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., +1-801-365-4501

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