Total	$	13,950

(1) This adjustment includes the fair value of LSI’s lease right-of-use assets for ground and office space leases, in which LSI is the lessee, as well as the fair value measurement of all associated below-market ground leases as of March 31, 2023. We estimated the value of each lease by calculating the present value of the future minimum rental payments at March 31, 2023 using EXR Parent’s weighted average incremental borrowing rate of 5.4%. The weighted average remaining lease term for these leases was approximately nine years at March 31, 2023.

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(D) LSI’s Investments in unconsolidated real estate entities have been adjusted to their estimated fair value at March 31, 2023. The fair values for the investments were calculated using similar valuation methods as those used for consolidated real estate assets.

(E) Adjustments to LSI’s historical balance of other assets are as follows (in thousands):

Elimination of trade name intangible assets	$	(16,500	)
Recognition of value of trade name intangible assets		50,014
Recognition of value of customer relationships relating to captive insurance		35,794
Recognition of value of management contracts intangible assets		6,865
Recognition of value of assembled workforce intangible assets		13,729
Total	$	89,902

(F) LSI’s debt balances have been adjusted to their estimated fair value at March 31, 2023. The fair value of Term Notes was estimated based on contractual future cash flows discounted using borrowing spreads and market interest rates that would have been available to us for the issuance of debt with similar terms and remaining maturities. This fair value adjustment also took into effect the elimination of associated debt issuance costs. The assumed mortgage notes have been kept at book value as they are anticipated to be paid down immediately following the merger.

(G) Adjustments represent the elimination of historical LSI balances and the issuance of EXR Parent common stock and Extra Space OP common units in exchange for shares of LSI common stock and Life Storage OP common units, respectively, in the mergers.

Adjustments for Pro Forma Condensed Combined Statements of Income

The pro forma adjustments to the Pro Forma Condensed Combined Statements of Income assume that a purchase price allocation done as of January 1, 2022 was equivalent to amounts assigned based on the estimated purchase price allocation done at March 31, 2023 and reflected in the Pro Forma Condensed Combined Balance Sheet.

(H) We expect that the mergers will create significant corporate general and administrative as well as property operating cost savings. There can be no assurance that we will be successful in achieving these anticipated cost savings. Therefore, the Pro Forma Financial Statements included herein do not give effect to any synergies, potential cost reductions or other operating efficiencies that we expect to result from the mergers based on management’s plans or intent after the mergers.

(I) Depreciation and amortization expense is adjusted to remove $47.8 million and $192.9 million of LSI’s historical depreciation and amortization expense and recognize $110.3 million and $441.0 million of depreciation and amortization expense for the three months ended March 31, 2023, and the year ended December 31, 2022, respectively. For purposes of this adjustment, we estimated the various components of the real estate acquired and used an estimated average useful life of 39 years for operating properties and an estimated weighted average remaining lease term associated with existing tenant relationships at March 31, 2023 that approximated 18 months.

(J) We adjusted LSI’s interest expense based on the fair value of debt. The adjustment to interest expense includes the removal of LSI’s historical interest expense, including amortization of deferred financing costs and debt premiums and discounts, and calculation of interest expense based on the estimated fair value of acquired debt, net of amounts capitalized. The weighted average interest rate associated with the debt at fair value was 5.4% at March 31, 2023 (see note E).

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(K) We adjusted LSI’s investments in unconsolidated entities to fair value. As a result, we adjusted the equity in earnings that LSI recognized from these entities to reflect the impact the amortization of these fair value adjustments would have had on earnings from these unconsolidated entities.

(L) An adjustment was made to reflect the Life Storage OP unitholders’ ownership percentage in all of the pro forma adjustments described above.

(5) Combined Pro Forma Adjustments

(M) The unaudited pro forma adjustments to shares or units outstanding used in the calculation of basic earnings per share or unit attributable to common stockholders or unitholders and diluted earnings per share attributable to common stockholders or unitholders, after giving effect to the exchange ratios for the mergers, were as follows (in thousands):

	Three Months Ended March 31, 2023		Year Ended December 31, 2022
EXR Parent
EXR Parent weighted average common shares outstanding – Basic		134,511,273		134,050,815
Shares issued to LSI stockholders – pro forma basis(1)		76,130,109		76,130,109
Weighted average common shares outstanding – Basic		210,641,382		210,180,924
EXR Parent weighted average common shares outstanding – Diluted		142,940,384		141,681,388
Shares issued to LSI shareholders – pro forma basis(1)		76,130,109		76,130,109
OP units issued to Life Storage OP unitholders – pro forma basis(1)		1,672,026		1,672,026
Weighted average common shares outstanding – Diluted		220,742,519		219,483,523

(1) The pro forma weighted average shares or units outstanding assumes the issuance of shares of EXR Parent common stock and Extra Space OP common units in connection with the mergers throughout all periods presented.

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