April 20, 2012 at 16:00 PM EDT
Extra Space Storage Inc. Completes Public Offering of 8,050,000 Shares of Common Stock

SALT LAKE CITY, UT -- (Marketwire) -- 04/20/12 -- Extra Space Storage Inc. (NYSE: EXR) (the "Company") today announced the completion of its previously announced public offering of 8,050,000 shares of its common stock, including 1,050,000 shares of common stock sold pursuant to the underwriter's full exercise of its option to purchase additional shares, at a purchase price of $28.22 per share. Citigroup acted as the sole book-running manager for the offering. Net proceeds of the offering were approximately $226.9 million after deducting the underwriting discount and estimated expenses.

The Company intends to use the net proceeds of this offering to fund its acquisition of a 94.9% interest in ESS PRISA III LLC from Prudential Real Estate Investors, to repay a portion of the outstanding indebtedness under its secured lines of credit, to fund other potential acquisitions in the future and for other general corporate and working capital purposes.

A prospectus supplement and accompanying prospectus relating to the offering was filed with the Securities and Exchange Commission.

This release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale is not permitted. The offering is being made only by means of a prospectus supplement and accompanying prospectus, copies of which may be obtained from Citigroup Global Markets Inc., Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, NY 11220, Attention: Prospectus Department, Telephone: (800) 831-9146.

About Extra Space Storage Inc.:

Extra Space Storage Inc., headquartered in Salt Lake City, Utah, is a fully integrated, self-administered and self-managed REIT that owns and/or operates 882 self-storage properties in 34 states and Washington, D.C. The Company's properties comprise approximately 585,000 units and approximately 64 million square feet of rentable space, offering customers a wide selection of conveniently located and secure storage solutions across the country, including boat storage, RV storage and business storage. The Company is the second largest owner and/or operator of self-storage properties in the United States and is the largest self-storage management company in the United States.

Forward-Looking Statements:

Certain information set forth in this release contains "forward-looking statements" within the meaning of the federal securities laws, including, without limitation, statements related to the use of net proceeds and the completion of pending acquisitions. In some cases, forward-looking statements can be identified by terminology such as "believes," "expects," "estimates," "may," "will," "should," "anticipates," or "intends" or the negative of such terms or other comparable terminology. All forward-looking statements are based upon our current expectations and various assumptions. Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them, but there can be no assurance that management's expectations, beliefs and projections will result or be achieved. There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements. All forward-looking statements should be considered in light of the risks referenced in the "Risk Factors" section included in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Forward-looking statements apply only as of the date of this release. We undertake no obligation to publicly update or revise forward-looking statements which may be made to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.

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