Extra Space Storage Inc. Reports Operating Results for the Three Months and Year Ended December 31, 2008

Market Wire, February, 2009

--  Same-store property revenue growth, including tenant reinsurance
    income, between -1.0% and 1.0%.

--  Same-store property expense growth between 2.5% and 3.5%.

--  Same-store property NOI growth, including tenant reinsurance income,
    between -2.5% and 1.0%.

--  Net tenant reinsurance income between $11.0 million and $12.0 million.

--  General and administrative expenses, net of development fees, between
    $41.0 million and $43.0 million, including non-cash compensation
    expense of approximately $3.5 million.

--  Average monthly cash balance of approximately of $100.0 million.

--  Interest expense between $68.0 million and $71.0 million.

--  Weighted average LIBOR of 1.3%.

--  Weighted average number of outstanding shares, including OP units, of
    approximately 91.0 million.

--  Net losses associated with the Company's development program of between
    $6.5 million and $7.5 million.

--  Taxes associated with the Company's taxable REIT subsidiary of
    approximately $2.0 million.

--  Does not include non-cash interest expense related to the Company's
    exchangeable senior notes of approximately $4.5 million.

Following is a GAAP reconciliation of the range of estimated fully diluted net income per share to estimated fully diluted FFO per share for the three months ending March 31, 2009.

                                                          For the Three
                                                        Months Ended March
                                                             31, 2009
                                                        ------------------
                                                        Low End   High End
                                                        --------  --------
Net income                                              $   0.08  $   0.09
Income allocated to Operating Partnership minority
 interest                                                   0.01      0.01
                                                        --------  --------
Net income per diluted share                                0.09      0.10

Real estate depreciation                                    0.13      0.13
Amortization of intangibles                                 0.01      0.01
Joint venture real estate depreciation and amortization     0.02      0.02
Distributions paid on Preferred Operating Partnership
 units                                                     (0.02)    (0.02)
                                                        --------  --------
Diluted funds from operations per share                 $   0.23  $   0.24
                                                        ========  ========

Following is a GAAP reconciliation of the range of estimated fully diluted net income per share to estimated fully diluted FFO per share for the year ending December 31, 2009:

                                                             For the Year
                                                            Ended December
                                                               31, 2009
                                                            --------------
                                                              Low    High
                                                              End     End
                                                            ------  ------
Net income                                                  $ 0.33  $ 0.38
Income allocated to Operating Partnership minority interest   0.03    0.03
                                                            ------  ------
Net income per diluted share                                  0.36    0.41

Real estate depreciation                                      0.53    0.53
Amortization of intangibles                                   0.06    0.06
Joint venture real estate depreciation and amortization       0.07    0.07
Distributions paid on Preferred Operating Partnership units  (0.06)  (0.06)
                                                            ------  ------
Diluted funds from operations per share                     $ 0.96  $ 1.01
                                                            ======  ======