SOURCE: Extra Space Storage Inc.

Extra Space Storage Inc.

May 24, 2011 16:05 ET

Extra Space Storage Inc. Announces Exercise of Over-Allotment Option

SALT LAKE CITY, UT--(Marketwire - May 24, 2011) - Extra Space Storage Inc. (NYSE: EXR) (the "Company") today announced the underwriter of its previously announced public offering of common stock has partially exercised its over-allotment option to purchase an additional 335,423 shares of common stock from the Company.

After giving effect to the exercise of the option, the Company will have sold a total of 5,335,423 shares of common stock in the public offering for total net proceeds of approximately $112.9 million. The Company intends to use the net proceeds from the offering to fund potential property acquisitions, to repay outstanding debt and for general corporate purposes.

Citigroup Global Markets Inc. is acting as the sole book-running manager for the offering.

A shelf registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission. The offering is being made only by means of a prospectus supplement and accompanying prospectus. The final prospectus supplement has been filed with the Securities and Exchange Commission and copies 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.

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.

About Extra Space Storage Inc.:

Extra Space Storage, headquartered in Salt Lake City, Utah, is a fully integrated, self-administered and self-managed REIT that owns and/or operates 829 self-storage properties in 34 states and Washington, D.C. The Company's properties comprise approximately 550,000 units and approximately 60 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 completion, timing and size of the proposed offering of securities by the Company and the use of net proceeds therefrom. 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. All 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.