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

Extra Space Storage Inc. (the "Company") (NYSE: EXR) today announced that the underwriters of its previously announced public offering of common stock have fully exercised their over-allotment option to purchase an additional 1,950,000 shares from the Company.

After giving effect to the exercise of the option, the Company will have sold a total of 14,950,000 shares of common stock in the public offering for net proceeds of approximately $232.8 million after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. The Company intends to use the net proceeds from the offering for debt repayment and general business purposes, including potential property acquisitions. The offering, including the over-allotment shares, is expected to close on May 19, 2008.

A shelf registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission.

Merrill Lynch & Co. and Citigroup Global Markets Inc. served as joint book-running managers for the offering. The co-managers for the offering were UBS Investment Bank, Banc of America Securities LLC, KeyBanc Capital Markets, and RBC Capital Markets. 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 by contacting Merrill Lynch & Co., 4 World Financial Center, New York, NY 10080 (telephone: 866-500-5408), or Citigroup Global Markets Inc., Citigroup Prospectus Department, Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, NY 11220 (telephone: 718-765-6732; fax: 718-765-6734).

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

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," "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.

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 654 self-storage properties in 33 states and Washington, D.C. The Company's properties comprise approximately 450,000 units and 48 million square feet rented by more than 300,000 individual tenants. The Company is the second largest owner and/or operator of self storage properties in the United States.