Extra Space Storage Inc. Closes Acquisition of Self-Storage Properties From AAAAA Rent-A-Space

SALT LAKE CITY, UT, Jun 26, 2007 (MARKET WIRE via COMTEX News Network) -- Extra Space Storage Inc. (the "Company") (NYSE: EXR) today announced the closing of 12 of the 13 self-storage facilities (the "Properties") pursuant to its previously announced contribution agreement with various limited partnerships affiliated with AAAAA Rent-A-Space. The Company expects to close the acquisition of the remaining self-storage facility in mid-July.

Eleven of the Properties are located in the Bay Area of Northern California and two are in Hawaii. The Properties include approximately 14,700 self-storage units, containing an aggregate of approximately 1.04 million square feet of net rentable space. The Company will operate the 13 Properties as 10 due to the close proximity of certain Properties.

Commenting on the closing of the acquisition, Kenneth M. Woolley, Chairman and Chief Executive Officer of the Company, stated, "We are very pleased to begin closing this portfolio of properties. The facilities in the Bay Area complement our existing properties in the area and enhance our operational and marketing efficiencies. In addition, the properties in Hawaii give us a presence in a high barrier-to-entry, vibrant self-storage market."

When completed, the total value of the contribution considerations for the Properties is expected to be approximately $150.2 million, and includes the issuance of approximately $130 million of newly designated Series A Participating Redeemable Preferred Units. It will also include the assumption of approximately $20 million of third-party debt, of which approximately $12 million is expected to be repaid at close or shortly thereafter.

Extra Space Storage^® and Prudential Real Estate Investors Complete Aquisition of Storage USA

On July 14, 2005, Extra Space Storage and joint venture partner Prudential Real Estate Investors ("PREI"), the real estate investment and advisory business of Prudential Financial, Inc., announced the closing of the acquisition of Storage USA from GE Commercial Finance, the business-to-business financial services unit of the General Electric Corp. (NYSE: GE) for approximately $2.3 billion in cash. The transaction is the largest to date in the self-storage industry and makes the Company the second largest self-storage operator in the U.S. with over 630 properties owned or under management.

This combining of resources will allow our customers to take advantage of more facilities in their area along with greater economies of scale. It is the continued goal of Extra Space Storage to provide the most convenient, secure and professional storage options for our customers.

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Extra Space Storage is a service mark of Extra Space Storage in the United States and other countries. All other brand and product names are trademarks or registered trademarks of their respective companies.