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Extra Space Storage Inc. Reports Fourth Quarter 2010 Results


February 22, 2011 - Salt Lake City, UT

Extra Space Storage Inc. (NYSE: EXR), aleading owner and operator of self-storage properties in the United States,announced operating results for the three months and year ended December31, 2010.

Highlights for the Three Months Ended December 31, 2010:


-- Achieved funds from operations ("FFO") of $0.26 per diluted share
including development dilution of $0.03 per share.

-- Grew same-store occupancy by 190 basis points to 84.8%, compared to
82.9% during the same period in 2009.

-- Increased same-store revenue and net operating income ("NOI") by
3.3% and 5.3%, respectively, as compared to the same period in 2009.
Same-store revenue and NOI include tenant reinsurance income and
expenses.

-- Acquired eight properties for approximately $42.0 million.

-- Added six properties to the Company's third-party management platform.

Spencer F. Kirk, Chairman and CEO of Extra Space Storage Inc., commented:"Our operating and technology platform delivered solid top-line growth andexpense containment resulting in excellent NOI growth. We believe ouroccupancy is approaching an optimal level, giving us pricing power as wehead into 2011. We continue to invest in technology initiatives that willenable us to capture more business and increase our efficiencies. Withproperty level growth trending towards historical levels and increasedacquisition activity, we are looking forward to a successful 2011."

FFO per Share:

The following table outlines the Company's FFO and FFO as adjusted for thethree months and year ended December 31, 2010 and 2009. The table alsoprovides a reconciliation to GAAP net income per diluted share for eachperiod presented (amounts shown in thousands, except share data -unaudited):

 For the Three Months Ended December 31, ---------------------------------------------------- 2010 2009 ------------------------- ------------------------- (per share) (per share)Net income attributable to common stockholders $ 8,916 $ 0.10 $ 5,932 $ 0.07Adjustments: Real estate depreciation 12,195 0.13 12,473 0.13 Amortization of intangibles 251 - 201 - Joint venture real estate depreciation and amortization 2,088 0.02 1,521 0.01 Joint venture loss on sale of properties - - 7 - Distributions paid on Preferred Operating Partnership units (1,437) (0.01) (1,437) (0.01) Income allocated to Operating Partnership noncontrolling interests 1,879 0.02 1,763 0.02 ---------- ------------- ---------- -------------Funds from operations $ 23,892 $ 0.26 $ 20,460 $ 0.22 ========== ============= ========== ============= Adjustments: Non-cash interest expense related to amortization of discount on exchangeable senior notes 428 - 405 - Gain on repurchase of exchangeable senior notes - - (352) - Unrecovered development and acquisition costs 812 0.01 106 - Loss on sublease - - - - Severance costs - - 825 0.01 ---------- ------------- ---------- -------------Funds from operations - adjusted $ 25,132 $ 0.27 $ 21,444 $ 0.23 ========== ============= ========== ============= Weighted average number of shares - diluted 92,348,254 91,364,431 For the Year Ended December 31, ---------------------------------------------------- 2010 2009 ------------------------- ------------------------- (per share) (per share)Net income attributable to common stockholders $ 26,331 $ 0.30 $ 31,977 $ 0.37Adjustments: Real estate depreciation 47,063 0.50 48,417 0.51 Amortization of intangibles 650 - 1,647 0.02 Joint venture real estate depreciation and amortization 8,269 0.09 5,805 0.06 Joint venture loss on sale of properties 65 - 175 - Distributions paid on Preferred Operating Partnership units (5,750) (0.06) (5,750) (0.06) Income allocated to Operating Partnership noncontrolling interests 7,096 0.08 8,012 0.09 ---------- ------------- ---------- -------------Funds from operations $ 83,724 $ 0.91 $ 90,283 $ 0.99 ========== ============= ========== ============= Adjustments: Non-cash interest expense related to amortization of discount on exchangeable senior notes 1,664 0.02 2,239 0.02 Gain on repurchase of exchangeable senior notes - - (27,928) (0.30) Unrecovered development and acquisition costs 1,235 0.01 19,011 0.21 Loss on sublease 2,000 0.02 - - Severance costs - - 2,225 0.02 ---------- ------------- ---------- -------------Funds from operations - adjusted $ 88,623 $ 0.96 $ 85,830 $ 0.94 ========== ============= ========== ============= Weighted average number of shares - diluted 92,050,453 91,082,834

FFO and FFO as adjusted include the dilutive impact from lease-updevelopment properties of $0.03 per diluted share for the three monthsended December 31, 2010 and December 31, 2009, respectively. Included inoperating results for the year ended December 31, 2010, is a one-timecharge of $0.02 per diluted share related to the bankruptcy of a tenantsub-leasing office space in Memphis, Tennessee from the Company under along-term lease assumed in the 2005 Storage USA acquisition and $0.12 perdiluted share for the dilutive impact from lease-up development properties.Operating results for the year ended December 31, 2009 included a one-timecharge of $0.21 per diluted share as a result of the wind-down of theCompany's development program, a gain of $0.30 from the repurchase ofexchangeable senior notes and $0.09 of dilution from lease-up developmentproperties.

Operating Results and Same-Store Property Performance:

The Company's major markets with revenue growth above the portfolio averagefor the three months ended December 31, 2010, were Boston, Dallas, Denver,Philadelphia and Washington, D.C. Markets performing below the Company'sportfolio average included Atlanta, Las Vegas, Los Angeles and Phoenix.

For the three months ended December 31, 2010, revenue at the Company's 246same-store properties increased by 3.3% compared to the three months endedDecember 31, 2009. Same-store expenses decreased by 0.3% as a result oflower than anticipated property tax and insurance expenses and operationalefficiencies, resulting in a 5.3% improvement in same-store NOI compared tothe three months ended December 31, 2009. The Company realized a 190 basispoint improvement in same-store occupancy finishing the year at 84.8%compared to 82.9% as of December 31, 2009.

Balance Sheet:

Subsequent to year-end, the Company obtained an $82.5 million, ten-yearCMBS loan from Bank of America at a fixed-rate of 5.8%.

The Company's percentage of fixed-rate debt to total debt was 65.6% as ofDecember 31, 2010. The weighted average interest rate on the Company's debtwas 5.5% for fixed-rate debt and 3.1% for variable-rate debt. The combinedweighted average interest rate was 4.7% with a weighted average maturity ofapproximately six years.

Acquisition and Third-Party Management Activity:

The Company purchased eight properties during the quarter for $42.0 millionwith cash on hand of $36.8 million and assumed debt of $5.6 million. Theproperties are located in Maryland, New York, Texas, Utah and Virginia.Subsequent to year-end, the Company placed under contract an additionalseven properties located in California, Colorado, Texas, Virginia and Utahfor approximately $40.5 million. These transactions are subject to duediligence and other customary closing conditions and are currently expectedto close by the end of the second quarter of 2011. No assurance can beprovided that any of these acquisitions will be completed on the termsdescribed, or at all.

During the quarter, six properties were added to the Company's third-partymanagement program. Three additional properties have been brought into theprogram subsequent to year-end. A total of 48 properties were added to theprogram in 2010 bringing the total number of properties under management to160 as of December 31, 2010. The Company continues to be the largestthird-party self-storage management company in the United States.

Development Projects:

Subsequent to year-end, one development project was opened in Peoria,Arizona for a total cost of $5.7 million. Five projects remain in theCompany's development pipeline, with an estimated $10.4 million of fundingrequired for completion. The Company expects to complete three developmentprojects in the first quarter of 2011.

Dividends:

The Company paid a fourth quarter dividend of $0.10 per share on the commonstock of the Company on December 31, 2010 to stockholders of record at theclose of business on December 10, 2010.

On February 8, 2011, the Company's Board of Directors increased the firstquarter 2011 dividend 40.0% by declaring a cash dividend of $0.14 per shareon the common stock of the Company. The dividend will be paid on March 31,2011 to stockholders of record at the close of business on March 15, 2011.

Outlook:

The Company currently estimates that FFO per diluted share for the firstquarter of 2011 will be between $0.22 and $0.24. For the year endingDecember 31, 2011, the Company currently estimates that FFO per dilutedshare will be between $1.01 and $1.07. FFO estimates for the year arefully diluted for an estimated average number of shares and OperatingPartnership units ("OP units") outstanding during the year. The Company'sestimates are forward-looking and based on management's view of current andfuture market conditions.

The Company's actual results may differ materially from these estimates,which include the following annual assumptions:

-- Same-store property revenue growth including tenant reinsurance between 1.0% and 2.5%. -- Same-store property expense increase including tenant reinsurance between 1.5% and 3.0%. -- Same-store property NOI growth including tenant reinsurance between 0.0% and 3.0%. -- Net tenant reinsurance income between $21.0 million and $22.0 million. -- General and administrative expenses between $48.0 million and $50.0 million, including non-cash compensation expense of approximately $5.0 million. -- Average monthly cash balance of approximately $30.0 million. -- Equity in earnings of real estate ventures between $7.0 million and $8.0 million. -- Acquisition activity of approximately $100.0 million spread evenly throughout the year. -- Interest expense between $68.0 million and $70.0 million. -- Weighted average LIBOR of 0.6%. -- Weighted average number of outstanding shares, including Operating Partnership ("OP") units, of approximately 92.4 million. -- Dilution associated with the Company's development program between $8.5 million and $9.5 million. -- Taxes associated with the Company's taxable Real Estate Investment Trust ("REIT") subsidiary between $2.0 million and $3.0 million, inclusive of solar tax credits. -- Non-cash interest charges associated with exchangeable senior notes of approximately $1.8 million.

Supplemental Financial Information:

Supplemental unaudited financial information regarding the Company'sperformance can be found on the Company's website at www.extraspace.com.Click on the "Investor Relations" link at the bottom of the home page, thenon "SEC Filings," then on "Documents" on the left of the page and thedocument entitled "Financial Supplement." This supplemental informationprovides additional detail on items that include property occupancy andfinancial performance by portfolio and market, debt maturity schedules andperformance and progress of property development.

At periodic times, the Company will provide graphical information relatedto the Company and/or the self-storage industry. These graphics can beseen at www.extraspace.com/irgraphic.

Conference Call:

The Company will host a conference call at 1:00 p.m. Eastern Time onWednesday, February 23, 2011 to discuss its financial results. Toparticipate in the conference call, please dial 866-783-2145 or857-350-1604 for international participants, Conference ID: 99540134. Theconference call will also be available on the Company's website atwww.extraspace.com. To listen to a live broadcast, go to the site at least15 minutes prior to the scheduled start time in order to register, downloadand install any necessary audio software. A replay of the call will beavailable for 30 days on the Company's website in the Investor Relationssection.

A replay of the call will also be available by telephone, from 4:00 p.m.Eastern Time on February 23, 2011, until midnight Eastern Time on March 25,2011. The replay dial-in numbers are 888-286-8010 or 617-801-6888 forinternational callers, Conference ID: 80264378.

Forward-Looking Statements:

Certain information set forth in this release contains "forward-lookingstatements" within the meaning of the federal securities laws.Forward-looking statements include statements concerning our plans,objectives, goals, strategies, future events, future revenues orperformance, capital expenditures, financing needs, plans or intentionsrelating to acquisitions and other information that is not historicalinformation. In some cases, forward-looking statements can be identified byterminology such as "believes," "estimates," "expects," "may," "will,""should," "anticipates," or "intends," or the negative of such terms orother comparable terminology, or by discussions of strategy. We may alsomake additional forward-looking statements from time to time. All suchsubsequentforward-looking statements, whether written or oral, by us or on ourbehalf, are also expressly qualified by these cautionary statements. Thereare a number of risks and uncertainties that could cause our actual resultsto differ materially from the forward-looking statements contained in orcontemplated by this release. Any forward-looking statements should beconsidered in light of the risks referenced in the "Risk Factors" sectionincluded in our most recent Annual Report on Form 10-K and QuarterlyReports on Form 10-Q. Such factors include, but are not limited to:

-- changes in general economic conditions and in the markets in which we operate; -- the effect of competition from new and existing self-storage facilities or other storage alternatives, which could cause rents and occupancy rates to decline; -- difficulties in our ability to evaluate, finance, complete and integrate acquisitions and developments successfully and to lease up those properties, which could adversely affect our profitability; -- potential liability for uninsured losses and environmental contamination; -- the impact of the regulatory environment as well as national, state, and local laws and regulations including, without limitation, those governing REITs, which could increase our expenses and reduce our cash available for distribution; -- disruptions in credit and financial markets and resulting difficulties in raising capital or obtaining credit at reasonable rates or at all, which could impede our ability to grow; -- delays in the development and construction process, which could adversely affect our profitability; -- economic uncertainty due to the impact of war or terrorism, which could adversely affect our business plan; and -- our ability to attract and retain qualified personnel and management members.

All forward-looking statements are based upon our current expectations andvarious assumptions. Our expectations, beliefs and projections areexpressed in good faith and we believe there is a reasonable basis forthem, but there can be no assurance that management's expectations, beliefsand projections will result or be achieved. All forward-looking statementsapply only as of the date made. We undertake no obligation to publiclyupdate or revise forward-looking statements which may be made to reflectevents or circumstances after the date made or to reflect the occurrence ofunanticipated events.

Notes to Financial Information:

The Company operates as a self-managed and self-administered REIT. Readersare encouraged to find further detail regarding Extra Space Storage'sorganizational structure in its most recent Annual Report on Form 10-K asfiled with the SEC.

Definition of FFO:

FFO provides relevant and meaningful information about the Company'soperating performance that is necessary, along with net income and cashflows, for an understanding of the Company's operating results. The Companybelieves FFO is a meaningful disclosure as a supplement to net earnings.Net earnings assume that the values of real estate assets diminishpredictably over time as reflected through depreciation and amortizationexpenses. The values of real estate assets fluctuate due to marketconditions and the Company believes FFO more accurately reflects the valueof the Company's real estate assets. FFO is defined by the NationalAssociation of Real Estate Investment Trusts, Inc. ("NAREIT") as net incomecomputed in accordance with accounting principles generally accepted in theUnited States ("GAAP"), excluding gains or losses on sales of operatingproperties, plus depreciation and amortization and after adjustments torecord 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 flowsin accordance with GAAP, as presented in the Company's consolidatedfinancial statements.

For informational purposes, the Company provides FFO as adjusted for theexclusion of gains from early extinguishment of debt, non-recurringwrite-downs, unrecovered acquisition and development costs and non-cashinterest charges related to ASC 470-20 (formerly FASB Staff Position No.APB 14-1). Although the Company's calculation of FFO as adjusted differsfrom NAREIT's definition of FFO and may not be comparable to that of otherREITs and real estate companies, the Company believes it provides ameaningful supplemental measure of operating performance. The Companybelieves that by excluding gains from early extinguishment of debt,non-recurringwrite-downs, the costs related to acquiring properties and non-cash chargesrelated to ASC 470-20 (formerly FASB Staff Position No. APB 14-1),stockholders and potential investors are presented with an indicator of itsoperating performance that more closely achieves the objectives of the realestate industry in presenting FFO. FFO as adjusted by the Company shouldnot be considered a replacement of the NAREIT definition of FFO or used asan alternative to net income as an indication of the Company's performance,as an alternative to net cash flow from operating activities, as a measureof liquidity, or as an indicator of the Company's ability to make cashdistributions.

The Company's computation of FFO may not be comparable to FFO reported byother REITs or real estate companies that do not define the term inaccordance with the current NAREIT definition or that interpret the currentNAREIT definition differently. FFO does not represent cash generated fromoperating activities determined in accordance with GAAP, and should not beconsidered as an alternative to net income as an indication of theCompany's performance, as an alternative to net cash flow from operatingactivities, as a measure of liquidity, or as an indicator of the Company'sability to make cash distributions.

Definition of Same-Store Properties:

The Company's same-store properties for the three months and year endedDecember 31, 2010 consisted of 246 properties that were wholly-owned andoperated and that were stabilized by the first day of each period. TheCompany considers a property to be stabilized once it has been open threeyears or has sustained average square foot occupancy of 80.0% or more forone calendar year. Same-store results provide information relating toproperty operations without the effects of acquisitions or completeddevelopments and should not be used as a basis for future same-storeperformance or for the performance of the Company's properties as a whole.

About Extra Space Storage Inc.:

Extra Space Storage, headquartered in Salt Lake City, Utah, is a fullyintegrated, self-administered and self-managed real estate investment trustthat owns and/or operates 820 self-storage properties in 34 states andWashington, D.C. The Company's properties comprise approximately 550,000units and over 59 million square feet of rentable space, offering customersa wide selection of conveniently located and secure storage solutionsacross the country, including boat storage, RV storage and businessstorage. The Company is the second largest owner and/or operator ofself-storage properties in the United States and is the largestself-storage management company in the United States.

Same-Store Property Performance for the Three Months and Year Ended December 31, 2010 - Unaudited(In thousands, except occupancy and property counts.) For the Three Months For the Year Ended Ended December 31, December 31, -------------------- Percent -------------------- Percent 2010 2009 Change 2010 2009 Change --------- --------- ------ --------- --------- -------Same-store rental and tenant reinsurance revenues $ 56,720 $ 54,897 3.3% $ 224,826 $ 220,101 2.1%Same-store operating and tenant reinsurance expenses 19,114 19,181 (0.3%) 77,075 77,924 (1.1%) --------- --------- ------ --------- --------- -------Same-store net operating income $ 37,606 $ 35,716 5.3% $ 147,751 $ 142,177 3.9% Non same-store rental and tenant reinsurance revenues $ 10,368 $ 10,548 (1.7%)$ 33,549 $ 39,084 (14.2%)Non same-store operating and tenant reinsurance expenses $ 4,909 $ 3,763 30.5% $ 15,595 $ 16,472 (5.3%) Total rental and tenant reinsurance revenues $ 67,088 $ 65,445 2.5% $ 258,375 $ 259,185 (0.3%)Total operating and tenant reinsurance expenses $ 24,023 $ 22,944 4.7% $ 92,670 $ 94,396 (1.8%) Same-store square foot occupancy as of period end 84.8% 82.9% 84.8% 82.9% Properties included in same-store 246 246 246 246 Reconciliation of the Range of Estimated Fully Diluted Net Income per Share to Estimated Fully Diluted FFO and Fully Diluted FFO per Share - Adjusted For the Three For the Year Months Ending Ending March 31, 2011 December 31, 2011 ------------------ ------------------ Low End High End Low End High End -------- -------- -------- --------Net income attributable to common stockholders per diluted share $ 0.07 $ 0.09 $ 0.36 $ 0.42 Income allocated to noncontrolling interest - Preferred Operating Partnership and Operating Partnership 0.02 0.02 0.09 0.09 Fixed component of income allocated to non-controlling interest - Preferred Operating Partnership (0.02) (0.02) (0.06) (0.06) -------- -------- -------- --------Net income for diluted computations 0.07 0.09 0.39 0.45 Adjustments: Real estate depreciation 0.13 0.13 0.51 0.51 Amortization of intangibles - - 0.01 0.01 Joint venture real estate depreciation and amortization 0.02 0.02 0.10 0.10 -------- -------- -------- --------Diluted funds from operations per share $ 0.22 $ 0.24 $ 1.01 $ 1.07 ======== ======== ======== ======== Extra Space Storage Inc.Consolidated Balance Sheets(In thousands, except share data) December December 31, 2010 31, 2009 ----------- ----------- Assets:Real estate assets: Net operating real estate assets $ 1,935,319 $ 2,015,432 Real estate under development 37,083 34,427 ----------- ----------- Net real estate assets 1,972,402 2,049,859 Investments in real estate ventures 140,560 130,449Cash and cash equivalents 46,750 131,950Restricted cash 30,498 39,208Receivables from related parties and affiliated real estate joint ventures 10,061 5,114Other assets, net 48,197 50,976 ----------- ----------- Total assets $ 2,248,468 $ 2,407,556 =========== =========== Liabilities, Noncontrolling Interests and Equity:Notes payable $ 871,403 $ 1,099,593Notes payable to trusts 119,590 119,590Exchangeable senior notes 87,663 87,663Discount on exchangeable senior notes (2,205) (3,869)Lines of credit 170,467 100,000Accounts payable and accrued expenses 34,210 33,386Other liabilities 28,269 24,974 ----------- ----------- Total liabilities 1,309,397 1,461,337 ----------- ----------- Commitments and contingencies Equity: Extra Space Storage Inc. stockholders' equity: Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued or outstanding - - Common stock, $0.01 par value, 300,000,000 shares authorized, 87,587,322 and 86,721,841 shares issued and outstanding at December 31, 2010 and December 31, 2009, respectively 876 867 Paid-in capital 1,148,820 1,138,243 Accumulated other comprehensive deficit (5,787) (1,056) Accumulated deficit (262,508) (253,875) ----------- ----------- Total Extra Space Storage Inc. stockholders' equity 881,401 884,179 Noncontrolling interest represented by Preferred Operating Partnership units, net of $100,000 note receivable 29,733 29,886 Noncontrolling interests in Operating Partnership 26,803 31,381 Other noncontrolling interests 1,134 773 ----------- ----------- Total noncontrolling interests and equity 939,071946,219 ----------- ----------- Total liabilities, noncontrolling interests and equity $ 2,248,468 $ 2,407,556 =========== =========== Consolidated Statement of Operations for the Three Months Ended December 31, 2010 and 2009 - Unaudited(In thousands, except share and per share data) Three Months Ended December 31, ---------------------- 2010 2009 ---------- ----------Revenues: Property rental $ 60,186 $ 59,762 Management and franchise fees 6,066 5,276 Tenant reinsurance 6,902 5,683 ---------- ---------- Total revenues 73,154 70,721 ---------- ---------- Expenses: Property operations 21,934 21,479 Tenant reinsurance 2,089 1,465 Unrecovered development and acquisition costs 812 106 Severance costs - 825 General and administrative 11,525 9,230 Depreciation and amortization 13,209 13,243 ---------- ---------- Total expenses 49,569 46,348 ---------- ---------- Income from operations 23,585 24,373 Interest expense (14,907) (18,271)Non-cash interest expense related to amortization of discount on exchangeable senior notes (428) (405)Interest income 184 484Interest income on note receivable from Preferred Operating Partnership unit holder 1,212 1,212Gain on repurchase of exchangeable senior notes - 352 ---------- ----------Income before equity in earnings of real estate ventures and income tax expense 9,646 7,745 Equity in earnings of real estate ventures 1,957 1,676Income tax expense (815) (1,983) ---------- ----------Net income 10,788 7,438Net income allocated to Preferred Operating Partnership noncontrolling interests (1,538) (1,505)Net income allocated to Operating Partnership and other noncontrolling interests (334) (1) ---------- ----------Net income attributable to common stockholders $ 8,916 $ 5,932 ========== ========== Net income per common share Basic $ 0.10 $ 0.07 Diluted $ 0.10 $ 0.07 Weighted average number of shares Basic 87,565,487 86,588,048 Diluted 92,348,254 91,364,431 Cash dividends paid per common share $ 0.10 $ 0.13 Consolidated Statement of Operations for the Year Ended December 31, 2010 and 2009 - Unaudited(In thousands, except share and per share data) For the Year Ended December 31, ---------------------- 2010 2009 ---------- ----------Revenues: Property rental $ 232,447 $ 238,256 Management and franchise fees 23,122 20,961 Tenant reinsurance 25,928 20,929 ---------- ---------- Total revenues 281,497 280,146 Expenses: Property operations 86,165 88,935 Tenant reinsurance 6,505 5,461 Unrecovered development and acquisition costs 1,235 19,011 Loss on sublease 2,000 - Severance costs - 2,225 General and administrative 44,428 40,224 Depreciation and amortization 50,349 52,403 ---------- ---------- Total expenses 190,682 208,259 Income from operations 90,815 71,887 Interest expense (64,116) (67,579)Non-cash interest expense related to amortization of discount on exchangeable senior notes (1,664) (2,239)Interest income 898 1,582Interest income on note receivable from Preferred Operating Partnership unit holder 4,850 4,850Gain on repurchase of exchangeable senior notes - 27,928 ---------- ----------Income before equity in earnings of real estate ventures and income tax expense 30,783 36,429 Equity in earnings of real estate ventures 6,753 6,964Income tax expense (4,162) (4,300) ---------- ----------Net income 33,374 39,093Net income allocated to Preferred Operating Partnership noncontrolling interests (6,048) (6,186)Net income allocated to Operating Partnership and other noncontrolling interests (995) (930) ---------- ----------Net income attributable to common stockholders $ 26,331 $ 31,977 ========== ========== Net income per common share Basic $ 0.30 $ 0.37 Diluted $ 0.30 $ 0.37 Weighted average number of shares Basic 87,324,104 86,343,029 Diluted 92,050,453 91,082,834 Cash dividends paid per common share $ 0.40 $ 0.38 

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For Information:

Clint Halverson
Extra Space Storage Inc.
(801) 365-4597

MarketWire

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