CLOUD

Extra Space Storage announced the completion of its previously announced public offering of 5,980,000 shares of its common stock, including 780,000 shares of common stock sold pursuant to the underwriter's full exercise of its option to purchase additional shares. Citigroup acted as the sole book-running manager for the offering.  Net proceeds of the offering were approximately $202.9 million after deducting the underwriting discount and estimated expenses.

The Company intends to use the net proceeds of this offering to fund its previously-announced acquisitions of 28 properties that are under contract or letter of intent with an aggregate purchase price of approximately $190.2 million, to repay a portion of the outstanding indebtedness under its secured lines of credit and for other general corporate and working capital purposes. 

A prospectus supplement and accompanying prospectus relating to the offering were 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, C / O Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 800-831-9146.