Extra Space Storage Inc. Reports Operating Results for the Three Months Ended March 31, 2009

Extra Space Storage Inc. (the "Company") (NYSE: EXR) announced today operating results for the three months ended March 31, 2009. "In the first quarter, our properties performed well despite a challenging operating environment. Although asking rates and occupancy are experiencing downward pressure, our operations team, aided by further improvements in our systems and processes, has again done an excellent job of controlling expenses and optimizing revenue. We've made good progress on refinancing our upcoming debt maturities and continue to see interest from financial institutions in our refinancing efforts," said Spencer F. Kirk, Chairman and CEO of Extra Space Storage Inc.

Highlights for the Three Months Ended March 31, 2009:

--  The Company's funds from operations ("FFO") for the three months ended
    March 31, 2009, including development dilution of $0.02 per share, was
    $0.47 per diluted share.  After adjusting to exclude a $0.25 gain on
    repurchase of exchangeable senior notes and adding back $0.01 of non-cash
    interest charges related to the new accounting pronouncement FASB Staff
    Position No. APB 14-1 ("APB 14-1"), FFO was $0.23 per diluted share.

--  The Company's revenue and net operating income ("NOI") at its 252 same-
    store portfolio decreased by 0.1% and 0.5%, respectively, when compared to
    the three months ended March 31, 2008.  Same-store revenue and NOI includes
    tenant reinsurance income.

--  The Company secured $67.0 million of financing consisting of a
    revolving line of credit of $50.0 million, a term loan of $9.1 million and
    a construction loan of $7.9 million.

--  The Company repurchased $71.5 million principal amount of exchangeable
    senior notes on the open market resulting in a gain on early extinguishment
    of debt of approximately $22.5 million, or $0.25 per share.  The gain
    includes $0.04 per share of non-cash charges related to the write off of
    the discount associated with the repurchased exchangeable senior notes as
    required by APB 14-1.

--  The Company declared and paid a quarterly cash dividend of $0.25 per
    common share.

At March 31, 2009, the Company operated or had ownership interests in 698 operating properties, 280 of which were wholly-owned and consolidated, five of which were held in joint ventures and consolidated, 343 of which were held in joint ventures and accounted for using the equity method, and 70 of which were managed and in which the Company held no ownership interest. This compares to March 31, 2008, at which time the Company operated or had ownership interests in 654 operating properties, 260 of which were wholly-owned and consolidated, two of which were held in joint ventures and consolidated, 345 of which were held in joint ventures and accounted for using the equity method, and 47 of which were managed and in which the Company held no ownership interest. Results for both periods include equity in earnings of real estate joint ventures, management fees, tenant reinsurance and other income.

FFO Per Share for the Three Months Ended March 31, 2009:

The Company's funds from operations ("FFO") for the three months ended March 31, 2009, including development dilution of $0.02 per share, was $0.47 per diluted share. After adjusting to exclude a $0.25 gain on repurchase of exchangeable senior notes and adding back $0.01 of non-cash interest charges related to APB 14-1, FFO was $0.23 per diluted share.

On January 1, 2009 the company adopted APB 14-1, which requires companies to expense certain implied costs of the option value related to convertible debt. Retrospective adoption of this accounting standard has resulted in the restatement of certain prior period numbers.

FFO provides relevant and meaningful information about the Company's operating performance that is necessary, along with net income and cash flows, for an understanding of the Company's operating results. The Company believes FFO is a meaningful disclosure as a supplement to net earnings. Net earnings assume that the values of real estate assets diminish predictably over time as reflected through depreciation and amortization expenses. The values of real estate assets fluctuate due to market conditions and the Company believes FFO more accurately reflects the value of the Company's real estate assets. FFO is defined by the National Association of Real Estate Investment Trusts, Inc. ("NAREIT") as net income computed in accordance with accounting principles generally accepted in the United States ("GAAP"), excluding gains or losses on sales of operating properties, plus depreciation and amortization and after adjustments to record unconsolidated partnerships and joint ventures on the same basis. The Company believes that to further understand the Company's performance, FFO should be considered along with the reported net income and cash flows in accordance with GAAP, as presented in the Company's consolidated financial statements.

For informational purposes, the Company provides FFO adjusted for the exclusion of gains from early extinguishment of debt and non-cash interest and other charges related to APB 14-1. Although the Company's calculation of FFO as adjusted differs from NAREIT's definition of FFO and may not be comparable to that of other REITs and real estate companies, the Company believes it provides a meaningful supplemental measure of operating performance. The Company believes that by excluding gains from early extinguishment of debt and non-cash interest and other charges related to APB 14-1, stockholders and potential investors are presented with an indicator of its operating performance that more closely achieves the objectives of the real estate industry in presenting FFO. FFO as adjusted by the Company should not be considered a replacement of the NAREIT definition of FFO or used as an alternative to net income as an indication of the Company's performance, as an alternative to net cash flow from operating activities, as a measure of liquidity, or as an indicator of the Company's ability to make cash distributions.