Extra Space Storage Announces Pricing of Its Initial Public Offering

Extra Space Storage Announces Pricing of Its Initial Public
Offering 


SALT LAKE CITY, Aug. 12  /PRNewswire-FirstCall/ -- Extra Space Storage Inc.
(the "Company") today announced the pricing of its initial public offering of
20,200,000 shares of its common stock at $12.50 per share, raising total
proceeds of $252.5 million before deducting underwriting discounts and
commissions and expenses.  All of the shares being issued in this offering are
primary shares that are being sold by the Company.  The Company has granted the
underwriters an option to purchase up to an additional 3,030,000 shares to
cover over-allotments, if any.

The shares will commence trading on August 12, 2004 on the New York Stock
Exchange under the symbol "EXR."

Extra Space Storage Inc. is a fully integrated, self-administered and
self-managed real estate investment trust (REIT) that acquires, develops and
operates self-storage facilities.

The joint book-running managers for the initial public offering are UBS
Securities LLC and Merrill Lynch & Co.  The co-managers for the initial public
offering are A.G. Edwards, Bank of America Securities, LLC, Raymond James, RBC
Capital Markets and Wells Fargo Securities, LLC.

A registration statement relating to these securities was filed with and has
been declared effective by the Securities and Exchange Commission on August 11,
2004.

Copies of the prospectus relating to this offering may be obtained by writing
to one of the joint book running managers:

   UBS Securities LLC                         Merrill Lynch & Co.
   299 Park Avenue                            4 World Financial Center
   New York, NY 10171                         New York, NY 10080


DATASOURCE: Extra Space Storage Inc.



CONTACT:  James Overturf of Extra Space Storage Inc., [phone]

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