SOURCE: Extra Space Storage Inc.

November 13, 2008 17:10 ET

Extra Space Storage Inc. Comments on CEO's Recent Stock Transactions

SALT LAKE CITY, UT--(Marketwire - November 13, 2008) - Extra Space Storage Inc. (the "Company") (NYSE: EXR) announced today that the Company's Chairman and CEO, Kenneth M. Woolley, has voluntarily sold 350,000 shares of the Company's common stock. Proceeds from the sales were used to partially pay down the outstanding balance on a margin loan secured by Mr. Woolley's common shares. The sales were related to certain contractual obligations, although there has been no default or margin call at this time. The amount of shares sold represented approximately 15.5% of Mr. Woolley's total holdings in the Company's common stock including operating partnership units. The outstanding balance on Mr. Woolley's loan is approximately $3.5 million after the sale of shares.

"I am very disappointed to have to sell shares at this time. The margin loan is personal to me and has been used for business ventures completely separate and apart from Extra Space Storage," Mr. Woolley said. "The sales in no way reflect any lack of confidence on my part in the performance or prospects of Extra Space Storage. I believe wholeheartedly in our strategic direction, our assets, our systems, our expertise, and our management team."

Forward-Looking Statements

Certain information set forth in this release contains "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements include statements concerning our plans, objectives, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions and other information that is not historical information. In some cases, forward-looking statements can be identified by terminology such as "believes," "estimates," "expects," "may," "will," "should," "anticipates," or "intends" or the negative of such terms or other comparable terminology, or by discussions of strategy. We may also make additional forward-looking statements from time to time. All such subsequent forward-looking statements, whether written or oral, by us or on our behalf, are also expressly qualified by these cautionary statements.

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 made. We undertake no obligation to publicly update or revise forward-looking statements which may be made to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events.

There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in or contemplated by this release. Any 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. Such factors include, but are not limited to:

--  changes in general economic conditions and in the markets in which we
    operate;
    
--  the effect of competition from new self-storage facilities or other
    storage alternatives, which could cause rents and occupancy rates to
    decline;
    
--  potential liability for uninsured losses and environmental
    contamination;
    
--  difficulties in our ability to evaluate, finance and integrate
    acquired and developed properties into our existing operations and to lease
    up those properties, which could adversely affect our profitability;
    
--  the impact of the regulatory environment as well as national, state,
    and local laws and regulations including, without limitation, those
    governing REITs, which could increase our expenses and reduce our cash
    available for distribution;
    
--  recent disruptions in credit and financial markets and resulting
    difficulties in raising capital at reasonable rates, which could impede our
    ability to grow;
    
--  delays in the development and construction process, which could
    adversely affect our profitability; and
    
--  economic uncertainty due to the impact of war or terrorism, which
    could adversely affect our business plan.
    

About Extra Space Storage Inc.

Extra Space Storage Inc., headquartered in Salt Lake City, Utah, is a fully integrated, self-administered and self-managed real estate investment trust that owns and/or operates 684 self-storage properties in 33 states and Washington, D.C. The Company's properties comprise approximately 468,000 units and over 50 million square feet of rentable space. The Company is the second largest owner and/or operator of self-storage properties in the United States.

Contact Information

  • For Information:
    James Overturf
    Extra Space Storage Inc.
    (801) 365-4501

    Mark Collinson
    CCG Investor Relations
    (310) 477-9800